Average buying cost for NEW car is around ...

[odie]

$49,000 as of this month . Also states certain vehicles markup % . You'll find this article placed today at AutoGuide under News . Info also from other sources .

 

[Dave Hess]

Yep.

$49,000 easy to pay off with 84 month financing….

 

[odie]

Meanwhile vehicle depreciates for those 8 years and will likely have to be added to the loan of a new or used car purchase .

 

[Jetronic]

Meanwhile vehicle depreciates for those 8 years and will likely have to be added to the loan of a new or used car purchase .

why wait 8 years to get deeper in debt?

 

[odie]

It's financial roulette at those costs at about any point of a large car loan . Especially these days with so many negatives .

 

[JeffKeryk]

If you can't pay cash you can't afford it.

 

[Hirev]

I bet the average for full size pickup is far higher than that.

 

[SammyChevelleTypeS3]

Meanwhile vehicle depreciates for those 8 years and will likely have to be added to the loan of a new or used car purchase .

Meanwhile vehicle depreciates for those 8 years and will likely have to be added to the loan of a new or used car purchase .

I would certainly be looking for a used if we did not have a plan to make the next one break our all time record for keeping one of the Honda Accords 18 years. Of course that would put us near 90 years old so..... Pretty sure wont be driving at that age if still here! Who knows, I still may go used if I stumble across a low mileage one like we are looking for.

 

[Leo99]

I would certainly be looking for a used if we did not have a plan to make the next one break our all time record for keeping one of the Honda Accords 18 years. Of course that would put us near 90 years old so..... Pretty sure wont be driving at that age if still here! Who knows, I still may go used if I stumble across a low mileage one like we are looking for.

I'm a bit trapped. My Camry is 10 years old. 170k miles. The AC went dead and I had it refilled professionally. The put dye in it so I'm waiting for the "freon" to leak out so they can find the leak. Who knows how much that is going to cost. It has a few scratches mostly all self-inflicted. The transmission is a little funny when I coast suddenly at a higher rpm. Almost time for new tires. Other than that, it runs great. If I was younger, wouldn't be a question but I'm getting older, retiring next year. Want to buy something but nothing screams buy me.

 

[CKN]

If you can't pay cash you can't afford it.

We went around on this Jeff on the last thread about this. But-I only borrow money I don't need................

 

[CKN]

How many threads does this make "Yea new cars are expensive"................????

Kumbaya...I'm going to drive my beater until the wheels fall off.......

 

[skyactiv]

Lots of people are buying more vehicle than they need.

 

[Dave Hess]

If you can't pay cash you can't afford it.

Very few can pay cash for a $25.000 vehicle.

 

[oldcodger]

I really do not see how a young family who is locked into a 30 year mortgage can buy a new $49,000 car/truck but I guess it is being done.

 

[CKN]

I really do not see how a young family who is locked into a 30 year mortgage can buy a new $49,000 car/truck but I guess it is being done.

They are not buying a new truck the way most want it equipped for $49,000.00 . I mean if you look at a Silverado LT-or Ford XLT they are more than that.

 

[CKN]

Lots of people are buying more vehicle than they need.

Coming from a BMW owner-respectfully.

 

[walterjay]

I really do not see how a young family who is locked into a 30 year mortgage can buy a new $49,000 car/truck but I guess it is being done.

Just before C19 hit I would see people moving into larger new homes in my area. Soon there would be one or two new suv's in the driveway and an expensive new zero turn mower.

About 18 months later there would be a for sale sign on the place. Many probably getting a divorce too. This seemed to be happening regularly. Sad.

 

[CarbonToast]

I think a $50k vehicle is expensive but fine have something nice, but you really need to pay it off in 5 years and then keep it at least 10 or 12.

The real problem is starting the cycle again after 4 years and rolling negative equity.

 

[xBa380]

If you can't pay cash you can't afford it.

This is a silly argument...

I could have paid cash for my previous vehicle at $50K, but it was better letting that money sit in savings account at a higher interest rate than what I was paying on the car. So I was making out on the deal, so why would I pay it off?

Same thing with my house at the moment... I could pay it off, but, the money is making more elsewhere.


So yeah, unless the interest rate is crazy (which it has been lately, so different story these days) I'll be financing and using that money to make more of it.

 

[JeffKeryk]

This is a silly argument...

I could have paid cash for my previous vehicle at $50K, but it was better letting that money sit in savings account at a higher interest rate than what I was paying on the car. So I was making out on the deal, so why would I pay it off?

Same thing with my house at the moment... I could pay it off, but, the money is making more elsewhere.


So yeah, unless the interest rate is crazy (which it has been lately, so different story these days) I'll be financing and using that money to make more of it.

I am not sure you understand my point. I did not say you sould or should not finance the car. I said if you can't pay cash you can't afford it.
By the way, I am a fiscal conservative. In business there is a saying, "Cash is king." That means cash offers you flexibility and options.

And all my houses and cars are paid off. Cars were all cash; some of the houses were. A loan is simply gaining an asset using other people's money; there is generally a cost associated.