Car Payment Over 1k a Month?

[Bpracing1127]

CAR payments ???

What the Hell is that ? Never herd of it before

Don’t we all just pay cash?

My 1984 yugo has been been great only has 679,000 miles

Dude. I didn’t know you had a Hugo

 

[outboard_256]

I’ve never heard of balloon financing on anything other than property. Learn something new every day.

I know when I go to RV shows the sales people all tell me I can get a mortgae for these $200k+ motorhomes. I don't know the details but I guess that is how some people buy them.

 

[C-2]

My mortgage is 1100/month lol.

 

[pronstar]

The credit unions are losing business to the dealerships?

They’re getting screwed by people walking from their loans.

And with credit tightening, those folks may not be able to get a loan for another car.

 

[hallett21]

They’re getting screwed by people walking from their loans

Is defaulting up that much?

 

[Done-it-again]

For sure, you still gotta pay for it but $1500 a month for most businesses is a drop in the bucket and you would have sent a chunk of that money to Uncle Sam anyway, so the true "cost" is much lower than the payment. These kind of payments are not a drop in the bucket for employees, even if you are a high income earner.

You write off 100% of the value off the top of your taxable income... So you are are saving the 35% tax off the depreciated value. Sec 179 is caped at $1,080,000

 

[Yldboyz]

I can see more people walking away from their payments and bankruptcy on the rise if you can still do that.

 

[Waterjunky]

I have a payment on the RV and the Truck. I normally pay things like this off ASAP but given the highest of the two is low 4%, I'm making minimum and just keeping the cheap money.

That said my investments are not doing so well (like everyone's) so its probably a wash. the investments will turn though and the loans are fixed.

 

[hallett21]

I have a payment on the RV and the Truck. I normally pay things like this off ASAP but given the highest of the two is low 4%, I'm making minimum and just keeping the cheap money.

That said my investments are not doing so well (like everyone's) so its probably a wash. the investments will turn though and the loans are fixed.

Not to mention a loan only looks better the more inflation gets out of hand

 

[guest hs]

My first house brand new with minimum down was only $850 a month. I would never pay 1k a month for any car!

 

[Singleton]

When I purchased my 2017 F350 DRM Limited in 2018 the payment was over 1k. But I did that, since I refuse to finance a vehicle over 5 years. At first they presented my options at 7 and 8 years. Finally told the finance lady, set it at 5. I am looking at interest rates more then payment amount. 7 and 8 had higher interest rates (over 2% difference). I only carry 1 car payment at a time, plus I keep trucks forever.

 

[mbrown2]

I have it in my head that my car payments should not be over 600....so 500 or 585 or 480...somewhere in there.....its not some science...just what I have always felt (gut).....and my goal for the last 15 years have been to finance things in the longest term for the cheapest % but to actually pay off in less than 36 months... So I work harder to put more down, keep credit clean, or grind/find the best deal.. For a Jeep I found Jim Tractman who was the jeep forum guy who provided orders at 5% below invoice even at the start of covid... For Subaru, I went on the forums and joined ASPCA for $100 to get under invoice... For RAM, I figured a way to get affiliate pricing and ordered a custom build...

 

[DLC]

Dude. I didn’t know you had a Hugo

Hugo does my lawn!

a Yugo is for picking up strays at night while out on the prowl ….. paid cash - Baller ! Brand New!

 

[CLdrinker]

2022 F250 no loan
2018 Durango no loan

Mortgage $1300 16yrs to go.

I’m anti debt.

 

[evantwheeler]

Not to mention a loan only looks better the more inflation gets out of hand

Once wages catch up to inflation, if they every do.....

 

[84miller]

BMW has been doing balloon financing on cars for awhile


This was the 2023 Limited F250 I built for fun yesterday. Check out that payment!!

View attachment 1167487

A little off on that price. Add 9.5 sales tax and another 2K registration.

 

[77charger]

Being 50 I don’t care about being flashy. I’ll keep my 18 year old truck that’s still in great shape. Sure gotta do minor repairs here and there but sure beats 1k payments.
My house payment is 650 with taxes and insurance I’m liking less payments and working less.

 

[ChrisV]

I always feel so poor when reading RDP content. I'm a goddamn peasant.

 

[hallett21]

I always feel so poor when reading RDP content. I'm a goddamn peasant.

Get in line Mr. GTR lol

 

[ChrisV]

Get in line Mr. GTR lol

My payments was $1500 a month for that thing for 3 years. Can't pay cash for everything here. Ain't a true RPD member and buy everything cash.

 

[hallett21]

My payments was $1500 a month for that thing for 3 years. Can't pay cash for everything here. Ain't a true RPD member and buy everything cash.

I kid I kid .

 

[Xtrmwakeboarder]

Nope. Both of our cars together are under $1k/mo. and I still cringe. I hate debt. I’d still be in my truck if it didn’t die an early death and she’d be in hers if she didn’t wreck it.

 

[MissB]

I always feel so poor when reading RDP content. I'm a goddamn peasant.

same... I'm not double income, and need a new car. I don't even know why I pop into these threads.... between the cost of news cars & interest rates I'm never getting a nice car again.

 

[hallett21]

same... I'm not double income, and need a new car. I don't even know why I pop into these threads.... between the cost of news cars & interest rates I'm never getting a nice car again.

Nice is in the eye of the beholder.

Work trucks today are the baller rides of 2004.

Same goes for SUVs etc.

Buy what fits your needs not the neighbors.

 

[sirbob]

I get a kick out of those that look at 1 factor (In this case a monthly payment) and automatically assume the person is an idiot.

To be sure, there are plenty that are idiots, but there are many reasons that purchasing a vehicle with little to no money down and having a payment more than $1k a month is the smart way to go. As some have already outlined here.

Small minds…

 

[Ace in the Hole]

Buy what fits your needs not the neighbors.

This...

 

[Dr Rob]

My mortgage is 1100/month lol.

That is what we call a wheel estate mortgage lol.

 

[pronstar]

Is defaulting up that much?

It’s been on the rise, with more expected.

Wall Street Warns of Trouble Brewing in Auto Loans as Prices Dip

The largest US banks are warning of trouble ahead in auto loans as dropping prices for used cars risk leaving borrowers underwater.

www.bloomberg.com

 

[Your ad here]

I couldn't imagine paying over $1000/mo for a luxury item. Any vehicle is a luxury. If it was making me money I'd have as many as I could keep working. If someone can afford a $1000/mo payment I'd like to meet them and pick at their brain. I may learn something.

 

[scottchbrite]

Our suburban lease is $1k but it’s leased under our company. The other 3 cars were bought cash or have been paid off since 2017. Were conservative when it comes to debt. I recently put a head gasket on my wife’s 2012 Lexus because we don’t want to deal with buying a new/used car right now. It’s all perspective.

 

[C-2]

Being 50 I don’t care about being flashy. I’ll keep my 18 year old truck that’s still in great shape. Sure gotta do minor repairs here and there but sure beats 1k payments.
My house payment is 650 with taxes and insurance I’m liking less payments and working less.

Me too! Bought the 03 Excursion in 2003, no money down, and it was 800/60 months. Never doing that again.

Our newest car is a 2013 but we plan on buying another Accord next Spring.

 

[MissB]

Nice is in the eye of the beholder.

Work trucks today are the baller rides of 2004.

Same goes for SUVs etc.

Buy what fits your needs not the neighbors.

A midsize SUV... it's not like I'm out there pricing range rovers! But I'm certainly not looking at Yugo's. My point was, we are getting it from every angle (MSRP, interest, advancement) . There is also the realization that shit is expensive, and and keeps costing more... We all act like this hasn't been happening our whole lives. I started driving at 16, gas was just under a couple bucks, my 4-Runner was 24K out the door. 10 years later, my Yukon, 42k out the door, with just under $4 a gallon. I guess its just life, industry, improvement, growth. Ya know? So yes, I'm expecting to pay more, but it still sucks!

 

[hallett21]

A midsize SUV... it's not like I'm out there pricing range rovers! But I'm certainly not looking at Yugo's. My point was, we are getting it from every angle 9MSRP, interest, advancement) . There is also the realization that shit is expensive, and and keeps coasting more... We all act like this hasn't been happening our whole lives. I started driving at 16, gas was just under a couple bucks, my 4-runner was 24K out the door. 10 years later, my Yukon, 42k out the door, with just under$4 a gallon. I guess its just life, industry, improvement, growth. Ya know? So yes, I'm expecting to pay more, but it still sucks!

@LargeOrangeFont @pronstar @Cole Trickle

And many others know what cars to look for.

For instance I didn’t know how well 4Runners held their value vs a Lexus GX460. Which apparently is the same car.

 

[Cole Trickle]

@LargeOrangeFont @pronstar @Cole Trickle

And many others know what cars to look for.

For instance I didn’t know how well 4Runners held their value vs a Lexus GX460. Which apparently is the same car.

@MissB wants a new jeep on 40’s she just won’t pull the trigger!!!

 

[MissB]

@MissB wants a new jeep on 40’s she just won’t pull the trigger!!!

LOL, I've wanted a Jeep on 40's for years, but wtf am I gonna do with a Jeep on 40's? LOL

 

[pronstar]

The amount of payment is meaningless.
The only thing that matters is if you can make the payment or not.

 

[HOOTER SLED-]

I can't believe how much some of you retards nut on a monthly car payment.

 

[Cole Trickle]

LOL, I've wanted a Jeep on 40's for years, but wtf am I gonna do with a Jeep on 40's? LOL

How about drive a jeep on 40’s

I mean a smart inbetween choice would be 37’s so you can daily drive it.

 

[Xtrmwakeboarder]

And many others know what cars to look for.

For instance I didn’t know how well 4Runners held their value vs a Lexus GX460. Which apparently is the same car.

Similar, but not the same. It’s closer to the Land Rover Prado overseas. AWD w/ low range, V8, single rear door.

 

[Dunerking]

I just sold my Hellcat Durango to a lady who was going to pay $1400 a month on it....

Jesus…that’s a little more than my mortgage here in The Colony in Agua Dulce..maybe it will appreciate in value and be worth more than my home.

 

[LargeOrangeFont]

LOL, I've wanted a Jeep on 40's for years, but wtf am I gonna do with a Jeep on 40's? LOL

Go to the mall.

 

[brgrcru]

Never

 

[petie6464]

US car loan debt is 1.43 Trillion.

1.43 Trillion in depreciating liabilities. . People are beyond stupid.

That's over $4000 for every single man, woman, child and Biden supporter in the country.

 

[Mr. C]

I always feel so poor when reading RDP content. I'm a goddamn peasant.

I thought all RDP members were ballers. Owned everything outright.

Well except for me. I do have a 170 a month car payment for 6 more months. Then I will own all 3 of mine.

 

[GreenEnergy28]

$1,000 car pay….what about these $200,000 + boats? 20 year loans at over $1,000/month. I’m far from rich but when we started our new boat build, we had a substantial down payment since we did pretty good on the sell of our old boat. Once we got into the build we decided to skip doing pretty much anything until the boat was finished so we could hammer as much cash as possible down to keep the loan payment low. Our salesman told us he sees $1,000-$1,500 payments come through all the time.

Considering that a well equipped 2500 truck is in the $75,000-80,000 range these days, $1,000 payments seem to be the norm. I just paid off my 2017 Ram this month. Sure feels good to be free of car payments again. Now to work on paying off the damn boat.

 

[Paradox]

We don’t finance much but we are currently carrying a single car payment between us and a mortgage. Financing anything else isn’t something we want to do based on our age.

That said, my car payment is $1,050 a month but, I’m good with it. It’s a nice car (2021 competition M5) and I think it’s worth it. Further, we have CDs currently paying more than the 2.9% interest we are paying on the car. As such, it doesn’t make a lot of sense to pay it off..

 

[ChiliPepperGarage]

Crazy! No car payments at all and I have 9 cars.

I have no debt at all but not a baller by any means. I tend to live pretty modestly although I do have some nice toys.

 

[JL95]

I have been saying this current generation of full-size American vehicles is really separating the boys from the men (or the idiots from the smart folks) depending how you look at it lmao. Those hefty payments really calling my bluff. I want no part of it.
Would love a new Yukon XL or Escalade but I prefer being able to afford groceries lol.

 

[pronstar]

I prefer to buy CPO…at least I did.

Bought my 2015 Silverado, window sticker right around $50k, in 2018 for around $28k w/30k miles on it.

Bought our 2018 Suburban, window sticker $62k, in 2019 for around $40k w/30k miles on it.

I don’t think I can come close to this today.

 

[Vlads]

This whole thread is irrelevant, everyone on RDP pays cash for cars/trucks. Duh.