re: Any baw making $739/mo car payments?

Mine is double that.

$325 a month was the note for my truck. Paid $425 a month and paid it off early. No note for the past 8 months or so.

Gonna drive this truck until the wheels fall off - like a thousandaire should.

$505 a month because they offered me 0% interest on the financing. Still feels bad

You are right, but most people aren’t disciplined enough to pursue this strategy. They will spend that sixty grand in the bank on vacation and toys, rather than invest.

So most people should select a reasonably priced vehicle (35k-55k) and pay cash. If they can’t pay cash, they should put down as big a down payment as possible and finance the rest on as short a term as possible, from the most efficient lender which is often a local credit union.

This leaves them with a paid off vehicle rather quickly and cash flow for other needs/wants.

$1,498/mo

quote:

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never had a car payment in my life

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I never have either and it is based on something my first FIL taught me. When he finished his residency and started making real money and it was "time" for him to buy his wife and him new cars... he didn't. They drove the ones they had for 4 more years and he paid into a separate account what would have been 2 new car payments and the extra insurance costs. At the end of 4 years he had the cash to go buy nicer new cars than he could have 4 years prior.

His daughter and I started that and I continued to do it until my situation didn't warrant a segregated account. I have driven nicer and nicer cars throughout my life and never paid a penny to finance a car. That 4 years of sacrifice took a lot of pain out of car buying over the years.

I will admit there are financially smart deals that could be had when interest rates were available through manufacturer financing but in general those don't exist for the cars I buy but it is something to be considered.

I own 4 cars, all paid off. 2022, 2019, 2016, 2012.

$867/month but 1.9% interest and only $1k down and I get paid triple that in mileage from work a month. First car note ive ever had and will be paid off next year

Both our vehicles are Paid off

Paid off 4Runner, but she is high mileage. Have saved a chunk up for a down payment when the time comes to offset this national average. Without money down, a trade, it is an expensive world out there for car payments. Still deciding between a low mileage certified pre-owned, or another old school Honda/Toyota and just paying cash. Will be a game time decision.