https://www.caranddriver.com/news/a40341556/monthly-car-payments-average-rising/


What the heck are people thinking. My neighbors 22 year old daughter just bought an infinity SUV Her payment is $800 a month for 72 months months. Amazing people going into debt now

$256.00, here, but I bought a car that was a couple of years old. Just a few more months, and it's 100% paid off, too. That will be like a raise of $256.00 per month.

Same here, few months to go with a payment of $240~. It's a pretty nice truck too, 2015 Ram 1500 Ecodiesel with the Laramie package. Folks seem to forget that you can have nice stuff and not put yourself into a hole.

My payments are $695 so I'm below average! Yay

ribka;
Top of the morning to you my friend, I hope your part of the PNW is getting the weather you need and you're well.

Though I've mentioned it before here, you might not be aware that I spent the better part of a year managing the detail department at a local Big 3 auto dealership.

Back then, which is to say pre-beer flu, not a week went by that I didn't drive a fully loaded truck or bigger SUV that had a sticker base which exceeded 100,000CDN. That's no setup, interior treatment, paint protector, etc. and etc.

We'd see young families come in there and sign up for bi weekly payments which were going to be north of $700CDN so of course that's $1400CDN a month for one vehicle.

Then rent out here then for a dwelling that would hold a family was pushing $2,000 per month and we've not purchased anything to eat or clothe the kids, you know?

It was very disheartening to see for me as one of my personal windmills to tilt at with anyone who wants to listen is family budgeting.

Anyways, it's unsustainable to say the very least.

All the best.

Dwayne

Most younger individuals do not keep their vehicles 6 years. Most if going by the local individuals in our neighborhood could have them wrecked or in poor condition in months if not a year. They get a new car and have to hot rod it up and a few have blown the engine in a few months. all of them are oil burners. Sound like they are going 50 MPH when going only 15 MPH. they have the vehicle and the payments, however they will only last a few years.

That is a selling pitch to buyers that the outstanding loan can be rolled into a new loan for a new vehicle when they trade in the current vehicle.

They pick up a new loan for more that what the vehicle is worth. They do not care about interest rates, they just want the new vehicle and the process starts all over again.

Reminds me of the parents who gave their high school graduate (girl) a 2 year old BMW (it was a nice car). Her friends talked her into tricking it out and they did, 2 weeks later the engine blew and the car was parked in the drive way. She was pissed that her parents would not have the vehicle repaired for her. They let her know that she needed to get a job and save some money to have it repaired. The car sat in the drive way all summer and then they finally had it sold for salvage. The daughter then was driving an old clunker, that she was able to purchase from the money received from the BMW. I am not sure if she learned a lesson or not on that one.

Hmm, what's this "car payment" you speak of?

"The average car payment" as presented is a mis-representation in itself. The average should include all the cars running around without a payment schedule following it. It would make the idiocy that is a $1,000 car payment stand out even more.

It would also be revealing to know what the % of the DISPOSABLE income of the borrower that $700 represents.

I bought an F150 right before all the prices went nuts with the chip shortages. The price was a bit more than I wanted to pay, even though it was about $11k off sticker. The last two trucks I've had were sold off at 10-11yrs old, so I plan to at least get that out of this one. Not really fond of having a car payment, but it is what it is. My wife pays herself a car payment each month, even though hers has been paid off for years. That way we have a fair bit of cash on hand when it's time to buy another one. I look at car payments as a part of life, but it is better to be paying it to yourself than to a lender.

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.

Payment on the f150 is something like $286. I normally pay $800-$1k though

How much of that 700 is paying off previous loan that's underwater?

No payments here. My driver is a 2006 sedan with 208,000K and the wife's is a 2013 with 192,000K. They both look good. We keep them well maintained, enjoy the low insurance rates, and set money aside for their future replacements. We actually tried to buy a new car this year, but there was nothing available that met our needs. So we said, "Screw it! We'll keep what we have." Just put new brakes all around on the wife's car after getting 100K out of the last set. My ride goes in the shop next week for exhaust work and a suspension rebuild, then I'll drive it until it drops. Who cares what interest rates or monthly payments are if you don't owe?

I'll keep driving my 15 year old pickup. It doubles in value every time I fill up the gas tank

First world problems.

No payment but don't know how much longer my 2008 ram 2500 will last 244k and still going.

Hey……a Polaris at &26,000.00 is the equivalent of ten 1956 Ford Fairlanes loaded out! Bastards going like hotcakes!!

I will keep driving my 30 + year old Land Cruiser.




It actually keeps appreciating in value and I like driving it.

yep good point. Trading in an under water 3 year old vehicle to upgrade

Haven’t made a car payment in 30 or so years. People need to wake up and live within their means.

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.

2014 Honda CRV no payment

2011 Mazda 3 no payment her daily driver

2004 Tahoe no payment

1999 Nissan Frontier no payment my daily driver

No status symbols parked in our drive

All above [except Nissan] were 48mos financed, all were paid off within 3 years

I have worked with a few guys like that. They had alot of nice stuff. But if a job got rained out and the paycheck was short a few hours. They were getting nervous

My 2012 F150 was hitting 155k miles, decided to sell it and my 2004 center consul fishing boat (three sons grown, married and moved off) and buy a new truck. Looked at used options and couldn't find anything that was reasonably priced so I ordered a new F150. Build date kept getting delayed and in the interim, in brother in law told me he wanted to sell his 2020 Chevy Silverado, four door, 4x4. We agreed on a price and I was already going to Chicago on business so I rented a car, met him in MI (his summer home) and drove the truck back to FL, stopping on the way to see my three sons and new granddaughter. With the sale of boat and truck and a little from my savings, I was able to pay cash for the truck which makes me feel a whole lot better about thing. My F150 was averaging 15 mpg on good days, the Chevy averaged 26 mpg on my 1200 mile trip home, about 20+ on my daily commute. The truck has a 2.7 turbo 4 cylinder and I can tell you I don't miss the 5.0 at all! I don't have anything to tow so this truck works just fine, especially since I bought it at basically wholesale and he added an additional 50,000 mile warranty.

That's a beauty!

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.

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.

Not to be attitudinal or anything, but for the last 4 decades we have been on the one-payment plan. If we can't afford to stroke a check for the full amount, we don't buy it.

especially with the upcoming mass lay offs. The Fed want high unemployment to offset the wage increases and inflation

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.

If people do the math, a lot of the times it comes out cheaper to finance to get the incentives off that aren't offered with a cash payment. Then just pay it off over a couple months if you have to. Can save you thousands.

I was astounded at the monthly cost of insurance youths pay these days. God forbid they have a speeding ticket or three.

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?

I haven’t had a car payment since 1999

Wow, that's sad...

This makes me laugh. Didn't anybody plan their future. We just budget a new family car, every five years. The pickup is an 06, the boat a 2004, bike 04, plus the coupe is a 1952. But the family car is a 2021, and will be replaced in five years. With the rise of inflation we might change to six years. It's the way we roll. Mama likes newer dependable wheels , and I do also!

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.

Around 2007 I was paying over $240/month for insurance on a ford ranger. It was more than the truck payment was

I have a 2001 Tundra 4x4 truck, and I can sell it for nearly what I paid for it these days. Prices on uses vehicles are ridiculous. It will be in my estate sale unless I wreck it beyond repair.

The most important thing is that they love, care for, and protect their little girl.

What a cool rig!

The former motel doesn't have the best of clients.
Priorities are a bit out of whack IMHO

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 !

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 ..

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

Haven’t had a car payment since 2008 when I was in my early 20s. Next truck I buy will be in cash.

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.

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.

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.

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.

Same answer as all our other societal problems. Most people are stupid.

Never had a car payment and never had a mortgage payment either.

Absolutely.

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.

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!

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.

Then Collapse the Tent cuz it’s going to be One Bailout right after Another..

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!

Easy there, Hotrod.

One question...

People offer to buy your LC how often?

Every week?

Every day?

2 or 3 times a days?

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.

People who take out cash that could be earning 9% in basic investments because they're scared to borrow at 2% - who's the dummy?

Go to a boat show and see how affordable a boat is. They don’t tell you cost, they just tell you how much you pay per month for 15 years.

People today don’t know what a dollar is or what it’s worth. Everything is based on a monthly payment with no sunset on the time to pay it off…

So is that 700 average calculated via mean, median or mode?

Just another sound bite to trigger people into reading an article. Sheesh

This.

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.

On the flip side, six years of $700 into mutual funds at 10 percent is $68,677.

Not bad.

I would say that's a bit extreme, you're referring to depreciating assets but sometimes those "assets" get your azz to work, your kids to school and your family on vacation, can't exactly put a price on that! As others have said, when you can borrow at 3% and your cash/investments are making 10%+, who's the fool??? As long as your asset = the amount owed or less, you're generally ok. Sadly, most people don't have cash but still need to get to work so finance is the only option.

In inflationary times the “wrong” thing to do is often the right thing to do. Interest rate is still below the rate of inflation. Borrowing during inflation isn’t necessarily a bad thing.

The kind of people with thousands in car payments (when you add insurance and registration fees) are living pay check to pay check. If they lose their income they say "so what" and the bank takes it and they move on.

AND THAT IS THE PROBLEM.

All debts need to be paid off .... if it takes the rest of your life to do so. Too easy to walk off, let the finance company repossess, and say "we can make a new start" without being accountable for over leveraging your cash flow. We pay for every Dick that "loses" their house, car, whatever.

A proper car, that.

I'll quibble with that statement.

Borrowing only works when it works. It always creates a liability that much be met, no matter the circumstances. That liability ALWAYS limits your choices. It ALWAYS increases your risk.

Without debt of any kind, life events like a child with special needs, a parent that suddenly needs care, a job loss, a personal health event can be dealt with. With a mortgage at the max of your borrowing capacity, acar and four wheeler payments and a student loan, having a child with special needs........ what are you going to do? There are no good choices at that point.

Mathematically, borrowing at negative "real" interest rates is a great idea. Throw real life in the mix, it's still just debtors prison.

I can see that, just replaced both our vehicles one car and one truck.

2022 Toyota Avalon paid cash but payments would have been in the 800 range on a 60 month loan.

2022 Ram 1500, put down 15k but payments are still 900ish per month.

I've found that people love to discuss how others spend money/credit.

It's a national past time.

"If you're catching flak, you're probably over the target!" Sometimes the truth hurts, and the truth teller gets stoned to death for stating ther obvious. My bipolar daughter is borrowing huge sums of "education" money at age 50, pursuing a college degree that she believes will qualify her for a management position in the food service industry. She can't seem to realize that it's her pizz-poor personality and affinity for alcohol that's keeping the glass ceiling intact- - - -not the lack of some sort of diploma. At a time in her life when she should have some kind of a financial cushion built up for retirement, she's in a hole that gets deeper the more she digs. Of course, any advice I might be ble to give is really unwelcome!

2001 F250 crew cab 7.3 4x4 330,000 miles my daily work truck
98 Jeep Wrangler 2.5 198,000 miles hunting rig
94 Dodge conversion van 5.2 210,000 miles wife’s daily
89 Lincoln town car 5.0 70,000 miles “24 mpg Hwy”
79VW sandrail 1200cc street legal off road Fun
All paid for in excellent condition tires mechanical “etc”
$130 a month liability insurance for all
House paid off earlier this year
No cc debt LIFE Is Great

I have one car payment, but it was free money or I would have paid cash. Plus I got a couple grand rebate for financing @ 36 months.

Color me shocked at how close that apple landed to the tree when it dropped.

4 yr loan on a new car this yr.
600 a month.
Paid off in 2.

Just didn't put down all I saved, in case of some emergency.
Also didn't buy a higher end vehicle.

It's also a national pastime.

You owe me a keyboard.

Big layoffs rumored to be coming to some car makers.
Wonder how many of those democrat voting UAW clowns will miss payments.
Heaven forbid they might lose their shiny new vehicle and not be the envy of their relatives at next yrs reunion,

Car payments? I got no stinking car payments! Not gonna have no stinking car payments!
The car dealers love those 60-72 month payments. That keeps the creditors on the hook for the life of the car. THEN, due to the big hearted dealership they will take your trade in at perhaps one third of the actual value. Plus, jack up the price of the new car and get the creditors back on the hook for another 60-72-84 months. What a racket. MTG

You nailed it!!!

Check out the sprig of mistletoe attached to my back belt loop! The opinion of a keyboard commando troll I'll never meet rates about -3 on a scale of 1 to 10.

Yeah, well, the "bipolar" part probably came from her mother's side of the family.

Actually, it did- - - -the egg donor is in a mental institution now, certifiably nuts. Now you can feel really good about yourself- - - -after picking on a cripple.

In a downward economy the man with cash is king.

I feel as good as I can cruisin' around in my Bimmer with a $2k monthly note.

Oooooh, did I hit a little close to home there, Mr. Wonderful?

Odd you mention BMW - I've noticed a TON of BMW M5 competitions and M3's riding around lately. Almost like the dealer had them on sale. I've seen a good 5 of them in the last month. Not a normal vehicle for our area. In fact, I'm less likely to notice a Maserati than the M5Comp - given how often I see them.

With inflation the way it is going with no end in sight , might not be a bad idea to buy a new car and pay it off with a low interest loan.

My first thought as well

My payment is $1,006. I have four years left.

BUT I have two other cars (BMW 2017, Jeep GC 2017) and two Harley motorcycles that are paid for. The oldest is a 2017. To My average is only $202 per vehicle. Not too bad.

My 2500 Dodge 4WD was 600.00, paid I’d off in 18 months, was working a lot of OT. We have no notes at all, nice feeling. It be tough to be young!!!

Got you beat at 1996.

97 was my last one, til this yr.

My last was on a new 1994 Suburban.

A MONTH??

Serious question,

This topic and similar come up all the time. What’s the drive to brag about not having a car payment? Big deal, you could throw a clot tomorrow. But hey, at least the world knows the car you were driving when you stroked out was paid for

Well played...

Yer not still paying for that piece of [bleep] you drive....are ya?

I hope that's not a jab at a green tractor!



The ONE time Gruff pays for paint....

Haven't had a car payment in 15 years. My 06 and 05 f150 are paid for along with my '15 fusion. The 06 f150 has 300k on it but still runs good...knock on wood.

Personally, I could care less what someone pays. I only care about us and if our vehicle's still run good and do what I expect them to do. I'm happy

My dad bought a 4020 with a F10 loader.


I still haven't talked to him.

Well, partly because no car payments means being being able to spend "that" money on more enjoyable things, whether hunting, guns or whatever.

Of course, if you enjoy your vehicle as much or more than hunting, guns or whatever, then why not?

I paid cash for our last several vehicles. Currently a 2021 f150 powerboost and a 2021 pacifica hybrid. I always like to wear my old clothes and drive my hunting truck when shopping for a new vehicle. Many will not even help me. Last guy said he thought their was no way I could afford a new truck then I wrote a check for it.

It took a few years to get to where I cod pay cash and in the past I've had up to about $500/ month payment. I got to where I've hated payments. I have a new diesel suburban thats about $70k on order and I'm a few bucks short in the vehicle account. It's going to be a while before they ever build it so I should be good by then. If I trade in the pacifica it will be no problem but the plug in hybrid van averaging 58 mpg has been nice lately so we may keep it until the warranty is up.

Bb

I notice several on this thread and others who state that they have no payment but they list their vehicles which have over 1/4 mil on the clock.

I get it, I hate owing money and having to make a monthly payment. But are you guys supremely confident in a 20 year old vehicle with that kind of mileage? Don’t travel far from home?

I’m not knocking on anyone’s rig. I just have never owned a vehicle with that kind of mileage on it that wasn’t constantly in need of some little $200 fix to keep it on the road. And when I set off on a cross country trip hundreds or thousands of miles from home I really don’t want to have to work on the truck on the side of the road or hole up in a motel somewhere for a week or 10 days until the local mechanic can get her up and rolling again.

And for the record, yes I have a truck payment, for 18 more months. We like to keep one nice rig around in case we decide to hop in and drive across 4 states for vacation or a hunting trip.

Ahhh...yes. The whole "nickle and dime" strategy.


Like 1000 in repairs is worse than 5000 in license and insurance a year....

That's hardcore.


JB, if I quit beer and good food I might be able to buy a new pickup.



The thing that I don't like like about $$$ new chit is the registration and insurance. I wouldn't know firsthand but that adds up, right?

And then you're worried about dinging it up. Hail, deer, etc...

Understand what your saying kid but my fusion only has 80k on it. Some life left in the throw away car. Trucks are for local, although my 05 f150 also has 84k on it.

If I'm gonna go to Florida or a serious road trip, I'll rent a car. Something happens,it's on them. Put wear and tear on a rental.

Schit...if you want a new car...buy it.


Why justify it to a bunch of nutsacks that are not that interested in your happiness? With or without payments??

I bought a loaded new truck this year. Payment is just under 1200 a month for 30 more months. I was putting back 1200 a month already before I bought it. My life hasn't changed a bit. it is the only note my wife and I have.
When I retire in a couple of years I will have a nice paid for low mileage truck. I have the money to pay it off if I need to.

2 - 3/4 ton gas trucks and 1 - 1 ton diesel., All but some would call a bit older 02 - 08 all low miles for age and in good shape. Wife has a newer car I think it's a 20 model with like 50,000 miles on it. All paid for and don't owe a dime on any of them buy stuff you can afford. I understand at times in life you have to buy and make payments been there too. people buying these extremely high dollar vehicles and making high dollar payments have their priorities really f***** up in my book. Now if that vehicle is making you money that's a different story.

^^^This^^^

I could give a rats ass what someone thinks about how I spend my money.

One could also make the argument that anyone that paid cash in the past 8/10 years was nuts.

This thread is stupid.

Who cares about $700 a month without regard to income? I have a $715 monthly payment on my F-150. I had $25,000 cash available to put down, but I didn’t. Inflation is WAY higher than the 1.9% interest rate on the truck note. $715 a month represents 10% of my monthly take home. I’m not exactly eating Ramen to afford this truck. Since I bought the truck, that $25K I didn’t put down is now worth almost $40K.

For most of you guys making $20K in social security every year, $700 must seem like a lot, but to those of us still in the work force (and not flipping burgers), it’s an arbitrary number.

Who cares how someone else spends their money.

Have an 06 with 233k on it. Would take it as far as any trip I needed to take anywhere in the US.

I trust it as much as I trust my 2008 with 70k or my wife's 2017 with 30k.

Took a trip down in your neck of the woods a month or so ago, took the old truck.

Justifications are cheap.
Lol

$700 isn’t what it used to be.

Interest rates at 0% for new and 3%’ish on used vehicles it would’ve been stupid to pay cash.
That said, never bought a brand new vehicle in my life even though we’re better situated to do so than most.
Everything we buy is depreciated off through one of the businesses so Uncle Sam (you suckers) pay for 1/3 minimum of every vehicle I own. Thanks!

I pay $535 a month on a 2020 F 250. Bought it new in May of 2021. Got an insane amount of money for my 2019 F 150. It also happens to be my daily driver, 100 miles round trip to work everyday. Yup gas sucks. I still hunt n fish whenever I want or work permits. I'm 63 and will retire in less than 2 years. Might be the last new truck I buy?? Life is short, I'm going to drive what I want.

Ok Boomer.

Got that right. A new 3/4 ton diesel with some options back in ‘05-‘06 was 30k.
$700 worth of any FIAT currency isn’t what it used to be after all the central banks went on printing sprees.
Vehicles are now an appreciating asset. Crazy times we’re living in.

Yup. Three out of four weekends a month I'm heading north to Camp and that is 120 miles away. I have no interest in driving something that I wonder if I'll get there

Jimbo, you need a better CPA. A farm is a CPA’s tax loop hole wet dream.

You should’ve bought a Toyota then!

What's this "depreciation" you speak of?


Hehe hehe!


I have depreciated out fences!

They were hard to come by when I was looking

[/quote] You should’ve bought a Toyota then![/quote]

Yep, and there's a reason for that! They last....

128 miles each way to the farm. Go every other weekend. Old truck still gets the nod better than 50% of the time.

Nothing more can go wrong with it than something with even 70k on it.

My 2016 F-350 proved that to me. Only vehicle I have had that left me walking, 69k on the odometer that day. Then an A/C compressor that luckily didn't fry a belt and leave me walking 20k miles later.

Not saying my idea is better. I just choose to stick my $$ elsewhere.

Yep, and there's a reason for that! They last....[/quote]
Last til they break, just like the rest of em.

Again, there's nothing that fascinates people more than what other appear to spend on their possessions.

Let it go.

The emperor appreciates your sentiment.

Not arguing but it's not your possession if making payments.


The way they have it now it's not your possession until half worn out.🤣🤣🤣

Yep, and there's a reason for that! They last....[/quote]
Last til they break, just like the rest of em.[/quote]

I’d take a Toyota with 300K over a Ford/Chevy/Ram
With 175k any day of the week.
I own 10 Chevy/Ford/International 2500,3500,4500,6500 class trucks….only because Toyota doesn’t offer anything comparable.

The UAW appreciates your sentiment, and your $$ that they donated to getting Biden elected.

The US auto industry is nothing but an extension of the democrat/communist party by way of the communist unions and the inefficiency and scheit quality they foster.

Haven't had a car payment in two decades. Haven't had a house payment in maybe 7 or 8 years.

But again, I ain't interested in your monetary expenditures.

Lol no but Chrysler is wishing they hadn’t offered that lifetime warranty:)

I bought one of these with 26K on it 8 years ago for $14,500.

https://www.carmax.com/car/22919933

I’ve spent money on a lot of stupid ideas. That one might prove to be the worst. Time will tell, as long as I keep pouring the fluid to her she keeps working.

Koneechiwa and arrigato or whatever. You like your rice steamed or fried?

HINO

A guy’s budget is just that. His. Some like to not have kids and travel to Africa or Alaska and hunt, or vacation in enemy nations like Mexico.

Some guys like to put money into their property and fix things up, some like to drive fancy cars. None of it matters.

I just find it curiously amusing how many leap to the bait to brag about how all their stuff is paid off.

Of course there are also the 1%ers here that can’t help but boast of their personal wealth at any given opportunity.

Dude, you own horses.

I like my rice with Red Beans.
Detroit is a scheit hole, and half of the parts in a Chevy come from places that don’t speak anglais.

New trucks are really nice but they sure are expensive. I expect my old 6.0 power stroke with 260k miles to make it to NY and back towing my boat. And then it's off to MT in September and back. If the communist Canadian's would of let us travel through, we'd planned to drive it to Alaska and back this year. I keep threatening to buy a new gas 3/4 ton truck, but I just can't talk myself into it.

The last new truck I want was made in 2007 or before the major emissions crap on modern diesels took affect. My delivery vehicle for towing a trailer with skid steers and 8k Kubotas is an F-450 and it needs a $1200 def computer board. My new backup to the Ford is a 2007 3/4 ton Chevy with the big 8.1L 496 (iirc) so hopefully like my earlier Chevys it’ll be just as bullet proof. The emissions crap and variable valve crap makes all the money that a new truck costs tough to swallow. Without a substantial warranty I’d think twice before spending the better part of $100,000 on a new truck.

I know a big Apache from the local Rez.
That will sock someone in the eye for a 12 pack and a bag of skins
Don’t get much cheaper than that

Haha no kidding.

I’m sure as hell not bragging about having anydamnthing paid off lol. [bleep] black hole those things are.

But if I did I wouldn’t feel compelled to tell our readership here about my financial situation.

When I win the the lotto the only way anybody would know is a whole of of “I’ll take it” posts in the classsifieds.

Leaks are generally cheap to fix....

36 more payments, and this bad sumbitch is all mine.

Me either. I am single live alone, use my truck for work and I want to be confident its not going to be broke down. I always traded for new truck every 4/5 years but My last truck I drove for 10 years 125k miles. That last four years was a PIA. Expensive as well. I drive to my hunting lease in AL 8 hrs away often in the season and I don't want headaches. I buy new and take the special depreciation deduction which makes sense to me financially all other things considered.
Unless forced to I will never drive a truck older than 4/5 years. Others can do whatever they find works for them. Everyone has different incomes , priorities and needs. Based on all things I consider , I buy new. I usually wait for a good sale like GMs 10-12k off sticker. I also finance more or less depending on the interest rate I can get. I buy when the deal is right so I get forced into buying when it isnt. I only keep one vehicle in my household so likely different situation from households that need more vehicles.

Debt is so prestigious though.

It is when you can handle it comfortably. It's the only way to keep your credit scores high

The Ford Foundation has had a More Pernicious Effect on America ..
It Funds a vast array of Marxist and Neo Marxist Organizations all chipping away at America’s Foundation..
The UAW isn’t even in the same League…

I was told as a young man that payments on a new vehicle you can afford are whatever you can pay off in 3 years. You can't buy much in 3 years for 700 a month anymore. A worn out truck will cost that now.

Most expensive car I've ever bought was $27,000

Can't see paying a fortune for something I'm going to get soaking wet with with sweat and also drive down the road eating my lunch in.

Well pretty frequently. I don't go to town much as I don't like crowds, but it is a rare month that I have not had at least one offer to buy it or trade for what they are driving.

No payment here. Fixed income pretty much prevents that. I drive a 2006 Lincoln Town car. Bought it from a dealer for $8000 cash. Original window sticker was in the glove box. $40000.
Great car for a fat old man.....like me!

I always pay cash for mine. After I buy a LC, I start a monthly savings to get a newer one every so often. Their value appreciating helps a lot. I have two now.

The Lexus 570 cost more and depreciates faster. I tried to tell my wife that, but noooo!

Used to put close to 20k per year on a vehicle just going back and forth to work and since I travelled mostly through rural areas and at night, I needed something reliable. I bought several compacts with nothing down and long payment schedules and i usually got a year or two extra out of them before needing another. I also drove some wrecks that struggled back and forth and believe me, when you spend a couple hours per day on the road it's worth paying a bit for peace of mind, air conditioning, and tunes, if you can swing it.

Now I do maybe 3k-5k per year, and get by with a couple of low-mileage oldies. New vehicles are dead to me now.

Well played Sir...

I had a 1992...

I had NO IDEA when I bought it that they were such gold mines...

Sold it for a bloody fortune.

Hope you keep your forever... or at least until she is worth $200k.

Dave Ramsey likes to put these numbers out on his show. And he says that unless you have a net worth in excess of $1 million, you cannot afford a new car.

You drive the new car off the lot, the first mile you drive costs you $4,000, because now it is a used car.

Dave gives the statistics, it is basic math, but a 30 year old couple who buys 2 new cars and trades them in every 3 years, by the time they are 60 will have thrown away a million dollars, in depreciation and interest, compared to the couple who bought 4 year old used cars, and kept them for many years.

The good news, you had that "new car smell" for 30 years.
The bad news, you are retired, and broke.

The biggest lifetime wasted expenditure is paying for too much house.
At least a dependable vehicle can help one earn!

Bought a 2006 Chev TrailBlazer 4x4 new. Currently has about 112k miles on it. Have put 2 computer "brains" and a fuel pump in it along with normal maintenance. It has been paid for since before 2010. Sold my 2000 Chev S10 Ext cab 4x4 PU with 77k miles in Feb 2021. Bought a 2019 GMC Terrain with 12.5k miles in Jan 2021, It currently has about 16k miles and will be paid off next week.

The TB pmt was about $500 / mo. The S10 was bought in 2003 and paid cash for it. The Terrain is/was under $400 / mo.

Don't think we will buy another vehicle before the end comes.

I heard yesterday that Toyota is no longer going to market the Landcruiser in the US. They are only going to go up in value.
Old news I guess, last year was the last year of manufacturing.

We bought a 2018 two years ago, it has 35k on the odometer now. Judging by what I’m seeing on Autotrader right now, it would bring 20k more than we paid for it.
Thinking it will take us to retirement. (10-12yrs) then I’ll buy the wife a new vehicle and I’ll drive it til I die.

Indeed, in fact when you’re a Boomer you could stroke out.....

BEFORE THE TRUCK IS PAID OFF.....

and NEVER have to pay off the note.....

BWAHAHAHAHAHA..........

Pretty much!

2003 Cummins Ram 3500 here- long since paid for. From near empty to sorta full took $200 last week. And now it just turned over to it's 5K scheduled oil change at 120K. Maybe I'll get to it today.

I'll be driving it awhile yet , tho as little as possible.

My car payments since about 1990 have been exactly ZERO dollars a month....

Last new vehicle I bought and made payments on, was in Sept 1987...

a new Toyota 4 Runner when I got divorced from my first wife...

still have that vehicle.... 587,000 miles on it.. it is still serving me well, even if not a daily driver anymore...

LOL That's awesome.

I’m in the camp that finds threads like this odd..

It’s always the majority that scoff at the $700 notion and brag how all their goods are bought and paid for and you’d have to be an idiot to buy a new car these days blah blah…

Some people need bulletproof reliable transportation. Some don’t. I’ll bet none of you guys would send your wife or daughter across the state in anything you didn’t have faith in tho.

New vehicles aren’t cheap. $700 is not exactly in the extravagant purchase realm. And for a lot of people, $700 a month is chump change

Many would consider us types fools for having 10’s of thousands of dollars that mostly sit in a safe too…

Three years ago I bought a 2010 Nissan Frontier. Had 44,000 miles and looked brand new. I paid $17K for it, half the price of a new one.

This truck now has 75,000 miles on it, never has given me any trouble. I have saved a small fortune in depreciation, and interest costs. I would have no qualms about sending a female out on her on on a trip in this truck.

But, if you gotta have "That new car smell" then more power to you.

How dare you defile this thread with logic

People seem to go from "only an idiot has a car payment" to "I just put a Ruger American on layaway at my LGS." real quick.

My bad hill…won’t happen again!

For the record we roll an 03 rx300 at 185,000
And my ‘11 F-250 with 126,000

I bought the truck with 115 on the clock and don’t put a lot of miles on it tho it’s my daily driver.

Any errands or long trips we take the wife’s car and I’m not looking forward to replacing it when that day comes. Fortunately I keep it maintained and it runs great

Lol…you ain’t lying

Call me frugal or whatever, but my jobs have all been middle-class wages. I've always lived like my dad and never bought fancy toys. I also have never taken out a loan for a car.

If you can't afford a $700/month car payment, then don't get one. If you can, rock on.

Saving up and paying with cash may sound cool when trying to impress, but it's not always the smart thing to do. Lets say you save for 4 years before buying a car. How much did that cash go down in purchasing power and how much did the price of the car go up over that 4 years while you saved? How much would that cash have made conservatively invested? The last 4 vehicles I've bought were all with less than 2% interest. I come out ahead financing instead of paying cash.

My money is on low interest loans IF I can afford the payment. Afford the payment doesn't mean I have to worry about the cost of gas or cost of eating out or anything like that. Afford means I can take that money out of my account without making cuts anywhere else.

Debt isn't necessarily a bad thing if you can afford to pay it back. I saw the world over many times in my youth on credit as I knew I could pay it back, and did. I keep a vehicle on average 10 years, so buying new does not worry me at all. If all you want out of life is the 4 walls you live in and to go to work every day, then cash is king.

My most recent two new vehicles (2012 Ford Expedition, and 2017 Ford Explorer) were bought with cash, along with my recent fun summer car (2010 Jaguar) Hate car payments.
Last December I ordered a new Lincoln Aviator , came in 3 1/2 months later, with my discount it came to over 68K out the door. Was ready to write a check for it, when the Finance guy said I can give you .09% interest if you finance an amount over 36 months.
I have an excellent Credit Score, but it's all based on my one credit card, so I thought I'd add to my credit score with a car loan. Told the dealer I'd do 10K over 36 months, about $280/month.
Figured I'd make more interest leaving the 10K in my CU than paying .09% on the loan. Sure enough CS jumped a few points after the first 3 months.
I figured I'd pay off the loan after one year, but now am thinking I'd make more $$ leaving the payoff in the bank. We'll see what happens.

Yikes I bet at least 1/3 of said people with $700+/month loans would literally miss the very 1st payment after losing their job.

If we hit the recession it looks like we could, the only busy folks are going to be repo men and liquor store workers.

There is nothing Americans like more than to talk about how other people spend their money.

Auto makers have spent 100+ years building their market and have done very well at it. They abhor frugality and no longer offer basic vehicles. I have wasted a lot of money in my lifetime but not too much on vehicles, I'm happy to say. When I bought my last pickup (2017), it made sense to make $1100 per month payments, at 0% interest, rather than pull the money out of investment accounts. Still, I was a little embarrassed to be making a payment that large. When we replaced our ten-year-old car last year, I paid half the price and all the taxes in cash and the payments are still 500 bucks (for three years). I borrowed money for a motorcycle one time and was glad I did but all the others have been bought with cash
It is too bad there are not lower priced, basic, alternatives for those who want them. Especially in the utility/pickup field. GD

I've seen your pics, ready to sell?

I'm still using my 99 Frontier as daily driver.
230K[this week].
As long as heat & air work I'll keep chuggin along.

I think Americans are tired of bailing other people out because of poor life skills. Student loans bailouts , welfare, free healthcare for illegal aliens, huge defaults on car loans and once again we'll bail out auto industry etc etc

Auto companies make most of their profits now off of their credit programs for buyers.

It was going to cost us 500 dollars to pay cash!

I bought a new 1969 Chevelle for $3400 with payments of $70 a month. Now a car is $35,000 with $700 payments. Can you say 10x inflation?

My daughter 19 was angry I refused to cosign for her so she could buy a newer Ford Ranger pickup. I told her that I refused to saddle her with debt, and if she couldn't pay cash for the pickup she didn't need it. This was right after her boyfriend's mom cosigned a vehicle for her son (2019 Ram 2500 4X4 diesel).

My daughter did get her Ranger, a 2009 exteded cab FX4, but sold her 88 Jeep Wrangler and added $2K of her own cash to get it. She has also watched her boyfriend shell out on average $2K per month to own his diesel pickup. $900 payment, $700 insurance (multiple tickets she said), and around $100+ a week in fuel. So in the way 19 year old kids do she has thanked me, she keeps telling me how "stupid" her boyfriend was for financing a pickup.

especially if he doesn't have any money to go on a date

My advice to every youngster is to never fall for the "lets talk payment" bait and switch. I.e How much can you afford a month?

Such moves one's thoughts completely away from the price of the rig and how much profit they're leaving for the dealer. Discuss the walk out price only and arrange your own financing. Our last two purchases tried that route. My response was I could buy a Jag or whatever, if I want to do financing. Just tell me what it cost to get the rig out of here.

A dealer once told me they wanted to make 3% on a sale. Turn that money over 6 or 7 times in a year, and that's not a bad return.