Just for fun, how are you enjoying your car payment
- Thread starter CourierDriver
- Start date
I don't know about "new car reg" but any leased car or one being paid off (not your property yet) needs top insurance.
Insurance is the galling part. You pay to insure the "sticker price". If your older car is covered you won't get anywhere near 'replacement cost', you get the car's market value.
When you "drive off the lot" and your new car drops 30% of its value....is that what you're insuring?
No kidding. I’m still smarting over my Corolla insurance. I was careful, I did google searches before shopping. All the links said it would be no different than a Camry. Nope, it costs far more. Still peeved over that.
No car payment here.
only 46 and no car payment here. Of course our newest car is a 2014 but hey it runs and still looks good.
Just my $0.02
Just my $0.02
Similar for me. I've been making car payments since 1991. Either to the loan holder or myself. When I got married 24yrs ago, I took on two payments. I've never exceeded $700/mo for 2 vehicles. That number will be a challenge today.
Rust belt life is a tough one when you use your vehicles for 25k+ miles per year.
Do you think it's because the smaller Corolla leaves you more vulnerable to injury over a Camry?
Ha...are Camry drivers so much more careful they get more favorable rates?
While I don’t have a car payment now, I did have a car payment for the Tundra - I got 0.9% financing, and at that rate, financing was no worse than paying cash, and allowed me to keep the cash for another purpose (like buying a Mercedes for my wife’s birthday, or outfitting my shop with all new tools).
I think it was about $875/month, but it was auto-paid and I don’t remember the exact amount.
What worries me about the average number is the $700/month is a substantial percentage of the average American’s monthly income - a much higher percentage than they should be paying for a car. That precludes their ability to save and invest. It’s way too much to be spending on a car.
I think it was about $875/month, but it was auto-paid and I don’t remember the exact amount.
What worries me about the average number is the $700/month is a substantial percentage of the average American’s monthly income - a much higher percentage than they should be paying for a car. That precludes their ability to save and invest. It’s way too much to be spending on a car.
Just finished off our first new payment a couple of months ago. With everything getting so expensive, it was good timing. It was a little above the average because it was 0% and I put $0 down (invested the cash from the sale of what it replaced).
I don't do car payments, unless the interest rate is very low, then I would. I would then continue to invest the money that I would have put out to pay cash for the vehicle. My invested money earns way more the 1% and I'm using someone else's cheap money to borrow on the car.
I'm retiring, and like many of my generation, find myself significantly underpaid over the last 15 years. I think the older generation's income has in general, not kept up with today's reality of $800-$1000 car payments and $4-7000 mortgages. The younger folks in corporate aviation are out earning me by about $60K per year on average. The after tax income is about $3,300 more, which certainly covers those payments.
I punked my dealer, made him think I was gonna make payments. Got an email ~10 days after purchase with their "privacy policy" that happened to include my account number. So I created an online account and paid it off.
This threw Toyota Financial into confusion, as they didn't have the title yet. Once they got the title, they forgot they were obligated to send it to me. So I complained to the CFPB. TF sent my title via fedex overnight plus a $100 gift card for my troubles, LOL.
This threw Toyota Financial into confusion, as they didn't have the title yet. Once they got the title, they forgot they were obligated to send it to me. So I complained to the CFPB. TF sent my title via fedex overnight plus a $100 gift card for my troubles, LOL.
Am guessing Corollas simply cost insurance companies more. More accidents, worse ones, whatever. Am guessing that they are more likely bought by younger persons with less driving experience and thus more likely to have accidents?
Was surprised when my Tundra was cheaper than my Camry, would have thought, bigger vehicle = more damage and carnage. Gotta be about the cost to the insurance company.
I hate car/boat/ATV/etc payments with every fiber of my being. What else do you pay 30k for, plus interest, and when paid off for a few years sell it for let's say 5k on the upper end depending. Makes zero financial sense, better to just buy a good example at the 5k level. But I bet I will have another one at some point, my wife doesn't really get the buy a used car with 150k miles thing, at least for her vehicle.
I'm of the buy what you can write a check for school of thought, although there is no reason not to take advantage of 0% financing when you can get it.
I will say that I'm glad we bought our cars new back when supply was plentiful and deals were easy to negotiate.
I would have hated to have been in the market for anything new or decent used over the last few years.
I will say that I'm glad we bought our cars new back when supply was plentiful and deals were easy to negotiate.
I would have hated to have been in the market for anything new or decent used over the last few years.
My note is $642/month.
I make my automatic withdrawals an even 700, to bite down on pricipal.
First car loan I took out in many years.
The deal was too good to pass up the huge discounts for this vehicle, only available with financing.
I could have written a check for the car but no discounts then.
I happily took the loan, as interest is well below inflation.
The days of 0% interest are over and will never come back again in my lifetime, if ever.
I make my automatic withdrawals an even 700, to bite down on pricipal.
First car loan I took out in many years.
The deal was too good to pass up the huge discounts for this vehicle, only available with financing.
I could have written a check for the car but no discounts then.
I happily took the loan, as interest is well below inflation.
The days of 0% interest are over and will never come back again in my lifetime, if ever.
Probably the second just from observation. Corollas are much more likely to be seen speeding, weaving through traffic etc. Probably just angry commuters
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I give no hoots about how my old vehicles appear to other people when I know I could buy their houses outright if I wanted. I derive pleasure from having impeccably maintained, clean old cars. I grew up without much money and I learned very well that the best way to stay poor is to act rich.
I now have a high income. I daily drive 10+ year old cars and feel foolish for spending a total of about $45k on my Tacoma after mods. Many of my friends and colleagues have Rivians, Teslas, and other $60,000++ vehicles. They have very high incomes, loads of disposable cash, and can easily afford payments. But I also see how much money they waste and it blows me away.
I now have a high income. I daily drive 10+ year old cars and feel foolish for spending a total of about $45k on my Tacoma after mods. Many of my friends and colleagues have Rivians, Teslas, and other $60,000++ vehicles. They have very high incomes, loads of disposable cash, and can easily afford payments. But I also see how much money they waste and it blows me away.
