Average Monthly Auto Loan Now $503 @ 68 months

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$500 a month and that doesn't include the car insurance payments or gas.
And for some of these new cars the monthly insurance can run $200+.

All in, that's like renting another apartment. Or even a mortgage depending where you live.
 

mannyrs13

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This is why it's important to have good credit. It can greatly affect the amount on the car payment. My score was low at the time. Like low 500s and even with my dad co-signing it wasn't much help so my interest rate was like 5%. Have a friend who said his rate was like 15%. That's that 120 month plan. :scust:


And I wouldn't even consider these baller prices cuz it's not even baller cars. It's just the prices have gone up a lot this post decade I'd say. I drive a Honda accord. Article said average price was 32k. Which is basically the standard these days for cars like Hondas, Toyotas, Mazda, etc. Granted mine was fully loaded but even at that still has basic features compared to higher end cars. I can't imagine if I really wanted to ball and got a Benz, beemer, or Lexus. I see plenty of "ballers" on the road maybe paying much more than that $500. Wanting to show off their new car and bad driving skills. :francis:
 

Jx2

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I work in the car industry. Simply put, more people should lease not finance. Financing a car is one of the dumbest things you can do most of the time.

Buy things that appreciate, lease things that depreciate.
 

Quiet Magician

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I work in the car industry. Simply put, more people should lease not finance. Financing a car is one of the dumbest things you can do most of the time.

Buy things that appreciate, lease things that depreciate.

Leasing is pretty stupid as well.

Just buy a used car that you can use for a year or two then repeat.
 

Jx2

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Leasing is pretty stupid as well.

Just buy a used car that you can use for a year or two then repeat.
Leasing isn't nearly as stupid as financing or buying a used car that you have to constantly fix. It's not the four letter word that it used to be
 
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