Monthly car payments hit record high of $712 in May

[1thouwow]

I had an answer but since smartassery is the game:

Not 3 years.

foh lame

 

[Shadow King]

foh lame

Or?

 

[1thouwow]

Or?

Nothing. It’s the internet

 

[Bubba T]

I was looking at hybrid Rav4s between 2018-2020. All of them are 30k+ and even with 10k down, I was looking at between 370-410 monthly payments…over 5 years.

Insurance wouldn’t be that bad though.

 

[beenz]

I mentioned this in the other thread, but the highest car payment I've ever had was $375. cannot imagine paying $700+ monthly for a car. and that don't include gas/insurance/maintenance.

thank goodness my shyt has been paid off tho

and even for my current car, the note was only $300

 

[beenz]

delete

 

[beenz]

You ain’t getting no car these days with a $350 payment

I was looking at hybrid Rav4s between 2018-2020. All of them are 30k+ and even with 10k down, I was looking at between 370-410 monthly payments…over 5 years.

Insurance wouldn’t be that bad though.

u need to be looking to finance maybe 15K for 5 years if u wanna keep that payment in the $300 range. it's simple math.

 

[beenz]

No way are people signing 8 year car loans wtf

That should be illegal

yes they are. 84 month loans are actually quite common these days. I'm sure 96 month loans exist as well.

I've never gone over 60 months personally, and I have paid off every car I've owned early.

 

[Bubba T]

u need to be looking to finance maybe 15K for 5 years if u wanna keep that payment in the $300 range. it's simple math.

A shade under $17k with looking at the interest rates I would qualify for. That means putting down at least 50% . I could swing it, but not ideal in my head. It is what it is though.

 

[Carolina Slim]

yes they are. 84 month loans are actually quite common these days. I'm sure 96 month loans exist as well.

I've never gone over 60 months personally, and I have paid off every car I've owned early.

Just started shopping for a Kia Sorento. Looked at my credit union options, and they have a 96 month joint on there too, higher interest rate.

 

[Bubba T]

Just started shopping for a Kia Sorento. Looked at my credit union options, and they have a 96 month joint on there too, higher interest rate.

96 month loans…I thought you were joking at first but that shyt is really out there. Wow….

 

[beenz]

Just started shopping for a Kia Sorento. Looked at my credit union options, and they have a 96 month joint on there too, higher interest rate.

FYI, kia is offering 2.9% financing for the sorento. but that's only 48 months.

 

[Camammal]

Commuting/Ev gang

 

[Toe Jay Simpson]

I paid my car off and want a new one, but this ain’t it right here. I’m a ride that bad boy until the everything stops working

 

[⠀X ⠀]

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

If I could go back in time, I’d do that. I’d be able to to buy a new car with cash and still have a bunch of money leftover. As soon as I started working a decent job, the first thing I did was get a $500 car payment