These Car Payments Are INSANE!

[@jjbuckner]

► Download The Ultimate Budget Tracker, Debt Payoff Tracker and Net Worth Tracker: www.etsy.com/listing/1759376132/budget-debt-payoff-and-net-worth-tracker

[@openranks4519]

Not buying a car in cash does NOT mean you can’t afford it 🙄

[@corollaae8645]

You may want to suggest to people what to DO AFTER your car is payed off, other than cash for or invest. For example, make the same payment to a savings account. Use that account for car maintenance and for next car. Act like you don’t have that money. You didn’t have that money while making payments.

[@zyrover]

A friend of mine bought a 2024 Cadillac Escalade. The sticker price was $108K. His monthly payment is $2K per month. He is going to pay $2K a month on a liability that will depreciate by at least 10% before he even makes his first payment. That is absolutely insane to me!

[@carycoller3140]

Another, "A friend of mine....", story 🙄🥱😒.

[@You-j4p7e]

Imagine the insurance

[@tross549]

That's brain damage! ...guess he would rather look rich than be rich

[@MassReelFishing]

@@tross549how do you know what’s in someone’s bank account? You can’t be so naive to assume if someone doesn’t pay cash for a vehicle, that they can’t afford it.

[@tross549]

@@MassReelFishing If you either (1) can't pay in cash or (2) don't want to pay in cash...then you shouldn't buy it. It's an easy concept.... I've followed this for the last decade and am 34 with a $1.2m net worth.

[@michaelb.8953]

I bought a Toyota brand new and paid it off early and nine years later I'm happily still driving it and will for the next nine years from now.

[@jjbuckner]

That’s the way to do it!

[@jkosh2046]

My toyotas are paid off yet, but they are both close to it. Still love both of them and they have never let me down. I got great deals on both when I bought them new. 21k for the 18 camry se and 23k for a 4 door tacoma sr.

[@DiFinni]

Oh, you mean you are doing it the smart way. Too bad many people do the opposite and it hurts big time in the long run, even the short run. I'll never buy a new car again. My car I did buy new, got a part time job for about 8 months to pay triple payments and paid the car off almost 2 years early. Very happy I did that, not again.

[@WSG-fv9dq]

​@@DiFinni💪💯👑👍🔥

[@drakesavory2019]

Perfect example why "OMG. Monthly payments are bad!" is an incomplete picture.

[@myronstutzman1344]

In response to that one guy, I make 10k a month. $1000 car payment seems absolutely crazy to me even though I could technically afford it.

[@lombardo141]

Yeah, if I made that kind of money I would just buy the car out cash instead of paying interest to a bank for 60 months. Good for you.

[@JeremyVanbrunt-v7v]

@@myronstutzman1344 yeah that payment would just annoy me. I still miss my old ass 2001 Dodge Dakota from 3 years ago.

[@TakeCharge25]

Wow I couldn't even imagine making 10k a month😮

[@JoseFernandez-dd4id]

Im a 41 year old marrued Guy. I hace never bought a New car in my e tire pide. If I ever bought a Bea d New Hybrid or an EV id make sure id keep that thing for the next 20 years, depresiation there would not be of important to me because i would have paíd off for itseof.

[@boogitybear2283]

If you make that kind of money, it would be so simple to pay cash for an old Toyota Camry THAT STILL RUNS for under 5 grand! Even the Toyotas made in the early 2000s are still on the road!

[@JeremyVanbrunt-v7v]

I look at paying off debt as giving yourself a raise. I pay off my truck im making an extra 400 bucks a month. Once the credit card is paid off thats an extra 200 bucks a month. So 600 bucks a month raise! Thats life changing for me.

[@Mavuika_Gyaru]

Thanks to covid my mortgage went from 1800 to 1200. That extra 600 is great

[@KL1ST1ER]

💯

[@CPBOXFIXR]

After I paid off my vehicle, I just took the payment, placed 75% of it in savings and the rest is invested every month. It adds up quick.

[@okchaz6634]

lol I made $80,000 this month and that wasn’t even “life changing” for me in all reality I don’t ever care. You need to value yourself more. $600 extra a month is like a peasant being excited over his next meal. That won’t get you more than 3 fancy dinners. Dream big my friend.

[@JeremyVanbrunt-v7v]

@@okchaz6634 yes I'm sure you did😂😂😂🤡

[@dawnr6381]

The people spending $800 plus on car payments are probably the same people complaining it’s impossible to save for a down payment on a house.

[@Foreign84]

Absolutely lol and believe me it's mostly minorities

[@w2cz7CLd]

This was me (car payment of $500). However I wised up, paid off my car three years early, and now saving a lot for a house.

[@JAM661]

They are probably get $10. Cups of coffee everyday and uses Uber eat for dinner.

[@dawnr6381]

@@w2cz7CLd that’s awesome!!!! You are going to feel so good when you walk in your new home because of the sacrifice you made.

[@Pb9098_]

@@JAM661they’re gonna say that “a cup of coffee isn’t the reason” but it is. A reflection of poor spending habits. They always piss me off when the blame everyone without taking any responsibility

[@dougl945]

I am a millionaire and have a paid-off house. I wouldn’t even think about buying a new car…. Or any car over $35k. People don’t really think about how incredibly hard it is to save that much.

[@Pipes61874]

People think that just because you have money you should spend it . Good for you my man ,keep it up.

[@David.D3]

I was stupid with money when I was young. Ate out everyday, bars on the weekends, clubbing, financing cars. Got tired of never having money. I paid off my car and stopped financing along with going out a lot less. Was able to save and put money down for a house. Cars are really wealth killers

[@golfrrm]

I was at a dealership for servicing and just looking at the cars to kill time. Of course a salesman came over and started talking to me about the car. I politely said I was just looking with no interest to buy. Of course he kept trying so I asked if he knew the best kind of car and when he asked what kind I answered the one that is paid for...He left me alone after that.

[@MrTedTederson]

My car is a 12 year old paid for Mitsubishi lancer. The trick with old cars is to do preventative maintenance. Schedule replacing things before they break so you can save the cash up. 2 years ago I replaced brakes n rotors for instance. Every year I buy 2 new tires and slap them on the front for my FWD car.. moving the existing tires to the rear. Last year I replaced every single bulb n light on the vehicle. For 2025 I'm planning shocks n struts replace with new. PM - preventative maintenance- will keep your car running almost indefinitely

[@victoriabrooks6825]

Couldn't agree more. My husband and I have agreed to NEVER have a car payment. We own 2 homes by 30 and he stays home full time with our kids. I make decent money, but nothing super flashy. We got here by never buying a nice car we couldn't pay cash for, always had roommates even after we owned our first place, and credit cards are for points on purchases we can pay off right away. People like to write us off as rich or lucky because we own our home, but we are entirely self made on a balanced budget and have survived a wild string of pretty bad luck.

[@markwegner6100]

Not having a car payment, or two was huge for you.

[@JAM661]

It is really about choices and not wasting money on things you do not need.

[@anyexpat]

BLA BLA BLA.. These threads are always full of stories (half of which will be BS) no one cares what you did or perhaps pretend to have done.

[@CalmPlains]

It is absolutely crazy. I bought used sedans with cash and saved up to buy a home. Many of my friends bought flashy new trucks on a huge payment, and are still renting, many years later.

[@jjbuckner]

Boom! Point proven!

[@okchaz6634]

Your property taxes and insurance and maintenance cost more than average monthly rent…

[@jpdst29]

@@okchaz6634 I think it depends on where you live. All of my taxes and insurance and maintenance come out to around $300 a month for a 250k house. You aren’t finding anywhere to rent for $300 a month. Plus when my house is paid off that is equity that you don’t have when you are renting. And the home increases in value. I’ve owned my home for 10 years and it has almost doubled in value since I bought it.

[@liveesunflower]

Paid off my car last April. I will just continue to drive her until I can’t anymore. Cars are so expensive nowadays

[@SurrenderedByGraceMinistry]

A paid off car, whether used or new. Saves you money 💰 Cars will always need to be fixed so learn to maintain it. Run your car to the ground and learn to maintain it. You will get ahead and feel proud to own your car. 🚘

[@lindajohnson.]

Absolutely!😮

[@keimorgan5654]

When I pay a car off, I drive it until the wheels fly off. 😂 I love being in the no car note club.

[@terry94131]

I can do my own maintenance, but at 74, I choose not to. But my cousin and his son have a garage here in town and they do all my work. Paying for new rotors or a set of tires is pretty painless if you don't have a car payment. I'll probably drive my '18 Regal until I need a hearse.

[@BmoreAkuma]

Run a car "to the ground" is never a good idea that may prevent you to sell the car in the first place. Mind as well pass it along for "free" for a younger family member.

[@keimorgan5654]

@@terry94131 😂

[@isabellesender]

I bought a pre-owned car. Made extra payments. Paid it off early.

[@jjbuckner]

That’s how it’s done!

[@19hundoc47]

No one cares bro

[@trueroman6775]

@@19hundoc47I see you have $900 payments

[@SteveNoverini]

I bought a 3000$ shitbox. Then, I put a tow package on it and now it performs as a truck.

[@isabellesender]

@SteveNoverini love it.

[@ramonanieubuurt105]

2016 honda civic with 80k miles. Paid off 4 years ago. Plan on driving it for years to come.

[@ladytee7311]

You seem happy and content in your life which is why your able to wait for what you want. A lot of ppl buy stuff they can’t afford to make them happy and feel good.

[@NickOloteo]

I can’t imagine spending $1400/mo on a car that sits in the driveway 95% of the time.

[@ElantraMan]

When I was younger, I was always curious driving past large, high-end homes to seeing nothing but "old" cars in driveways. No BMWs, Mercedes -- just some early 2000s Lexus, Toyota, or Honda. Now that I'm 22, I understand it now. My cash car 03 Elantra that I got in 2019 is the family favorite has outlasted all our financed cars. Now looking into getting rid of my car so I can potentially drive that thing again.

[@jerrylundegaard2592]

That is likely because all those high end homes had garages where the occupants kept their BMWs or MBs.

[@Justin-wf5nr]

I work where I see alot of high end large homes, the amount of large SUVs, bmws and mercs are a dime a dozen. Lol😂

[@cyoohoos]

I am an older woman who had to buy a car for the first time without my Dad or Significant other assisting recently. I got a used car since the new ones were insanely priced. So far I’m happy. And I was able to pay for the car out of pocket

[@Defyant204]

This videos make me feel amazing with my financial situation

[@robbyanderson5376]

I like cars and always had car payments for 30+ years. Finally became debt free and bought a 1 year old 2023 4Runner for 40,000 in cash. Plan on driving this vehicle for 20 years or more. I know it will go down in value like a rock but being debt free and being patient and planning for the purchase was so much more satisfying than I ever thought it would be. Nice to drive away with no payment. While paying off my debt I also worked a 2nd job to buy my "toy"/summer vehicle (2007 Shelby GT500) in cash as well. Continued to work the 2nd job to finish off the mortgage just because I could. Net worth is now near 800,000 and I have 12 years to full retirement age. Hope to retire before that but should be good no matter was happens.

[@kjwworldwide]

My car payment is $714 per month for 2 cars. $364 for insurance, $150 for gas and $200 saved for repairs when they come up and $0 interest

[@As_A________Commenter]

I had a $1500 a month car payment….. because I was paying it off in TWO years with a sizable down payment and that payment is still a small fraction of my monthly income. These people are paying the full loan amount, taxes, warranty, dealer add ons, etc on 6-7-8 year notes and carrying negative equity

[@lavaentity9621]

Paying over 1k/ month in car payments is INSANE, thats a solid chunk out of my entire cost of living rn. I’ve had the same car since highschool (got it in 2020 right before the market went to hell), plan on driving it until it dies.

[@elcee8]

I’m still driving my 2005 Corolla I bought back in late 2004. It was cheaper than the pedal harp I bought from Lyon and Healy. My friends make fun of me for driving this old thing (they all drive Tesla model y and want me to do the same thing) but I still remember what a hospice nurse I worked with told me years ago: “you would have to take that corolla in the back and shoot it before it dies”

[@purplepill2024]

Tell your friends, their model Y is a still just a car and is a depreciating asset.

[@dawsondetrana5496]

You'd probably had to do more than that to kill that car

[@_ranko]

imagine paying 50k for something that will become 35k as soon as you own it 💀

[@DonutVIP]

Bought a used 2006 corolla at 162k, still purrs like it's off the sales floor with 231.7k miles, new parts all around, going to keep driving it until it falls apart

[@WorldTravelerNX01]

Haven't owned a car since 2000. I am lucky to be able to use public transit. Works well for me.

[@egs2169]

The Cybertruck was a very unique example. There was so much pent up demand they priced it extremely high to prevent flippers

[@Genesis-d8o7k]

I'm glad you made this video it reminds me of my transformation from a nobody to good home, $34k monthly and a good daughter full of love

[@DylanWang-q8p]

wow this awesome I'm 47 and have been looking for ways to be successful, please how??

[@Genesis-d8o7k]

It is the digital market. That's been the secret to this wealth transfer. A lot of folks in the US and abroad are getting so much from it, God has been good to my household Thank you Jesus.

[@Rosekalista]

Same here, I believe the Bitcoin ETFs approval will be life changing opportunity for us, with my current portfolio of $108,000 from my investments with my personal financial advisor i totally agree with you

[@Thomas-g6o]

Wow! Kind of in shock you mentioned expert, Elizabeth Regina Nelsen. What a coincidence!!

[@Desion-p5p]

I have heard a lot of wonderful things about Elizabeth Regina Nelsen on the news but didn't believe it until now. I'm definitely trying her out.

[@I_am_Nate_Andrews]

I just paid my last car payment of $800🤣never fvcking again. Cash cars4life

[@okchaz6634]

Not so fast that insurance premium will keep billing too haha, good job

[@anthonydavis6027]

with these insane high car payments I've had several relatives and friends asking me to cosign for them. I tell them no because I don't want to be on the hook for their paymentts. Often I tell them look for something they can afford or pay cash but they want the latest new stuff or to show off to others. Some of them don't have the income to even pay for a vehicle let alone an emergency.

[@jayzswayz4897]

Ive never bought a new car, wife and i earn over $500k annually and we buy used cars, maintain them and drive them until the wheels off

[@BalloonBoy101]

Car repo rates have increased 23% in 2024

[@dougl945]

My mom is a multimillionaire. She’s now 87. She’s been driving the same Toyota for almost 30 years. It looks brand new and has 350k miles on it. We said to get a new car… she looked at us like we are crazy. If it’s not broke, don’t replace it.

[@Brian-ph3zj]

I bought a 1982 Mercedes 230E for $600 cash 12 years ago, still going strong at 155k miles, should be good for 400k

[@MrTangolizard]

I have a 2017 e class it now has 270k miles on it hopefully it lasts to 500k

[@mr.meeseeks2310]

Just paid off my 50k Ram and my wifes van. Going to drive until the wheels fall off

[@zyrover]

I have a Ram that I hope to have paid off in early '26. I hope to drive it mine until the wheels fall off!

[@19hundoc47]

No one cares bro

[@Brahful]

@@19hundoc47I care about it bro

[@drakesavory2019]

Problem is on a Dodge, that will be at 80,000 miles.

[@Nickmacpaddywhack]

If your car payment is higher than your rent or mortgage then your priorities are out of whack.

[@ricy802]

Signing up for payments in every aspect of life has to be exhausting. Almost jumped out the gym over the summer. Would have got like 8k for the old car and another 11k with EV incentives and even then didnt want to foot that monthly payment. Glad commen sense prevailed. my '17 Civic works fine and is maintained. credit card paid off student loans paid off car paid off. getting to keep most of each check is neat.

[@HonestUAWElectrician]

Boss that Civic is the biggest flex. I'm more impressed with people who buy sensible vehicles over someone with an ego stroker. Well done my friend.

[@SergeyPupkoMusic]

"you're an American, you're not gonna be happy with your car for seven years." He disecged her perfectly.

[@danielpratt3393]

I bought a 2006 Nissan in 2008 for $6800. Still driving it and am seriously considering, when needed, to just drop a new engine and maybe reupholster the interior. Love that it doesn't have any of the computerized bells and whistles that can crap out.

[@terry94131]

Last year I found a base model 19 Frontier with 7,012 miles for $19,000 in Phoenix. Flew from Pittsburgh to Arizona, visited my Arizona cousins, and drove it home. No navigation, no satellite stuff, and I roll up my windows with a crank like God intended.

[@karisma-mcm]

I always took for granted not having a car loan...thanks to this series of videos I'm so grateful I don't have a car loan over my head. Gotta go hug my car now 😂 🚗 ❤

[@patriciabandeko3842]

I owe $200 on my only credit card. I live in an older 23ft motorhome that I bought for cash and my 2002 car has been paid for years ago. I don't have much but it's all mine. I actually feel better after watching these videos. 😂 I also saved up and got (on sale) a solar set up for my tiny home.

[@You-j4p7e]

Solar well unless you have the roof covered a skylight will be more efficient and lighter yes I know literally 1000 ways to make energy and off grid the batteries alone good luck it's heavy

[@doeworld4954]

Is there any room for me?😂

[@onebridge7231]

My 2020 Jeep Gladiator Rubicon had a payment of $950 per month when I bought it new in November 2019. A 4 year loan at 4.25% interest and I paid it off in 13 months. No money down. No haggle price of $49k total of $53k with sales tax and fees out the door. My previous cars were a ‘99 Ford Ranger I bought new and kept for 10 years, a used 2003 Mazda Tribute I bought from a family member and kept it for 10 years. The Jeep is the most I ever paid and I’ll never sell it.

[@biometal770]

No offense but that was a rip

[@jwill6008]

Key: People arrogantly think their situation will stay the same or get better regardless of economic changes. Plus, dealerships understand that interest is a foreign concept (to most) and can reduce its importance into a monthly payment amount. Most people can look at their phone bill over the last two years and know signing for a car is a bad idea but because it can be reasoned into a payment amount, and no one factors fun and frivolous into their mental balance sheet, they sign their lives away only to fear the repo 6 months later. 😮

[@meme-sb7vr]

Insane!! I'm almost 60 years old and have had a total of 4 cars in my lifetime, had each for over 10 yrs each bought each of them brand new for cash, never had a car payment. Didn't by a new car unless I had the cash to pay for it. Since I only buy a car after more than 10 years I allow myself the pleasure of a brand new car. People, don't be a slave to your car or home I am completely debt free and retired a few years ago at 55-- financial freedom is everything!

[@DiFinni]

One of my friends leased for years. I asked him once what his car payment was a month, he said $750, wow! He kept doing that for years. I remember telling him that like in 10 years he would be blowing over 50K. He could have invested that. Now he's older and living in a Inn because he can't afford a place. Stupid

[@SARGEinc]

I was cool with my car payment when the car was new and cool, but by the end, the car was boring and I was totally over it. There's no way you'll still have the same interest in your car after 7 years, and that's when those payments really suck.

[@LaneelyNeely]

Not if u have a v8 or v10 type engine maybe for a regular sedan

[@everettkindred]

I bought a new Chevy Spark in 2014 for $11,500 with a 6 year loan at 2 percent when I was earning $40k/year. I now earn 4 times that and still drive my Spark. No car payment.

[@NickOloteo]

If you can’t do a 3 year loan you can’t afford the car.

[@Nerey1997]

If you gotta do any type of loan you can't afford it

[@NickOloteo]

@@Nerey1997 Technically true but if that were the case only a very tiny minority would own anything. Debt is good if it’s used for buying a reliable car and house within budget

[@thaddeuschrzanowski4666]

I buy luxury cars but buy them 1-2 years used. Save a lot. Dont want to buy 3 years used because i stil want the new body style. I then drive them for 15 years.

[@clapbootycheek1212]

That 15 has to have changed to somewhere around 10 by now. Ain’t what they use to be. You must also be where it doesn’t snow or you just take good care of your stuff. Good on you.

[@bluedarkness7125]

I buy my used hybrid car for $2000. It work for six years since I paid and no major repairs. My trick is do not care about very high mileage and make sure it has history of well maintained. And trustworthy people. I already added 45k miles as I am traveler over country (USA) And I paid $50 per month for car insurance ($300 per six months)

[@jevonjemir3844]

I hate that dealerships allow test drives.. somehow the value stays the same simply bc the dealership rep is in the passenger seat, yet the second I drive it alone.. it’s magically worth way less all the sudden.

[@eplugplay8409]

I still drive my 2015 Honda Accord that I paid off in 2 years of buying it in the summer of 2015. Bought it brand new when it was a lot cheaper then for 24.4k, still driving it today. Only. has 97k miles on it and will drive it another 10 years or when it breaks down. Every month that I don't have a car payment, I make money.

[@benjaminrivera6196]

I bought a 2008 brand new Ford Fusion and I still have it. 90k miles and i love it. I would never get on a car payment again.

[@SquidzillaZ]

you dont drive enough to need anythin but a beatbox

[@phoenix3872]

It's amazing how all these car dealers know their exact car payments straight away, no thinking about it or rough numbers 😂

[@mattpike7268]

I paid 22k for my 23 Ford Maverick hybrid XL. It gets 40+mpg, has a higher payload than lots of full size trucks, and costs as much to insure as my wife's 2015 Honda fit. We have less than 2 years left on our starter homes mortgage, and will have 25% down for our forever home before selling the starter home, which has doubled in value. Running both our vehicles as long as it makes financial sense is going to allow us to pay down the forever homes mortgage much faster, and start a 50k retirement account.

[@Milklemonade.]

75 months 1253 a month 58 more months left. I’ve had bad luck with cars. I have rolled over negative into each car last one was 6k. I do have a dealer life time warranty

[@IrisP989]

Our car payment of $520 At 2.49% on our only car does not prevent us from saving for retirement, having an emergency fund, index funds, etc. Our net worth is also 7 figures. Having a car payment doesn’t mean that you are doomed (we chose to have a car payment instead of paying cash)..

[@ImVeryBrad]

You do it smart

[@SwimSweetie100]

Currently trying to buy a car as my 2014 just blew up. It’s insane man. I make 75k a year, and I’m blown away by what people are paying and the interest rates. Getting a good deal is a struggle

[@kriscraine5204]

Same here. It’s December 31st and I grossed 94k this year. My 2007 dodge ram is on its last leg. I’m not sure what I’m going to do because I can’t possibly see a scenario where I’ll pay even $600 a month. I really liked the new Chevy Traverse but 50k with a 6% interest rate is bonkers

[@kriscraine5204]

5k cash car is the only way in this world

[@biometal770]

Negotiate. It’s a buyers market for cars now. You can obtain a great deal if you have the cojones to walk out of the dealership empty handed

[@justincapable]

0 car payment. 2007 Honda Accord. Paid off 14 years ago. 2012 Honda Odyssey. Paid off 10 years ago. Im not interested in impressing other people.

[@archie_bunker]

exactly justin i have a 10yr old honda fit and i love it. paid cash for it. love my Honda's

[@ToothlessTanker]

I think these people look at “whats the max i can afford” instead of if you can afford say 500 a month, look for a car around the 250-300 mark.

[@Dee0426]

Combined household income of over 200k. I drive a 96’ f150 and my wife drives a 2017 ford fiesta. The only debt we have is our mortgage. 401ks and ROTH is maxed out. The fact that people think they can ‘afford’ a car payment is crazy. You couldn’t afford to pay cash so you’re paying MORE for that depreciating asset that you have. Currently saving to buy my wife a 25k SUV. I’ll ride my truck till the body rusts away.

[@chaydonofallon1352]

The cybertruck video has to be fake... right?

[@joseCalderon1976]

I have a 2015 Lexus GS 350. Paid off. It was $13k. My wife drives that. I drive a 2010 Nissan Versa 1.8 hatchback. I paid $4700 cash. Decent cars. That way we can afford our modest home. We have about $140k net equity on that home and we have about $92k left to pay. We love driving our used cars for that reason alone.

[@meggarstang6761]

I walked into the Toyota dealership in 2013 cash in hand. I qualified for 0% financing so I took a 3 year loan, paid it in two, and kept my cash in the bank. Still have the Camry more than a decade later, 71K miles, mint condition. No car debt on a dependable, good looking ride is priceless.

[@jedidiahpolete]

One caveat i would add is if you own your own business, your car payment (best if its a lease) is written off 100%, including maintenance and insurance. And that payment is paid pretax directly from your business account. Also, you dont have to worry about depreciation. In that scenario it is an asset instead of a liability because it decreases your net taxable income

[@langhamp8912]

I'm still kicking myself for not buying a NEW manual Chevy Cobalt for $8000 in 2009 when Chevy was in financial trouble. That still hurts to this day.

[@regen3rate]

Those cars didn't last, no worries lol.

[@dixiegirl999]

I drive a 2005 Yukon that I paid off in 2008 due to the crash. I work remote & only get out on the weekend. It doesn't even have 150k yet so, I will continue driving it for as long as I can. Too, I will never buy a new vehicle unless I can pay cash for it.

[@iamsadeashley]

My Honda Accord is 16 years old this year. My car note initially was $330, then I refinanced and it lowered to maybe $285, then I did Dave Ramsey’s payoff debt plan and stretched my loan and paid $100ish a month. My car has been paid off for years.

[@Lee-HanPicks]

If you’re not paying the insurance off in full, that monthly is more! It’s the car note and the insurance. At this point I do want to trade in my car but I’m almost done paying it off and will just reallocate money toward maintenance 🤔

[@BR-gz3cv]

Passing along advice I got from a wealthy mentor car dealership owner in my 20’s- First, if money is tight, never never never buy any new car. The depreciation is brutal. Go used- 3 yrs old coming off lease is ideal. Stick with Honda and Toyota after having a certified mechanic inspect it. Sedans are a better value for most- trendy SUVs are pricier and get worse gas mileage than sedans. Also avoid AWD unless you live in snow country… following these simple rules has saved me tens of thousands of dollars over the decades of car ownership.

[@williamegler8771]

My parents are members of a local Country Club. When you walk around the parking lot you see everything from top-of-the-line Lucid EVS to Hyundai and KIAs. The flashiest vehicles are usually doctors lawyers or architects but the old money people usually drive older cheaper vehicles. The wealthiest couple at the Country Club drive a Buick Enclave and a Toyota Camry!

[@dwmzmm]

In my family of 4, we have 5 cars (newest is a 2017 Nissan Maximus), all 5 cars are paid off. Personally I use a 2004 Toyota Corolla that's at 216,000 miles (still runs great) used mainly for going to/from work (about 5 miles each way from home) and a 1999 Chevy Blazer at 144,400 miles (also runs great) used as a spare. Wife uses our 2009 Toyota Corolla (155,000 miles). All we have to worry about is gas and routine maintenance. That and along with our house paid off, the financial freedom is great!!

[@rachelgreen1368]

Paid cash for my 2017 Infiniti. Never a car payment and basic cheap insurance only . And I change my oil and brakes myself.

[@JohnDeLorme-g7d]

I bought my condo in 2020, put 20 percent down, financed only 90K at 3 percent apr. My mortgage is 564. My car payment is 342.00. I had 8200 equity last year in my trade. I financed 20,500. My loan is at 6800 in 15 months as I’m paying extra principal. My car loan apr is 5.9 not 9. I bought a 24 Honda HRV EXL. last year instead of an 23 Accord EX as the HRV insurance was 100.00 less a month in my state vs the Accord. I can retire in 5 years at 58 and I’m getting a defined benefit pension and health care every month. I have another small pension on top of my SS at 62.

[@vwongwt]

Would it be OK to buy a new car if you plan to use it for 15 to 20 years? Not luxury car.

[@SiccVic]

Buy a one or two year old car. Still relatively new but a lot cheaper

[@richardcasse8213]

Make sure you can afford it.

[@archie_bunker]

avoid any dealership.

[@clapbootycheek1212]

There is literally NO reason other than simply wanting to be the first owner or in a rare case need an option you can’t find on any used models. No point…. Buy a low mileage one or two year old car.

[@Andrew-hm1ji]

If you want a new car but want the best deal, look at the dealers loaner vehicles and managers demos. They have large discounts for being pre owned by the dealer and they usually already come with the all season mats and the certification from the dealer that gives you the extended manufacturers warranty. Much better bang for your buck. And if the manufacturer has special financing rates 1.99 or 3.99 on their Certified Pre Owned vehicles that an even better time to get those kinds of vehicle. But be sure to make a large down to pay it off with in 3 to 4 years max.

[@John117M63]

Some people say a car payment should be no more that 15% of your income. I think it should be no more than 15% of your remaining money AFTER paying ALL the bills

[@kattiemccanzie7553]

Notice how the guy that had 0$ in car payment was so happy and proud 😂 the rest had "you had to remind me look", i think the last guy was actualy flexing a little bit 😅

[@fcex558]

Tells he drives15 years old beater from school and then 5 minutes later slips about buying slightly used cars from dealer 😅

[@missdaolovely]

Bought my car brand new back in 2017 paid it in full and my car is still going strong.

[@russwallace5556]

Bought a low milage 2015 Outback limited, mint, from a financially distressed couple for 7500.00. Didn't even try to talk them down. Car lots were asking 15,000 for same car. Shop around folks, save your money, pay cash.

[@jeffbalog5161]

When cars are only a few months old and loses money, that’s not depreciation that’s over paying on a vehicle. For some unknown reason we as consumers lost the art of the deal,don’t be scared to offer lower price.

[@StephenCofMD]

Many people that have payments do not think about maintenance costs. Some of these loans are longer than the manufacturer warranty. The money drain double whammy is having a broken car that you are still making payments on.

[@Vhfash]

I had an 84 month car payment. I paid nearly nothing per month for 18 months, and it gave me time to save to pay for the car in full in 3 years. Its about how you manage things. I don't think its fair to judge others for wanting lower payments. I don't play on ever getting a new car.

[@TheSH1N1GAM1]

My only car payment was less than $250. Bought my next car used in cash. I’d like a newer fancy car, but being smart with money and waiting allowed me to get in my dream house. Much better than a car. I’ll keep driving my old paid off car until I can save up some more money and then get what I want when I can actually afford it.

[@TheAbigailDee]

"Are you Chair of the Federal Reserve?" Caleb kills me LMFAO he was so quick with that

[@jamessmith-e3t]

One point I heard a coworker tell me was people want reliable cars so they buy new. They are not mechanically inclined and dont want to be bothered with repairs. An older car, they believe, would have too many problems and they'd spend more time and money than its worth I drive a 2005 buick century, in for 2400 for the car bought and repaired

[@NowAbundant]

I agtee with you ... rates shouldn't been cut in the 1st place, inflation is still high, real estate and everything pertaining to real estate is extremely high (insurance, taxes, hoa, appliances, maintenance and groceries).

[@tatman4710]

The last 2 cars I've had have been paid off. After I paid off my last car I sank alot of money into savings which I thrn used to renovate my kitchen. Broke my heart to trade in my last car but maintenance was just out of this world. I was smarter with my purchase in 21. Bought new,bought something that I researched the hell out of,and I know it's more reliable. I have 0 negative equity so my entire trade in went towards the new purchase. I financed for 6 years,but will have it paid off in a little over 5.

[@theglobalistchannel1471]

I brought a car for 1800, Subaru Forester. Lasted me 5yrs until the timing belt snapped in the highway and engine blew. Car was maintained. Then brought another car for 2000, 96 RAV4, got into an accident in a snowy road 2 yrs after, axle went into the transmission. Junk it and bought a 1000 2008 Versa and had it for almost a year now. I'm pretty happy with my choices. At least I'm not in 20k 30k in debt

[@Jaun2Three]

Fellow JJ here. Trick is to rent a transport vehicle when you buy new from a dealership. That way, you can say its still brand new. It was never driven off the lot. 😂

[@djjubel3685]

Both cars are paid off and I've never been happier

[@monicam0307]

I’ve had my 2015 Toyota Corolla for over 10 years. I had a 5 year loan with and paid it in 3.5 years bc I DISLIKE debt so much! It’s called maintenance, take care of it with oil changes, tire and rotation etc….you know the drill. If you’re good to it, it will be loyal to you. Thank goodness my only debt is my home loan. 💸

[@ingothitrust5248]

Car payments, credit cards, and buy now and pay later plans are what gonna be the metaphorical nail in our economical coffin. They are gonna hurt real bad when this economy tanks.

[@curtisj2165]

Happily driving a 2008 Ford Fusion that my brother in law gave me for free. Nearly 3 years later it's still going strong, i am so happy that i have no car note

[@justintime2311]

I bought used Tesla Model S. The sticker in the glove box said the original owner paid $149,000 for it. I got it for $40k with 56,000 miles on it. I didn't pay cash because I have money in a high yield savings account throwing off $1000 a month in cash flow so I am paying triple the payment amount and will have it paid off in less than a year (had a nice down payment and trade in). This allows my w2 income to keep going to savings and investing.

[@greenthumb8170]

I just don't understand how people could initially afford those payments to begin with. Do they not have rent or a mortgage?

[@manovrsb]

By budgeting it into your monthly expenses.

[@greenthumb8170]

@@manovrsb obviously they didn't 🤷‍♂️🤦‍♂️

[@manovrsb]

@@greenthumb8170 that's kind of what you have to do when you're trying to finance a vehicle. The lender has to know they're able to pay or else they'd be denied.

[@LynxenX]

Just putting it out here: In 2016 I financed a new car for $20200 USD for 84 months, at an interest rate of 1.5%. I would do it again. My payments were reasonable and the loan was dirt cheap. That time has passed. No 84 month loan will EVER be worth it going forward, some people are stuck in the mindset of 10 years ago.

[@tross549]

Purchased two new cars in the last 18 months (for my wife and I)...both were ~$50k in cash and together less than 10% of our net worth

[@augustacorns]

Brag much?😂