re: So i've been without a car for 3 weeks and just using an uber to work from the suburbs

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I know it’s an ongoing joke on the OT having a high car note but who actually had a car note this high. And why?

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According to data on Credit Karma:

The average monthly car payment was $554 for a new vehicle and $391 for used vehicles in the U.S. during the first quarter of 2019.


According to a Bloomberg study:

By the third quarter of 2015, 43.5% of new-car buyers had loans of 61 to 72 months, according to Experian. The credit reporting agency noted that 27.5% of buyers had even longer terms for making monthly new car payments: 73 to 84 months. The typical car loan length has also grown longer for used car buyers, with 41.3% of consumers in this category choosing 61 to 72-month loans, notes Experian. There are 16.2% of used car purchasers who finance their vehicles for between 73 and 84 months.

As to the why? It's, of course, just a function of the amount borrowed, the interest rate and the term length. And with more Americans opting for higher priced SUVs and pick 'em up trucks (that have some sweet profit margins for the auto makers), more is getting borrowed and the term lengths are getting longer. That ain't good, IMO.

Having worked in the auto sector for a number of years, I wonder how it will play out for the people and the industry, once the people who have the "I'll just finance it" mindset encounter a spike in rates. I don't see how term lengths can get much longer than they already are, and I don't see prices coming down in any dramatic fashion.

You probably aren't far off. You can obviously get a vehicle with a lower note that $450 but $700 total is probably a good estimate.

450 note
125 insurance
150 gas
100 maintenance - tires, oil etc
=825

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I drive a luxury car and can easily afford it. I actually just finished paying it off. It’s an enjoyment for me but clearly a “want” versus a “need”.

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That's not allowed!

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Not dumb enough to live in a place where I can’t function without two cars.

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Tell me about your public school system, your state income and property taxes, and your real estate market.

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I guess this would be a good time for me to mention that I firmly believe that paying for two cars but not your kid’s education, no matter how common, is insane.

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Or deflect, fielders choice.

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How much is the average car note plus insurance per month?

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I do way more with my vehicle than go to work

Car note, Insurance, Gas, Inspection Stickers, Registration, etc...

Could easily hit $700 per month.

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Also ads up to an asset and much more transportation than the 22 round trips OP is referencing. It's definitely a way more expensive mode of transportation.

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It really depends on how much you drive. I work from home and live in a city. It would make sense for me to ride share vs buy a vehicle with a $500 note. My vehicle is paid off, so I don't worry about that, but my situation is one reason why I drive a 9 year old vehicle and have no desire to buy anything new for myself.

Good on you. I have a family of 5, and no car payments. I will warn you, the longer you go without buying something, the harder it will be to spend cash on a vehicle. I have went so long without paying car payments that my spending habits have adjusted.

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The truth: a family of four with more than one car is most likely a family full of suckers.

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WTF?

You either have very young kids or kids who don’t participate in activities outside of school. Several times a week my kids have to be in two separate parts of town at the same time. Car pool helps some, but no way it’s done conveniently without two vehicles.