How much is your car payment and insurance?

WorldofWarcraft

WorldofWarcraft

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My nephew just bought a BMW, he's only 22 years old and makes $14/hr. at a very unstable job and with his parents breathing down his neck to move out. And he's got 2 kids, different mothers and hasn't paid child support EVER.

His car payment is over 1k a month... and I don't even know what his insurance is. Ridiculous. Now I know dealerships will finance just about anyone.

How much is your car payment?

As for my daily driver, I drive an old car, 2004 Toyota Corolla and paid cash for it a few years ago. I cannot stop thinking about getting a new Toyota Tundra, though. I need a newer offroad vehicle.
 
How did he buy a BMW and still makes car payments? That makes no sense to me.

I don't own a car because I don't need one. I'm a car dealer so I can take any car that we have in stock, the company I work pays about $70 a month for insurance for Delaware dealer plates.
 
I drive a Navigator, paid it off a few months ago. Insurance for it and my wife's Pacifica is about $800 a year.
 
Have a 2007 infiniti g35x. Pay just under 300/mo for it for another year and a bit. Insurance is 120/month.
 
Just got a 2014 accord. $260/month. Insurance for it and my wife's 2001 sentra together is $207/month.
 
Konster said:
How did he buy a BMW and still makes car payments? That makes no sense to me.

I don't own a car because I don't need one. I'm a car dealer so I can take any car that we have in stock, the company I work pays about $70 a month for insurance for Delaware dealer plates.
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wow, nice, you can take em home? How about if you want to go to another state?
 
Yes of course I take it home because that's my only means of transportation, I have a garage so that really helps.. Took a few cars to PA on more than one occasion. Also as long as I don't put a thousand miles on it. If I get close to that I have to take another car.
 
2010 Accord, $240 a month and 2013 Civic $265 a month. Used to be with Progressive paying $350 a month for both cars, recently switched to Geico for the same coverage for $120 a month for both
 
No car payment, I bought my car outright.
Insurance is $144 a month for a 2012 Ford Escape.

Never understood why people go way over their budget for a car - it is something that is a depreciating asset the moment you drive it off the lot.

As long as something gets me from point A-Z safely (and ideally, with air conditioning), I am a happy man.
 
2 vehicles - about 1000$ a month, plus another 180$ for insurance.
 
Brampton_Boy said:
No car payment, I bought my car outright.
Insurance is $144 a month for a 2012 Ford Escape.

Never understood why people go way over their budget for a car - it is something that is a depreciating asset the moment you drive it off the lot.

As long as something gets me from point A-Z safely (and ideally, with air conditioning), I am a happy man.
Click to expand...

This, people spring for way too spendy of stuff. especially new cars. I have a pair of mustangs, one 2000, one 65. Own both outright, and pay around 130 a month for full coverage.
 
Two cars are paid for. 1 is almost 10 years old the other is 12 years old. They still run well and until they start being money pits, we will keep them.

Insurance is about 900/ year for the two vehicles.

OP's nephew is a perfect example of stupidity in our "look at me" society.
 
Around 440$ for two cars, one is payed off.
 
WorldofWarcraft said:
My nephew just bought a BMW, he's only 22 years old and makes $14/hr. at a very unstable job and with his parents breathing down his neck to move out. And he's got 2 kids, different mothers and hasn't paid child support EVER.

His car payment is over 1k a month... and I don't even know what his insurance is. Ridiculous. Now I know dealerships will finance just about anyone.

How much is your car payment?

As for my daily driver, I drive an old car, 2004 Toyota Corolla and paid cash for it a few years ago. I cannot stop thinking about getting a new Toyota Tundra, though. I need a newer offroad vehicle.
Click to expand...

How does he get by without paying child support? Are the women well off enough to pay for everything themselves?

I haven't borrowed money for anything in the past 30 years. My policy is to only borrow money for things I need. You might need a car but nobody needs a new car. I buy what I can pay for and because of that, I can afford things I don't need.

I know many people who reached retirement age still deep in debt because they borrowed money to buy things they wanted instead of the things they needed. I know people who only look at the monthly payment not the total cost. People are paying over 12% on car loans and over 20% on credit card debt. Many people never pay off a loan on a vehicle. They just role the remaining debt into a loan on another vehicle.
 
It's going to catch up to him and when it does, he's fucked.

Anyway, I fully understand the desire to buy a new and expensive car. The temptation is strong, especially if you CAN get financed for it.
 
My car's paid off. I pay $99 a month for insurance.
 
I drive a 2007 Chevy Impala. Car payment is $185. Insurance is $114.
 
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