The average car note in the US is $400 for a used car:scusthov:

[Kal El]

I used to never quite understand what people meant when they said a car depreciates as soon as you drive it off the lot.

But now I realized just how much a car payment can prevent you from being financially indepedent. That 300, 400 or 500+/month could be going towards investing or putting a down payment on a rental property. But people are more concerned with impressing people that they don't even like.

 

[winb83]

I used to never quite understand what people meant when they said a car depreciates as soon as you drive it off the lot.

But now I realized just how much a car payment can prevent you from being financially indepedent. That 300, 400 or 500+/month could be going towards investing or putting a down payment on a rental property. But people are more concerned with impressing people that they don't even like.

There's better things you can be doing with money than having it tied up financing a depreciating asset. Cars are nice but one of the best things you can do is detach yourself from all the marketing and social pressure and focus on only buying as much car as you really need at the most affordable price possible. Cars are the albatross of the middle class that keep them there.

For most people cars are the most expensive thing they own that's not their home. I'm bored enough with the car I bought 6 months ago now to take it and trade it in for a better car (not doing that but I feel like I could). I was driving a 2002 Olds Intrigue before this one and it was a free hand me down from mom. I drove that thing until it fell apart literally. Cars are an insatiable hunger. There will always be newer and better.

 

[GoFlipAPack]

Saw a 2013 Altima with 44k miles for 8k brehs. Thought about pulling the trigger

 

[Deflatedhoopdreams]

Saw a 2013 Altima with 44k miles for 8k brehs. Thought about pulling the trigger

KBB says it’s a fair price

 

[Amerikan Melanin]

My homegirl just got raped at the dealer. $2500 down, $299mth, 36mth lease, 10k Miles yr LEASE TO OWN! On a 2020 civic.

 

[Truefan31]

My homegirl just got raped at the dealer. $2500 down, $299mth, 36mth lease, 10k Miles yr LEASE TO OWN! On a 2020 civic.

ugh....a 2020 civic lasts forever too as long as basic maintenance is done.......can she back out of it? At least try to own it instead of lease?

 

[Truefan31]

Saw a 2013 Altima with 44k miles for 8k brehs. Thought about pulling the trigger

My advice is to stay away from Nissan breh. Their quality is bad (especially their transmissions). Their CVT transmissions are prolly some of the woat for reliability.

 

[winb83]

Saw a 2013 Altima with 44k miles for 8k brehs. Thought about pulling the trigger

I mean it's an 8 year old car for 8K. I know here in Michigan no way buy if you live in a good climate area could be workable.

 

[RealCrownHeights]

What's the best car for a first time buyer with no driving history, and about $5k in cash. I already know I have to get my insurance out of state because the numbers they quoted me are crazy here

 

[Atlrocafella]

My homegirl just got raped at the dealer. $2500 down, $299mth, 36mth lease, 10k Miles yr LEASE TO OWN! On a 2020 civic.

Why wasn’t there a male with her to make sure she didn’t get fukked?

 

[Ethnic Vagina Finder]

If you gonna take on a car note I would say get a new car because you won’t have to worry about out of pocket maintenance.

And it’s still under warranty. Most 6 figure earners lease anyway. Especially those German cars.

 

[Kal El]

If you gonna take on a car note I would say get a new car because you won’t have to worry about out of pocket maintenance.

And it’s still under warranty. Most 6 figure earners lease anyway. Especially those German cars.

This is horrible advice breh if your goal is to stack money.

Take a Brand New 25,000 dollar car for example. Let's say you put 2,000 down with 3% interest. Average car loan length is 60 months.

So your car payment would be $413/month, for 60 months. $413 x 12 months = 5,000 dollars in the first year.

For 5,000 dollars you can find a used car in good condition. Pay it all cash, car now belongs to you. Instead of paying 413/month towards a car loan, you could be investing that in something that will grow your money.

If having a flashy whip is important to you, then do what makes you happy. But if your goal is to build wealth a brand new car ain't the move.

 

[Kal El]

What's the best car for a first time buyer with no driving history, and about $5k in cash. I already know I have to get my insurance out of state because the numbers they quoted me are crazy here

A good used car that's been maintained by it's previous owner. Look at KBB to get an idea of what a car is actually worth. Do you research and make sure the car has decent mileage relative to it's age, and get the carfax.

If you don't know shyt about cars, make sure you get a potential used car inspected by a trusted mechanic BEFORE you buy it. You don't want to put your 5k into something that's going to need major repairs soon.

Make sure it has a clean title too, avoid salvage titles.

 

[Ethnic Vagina Finder]

This is horrible advice breh if your goal is to stack money.

Take a Brand New 25,000 dollar car for example. Let's say you put 2,000 down with 3% interest. Average car loan length is 60 months.

So your car payment would be $413/month, for 60 months. $413 x 12 months = 5,000 dollars in the first year.

For 5,000 dollars you can find a used car in good condition. Pay it all cash, car now belongs to you. Instead of paying 413/month towards a car loan, you could be investing that in something that will grow your money.

If having a flashy whip is important to you, then do what makes you happy. But if your goal is to build wealth a brand new car ain't the move.

People make the same argument about buying a house as opposed to renting. Having a car note or leasing isn't the end of the world. As long as you can afford it. If you got a $15 an hour gig, then maybe it's not the best decision.

A lot of people that buy used cheap cars, don't know how to take care of them and in the end they become money pits. It brakes down no warranty and you're at the mercy of a local mechanic who probably doesn't know what he's doing or the dealership with expensive fees. At least with a new car there are no surprises. You know you're paying $413 a month and that's it. A used car will break down and you might have to pay over $1000 on short notice. Eating away at those savings.

 

[Kal El]

People make the same argument about buying a house as opposed to renting. Having a car note or leasing isn't the end of the world. As long as you can afford it. If you got a $15 an hour gig, then maybe it's not the best decision.

A lot of people that buy used cheap cars, don't know how to take care of them and in the end they become money pits. It brakes down no warranty and you're at the mercy of a local mechanic who probably doesn't know what he's doing or the dealership with expensive fees. At least with a new car there are no surprises. You know you're paying $413 a month and that's it. A used car will break down and you might have to pay over $1000 on short notice. Eating away at those savings.

You're right we all got different priorities. It's not the end of the world, but there's better ways to use $400 a month in my opinion. Regardless if you're making 100k/year or 30k.

You don't need to spend $25,000 just to have peace of mind that your car isn't gonna break down. I got a 2012 used car that I bought in 2017 for 6,500. Haven't had to do anything besides regular oil changes in three years since I've had it. Even if the yearly maintenance repairs cost more money than a new car with a warranty, you're still saving a lot in the long run.