Monthly car payments hit record high of $712 in May

[Shadow King]

Where did you get 9600 from?

I'm talking about the loan plus interest over the course of a 5 or 6 year loan on a 30-35K car. I dont mind paying $400-425 a month but I'd still just pay it off sooner. My last car was 27K and I paid it off in 2 years instead of 6.

400 x 24 months = $9600.
So a 27K car done in 2 years means you put down most its value or you were making triple payments.

I just bought a damn near 50K car and i only have 267$ a month payments . In 2022

Then you should explain how this is the case instead of looking down on people, because I'm sure you understand that's not realistic for most people.

 

[BigMoneyGrip]

Everyone’s situation is different.. I know for my wife and kids I don’t have time to have them in some old shyt because it’s paid off.. been there don’t that.. I specifically lease for the peace of mind knowing that my wife will never have a breakdown with our truck and it’s covered under warranty and maintenance so I don’t mind the $1100 lease note a month it doesn’t affect my bottom line and at the end of the day we are not tied to the vehicle long term… 28 more months and I give it right back to the dealer I got it from…

Full disclosure my truck was $104 out the door he why my note is $1100 a month for 36month lease

 

[gho3st]

400 x 24 months = $9600.
So a 27K car done in 2 years means you put down most its value or you were making triple payments.

Then you should explain how this is the case instead of looking down on people, because I'm sure you understand that's not realistic for most people.

No. what i mean is maybe people should not be looking to buy brand new car or target something within their budget?

For example, instead of buying a brand new accord with 10 miles on it, why not target a 2020 or lesser with a bit more mileage??

 

[Sad Bunny]

400 x 24 months = $9600.
So a 27K car done in 2 years means you put down most its value or you were making triple payments.

Then you should explain how this is the case instead of looking down on people, because I'm sure you understand that's not realistic for most people.

I think you might be slow

The thread title is about car payments and I said I wouldn't mind a $400 car payment.

That doesn't mean I am buying a 9600 car

 

[tater]

With a $712 note, that means you buying a $45,000 car with maybe $3000 down.

This is only because of pure stupidity. People buying cars they can't afford.

They too good for 1 and 2 yr old Hondas. Go to any car website and do a search. I can go get a car right now and walk about with a $350 payment.

1-2 year old Hondas are going for upwards of 40k. My car (Honda) has been showing suicidal tendencies lately, so I looked to upgrade. There were no accords on the lot at all at multiple dealerships in the city, and the ones I found that fit my criteria were all over 40k, USED. The BMWs and Audis were cheaper, had low miles on them, and many of them were certified pre owned! I quickly threw out that idea and just got Marcheline repaired.

 

[Brolic]

Cars a just expensive now. You’re not gonna get a nice car with a low monthly payment unless you put down half. I bought a mustang last month for 41k with 8k down and my payment is $650 for 60 months. It should be $600, but the extra $50 is for a warranty.

 

[Spence]

I forgot, EVs are hard on tires, so they require replacing more often, but you won't be replacing your brakes hardly at all, so it balances out. As long as you primarily charge at home and not at Superchargers, by the time you need a new battery, you will also want a new car. There are several Model S/3s with hundreds of thousands of miles on them with under 10% battery degradation.

Yeah only downside. We still have the tires the car came with when we bought it and only 1 is brand new but we will probably swap all 4 at some point this year. It still has the stock 19’s so tires are like $250 per which isn’t terrible at all. We are looking at a model X soon as well, we have a level 2 charger at home so we only supercharge if we are on a road trip. I think most we’ve spent in town is like $7 on 4 or 5 occasions just to get us home

The app says I’ve saved over $5k in gas by charging at home and my normal driving patterns, the car really does save money long term.

 

[Sad Bunny]

Cars a just expensive now. You’re not gonna get a nice car with a low monthly payment unless you put down half. I bought a mustang last month for 41k with 8k down and my payment is $650 for 60 months. It should be $600, but the extra $50 is for a warranty.

I think Imma stop being cheap and cop something I really want this year.

No more than $500 a month though.

I need some upgrades and leather etc

 

[CrimsonTider]

I would never ever finance anything other than residential property. Everything must be bought outright.

This makes no sense

 

[tater]

I forgot, EVs are hard on tires, so they require replacing more often, but you won't be replacing your brakes hardly at all, so it balances out. As long as you primarily charge at home and not at Superchargers, by the time you need a new battery, you will also want a new car. There are several Model S/3s with hundreds of thousands of miles on them with under 10% battery degradation.

Why are EV's harder on tires? I didn't know there was a big difference.

 

[Anton]

$712 a month is not a lof of money, ppl jus gotta be honest and say they fukked up right now.

 

[Ethnic Vagina Finder]

Proudly driving my old Lexus lS430 sedan. I put 4500 into it last year will last me another decade.

I got an 08 IS250.

It has 126k on it and I’m keeping it for another 100k miles.

 

[Bolzmark]

nikka thats the issue. you only supposed to pay 500 a month for an S class. not no god damn Honda lol.

and if you gonna buy a brand new car, you need to have at least 10-15K saved up. If not you should not be getting a brand new car. that's why there's a used car market.

LOL what S-Class you think you getting for $500 a month? That’s a $130,000 car. On a 60 month loan paying $500 that’s $30,000. Add on your $15K you saved up that’s $45K. Those ain’t S-Class numbers.

 

[Optimus Prime]

1-2 year old Hondas are going for upwards of 40k. My car (Honda) has been showing suicidal tendencies lately, so I looked to upgrade. There were no accords on the lot at all at multiple dealerships in the city, and the ones I found that fit my criteria were all over 40k, USED. The BMWs and Audis were cheaper, had low miles on them, and many of them were certified pre owned! I quickly threw out that idea and just got Marcheline repaired.

My Honda dealership hasn't had any new Accords or Civics for over a year now and they are the biggest in the area. All they have is a few used cars.

Any brand new nicely equipped family sedan or SUV is going to start at $40K
The Kia Telluride that I see everywhere starts at ~$50K
The Chevy Blazer starts at ~$40K
The mid-tier XLT Explorer start at ~$50K

 

[Shadow King]

No. what i mean is maybe people should not be looking to buy brand new car or target something within their budget?

For example, instead of buying a brand new accord with 10 miles on it, why not target a 2020 or lesser with a bit more mileage??

No what? This doesn't explain a 50K car with $260 payments. You clearly have a unique expectation on what a reasonable car payment is within certain vehicle classes. If you know something, drop the knowledge.

I think you might be slow

The thread title is about car payments and I said I wouldn't mind a $400 car payment.

That doesn't mean I am buying a 9600 car

Your mama is slow.

Either you was going over 400 a month to pay a 27K car in 2 years, or you put down enough money (over two-thirds of the tag) to finance the amount left over to get your desired monthly payment for less than 2 years.