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

val_lixembeau said:
If you managed to retire before 45, I think you made continuously made good choices. I can see why you wouldn't buy a flashy car. Seven hundred a month really isn't that much in today's economy though.
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speak for yourself, a lot of people could not concieve of coming up with that for a car every month, working people.

A lot of people obviously do though, most of the cars on the road look less than 5-10 years old.

Again, status is a huge thing. I know an east indian guy who was happy to not ride the bus when he first got here, now he's willing to have 3 cars so he can tell the folks back home how rich he is. He doesn't tell them how wore down he is from having to make the money to pay for that plus the house, the kids and although his wife works, of course, since she's a woman, she's not gonna work as much as him. His choice, I'm tired of telling his dumb ass "don't do it", doesn't listen anyways.
 
djacobox372 said:
100k miles is old last century logic.

Modern cars are good for twice that, including American. Toyota and Honda? try triple or more.
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Yeah, the point is there are already 30,000 miles on the thing. So 1/6 of the life of the engine. So you can quantify that and add it to the cost of purchasing a used car.

There is opportunity cost associated with buying a used car, as I explained.
 
It’s crazy how expensive it is to drive nowadays. I have a horrible driving record, a couple duis, multiple accidents. I pay like $915 a month just for the car insurance plus like $730 for the car payment.
 
Young people are taking out short-term loans to go shopping at Whole Foods, cars are the least of our worries.
 
Insurance premiums are getting worse too, even with a paid off car you'll have that perpetual burden
 
So what is the cheapest car in America today?
 
Jack Reacheround said:
Yeah, the point is there are already 30,000 miles on the thing. So 1/6 of the life of the engine. So you can quantify that and add it to the cost of purchasing a used car.

There is opportunity cost associated with buying a used car, as I explained.
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Try assessing the cost of buying new
 
blaseblase said:
Try assessing the cost of buying new
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That is pretty easy. The time it takes to find and buy it plus the value it depreciates when you drive it off the lot.
Minus the warranty you may get.

But it all depends on preference, or how much you value your time. I value mine greatly.
 
When you have kids, usually you have to get something bigger. I've spent between 350 and 500 over the years.

Helped build my credit though
 
Sakuraba is #1 said:
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.
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People buy things they don't need to impress people they don't like
 
mozfonky said:
speak for yourself, a lot of people could not concieve of coming up with that for a car every month, working people.
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That's fine. If someone doesn't have enough money, they shouldn't lock themselves into a car payment they can't afford.

But you also can't act like $700/mo is outrageous. I just optioned a Honda Civic the way I'd like it (admittedly the Sport Touring hatch is one of the more expensive "regular" Civics you can get) and it came out to $787/mo over 5 years. Are you going to say a Civic is some extravagant, waste of money vehicle? I see it more as a frugal workhorse myself.
 
Cars in general are expensive since covid. I do the following to save money when buying/owning a car. The rest is for general fun and safety.
1. Pay it off almost immediately (Buy what you can afford)
2. Maintenance and repairs all done by myself
3. Don't get tickets (keeps insurance down)
4. Buy what you can afford, live within your means.
5. Don't buy a truck unless you're gonna use it as a truck. It shouldn't be a status symbol, or make you feel like a man.
6. If you buy a sports car go to the track, 1/2 mile, and even full mile events so you use it for what it's meant for. Don't endanger others on the road because you think life is a video game.

I've always loved cars but the truth is nobody really cares what you drive. In fact I've taken more flack for driving nicer cars than driving one of my beaters.
 
chardog said:
I am the Joneses :meow:

I kid, midlife crisis about to take over......
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Ha!

I'm happy for those with more(possibly you??), but feel no need to have something just because someone has it, or to appear like I have more than I do. In fact, I prefer to appear like I don't have anything. Keeps the beggars at bay.

Show pics of that nice new sports car or motorcycle when you can ;)
 
ObsoleteSoul said:
Ha!

I'm happy for those with more(possibly you??), but feel no need to have something just because someone has it, or to appear like I have more than I do. In fact, I prefer to appear like I don't have anything. Keeps the beggars at bay.

Show pics of that nice new sports car or motorcycle when you can ;)
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I'm getting a cybertruck for my business, supposedly it sucks at towing, and I'll need it to haul a lot

dont really do sports cars, I need function, even if overpriced
 
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