Monthly car payments hit record high of $712 in May

[Cakebatter]

Had an '08 Civic with 200k miles that was worth about $2500 in early 2021. It sat for a year, and is now worth double. Gave it to a family member. Also Tesla has raised the price of the Model 3 by $10k over the past year, yet Tesla buyers wanna complain about car dealers price gouging.

 

[Mister_DoItNice]

I’m not sure if anyone here is aware of what’s going on with the C8 Corvettes but these dealers are straight up bashing people over the heads when it comes to these cars. I saw a dealer had a 2023 advertised for the actual MSRP so I went in to check it out and see what they’d potentially give me on the trade in for my 2006 C6. I sat down with the salesman and when we were talking numbers, dude told me they were tacking on a $10k dealer markup on the vehicle. Just because people want these cars and they can. At that point, there’s nothing left to talk about so I walked out. I don’t think I’ll ever buy a brand new car. There’s just too much bullshyt attached.

 

[SadimirPutin]

Aint no way son

 

[Bubba T]

It has already popped, there are a record number of repos going on because people bought cars based off of their unemployment money last year.

@Luken is this true breh?

 

[Brolic]

I don’t understand how they expect people to buy electric cars. I wanted a Mach E and all the used ones are atleast 50k, most had a $800-1.2k car note with a 10-13k down payment.
Hopefully my car holds up for another 2 years so can buy the 2023 straight from the Ford website.

 

[Ezekiel 25:17]

This is correct.

The article is specifically about the people that choose to buy New vehicles, tho

.
I can buy a brand new car and still have a $350-$400 not.

Like I said before, a $712 payment means people buying $45,000 cars. And we not gone talk about loan term because that would make the car even more.

There's plenty of brand new cars you can buy for $30,000 and less.

 

[JLova]

Dude from the Volvo dealership has been calling me for months. I have never responded to him. He calls and sends an email like I’m interested din their overpriced cars. I will cop when inflation comes back down and there is more to pick from.

 

[JLova]

I don’t understand how they expect people to buy electric cars. I wanted a Mach E and all the used ones are atleast 50k, most had a $800-1.2k car note with a 10-13k down payment.
Hopefully my car holds up for another 2 years so can buy the 2023 straight from the Ford website.

Electric cars will remain for the rich until the prices come way down and convenience improves.

 

[Shadow King]

1. Too many people getting in these Germans because they can make the dollar amount payment/relying on dual income to "make it work".

2. No more cars under 20K or used cars under 10K worth a damn.

 

[Prodyson]

Dropping 8 stacks probably had something to do with it ... But who has 8k just to drop on a car these days ? Still seems kinda high but guess it depends on the loan term

Are you saying there are zero cars available that cost under 25k?

 

[Originalman]

The thing is that isn't including the monthly cost for gas and insurance and oil change so the real cost is 1k for most people

 

[OfTheCross]

.
I can buy a brand new car and still have a $350-$400 not.

Like I said before, a $712 payment means people buying $45,000 cars. And we not gone talk about loan term because that would make the car even more.

There's plenty of brand new cars you can buy for $30,000 and less.

I agree. The most popular vehicles in America are Trucks and SUVs. $45k is what you'd spend for a nice one.

 

[Shadow King]

This is the time for fat down payments.

You never walk into a dealer and tell them what you want to pay monthly. You get the out the door price on the car and THEN put enough down to get the payment where you want it to be.

If u can't afford the car on a 36 month to 48 month term, it's not for you. Longer terms are tricky due to interest rates and ending up upside down(owing more than what the car is valued at)

Ain't nobody making a damn 36 month term. 48 is pushing it. This isn't 2002.

Are you saying there are zero cars available that cost under 25k?

New? Pretty much no.

Used? Some, but everyone isn't going to buy a 5 year old Corolla.

 

[Ezekiel 25:17]

Ain't nobody making a damn 36 month term. 48 is pushing it. This isn't 2002.

New? Pretty much no.

Used? Some, but everyone isn't going to buy a 5 year old Corolla.

I just did a new car search and found plenty of cars under $25k. Where you getting yo optics from?

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[Dave24]

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