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Started By
Message
How are people affording these vehicles?
Posted on 12/25/17 at 10:01 pm
Posted on 12/25/17 at 10:01 pm
We have been looking at a Tahoe/Silverado/Tundra.
These trucks/SUVs are $50-70K. The particular Tahoe I would like is about 63K.
I’m having a hard time fathoming how the average family is affording a 50K truck nowadays.
Im doing the simple math, and even if I put down 15K on a Tahoe, I’m still looking at a $847 a month note over 60 at 3%. This is absolutely insane to me.
The fiancée and I have a combined min income of about 225K and we can’t even comprehend paying that per month (847). Is it normal for folks to pay a $800 Car note nowadays?.
I don’t have the data but it seems vehicle prices have outpaced wages. An expensive truck was like 30K when I was growing up in the 90s.
I’m having sticker shock money board. What is going on in this industry? People car broke?
These trucks/SUVs are $50-70K. The particular Tahoe I would like is about 63K.
I’m having a hard time fathoming how the average family is affording a 50K truck nowadays.
Im doing the simple math, and even if I put down 15K on a Tahoe, I’m still looking at a $847 a month note over 60 at 3%. This is absolutely insane to me.
The fiancée and I have a combined min income of about 225K and we can’t even comprehend paying that per month (847). Is it normal for folks to pay a $800 Car note nowadays?.
I don’t have the data but it seems vehicle prices have outpaced wages. An expensive truck was like 30K when I was growing up in the 90s.
I’m having sticker shock money board. What is going on in this industry? People car broke?
This post was edited on 12/25/17 at 10:02 pm
28
Posted on 12/25/17 at 10:15 pm to YoungManOldMan
There's a reason new passenger car registrations are taking a cliff dive recently. We are almost at levels we haven't seen since the great recession.
LINK
LINK
Posted on 12/25/17 at 10:20 pm to YoungManOldMan
People are definitely “car rich” because it makes no sense how so many people afford automobiles that cost this much.
My team and I discuss it when we walk into the company parking garage...typically goes something like, “Where do the people affording these cars actually work...because there’s no way they are all here...”
Trucks, SUVs, and any luxury brand is going to be a $700/month+ note unless someone has a large down payment or trade in.
Disclosure: I made the decision to drive a luxury car because it was something I always wanted growing up. With that said, it is an expensive luxury and it would be one of the first things to go if my financial situation changed.
My team and I discuss it when we walk into the company parking garage...typically goes something like, “Where do the people affording these cars actually work...because there’s no way they are all here...”
Trucks, SUVs, and any luxury brand is going to be a $700/month+ note unless someone has a large down payment or trade in.
Disclosure: I made the decision to drive a luxury car because it was something I always wanted growing up. With that said, it is an expensive luxury and it would be one of the first things to go if my financial situation changed.
Posted on 12/25/17 at 10:23 pm to stout
I am currently without a vehicle. We have been carpooling and I take the bus to work to avoid taking on a car note.
It’s just hard to imagine wrapping up $1,000 a month into a vehicle between the insurance, gas and note.
I’ll likely have to settle and downgrade to a small truck but even those hit high 30s.
I can’t see buying a truck with a V6. To me that’s just a waste.
As your graph states, registrations are down and I can see why. This shite has gotten way way too expensive. A loaded out truck shouldn’t be over about 42-45K in my opinion. For whatever the frick that’s worth.
It’s just hard to imagine wrapping up $1,000 a month into a vehicle between the insurance, gas and note.
I’ll likely have to settle and downgrade to a small truck but even those hit high 30s.
I can’t see buying a truck with a V6. To me that’s just a waste.
As your graph states, registrations are down and I can see why. This shite has gotten way way too expensive. A loaded out truck shouldn’t be over about 42-45K in my opinion. For whatever the frick that’s worth.
This post was edited on 2/14/18 at 1:28 pm
Posted on 12/25/17 at 10:29 pm to YoungManOldMan
I can't say much about being "car rich" because I am a single guy and have two vehicles. I keep one home in Louisiana and just recently bought one to keep at my place in Cali. I can afford them, though, and the one in Louisiana I paid cash for when I bought it. I only financed the new one because the rates were so good. I will pay it off quickly.
I ended up buying a year old vehicle with 10K miles on it. I don't see how people can justify anything new and I don't see how they can trade in after just a year and 10K miles. No telling how much they lost on that deal because I got a great deal on it so I know the dealer had room to play.
I ended up buying a year old vehicle with 10K miles on it. I don't see how people can justify anything new and I don't see how they can trade in after just a year and 10K miles. No telling how much they lost on that deal because I got a great deal on it so I know the dealer had room to play.
Posted on 12/25/17 at 10:30 pm to lynxcat
quote:
People are definitely “car rich” because it makes no sense how so many people afford automobiles that cost this much.
My team and I discuss it when we walk into the company parking garage...typically goes something like, “Where do the people affording these cars actually work...because there’s no way they are all here...”
I’d like to know too because I have access to our salary database and there are a handful that make more than I do where I work.
Let me blow your mind for a second. A suburban, the family vehicle of the late 90s costs nowadays $82,000.
Let me fricking repeat that. A fricking suburban costs $82,000 today.
Posted on 12/25/17 at 10:34 pm to stout
Vehicles are a money pit to me. Every car I ever drove I intended to drive forever. Until the wheels fell off.
The longest I’ve held a vehicle was 25,000 miles. I only drove about 5-8K per year.
The longest I’ve held a vehicle was 25,000 miles. I only drove about 5-8K per year.
Posted on 12/25/17 at 10:38 pm to YoungManOldMan
I feel like a remember my mom paying around $30k for one when she got a Suburban in ‘99. 
I know cars have a lot more technology in them now but I agree that the prices seemed to have far outpaced inflation and wages.
If buying new and you want to stay in the 20-30k range, it is a pretty limited set of brands and models.
I know cars have a lot more technology in them now but I agree that the prices seemed to have far outpaced inflation and wages.
If buying new and you want to stay in the 20-30k range, it is a pretty limited set of brands and models.
Posted on 12/25/17 at 10:44 pm to YoungManOldMan
I was pissed when I bought my new truck (Colorado) how much they cost. It was the reason I didn’t do the full-size. Too much. Even still, I put 50% down.
My wife’s 2015 sienna is paid off and I plan on this truck lasting 10 years like my last one. Hopefully the van lasts for 6-7 more by the wife gets itchy after 5 years in a ride.
Not everyone is making bad decisions but I think a lot of people are in shitty leases TBH.
My wife’s 2015 sienna is paid off and I plan on this truck lasting 10 years like my last one. Hopefully the van lasts for 6-7 more by the wife gets itchy after 5 years in a ride.
Not everyone is making bad decisions but I think a lot of people are in shitty leases TBH.
Posted on 12/25/17 at 10:48 pm to stout
I just don’t know enough shite about cars to buy a used one. I want to let someone else take the bath on the first round of depreciation but I’m always worried there is something lurking.
Basically, I know what I don’t know. I know I don’t know anything about cars and I’m destined to be a sucker on a used buy.
Basically, I know what I don’t know. I know I don’t know anything about cars and I’m destined to be a sucker on a used buy.
Posted on 12/25/17 at 11:10 pm to stout
quote:
I ended up buying a year old vehicle with 10K miles on it. I don't see how people can justify anything new and I don't see how they can trade in after just a year and 10K miles
Might be a retired rental car. That’s where a lot of one year old used car inventory comes from.
Posted on 12/25/17 at 11:10 pm to YoungManOldMan
Well, what’s the end-game? If a Suburban is 82k now, how much longer until it’s 115k? At some point you’d think they would have to come down in price. I say this, but then I thought about how much the price of beef is these days. Remember when you could get a steak for 26-30 bucks? Nowadays, a steak at Ruth’s is nearly 70.00.
Posted on 12/25/17 at 11:14 pm to Twenty 49
quote:
Might be a retired rental car. That’s where a lot of one year old used car inventory comes from.
Nope. I know for a fact it was taken in on trade. Op top of that I have the carfax, I found some of the former owners info in the glove box, and it had aftermarket rims and tires on it.
I would never buy a used rental car.
This post was edited on 12/25/17 at 11:17 pm
Posted on 12/25/17 at 11:27 pm to Paul Allen
I’ll probably looking for an older model Landcruiser. Take a chance that I can get another 40-50K miles out of it before needing major repairs.
Posted on 12/26/17 at 1:01 am to YoungManOldMan
I think a lot of them aren't.
They are leasing and the ones that buy are continually rolling balances forward on new loans.
They are leasing and the ones that buy are continually rolling balances forward on new loans.
Posted on 12/26/17 at 1:02 am to stout
quote:
I would never buy a used rental car.
I bought one. Toyota Avalon. Been a great car for several years.
Posted on 12/26/17 at 1:04 am to Volvagia
quote:
They are leasing
Is there a situation on Earth where leasing makes sense?
Posted on 12/26/17 at 1:12 am to rpg37
Yeah, if you insist on getting a new car frequently and you don't have a long commute.
Its a stupid financial decision, but not as bad a one as buying new every 2 years.
Its a stupid financial decision, but not as bad a one as buying new every 2 years.
Posted on 12/26/17 at 2:22 am to YoungManOldMan
I bought a Tahoe for my son when he was in high school.
2004
210,000 miles
$3,300
2004
210,000 miles
$3,300
Posted on 12/26/17 at 7:32 am to YoungManOldMan
You should check out carmax..I bought a Sierra Denali in 2011 from them for 23k. >100k miles later and I’ve only had to fix brakes and a wheel bearing.
They have a good track record.
They have a good track record.
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