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Joined: Jan 2012
Posts: 26,719 Likes: 13
Campfire Ranger
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Campfire Ranger
Joined: Jan 2012
Posts: 26,719 Likes: 13 |
We got to know a young couple last year[friends of a friend] that have the sweetest little 4YO daughter that we adore.
dad drives a 2019 Dodge 2500
mom drives a 2020 Charger
They live in a former motel[efficiency type room].
Breaks my heart knowing what the little girl calls home. Wow, that's sad... The most important thing is that they love, care for, and protect their little girl. The former motel doesn't have the best of clients. Priorities are a bit out of whack IMHO
FJB & FJT
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Joined: Jan 2001
Posts: 31,000 Likes: 27
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jan 2001
Posts: 31,000 Likes: 27 |
no car payments here
newest & lowest mileage vehicle is the wife's '11 GX 460 w/123K miles
Oldest is the '01 LC w/339K miles......runs like a champ !
T R U M P W O N !
U L T R A M A G A !
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Joined: Feb 2008
Posts: 8,672 Likes: 2
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2008
Posts: 8,672 Likes: 2 |
especially with the upcoming mass lay offs. The Fed want high unemployment to offset the wage increases and inflation Now is a bad time to have a big car payment, and actually I think anytime is a bad time to have any kind of a payment. The disposable income that WOULD HAVE helped people get through this mess is gone and they have no recourse. My son worked F&I at a big dealership and told me the majority of people buying new vehicles, would go under if one little thing screws up for them. He didn't like doing that job. IMO - where people get in trouble is when they go to the limit on each big ticket item. Max house payment Max car payment Max "toys" payment Max credit cards to keep them all in fuel If a guy has a 700 dollar truck payment and a 400 dollar house payment, he's probably okay. If he has the 700 truck, 1500 house, 450 harley and 300-500 a month on the CC - he's phoucked. Demand Destruction has already started.. The Speed is picking Up.. If the Fed Chickens Out it’s still going to Happen but not as Fast.. If we get a Hawk Move out of the Fed next meeting it’s going to start the Garage Sales .. Prolly a 401k Stampede .. 3200 on the S&P maybe lower .. I’d say 3/4 point move next meeting.. The young got weather it cuz Inflation is eating the Old .. The Voting Class is the Old .. You know the “Never Trust Anyone over 25 “ People ..
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Joined: Jun 2010
Posts: 14,013 Likes: 6
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2010
Posts: 14,013 Likes: 6 |
Last few purchases since 2019
2018 RAM 3500 4WD Dually, Cummins 6.7L, fifth wheel prep- $1100 / month. meh.
2006 Dodge RAM 3500 4WD, Dually, Cummins 5.9 G56- stroked a check for $37k in January this year.
2017 Forest River Crusader, 34 ft fifth wheel. I forget the exact price, its right at $300 / mo, but almost paid off. I'm signing the papers on a 34 foot Keystone today after work. It's not a 5th wheel but neither is my truck. That is gonna be $300 a month also
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Joined: Dec 2009
Posts: 5,253 Likes: 6
Campfire Tracker
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Campfire Tracker
Joined: Dec 2009
Posts: 5,253 Likes: 6 |
Haven’t had a car payment since 2008 when I was in my early 20s. Next truck I buy will be in cash.
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Joined: Dec 2005
Posts: 4,189 Likes: 1
Campfire Tracker
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Campfire Tracker
Joined: Dec 2005
Posts: 4,189 Likes: 1 |
And with all lender's requirements for coverage, as the loss payee, look at the current premium rates.
They are headed north in a hurry.
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Joined: Jan 2010
Posts: 23,588 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Jan 2010
Posts: 23,588 Likes: 3 |
The thought of owing $700 a month on a car for more than say 12 months would make me break out in hives.
Probably if I was a 22 year old I wouldn't give it a second thought. I was a big zero down, 60 month payment kid back then.
Last edited by KFWA; 07/07/22.
have you paid your dues, can you moan the blues, can you bend them guitar strings
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Joined: Oct 2002
Posts: 2,338
Campfire Regular
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Campfire Regular
Joined: Oct 2002
Posts: 2,338 |
Living rural all my life, by choice, I have always been on the lowest rungs of the socio economic scale. Clawing, scratching, scrimping, saving, avoiding debt load, all in the attempt to achieve the old nuclear family American Dream of owning home and land, at least one decent fairly late model pickup. (a pickup being the family car and almost a necessity for a rural existence) Don't take this post as whining or complaining, it's just a statement of facts of the choices I have made over the years to raise my family in the places I thought was best for them and me. But I think the handwriting is on the wall, looking at the prices of new and near new vehicles, it is obvious that I/we have slipped to the lowest rung of the ladder since this Dem party took power in 2 1/2 short years. A used 4x4 pickup with low miles, owner sellers are asking $40,000 plus for rigs with less than 120,000 miles. I can't imagine what new rigs are selling for and more to the point, what happens to the auto industry when they price the lower middle class people clear out of the market? In the same boat. The newest vehicle we own is an 2009 F-150. Bought it when it was 5 years old. I keep nursing it along but salt is taking it's toll. No way we can afford an upgrade in this market. The second car is a 20 year old Volvo. I don't know how a good portion of the population can do it. We are frugal and have no payments and see the foreseeable future as going to be even tougher. We are old and need a reliable vehicle for emergency health reasons as it is an hour to the hospital.
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Joined: Jun 2003
Posts: 6,872 Likes: 2
Campfire Tracker
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Campfire Tracker
Joined: Jun 2003
Posts: 6,872 Likes: 2 |
Haven’t made a car payment in 30 or so years. People need to wake up and live within their means. Well, maybe, my son recently bought a new Ford Maverick, total was about $27k. He was going to pay cash but opted to finance at 3% and invest the difference, which he did. Sometimes money is just too cheap, especially if you have the cash reserves to cover your bets. Sounds like if he had the cash, he was/is living within his means. Taking a loan when you have the cash to pay for the vehicle is a legitimate option, depending on interest rates and how solid one’s income and finances are. I’ve had that discussion with myself a number of times, but always “wrote a check” and moved on. He has the cash and is a savvy investor, MBA with honors and a great job, dual income, no kids (yet), wife's car new and paid for.
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Joined: Jan 2008
Posts: 15,788 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Jan 2008
Posts: 15,788 Likes: 3 |
Same answer as all our other societal problems. Most people are stupid.
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Joined: Jul 2009
Posts: 1,413
Campfire Regular
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Campfire Regular
Joined: Jul 2009
Posts: 1,413 |
Never had a car payment and never had a mortgage payment either.
"Guard with jealous attention the public liberty. Suspect everyone who approaches that jewel. Unfortunately, nothing will preserve it but downright force. Whenever you give up that force, you are inevitably ruined.”
Patrick Henry
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Joined: Sep 2001
Posts: 19,132 Likes: 11
Campfire Ranger
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Campfire Ranger
Joined: Sep 2001
Posts: 19,132 Likes: 11 |
We got to know a young couple last year[friends of a friend] that have the sweetest little 4YO daughter that we adore.
dad drives a 2019 Dodge 2500
mom drives a 2020 Charger
They live in a former motel[efficiency type room].
Breaks my heart knowing what the little girl calls home. Wow, that's sad... The most important thing is that they love, care for, and protect their little girl. The former motel doesn't have the best of clients. Priorities are a bit out of whack IMHO Absolutely.
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Joined: Jun 2003
Posts: 6,872 Likes: 2
Campfire Tracker
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Campfire Tracker
Joined: Jun 2003
Posts: 6,872 Likes: 2 |
The reality is vehicles are getting expensive, average price of new car in the US is $45k. Not saying everyone needs a new car but used cars are expensive too and typically finance at higher interest rates and shorter terms. Most people with jobs need reliable transportation, we don't need more electric cars at $50k +, we need more affordable and efficient cars at 30+ mpg and $25K. I rented a Toyota Corolla on my last trip, a $25k car with 35 mpg, this would change our oil dependency a lot faster than waiting until everyone could drive an expensive electric car.
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Joined: Nov 2013
Posts: 28,992 Likes: 28
Campfire Ranger
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Campfire Ranger
Joined: Nov 2013
Posts: 28,992 Likes: 28 |
Haven’t made a car payment in 30 or so years. People need to wake up and live within their means. No need. Brandon, after he forgives the college loans and bails out the union pension funds ($90B) is gonna save them from this as well. Then they can afford an even better car! Maybe one of Buttboy’s $60K electric ones. Doncha just love it!
What fresh Hell is this?
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Joined: Aug 2020
Posts: 1,889
Campfire Regular
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Campfire Regular
Joined: Aug 2020
Posts: 1,889 |
2013 f150 4×4 62k miles paid off, 2007 silverado 4×4 120k miles paid off, 2001 Mercury Marqius 125k miles paid $3,200 in 2015 it had 70k when bought. All have new tires, batteries, do my own brakes & oil changes. Not much I hire out. I'll keep these til they're irreparable.
Romans 5:1
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Joined: Feb 2008
Posts: 8,672 Likes: 2
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2008
Posts: 8,672 Likes: 2 |
Then Collapse the Tent cuz it’s going to be One Bailout right after Another..
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Joined: Jun 2019
Posts: 10,072 Likes: 13
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2019
Posts: 10,072 Likes: 13 |
I've been buying cars, trucks, and motorcycles since 1962. In all that time, I've financed exactly two of them. If I can't pay cash out of pocket I can't afford it- - - -which also goes for guns, boats, TV sets, appliances, and other toys. The 100 acres we bought in 1983 has increased in value to 10X over the purchase price, and the house we built on it has a paid-off mortgage and is also worth a few times what it cost to build it. Anybody who owes money on something that loses value every day it's in existence is an idiot!
Ignorance can be fixed. Stupid is forever!
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Joined: Dec 2015
Posts: 8,069
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2015
Posts: 8,069 |
Anybody who owes money on something that loses value every day it's in existence is an idiot! Easy there, Hotrod. 
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Joined: Feb 2013
Posts: 22,078 Likes: 18
Campfire Ranger
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Campfire Ranger
Joined: Feb 2013
Posts: 22,078 Likes: 18 |
I will keep driving my 30 + year old Land Cruiser. ![[Linked Image from i.imgur.com]](https://i.imgur.com/qRyojLX.jpg) It actually keeps appreciating in value and I like driving it. One question... People offer to buy your LC how often? Every week? Every day? 2 or 3 times a days?
If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.
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Joined: Aug 2003
Posts: 39,411 Likes: 66
Campfire 'Bwana
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Campfire 'Bwana
Joined: Aug 2003
Posts: 39,411 Likes: 66 |
The thought of owing $700 a month on a car for more than say 12 months would make me break out in hives.
Probably if I was a 22 year old I wouldn't give it a second thought. I was a big zero down, 60 month payment kid back then. IF - big IF - you keep that car the full 6 years. What value does anyone think 700 bucks will have in 2028? And honestly, 6 year old car, free and clear with probably 75k miles on it - not bad. I tend to keep my stuff (other than motorcycles - tho this one might be my last, just have other ideas) forever so the idea of spending 700 a month today chaps me, 700 a month in 2028 is going to be the equivalent of a Big Mac and shake. Said it in the past - IMO where a lot of people make a mistake with the house, moving so often. They never get to a point where the house payment is a small % of their net income because every 3 years it's time to find the next bigger place that's to the max of their income. So they're ALWAYS paying 36% of their net for a house payment instead of watching income climb while that % drops for them. Hell, I've been here all of 7 years and my house payment is now 9% of my net income, monthly.
Me
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