Monthly car payments hit record high of $712 in May

[beenz]

Highest i ever paid for a car was 291$. I just changed my car and my payments is 260. I plan to pay it off in 1 year

i don’t understand people paying 6-700 for a honda accord. For that type of money you should be driving a mercedes or audi lol

I also keep my living cost low cuz my 5BR/3BA house only has a mortgage payment of $1172. mind u I live in chicago, so a major city with minimal housing cost.

 

[waltthizzney]

honda gang

 

[Spence]

The lack of maintenance is mind blowing for EVs. Bought a Chevy Bolt in early 2021 for $23k, and in the manual the only items listed for the first 150k miles are windshield wiper blades, in-cabin air filter, and the gas struts on the rear hatch. That's it!!! Wife put 24k miles on it and can still sell it for more than what we paid. It's coming time to replace my old WRX and I'm really not interested in another ICE car.

Yup, we only paid so far $200 for a front wind diffuser after I hit road debris, and a $300 coolant valve leak I didn’t see when we first bought the car. It’s been 11k miles so far the 10 months or so we’ve had it. Only other thing is tires, oh and I spent another $300 to upgrade the hud since ours had bubbles in it. The media unit upgrade is $1700 (elective) and the drive unit if it goes out is $5k. The only really expensive thing on the car right now is the main battery, just hopin the aftermarket can catch up and offer a cheaper alternative since right now it’s $20k, if that drops down to half ever then we are keeping the car forever.

 

[MikelArteta]

These folks who finance cars are one job loss away from getting hemmed up. I worked at a dealership when I was in my 20s and would see all sorts of people getting fleeced. They love when women and seniors walk in to the point there were assigned sales men for that group.

Financial literacy should be taught in high school in America but nah that will mess up the formula to keep people in debt forever.

not really the price of used cars now you can sell it
every time I get an oil change my dealership is willing to buy back my car for more than I paid

 

[King Poetic]

If I was 20 to 28 years old, I wouldn’t cared about a car note, because I’m flossing , working and no kids

But I’m 41 now and even without kids, I just need my 2014 Cadillac ATS I have and go from A to B

 

[Cakebatter]

Yup, we only paid so far $200 for a front wind diffuser after I hit road debris, and a $300 coolant valve leak I didn’t see when we first bought the car. It’s been 11k miles so far the 10 months or so we’ve had it. Only other thing is tires, oh and I spent another $300 to upgrade the hud since ours had bubbles in it. The media unit upgrade is $1700 (elective) and the drive unit if it goes out is $5k. The only really expensive thing on the car right now is the main battery, just hopin the aftermarket can catch up and offer a cheaper alternative since right now it’s $20k, if that drops down to half ever then we are keeping the car forever.

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.

 

[Shadow King]

I wouldn’t pay more than $400 a month. But I’d also pay it off within 1-2 years instead of 5.

If you're paying off 9600 in 2 years why not just save completely and cash out?

WhT type of car yall be buying to pay 500+ a month in payments. Why buy a car if you gonna be paying that much per month?

The better question in 2023 is what car are you buying with these low notes? As breh said 500 a month is a Honda now.

 

[Shadow King]

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.

Stay stuck in 2004, brehs

 

[Shadow King]

They be 2016 too

A 2016 with 40K miles means it was lightly driven, none of these cars should be 45K but a 7 year old with that mileage is going to hold value.

 

[Fani Willis fan]

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

 

[Sad Bunny]

If you're paying off 9600 in 2 years why not just save completely and cash out?

The better question in 2023 is what car are you buying with these low notes? As breh said 500 a month is a Honda now.

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.

 

[TallMan_J]

$712....SHEESH

I paid my car off 2 (2015 acura TLX) years ago, and I'm not looking back. my last car I paid off in 3 years and kept it a total of 8 years, which meant, I kept sending the payment to my credit union savings account, so when I bought a new car, I already had enough cash to buy it out right. I didn't do that ONLY cuz the interest rates on my current car were low, so it wasn't worth it to sacrifice my liquidity and invested that cash into something else.

I locked my credit on all three bureaus. I'm trying to NEVER use real credit again at this point (other than credit cards). I have a house, my car is paid off, and after all is said and done, I'm still contributing to my retirement, taking care of my kids and saving.

BY THE WAY, on my last two cars, the payments were $374 (on my 2008) and $298 (on my 2015).

at my age, I don't think having a fancy car is cool. a car is nothing more than a tool used to move me from one place to another. I just need it to be clean and reliable. and I will make sure I to do what I need to do to keep it that way.

That’s a smart and financially responsible strategy.

 

[Elim Garak]

 

[Unolove]

Damn y’all be riding clean my last couple cars was just Hondas I payed cash on

 

[gho3st]

Stay stuck in 2004, brehs

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