Avg monthly new car note $773. $44K financed

the vehicle industry is the biggest scam since the NINJA loans that started the 2008 housing crisis. Allowing these poors to finance for 8 months for a freaking vehicle. I know so many people paying $1100 on a vehicle note

Roughly

New car calculations
$9.2K/yr payments
$53.5K total payments
$9.1K total interest

Used car
$6.7K/yr.
$39.6K
$10.3K total interest

$9-10K interest payments to keep a car for 6yrs. Then rinse and repeat the vicious cycle. People need to seriously consider keeping a 10yr old Accord or Camry instead. Most will run 20yrs easy with minimal maintenance.

Anyone paying interest on a car note is well, not financially with it.

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People need to seriously consider keeping a 10yr old Accord or Camry instead.

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My youngest vehicle is 2007. 19 years old now.

Wife’s daily is 1998. 28 years old.

Yall go to work in your new cars to pay the note on new cars. Not me.

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Car dealerships have lost their god damn minds

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I was listening to a guy who sells classic muscle cars go on and talk about how Gen Z is going to get into their 30's and 40's and be buying his cars because they'll be at their max earning potential. Kids will be in college, blah, blah, blah.

I thought, talk about being completely out of touch with reality. They can't even put 20% down on a house but they're going to buy a 68 Chevelle at $58K? And that's $58K in TODAY's dollars. Does he know what you have to put back to put one (1) kid through college? God, help you if you have more. People are fighting for their lives right now and as cool as a Mach 1 would be, most people don't have the disposable income to put into something like that. They can't even pull a golf membership, right now.

Mine is $0. Both vehicles have been paid off since 2019

< Household has zero car payment

0 apr and still somewhat regret buying a new one. Dont get me wrong when im in it I love it. But then I use old truck and see how over I spent on the new one.

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Average new car 70.1 month $773 $43,889 financed 6.9% APR $6,206 Down payment

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I just wouldn’t do it. I finally got a new car bc I’ve been having to do a lot more traveling for work (not long enough to fly, too long for my old beater at this point).

My note is $220 less than that, and I made 1/3 of that down payment (free money so of course—I love Dave Ramsey but I can handle “the psychology.”)

I went new only because Tesla dropped the Model Y price and did 0%. (And range is perfect for my round trips.)

I haven’t paid interest on a car in decades. It’s a realllllly bad financial move. Especially since I can deduct the biz mileage even without interest.

Eta: I probably would have continued procrastinating but for the fact that I could buy a car by clicking a button and hitting the Apple Pay button on side of phone.