Why are people willing to pay insane amounts of money to finance a car?

[Sakuraba is #1]

The average monthly car payment for new vehicles in 2024 is approximately $735, while the average payment for used cars is around $523. These figures reflect a slight increase from the previous year. There are people that I know personally paying upwards of $1000 for a truck, not a luxury sports car but a stupid truck. Investing in something that yields a loss and is a depreciating value is nefarious work. Buying an expensive car to impress strangers that don’t give a damn is ridiculous. What’s even more diabolical is that these same people are the ones getting their cars repoed within a year or two.

 

[Pliny Pete]

Do you really not understand why or are you just venting?

 

[IDGETKTFO]

Because they are material girls.



And this is why i own my own home. I never gave a fuck about material things.

 

[Contempt]

Yeah, those people are just idiots...

 

[lsa]

@Slobodan financed his Yugo, I think its 450 USD / month.
But you wont hear him complain.. He loves his Yugo.

 

[lsa]

Where I live a ton of people took out very expensive BMW and Mercs, on leases.
Very expensive, when we hade power problems (price increased several 100%) and the interest rates went up.. These people could not afford to keep the cars..
So they went online and offered people to take over the leases...
So desperate they even offered to keep paying some of the lease / month.

Imagine paying for a stranger to drive a car you no longer have..

So yeah, I think its a very common problem, people pay out the ass to be able to drive a nice car.

 

[Osculater]

@Slobodan financed his Yugo, I think its 450 USD / month.
But you wont hear him complain.. He loves his Yugo.

I thought he was driving an El Camino ute

 

[lsa]

I thought he was driving an El Camino ute

who really knows?
Can he even drive?

 

[Osculater]

who really knows?
Can he even drive?

Maybe his mom drives him

 

[lsa]

Maybe his mom drives him

Rumor is he is actually 12 years old.
I believe it.
I mean ... why would I not.

 

[Osculater]

Rumor is he is actually 12 years old.
I believe it.
I mean ... why would I not.

Well he is very mature for his age

 

[ColemanwastheGOAT]

Because they're fucking retarded. It's literally throwing money down the toilet.

 

[mozfonky]

The average monthly car payment for new vehicles in 2024 is approximately $735, while the average payment for used cars is around $523. These figures reflect a slight increase from the previous year. There are people that I know personally paying upwards of $1000 for a truck, not a luxury sports car but a stupid truck. Investing in something that yields a loss and is a depreciating value is nefarious work. Buying an expensive car to impress strangers that don’t give a damn is ridiculous. What’s even more diabolical is that these same people are the ones getting their cars repoed within a year or two.

it's insane, i had had one repossession and swore it'd be the last, if i can't buy it outright, I don't want it. Why people do it? well, status, impress their friends, family, strangers, coworkers but really, that 735 dollars worth of bullshit a month you have to endure at work just shows people have no self respect. Most people get treated like shit, and they can endure any amount so long as they can pretend to be a big shot. No self respect is common.

 

[Flower2dPeople]

Well he is very mature for his age

 

[Tone C]

$735 per month? I've never even owned a car that cost that much I don't think. The newest car I've ever owned is from 2002 .

 

[IDGETKTFO]

$735 per month? I've never even owned a car that cost that much I don't think. The newest car I've ever owned is from 2002 .

Thats an insane amount of money for a car. My wife bought a 2015 Ford Cmax Hybrid for $7,000 back in 2019 , payments were $150/mo. We payed it off in 2021.

 

[DragRacer]

Self employed folks can expense the payments on their taxes, but wiser self employeds save, pay cash, and expense the vehicle’s amortized depreciation on their taxes.

It takes a little patience, even if you’re not self employed.

-When you’re poor, drive the least expensive thing that suits your needs, regardless if it’s embarrassing.
-Work harder and longer than everyone else while banking the surplus.
-When the banked surplus reaches a certain milestone, upgrade the vehicle paying cash. You’ve been earning interest in the meantime instead of paying it, and if things are unexpectedly tight, you aren’t penalized for missing payments.

Many people unfortunately aren’t disciplined enough for this approach, and will jump on a payment as soon as their credit score allows.

The average monthly car payment for new vehicles in 2024 is approximately $735, while the average payment for used cars is around $523. These figures reflect a slight increase from the previous year. There are people that I know personally paying upwards of $1000 for a truck, not a luxury sports car but a stupid truck. Investing in something that yields a loss and is a depreciating value is nefarious work. Buying an expensive car to impress strangers that don’t give a damn is ridiculous. What’s even more diabolical is that these same people are the ones getting their cars repoed within a year or two.

 

[Tone C]

Thats an insane amount of money for a car. My wife bought a 2015 Ford Cmax Hybrid for $7,000 back in 2019 , payments were $150/mo. We payed it off in 2021.

Smart , let someone else take the depreciation.

 

[IDGETKTFO]

Smart , let someone else take the depreciation.

What do you mean? Its payed off, we own the POS now, lol. But it ran great for the 5 years we had it. Its about time for a new-ish car under 10 grand, lol

 

[Wrath of Foamy]

It depends.

I took finance on my car, but I also had just finished my driving tests and I needed to get a car quickly as opposed to letting my skills degrade.

I could have either grabbed a banger that could have come with multiple issues, or paid more for a lease from a certified dealer, direct from the company, with it's own garage, for a car with few miles on the clock.

I went with reliability.