re: Auto Finance Question

Case in point:

LINK

quote:

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For many Americans, new cars are driving out of reach.

Jose Hernandez, 24, lives in East Los Angeles and makes $26,000 a year working the front desk at a clinic. After a trade-in, he financed a 2013 Civic EX for $25,000 at 2.3 percent for 6 years, paying $379 in monthly payments, plus $100 per month in insurance. He finds a new car can be a stretch.

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Assuming zero taxes (ya right), he takes home 2,100 a month, and 25% of it is his car!

quote:

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I hate spending money on cars. There's a reason I've driven the car my dad bought me 12 years ago when I was still in high school.

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I bought a new car in 2002 - Mitsubishi Lancer - cause I was out of school and thought I needed a new car. Wife bought a new car in 2005 - right after Katrina - 2006 Honda Civic - she was only gilfriend at time.

2009, we get a year old minivan from CarMax and sold them the Lancer. Wife now drives that and I now drive the Civic, which is now 8.5 years old and about 140K miles. Just had the power steering and rack and pinion replaced. Hope to get another three years out of that and four years out of the van.

I hate buying cars - I hate the experience, and I look at a car as a necessity to get from point A to point B, that's it.