Monthly car payments hit record high of $712 in May

[Makavalli]

Damn. Didnt get in on the home ownership when the rates were great but at least my whip payed off and decent. Its bout to get crazy outchea

 

[1thouwow]

Nobody is paying a car in 3 years

There's financial irresponsibility and on the other end of the spectrum there's this extreme some of y'all trying to push

I did

 

[Alvin]

A base Elantra goes for 20K brand new, and they along with Kia have the best warranties in the industry.

Go a step further, and you'll see that a Hyundai Accent costs 16K. shyt, you can get the premier Elantra trim for 25K.

The only real negative for them is that their dealerships love to try and slap "market adjustments" onto the sticker price. Don't go for that shyt...

Base lol and idk how to get a car outside of ordering it from the web without the markups or availability

 

[BunchePark]

No way are people signing 8 year car loans wtf

That should be illegal

 

[Robo Squirrel]

That’s the reason my wife and I both bought Teslas. We went to look for a car after her lease ended in February, and dealerships were making up prices with no reasoning. She test drove Tesla’s SUV and just ordered it online. After I drive it a few times, I hopped online and ordered one also. No hassles or bullshyt markup. fukk them scheming ass dealers.

Ooooh so buy online?

 

[Prodyson]

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.

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.

Obviously you’re not buying new for that price, but if the choice is to buy new and $700 per month on average, or buy used and pay under $400, the reasonable choice should be to buy a used car… or use your current car until you have no choice but to buy a new car. And if the options are still the same, you should still buy the used car.

It seems the average is so high because of financial irresponsibility, not because people are forced to pay $700 per month. Buy a basic 5 year old Honda if that’s what you have to do, and have an extra $300-$400 per month in your pocket. It still gets you where you need to go and will likely cost little in maintenance.

 

[MoveForward]

You nikkas hop online and start saying unrealistic sh*t. Most people can’t pay a car off in three years on a modestly priced car, even with a 0% interest rate.

Five years isn’t even the norm anymore, most people are financing for 72 months because the price for new cars even before the pandemic was crazy. Some even take the 84 months for a lower payment just in case something happens and just pay extra towards the principal.

You nikkas don’t live in the real world, the cost of housing is stretching people’s finances.

 

[International Playa]

Car monthly payments are the biggest reason why people stay broke. Imagine if you invested that car payment every month

 

[Shadow King]

Obviously you’re not buying new for that price, but if the choice is to buy new and $700 per month on average, or buy used and pay under $400, the reasonable choice should be to buy a used car… or use your current car until you have no choice but to buy a new car. And if the options are still the same, you should still buy the used car.

It seems the average is so high because of financial irresponsibility, not because people are forced to pay $700 per month. Buy a basic 5 year old Honda if that’s what you have to do, and have an extra $300-$400 per month in your pocket. It still gets you where you need to go and will likely cost little in maintenance.

A basic 5 year old Honda doesn't fit everyone's needs

 

[Shadow King]

Car monthly payments are the biggest reason why people stay broke. Imagine if you invested that car payment every month

Rent/mortgage is a bigger issue than car payments.

 

[Teal.]

people really have car loans for seven years? Is this new car or a used?

 

[levitate]

Got a 2014 purchased new, paid off years ago. Was thinking of getting a minivan in a couple of years. …May have to rethink things…

 

[International Playa]

Rent/mortgage is a bigger issue than car payments.

Mortgage is paying off an appreciating asset though

Car payments is money down the drain

 

[klientel]

Y’all project way too much on this website…

 

[Shadow King]

Mortgage is paying off an appreciating asset though

Car payments is money down the drain

You can only capitalize off of this appreciating asset by selling your house and getting back on the market. Month to month keeping a roof over your head is too expensive in many parts of this country.