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shel311
Nicholls St. Fan
McKinney, Texas
Member since Aug 2004
67891 posts

re: How much car debt in your houshold
quote:

How much car debt in your houshold
Without looking, I think around $28k or so.

Had a nice run of 2 paid off cars, but it was a 2006 and a 2008, and the time came to upgrade both in 2016 ish within about a 3 month span.

So we have 2 car notes, can't wait for those to be done...though I'm considering another upgrade in the next few months which will reset and add to that debt number.


Fat Bastard
Boston College Fan
Member since Mar 2009
38192 posts

re: How much car debt in your houshold
Yeah I’m gonna have to throw in a old DA BIG FELLA saying when he was here that I agree with. He said make your money. Invest in cash flowing businesses and real estate THEN buy your toys when it will be easily sustainable then

Now if many never hit that ok then. Keep all expenses down. Invest and have a retirement. Nothing wrong with either way. People will have varying levels of success. It’s all relative.



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Hamma1122
Member since Sep 2016
5338 posts

re: How much car debt in your houshold
Zero


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Fat Bastard
Boston College Fan
Member since Mar 2009
38192 posts

re: How much car debt in your houshold
We used the third row in our pilot way more on trips than I ever woulda imagined. Now we haven’t used third row in Armada much but it doesn’t matter we need the cargo space and it came
With a 3rd row so no sense fretting over it. It’s probably a standard feature anyway.


TigrrrDad
Member since Oct 2016
3465 posts

re: How much car debt in your houshold
quote:

How would you feel if you invested $30,000 in a mutual fund, and in 5 years it was worth $10,000?


It depends...does the mutual fund do 0-60 in under 4 seconds and corner like it’s on rails?

A car is not an investment. That’s where your logic is flawed. I am paying that much per month for the enjoyment I get out of driving that vehicle. When you pay your electricity bill at the end of the month, do you have a basket full of electricity to show for it and to sell for more than what you paid for it? No. But your air conditioner and refrigerator and blow dryer worked for that month, right?


Fat Bastard
Boston College Fan
Member since Mar 2009
38192 posts

re: How much car debt in your houshold
Oh i can buy cheap arse used suvs and cars. My current vehicles are 12, 10 and 4 years old. I’ve gotten my money’s worth and then some from first two. Wife will drive pilot to work until it craps out for good and it runs likema champ with over 200k miles on it.

I’ll get her a used Honda CR-V once it’s time. We had two of them before. But I’ll eventually get my used Maserati which I’ll pay for in cash. Only issue now is ridiculous truck prices new and used. But it is what it is. I’ll need the tax deduction soon.


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Displaced
LSU Fan
Member since Dec 2011
24678 posts

re: How much car debt in your houshold
quote:

A car is not an investment

This x1000.

A car is a means of transportation. They are rarely an investment.


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41
tirebiter
LSU Fan
ATL
Member since Oct 2006
6044 posts

re: How much car debt in your houshold
~ 29k on 2017 AWD Pilot. It's at 0.99% for 60 months. Walked in with my check book, spoke with the credit "manager", told him my FICO, he said .99% with Honda Credit. I did forget I had frozen my credit with Equifax for their never ending frick ups with safe guarding data, and he called me in a huff the next day. Not as good as the rate I had on my Ford, but that was 3 years prior when debt was almost free. No reason to pay it off, got better uses for the cash.


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The Spleen
Alabama Fan
Member since Dec 2010
22948 posts

re: How much car debt in your houshold
quote:

We used the third row in our pilot way more on trips than I ever woulda imagined.



We actually had an Expedition before the Edge, and did use the 3rd row a fair amount. But since getting the Edge, we've adapted and gotten to a point where we rarely need it, and it's just not worth the extra cost and loss of space.


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PhiTiger1764
LSU Fan
Lurker since Aug 2003
Member since Oct 2009
11323 posts

re: How much car debt in your houshold
I've never had car debt..

04 Avalanche.

But I'm not opposed to it. When I need a new vehicle I am sure I will finance.


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TD SponsorTD Fan
USA
Member since 2001
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onelochevy
LSU Fan
Slidell, LA
Member since Jan 2011
12270 posts

re: How much car debt in your houshold
18 Honda Pilot Touring and a 19 Ram 1500. So, a bunch. Been 10 years since my wife and I had new vehicles so it was time.


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TorchtheFlyingTiger
North Carolina St. Fan
FL
Member since Jan 2008
501 posts

re: How much car debt in your houshold
quote:


In all seriousness, cars are the biggest single obstacles to middle class development of wealth


This! (And buying too much house) I financed a car a year after graduating college. We paid it off early and decided never to make car payments again. That decision has led us to keep our cars longer and pay cash when we eventually replace them. I have peers that have little saved for retirement but have consistently driven larger nicer vehicles and frequently upgraded them. They have no choice but to continue working to maintain their lifestyle. Meanwhile we've built wealth instead of making car payments and I could have retired comfortably at 41.


3morereps
Illinois Fan
The Gym
Member since Jun 2015
4745 posts

re: How much car debt in your houshold
At least house appreciate in value conservatively. Car values plummet. A colleague of mine is constantly complaining about not be able to cover his twins college has had a new car the entire 12 years i have known him. Everyone has their priorities


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TorchtheFlyingTiger
North Carolina St. Fan
FL
Member since Jan 2008
501 posts

re: How much car debt in your houshold
quote:

 I much prefer a Vette or a 911


I do too. However, I realize that if I buy that 911 it would mean another year or more of full-time work. I don't want to be one of those stories of a guy who died early and worked the entire time instead of spending more quality time with family and enjoying life's opportunities. I'd much rather the freedom to enjoy my time as I choose than having a more enjoyable commute.


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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
6727 posts

re: How much car debt in your houshold
$0

both vehicles paid for..... Both paid off sub 60 month time frame


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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
13214 posts

re: How much car debt in your houshold
10k on my 2018 Atlas
0k on my 2017 Tahoe


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CHiPs25
Atlanta Falcons Fan
ATL
Member since Apr 2014
1554 posts

re: How much car debt in your houshold
quote:

$1,823/month




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hungryone
LSU Fan
river parishes
Member since Sep 2010
7930 posts

re: How much car debt in your houshold
Who still has cable?


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rpg37
LSU Fan
Member since Sep 2008
32391 posts

re: How much car debt in your houshold
About $10k left on my 2017 Camry SE.


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wasteland
LSU Fan
ya mother
Member since Apr 2011
2933 posts

re: How much car debt in your houshold
$0

Last monthly note I paid was in 2012


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