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Yesterday, 06:01 PM | #90 |
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It's too much when it impacts bills that matter or being able to put $ in savings, etc
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Yesterday, 06:03 PM | #91 | |
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People still think this nonsense? Maybe with today's interest rates if your 401K, IRA, etc is not earning more than said rate and you can stroke a check without depleting savings. Anyone with half a brain knows most Americans cannot afford to pay cash for their car. That does not mean all of them are overextended. The average new car payment in the US is over $700. The real problem is the prices of new cars is OUT OF CONTROL
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Yesterday, 09:27 PM | #92 | |
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The smart ones have a decent trade-in car and/or decent cash down payment to reduce the loan balance. |
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Yesterday, 09:58 PM | #93 | |
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In 1990, a Honda CRX Si with manual everything including steering, windows, door locks, no ABS, a manual trans, a tape deck, and damn near nothing else in it in it had an MSRP of around $12500. In today's money, that's $31k. And yeah, I'm one of those rare people that writes checks for their cars. Always have. Last edited by XutvJet; Yesterday at 10:04 PM.. |
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Yesterday, 10:51 PM | #94 | |
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If you have a good income, you can drive a nice car. Not everyone wants to wait probably years until they have the cash to purchase. And that is often perfectly OK. I have financed most of my cars, whether they cost $15k or $100k, even when I had the cash to pay in full. Preserving cash can be useful. I also usually keep cars a while (E39 528i for 15 years, E36 M3 for 20 years, E90 M3 for 10 years, E61 535xi for 13 years and will have 4 years with my F90 M5 in a few months). Last edited by pbonsalb; Today at 09:28 AM.. |
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Today, 05:33 AM | #95 |
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I also don’t think 72 and 84 month long financing was a thing back then. If you have to go that long, maybe it’s a bit to much for you at this time?
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Today, 08:23 AM | #96 | |
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For the "most can't do it" - one way or the other each person buys multiple cars throughout their lifetime, 1 may finance each car they purchase, may buy a lot more than they need, may end up paying far more than someone else. For these 2 people, 1 buys 6 cars in their lifetime, all long payment terms, another finances 2 & pays cash for 4. They both figured out a way to buy the 6 cars, not like the guy that financed everything got a break (he actually paid more). If I can't afford to pay cash for a vehicle I get something less expensive. Also add that the process of writing a $50k check instead of a $600 monthly payment has me not interested in upgrading nearly as much.
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