You're acting like there's something wrong with doing that. Also, stay the .hell. OUT OF MY GARAGE!!!
12% are paying $1,000+ a month for car loans ...
- Thread starter odie
- Start date
I’m close-main rides are the ‘03 MGM and the ‘05 Scion xB, both now 120K+… And a 150K+ ‘07 Corolla soon to join the party! Both Toyota built cars are manuals, EVERYTHING is paid for! (And one of them pinch hits for the new company Transit on its’ MANY trips to the Ford dealer-last time the mileage money paid for the MGM’s new tires!).
And, you’re right-new cars ARE FOR SUCKERS! If I live long enough, my motley collection should live long enough until our misguided electric “overlords” assume control…
My last two Toyota products have not been anything special, especially compared to older ones. I'd actually consider a Subaru. I don't think Nissan is in the same class as Subaru, maybe the older ones were.
Get a divorce lawyer and take her half. Then when that's settled I grab an Escalade V and 1996 Impala with enclosed trailer
2022 3500 GMC AT4 L5P crew cab long box.
Exactly what I am driving now. It is a car for cripe sake, get me from A to B in all conditions and be dependable. You want speed and hair raising excitement buy a litre bike, it is easier to navigate the holes.
A friend of mine is a lead robotics engineer working on nuclear projects. He brings home ~$700k/yr after bonuses, and that's not including his gains on the stock market. He and his family live in a typical rancher home worth ~$180k, he wears cheap Wrangler jeans from Walmart, and drives a 20 year old Honda Accord.
There's only 2 things he spends big on; his bed and his shoes. Even when they go on vacation, they fly coach and refuse to pay more than $150/night for a hotel room.
The same 20 year old Tahoe I drive now. I don't care for new vehicles or anything they offer so no desire to spend money on one. I could afford a $1,000 payment now, it's just not worth it to me.
However.... My Camaro would have a 632 ci BBC turning 8500 rpm on E85.
4WD
$50 site donor 2025
In my signature
That makes two of us...only loan I have is on my home.
Today? I'd probably go buy an Audi RS3 and buy my wife an Audi S5 cabrio.
“Wow!
My car loans add up, to, uh, let’s see…
Zero”…………
Good if you are in the position to plunk down cash for an automobile. Most people don’t have that luxury so they make payments.
The big problem is that people buy what they want versus what they need. Then the payments get stretched out over many years. Not a good recipe.
My car loans add up, to, uh, let’s see…
Zero”…………
Good if you are in the position to plunk down cash for an automobile. Most people don’t have that luxury so they make payments.
The big problem is that people buy what they want versus what they need. Then the payments get stretched out over many years. Not a good recipe.
People are also paying up to 84 months. A half century ago 36 months was the longest car payments. I've never gone over 36 months and always below $400, usually $300. My current car is $229 a month at 0.9% for 36 months. I guess $1000 a month is ok for a McLaren.
The way I look at it is this. How often are you actually in your vehicle? If the main use of your car is a simple work commute, why waste the money? Let's say you drive 15 minutes each way to work (30 minutes per day) for 5 days a week, plus say another hour on the weekend for whatever. That's 3.5 hours a week or 182.5 hours a year. If you're paying $1,000/month payment, that's $12,000/year.
$12,000 / 182.5 = $65.75/hr ($1.10/min)
So ask yourself... how does it sound to say you spend $65 every day to spend just 30 minutes of that 24 hour day in your vehicle? Now consider that for 5-7 years before that number begins to tick down. Is the few creature comforts so important for that 30 minutes a day? The rest of the time it's just sitting in your driveway or garage depreciating. Leasing is even worse as at least you get to say it's yours at the end of a loan.
Now if you use your car for work and spend 6+ hours a day in it, then it's more understandable. Then you actually get use of your investment.
A lot of people pay an exorbitant amount of money to have that fancy tech for just 30 minutes, including drowsiness detection, but still spend 8 hours a day sleeping on a stained and worn 8 year old mattress that they paid $150 for at Big Lots. They're usually the ones complaining about paying $150-200/month for homeowners insurance, for their actual dwelling and shelter, but don't bat an eye at $300/month for insurance on the new car they spend 30 minutes a day in. (that's a fraction of the value of the home) I just don't get it.
My bed was more expansive than my car, and I have no issues with that whatsoever.
$12,000 / 182.5 = $65.75/hr ($1.10/min)
So ask yourself... how does it sound to say you spend $65 every day to spend just 30 minutes of that 24 hour day in your vehicle? Now consider that for 5-7 years before that number begins to tick down. Is the few creature comforts so important for that 30 minutes a day? The rest of the time it's just sitting in your driveway or garage depreciating. Leasing is even worse as at least you get to say it's yours at the end of a loan.
Now if you use your car for work and spend 6+ hours a day in it, then it's more understandable. Then you actually get use of your investment.
A lot of people pay an exorbitant amount of money to have that fancy tech for just 30 minutes, including drowsiness detection, but still spend 8 hours a day sleeping on a stained and worn 8 year old mattress that they paid $150 for at Big Lots. They're usually the ones complaining about paying $150-200/month for homeowners insurance, for their actual dwelling and shelter, but don't bat an eye at $300/month for insurance on the new car they spend 30 minutes a day in. (that's a fraction of the value of the home) I just don't get it.
My bed was more expansive than my car, and I have no issues with that whatsoever.
Last edited:
OVERKILL
$100 Site Donor 2021
Great way of looking at it. If you are driving 4hrs to the cottage every weekend and have a longer commute or spend more time in your vehicle, it certainly aides in justifying spending more when looked at through this lens.
I think you already know that they most likely don't.
Vehicles are a depreciating asset again now???
- Joined
- Dec 4, 2021
- Messages
- 807
I have seen too many friends and clients save save save then die young. Need to balance enjoying life now vs saving some for later. Bitterly saving every penny is no way to go through life.
Similar threads
