Average car payment is 554...

[morechickenpls]

That's a noob payment, pump those numbers up unless you're a tradie

[jordanair45]

Lmao. I have owned 4 cars in my life and paid cash for all of them. Just LOL @ people financing a car when they have $0 invested net worth.

But muh home ekwity!!!!

What a time to be alive.

Wut bro?

If you have amazing credit interest rates are super low, brb paying $2k in interest on a 5 year $40k loan and earning over $5k if the 40k is investing on the side properly...miscers.....

That being said, damn, thats a lot of loot for a car payment, thought mine was a lot at $490

[SipNPiz]

Wut bro?

If you have amazing credit interest rates are super low, brb paying $2k in interest on a 5 year $40k loan and earning over $5k if the 40k is investing on the side properly...miscers.....

That being said, damn, thats a lot of loot for a car payment, thought mine was a lot at $490

Your $5k gain only covers 20% of the loss from depreciation rofl

[USAPump]

I always get a good lol out of people who post about 'not understanding why people would buy new cars.'

I like nice things and I'm fine paying for them. I finance 20K of my 60K Explorer for 1.9%. I'm making more on my money in a market account than I would save by pulling it out and not getting a loan.

bruh $60k could get you a brand new corvette and you blew it on an explorer wtf man

[SipNPiz]

bruh $60k could get you a brand new corvette and you blew it on an explorer wtf man

Yea and the ford will go from 60k to 18k in five years when they redesign it, while the vette won’t drop less than half as much.

[samsbolton]

Your whole counter argument can't be "What if I just keep making stupid financial decisions? Then it's a stupid decision!".

Not at all. I’m arguing it’s a slippery slope. What looks like a smart decision to finance cheaply can easily become less so as people take on more and more hp agreements at worse rates of interest. I know a ton of people that live like this and I’m sure it all started with a 0% loan.

Of course, no one on the misc does it..

[HYMENATOR]

The problem with financing and stretching car loans out to 5 years or more is people just buy more car than they otherwise would/could afford. I'm happy with my choice. Low KM Corolla for AU$5000, had it 2 years, do the oil changes myself. I've spent a bit on new tyres and had the brakes done, the brakes won't need doing for another ~3 years now. After 2 years driving it I could basically sell it for what I paid, it's about as close to a free car as I could get. Oh it's also a 2ZZ engined Corolla with 6 speed manual so it's a bit of fun too.

I do believe that ~5k level is basically the sweet spot for cheap reliable motoring. I spend so little on car ownership that once I break it down into monthly amounts it's almost negligible.

[THATSfunnyOP]

The problem with financing and stretching car loans out to 5 years or more is people just buy more car than they otherwise would/could afford. I'm happy with my choice. Low KM Corolla for AU$5000, had it 2 years, do the oil changes myself. I've spent a bit on new tyres and had the brakes done, the brakes won't need doing for another ~3 years now. After 2 years driving it I could basically sell it for what I paid, it's about as close to a free car as I could get. Oh it's also a 2ZZ engined Corolla with 6 speed manual so it's a bit of fun too.

I do believe that ~5k level is basically the sweet spot for cheap reliable motoring. I spend so little on car ownership that once I break it down into monthly amounts it's almost negligible.

Same bro, bought a 2013 blck sentra 6spd for, 100k km, for 5500 CAD

I got a really could deal. Last payment is in december. I could sell it for the price I paid for it. Srs

[PatheticPeter]

I want to say that's on a 6.5 year note on avg too. Take that $550 a month and invest it in a mutual fund and see what that's worth is 20 years when you're finally wise enough to stop dumping money into a depreciating asset.

Do you drive your mutual fund to work?

[HMFIC_BROWSIN]

Your $5k gain only covers 20% of the loss from depreciation rofl

This, lmao.

If you bought a cheaper car you could afford with cash, then invested $500/mn youd be way better off after 4 years

[SipNPiz]

This, lmao.

If you bought a cheaper car you could afford with cash, then invested $500/mn youd be way better off after 4 years

Yea I don’t think it’s a coincidence the IRA contribution limit is $6k per year ($500 per month)

[HMFIC_BROWSIN]

Yea I don’t think it’s a coincidence the IRA contribution limit is $6k per year ($500 per month)

I wonder what the average monthly IRA contribution is in the USA.... definitely not $500/mn. But muh BMW hurrrr durrrr

[EDcellent]

-Buys cheap old trucks and cars crew
-Saving money crew
-Wait this V8 stroker engine, new suspension and gear slamming transmission will be sick in my old vehicle crew
-okay I was better off buying a new car crew

[thatsnarf]

bruh $60k could get you a brand new corvette and you blew it on an explorer wtf man

i didn't even know they still made explorers