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10-08-2024, 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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10-08-2024, 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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10-08-2024, 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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10-08-2024, 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; 10-08-2024 at 10:04 PM.. |
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10-08-2024, 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; 10-09-2024 at 09:28 AM.. |
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10-09-2024, 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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10-09-2024, 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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10-10-2024, 07:31 AM | #97 | |
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10-10-2024, 07:58 AM | #98 | |
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10-10-2024, 08:10 AM | #99 | |
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Add in general inflation, what a standard car has in it now, new regulations, hp/torque (now "needed") and I am actually surprised cars are as cheap as they are. Length of 1988 5 series - 182" Length of 2024 Honda Civic - 184" (note the 0-60 for both is about the same).
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10-10-2024, 09:10 AM | #100 |
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How long is a piece of string? It's all a matter of what's important to you and what you are willing spend/sacrifice. Some will drive an "expensive" (the term being relative) car and spend less on vacations, clothes, etc. to make it affordable for you.
Personally, short of having FU money, I like to stay at ~$80k and below (I lease) though I can easily afford much more. Partly because my wife has heartburn with anything over $50k and sees a car as nothing but a tool to get from A to B which is the stance of a lot of people. I like cars in general and spend a fair amount of time commuting and I do the driving for road trips so I place a high importance on what I drive. That said, I also have expensive hobbies like scuba diving, enjoy nice vacations, and want to be able to retire and still be able to afford all the things so I try to be sensible about it. I have an X5 40i on order...would I love to have an M60? Absolutely! But I can't really justify the extra spend against the aforementioned things.
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10-10-2024, 11:33 AM | #101 |
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I would say the ideal amount to spend on a car is "more than I have, less than I want"
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10-11-2024, 02:06 PM | #102 | |
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On about half the cars I've bought, I got 0% financing. No reason to write a check in that situation, keep the cash and pay the minimum until it's over. I don't necessarily think one needs to have the cash upfront, but I do think people should go for a max of 3 years on their payments. If you can't do that, then no, you can't afford that car, you're overextending yourself financially. |
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10-11-2024, 03:05 PM | #103 | |
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I think in a lot of ways great financing rates and the "it's only $X" per month has most not thinking about the bigger picture of what it still costs, the reasons a lot of financing exists. No I don't care if others buy/lease a new car every 3 years, just pointing out what and why I do what I do. I think everyone would find that if they tried to get to the point that they only paid cash for their cars that they would spend a lot less on cars. I purchased an Aston Martin recently (cash) so I also make bad financial decisions, cash for cars is just a way I control it.
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Today, 06:21 PM | #104 | |
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Today, 06:22 PM | #105 |
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Another nonsense blanket statement that does not take reality into account
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Today, 06:24 PM | #106 | |
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Some people like to hit the bar or club all weekend every weekend & drop lol money. I'd rather have the "nicer" car or enjoy my other hobbies like firearms & riding horses. Both of which are not cheap |
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