Amo Husserl
Superstar
I'm not shaking hands for anything over $27,000.
Car Payments Average $800 Per Month: Report
- Thread starter Street Knowledge
- Start date
Dreamchaser
All Star
Isnt the HELOC interest variable and not fixed?
how many months you got left?1k per month... for a car note sounds insane..
In The Zone '98
Superstar
White people got money money
KillerPups
All Star
JoseLuisGotcha
Aka Allhiphopsux
Smart short term but helocs at best used to reinvest. I’m getting one for remodel my home to increase its value then get re-appraised
He just went against his home’s equity for a depreciating asset
KillerPups
All Star
used cars are advertised as cheaper but by the time u get through all the fees they don't tell u about u might as well buy new. cpo might be best bet but everything expensive since covid.
desjardins
Veteran
It's the interest that's killing people.
Even if your payment is "only" $600 a month it's probably smarter to still pay $1000 to hurry up and get out of the loan
Next time you drive down the street just peep how many cars you see that are over $50k. That was the eye opener to me. All these big SUVs, pick up trucks and luxury brands are all over $50k
Even if your payment is "only" $600 a month it's probably smarter to still pay $1000 to hurry up and get out of the loan
Next time you drive down the street just peep how many cars you see that are over $50k. That was the eye opener to me. All these big SUVs, pick up trucks and luxury brands are all over $50k
IIVI
Superstar
What a waste.
Once I learned the power of compound interest and how buying one cheap Toyota/Honda lasts for 500k-1 million miles, that was the end for me spending anything over $300 a month for a car. Now I pay things off in full or don’t buy the vehicle.
Folks really replacing their cars every 100k miles too. That’s so much opportunity cost.
My wife’s Honda runs fine on the original power train with 500k miles. Someone out there spent $150k for the same thing.
“Rule number one on the stock market: don’t lose money. Rule number two: don’t forget rule number one.”
- Warren Buffett
Things like paying interest are a violation of that rule. Literally spending money (interest) and you’re not even gaining value like you would investing using margin on NVIDIA and index funds when it’s a buying opportunity. Instead, you’re just giving away money because you’re in debt all to go from point A to point B.
Once I learned the power of compound interest and how buying one cheap Toyota/Honda lasts for 500k-1 million miles, that was the end for me spending anything over $300 a month for a car. Now I pay things off in full or don’t buy the vehicle.
Folks really replacing their cars every 100k miles too. That’s so much opportunity cost.
My wife’s Honda runs fine on the original power train with 500k miles. Someone out there spent $150k for the same thing.
“Rule number one on the stock market: don’t lose money. Rule number two: don’t forget rule number one.”
- Warren Buffett
Things like paying interest are a violation of that rule. Literally spending money (interest) and you’re not even gaining value like you would investing using margin on NVIDIA and index funds when it’s a buying opportunity. Instead, you’re just giving away money because you’re in debt all to go from point A to point B.
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beenz
Rap Guerilla
No interest financing was good, but I would never use my home equity to pay for a depreciating asset personally
ORDER_66
I am The Wrench in all your plans....
foh
beenz
Rap Guerilla
I'm in the same boat. My car is a 2015 I bought in January 2017 and paid off in December 2020 on 2.99% interest and a $300 car note. I got 155K miles howeverReading this and thinking of my 2017 car I bought used in 2019 and paid off in 4 years @ 3.2% interest:
I'm driving this bytch til the wheels fall off (82k miles currently) at which point I'll lease. FOH having a depreciating car note ever again.
Mrhateeverything
All Star
That is crazy I don't get how they can afford that
Personally long as my car is dependable and everything works I don't care
I've had an 05 Toyota Avalon I bought in 2021. Got it with 140 k miles and I'm now at 190k.
Aside from tires oil brake jobs , I've put less than 800 into the car where something has messed up.
I don't want a car payment , I don't know why more people don't go that route .
Personally long as my car is dependable and everything works I don't care
I've had an 05 Toyota Avalon I bought in 2021. Got it with 140 k miles and I'm now at 190k.
Aside from tires oil brake jobs , I've put less than 800 into the car where something has messed up.
I don't want a car payment , I don't know why more people don't go that route .
