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re: Americans Struggle to Afford Car Payments
Posted on 10/24/23 at 7:03 am to LSUSUPERSTAR
Posted on 10/24/23 at 7:03 am to LSUSUPERSTAR
i bought a new limited in 2019 for $39k. the only more expensive one was the TRD PRO. they went up that much in a year?
2
Posted on 10/24/23 at 7:24 am to lsuCJ5
“Americans struggle to afford X”
The we buy gold stores are coming. Americans are programmed to live beyond their means. Anything over $400 when you make less than $100k is crazy to me.
The we buy gold stores are coming. Americans are programmed to live beyond their means. Anything over $400 when you make less than $100k is crazy to me.
Posted on 10/24/23 at 7:48 am to Asharad
quote:
I make $160k. I'm putting $6500 per month into savings. Tell me again why I shouldn't buy a nice car every 10 years?
You're able to put 49% of your gross income into savings?
I would like to see your breakdown.
Posted on 10/24/23 at 8:01 am to Asharad
quote:
That's a silly assumption. I make $160k. I'm putting $6500 per month into savings. Tell me again why I shouldn't buy a nice car every 10 years?
Well, that’s not what I said.
I said people making $145k shouldn’t be buying $60k vehicles.
You
A. Make more than that and
B. appear to be of the opinion that “nice vehicles” start at $60k (I disagree)
I think you make plenty enough to comfortably afford a nice new or slightly used $40k-$45k vehicle.
Posted on 10/24/23 at 8:33 am to thegreatboudini
quote:
You're able to put 49% of your gross income into savings?
I would like to see your breakdown.
This
Posted on 10/24/23 at 8:42 am to SulphursFinest
quote:
Everyone spends entirely too much on vehicles. It’s actually insane to me how expensive they are
I’m on my second used es350 since I burn a lot of highway miles and they’re easily good for over 200k. I just checked and there are plenty of low miles ES350 to choose from for @$30k. Pilots and 4Runners too for $30k to $40k.
It looks like a lot of the car inflation is all on trucks or the big SUVs. If you have to have one, you have to have one, but it’s crazy that you can get two slightly used Lexus for the price of one new truck.
Posted on 10/24/23 at 10:08 am to thegreatboudini
quote:
I would like to see your breakdown
1) I max out pre-tax 401k contribution. That's about $2k per month.
2) I have $4.5k per month going to credit union. I use that for nom-routine cash purchases. Cars. Vacations.
The rest of my income goes to taxes, utilities, and living expenses.
Edit.. I forgot about the Roth IRA I'm paying another $625 per month into for savings. So the total to savings each month is about $7200.
This post was edited on 10/24/23 at 10:10 am
Posted on 10/24/23 at 10:24 am to Asharad
Ok, so here's what I put together.
160k - 24k = 136k taxable
Let's just say you lose 20%, you're left 108,800 net. You put away 61,500, leaving you 47,300 annually.
This means you spend less than 4k a month on day to day expenses like housing, food, fuel and whatnot.
I could have done that before I bought a house, got married, and had a child, so assuming this is your case.
Keep it up. It's impressive.
160k - 24k = 136k taxable
Let's just say you lose 20%, you're left 108,800 net. You put away 61,500, leaving you 47,300 annually.
This means you spend less than 4k a month on day to day expenses like housing, food, fuel and whatnot.
I could have done that before I bought a house, got married, and had a child, so assuming this is your case.
Keep it up. It's impressive.
This post was edited on 10/24/23 at 10:25 am
Posted on 10/24/23 at 10:31 am to olemissfan26
seeing things like this make me feel better about my wife and I's financial situation. Dont get me wrong there's hurdles we're having to deal with since neither one of us necessarily breaks the bank or anything but it amazes me how people get themselves put in these idiotic positions.
Posted on 10/24/23 at 12:11 pm to thegreatboudini
quote:I'm almost done with all that. We paid off the 30 year mortgage in 10 years. After that was paid off, we paid off all other debt and started saving for kids college. First kid is on his own now.
could have done that before I bought a house, got married, and had a child, so assuming this is your case
Second kid still has 2 years of college. I'm paying for his apartment, utilities, living expenses, and partial tuition. And I still have enough $ left to put what I've described into savings.
Posted on 10/24/23 at 2:54 pm to thegreatboudini
quote:
This means you spend less than 4k a month on day to day expenses like housing, food, fuel and whatnot.
House payment and childcare (depending on ages) would eat that up completely if you have kids and a decent house.
Posted on 10/24/23 at 3:46 pm to Colonel Flagg
I see lots and lots of baws riding in 80k Denalis, 2500 Big Horns and F250s.
This post was edited on 10/24/23 at 3:47 pm
Posted on 10/24/23 at 8:31 pm to lsuCJ5
I bought my Limited in May 2020 and with TTL it came to $45,050. I think the actual purchase price was $41,500. Didn't have to put any money down and got 0% APR. Did the negotiating over text, walked in, checked it out real quick, signed paperwork, and left with the truck.
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