Americans and Car Debt

[DWC]

I drive a 52 year old LandCruiser, do I get a cookie?

Only if it’s a daily driver.

 

[DRYHEAT]

Only if it’s a daily driver.

Actually, I drive it daily unless I’m having an issue with it. Even in the summertime. I haven’t been driving it the last few weeks because I had a knee replacement and I wasn’t able to climb into this thing.

 

[clarence]

Report: Regular People Cannot Afford New Cars Anymore

The average monthly payment for a new car sold within the United States has reached a record $777, according to Kelley Blue Book’s parent Cox Automotive. That represents roughly one-sixth of the median household income and is about twice the price of what would have been considered average in...

www.thetruthaboutcars.com

 

[checkrdpast]

I like data and find it interesting the average car payment is $700!

Average Car Payment and Auto Loan Statistics: 2024 | LendingTree

The average car payment for new vehicles was $734 per month in the second quarter of 2024, a 0.1% increase from the second quarter of 2023.

www.lendingtree.com

I wish !!!

 

[Waterjunky]

And this is one of the reasons I have not bought a new car in over 15 years. I have been buying stuff about 3 years old and commonly lease returns. I am paying half of new and get something that has low 30k on the clock with a plan to keep it north of 150K. I then sell it for 1/3 to 1/2 of what I paid. Think about the actual cost for me vs the original purchaser with that math. Cheapest way to do it and not drive junk......

That said I have a buddy that buys $500 beaters, runs them 25-40k and sells them for usually $1k. He is a hustler on that though and they look the part for that price point.


I would like to thank everyone who is jumping into new every few years though. This allows me to do this.