True or false: The best car payment is a $0 car payment.
- Thread starter Sad Bunny
- Start date
The Radiant One
Superstar
Yes I pay 0 for my car but I still pay for gas, insurance and repairs. If you are about keeping your money it is best to get a old camry. I know that sounds lame but after three years of not having a car payment it is just nice
The avg car payment is 784 a month times 12 is $9408 a year for three years I have saved 28K which I can use it to save up for a new car in cash or investment. Emergency fund or vacations. If I wait six years that is 56K I end up saving. But since I dont pay interest I save a minumum 3K so it is more like 59K compared if I did the car payment thing.
People really giving all their wealth to their car. You still have to pay insurance, oil maintenance and gas so you must add about 300 a month for insurance and gas
If you have a BMW you need to add 151 a month for repairs and 50 more for the premium gas and 50 for the insurance. You effectively pay 250 a month more or 18k more over six years for an equivalent value Toyota.
The avg car payment is 784 a month times 12 is $9408 a year for three years I have saved 28K which I can use it to save up for a new car in cash or investment. Emergency fund or vacations. If I wait six years that is 56K I end up saving. But since I dont pay interest I save a minumum 3K so it is more like 59K compared if I did the car payment thing.
People really giving all their wealth to their car. You still have to pay insurance, oil maintenance and gas so you must add about 300 a month for insurance and gas
If you have a BMW you need to add 151 a month for repairs and 50 more for the premium gas and 50 for the insurance. You effectively pay 250 a month more or 18k more over six years for an equivalent value Toyota.
Last edited:
Roger king
Superstar
Every black household should start teaching thier children basic economics and financial literature as early as elementary school, being in debt isnt a good thing especially for a depreciating asset. I agree its better.
100%
JetFueledThoughts
Superstar
False. The best car payment is on a car you enjoy driving with a note less than $200 a month.
If you own your car outright and you love it, then I commend you. Personally I had an Infiniti that I drove the wheels off of and even though I owned it, the yearly maintenance was more than what I pay on my car note every year now.
A lotta people drive cars they don’t pay a note on and they’re beaters. If that works for you then go for it, but in my opinion get a car you enjoy with a manageable car note. Having a note that you pay on time every month boosts your credit score too.
If you own your car outright and you love it, then I commend you. Personally I had an Infiniti that I drove the wheels off of and even though I owned it, the yearly maintenance was more than what I pay on my car note every year now.
A lotta people drive cars they don’t pay a note on and they’re beaters. If that works for you then go for it, but in my opinion get a car you enjoy with a manageable car note. Having a note that you pay on time every month boosts your credit score too.
True but sometimes it can be a good investment if you need a car to get to work, but I also agree to get something affordable and try to pay it off as fast as possible.
Less than $200 but what if you make 15K a month after taxes with no debt besides the mortgage?
$500 is nothing in that scenario.
How did you come up with this arbitrary #?
WetinBeDat
Pro
Getting a loan to pay for a depreciating asset is just dumb
OfTheCross
Veteran
I mean...yes it's bes to not owe anyone anything...
But I had a payment before where in 5 years all the interest I was gonna have to pay came out to like $3000.
A lot of dealerships offer 0% interest too.
The best payment is one you can comfortably afford and aren't overpaying for
You know what...he might be onto something.....
I'm ready to sign up for all of his financial services. Just DM'd him my checking and routing numbers we're gonna make some plays. To the moon in 2k23
I'm ready to sign up for all of his financial services. Just DM'd him my checking and routing numbers we're gonna make some plays. To the moon in 2k23
wastedmermaid
Superstar
Spent 8k on a civic cash and been driving it for 5 years problem free
fukk a car note
fukk a car note
Mike Nasty
Veteran
What's dumb, the fact that it depreciates or that you have to take out a loan to acquire it? Both are an unfortunate fact of life. I'd love to hear your solution to avoid them.