Geez how are folks affording their car payments in this economy? I decided to sell my car since my wife and I are okay with sharing. Was casually browsing for a used car and for a decent car monthly payments are hitting $600-700.

likehelpful
Posting as :
works at
You are currently posting as works at

Pay for your cars in cash, then slowly upgrade when you can. Always pay cash.

funnylike

You don’t need to spend over $10k on a car unless you’re fooling yourself into “needing” something newer / fancier.

funnylike

PE1 is living pre-cash for clunkers era.

likesmart

I paid cash for every car I’ve ever owned.

likefunnysmart

No judgements… but if money is cheap (anything less than 3.99%), it’s not really the best use of capital… I understand the behavioral rationale… but when you can use other people’s money for little to no interest outlay, it’s usually worth identifying more productive uses of capital…

likefunny

That’s about average… I think the average new car purchase price is just below $50K… so straight line 10% down, plus taxes, fees and first month; comes to $750/mo (which is inline with the most recent survey)… but that’s for a new vehicle…

As others have said, you can absolutely get something less expensive… but if you can afford something that’s safer, more luxurious or fun to drive, that’s great… I’m sure you work hard, and you deserve to steep the rewards of that…

I’m an automotive enthusiasts and have more than a few… so I’m all for people buying what they want…

like

Well I am clearly an outlier here. I just paid $180k cash for a car, and I set aside money in the last 10 years for that purchase. Wife was supportive. My annual income is around $250k. We have savings and investment aside from the car purchase funds, no debt whatsoever (we paid off our house early).

Just another datapoint for OP, that people have different priorities when it comes to money 😉

like

😂😂😂

Most are covering with debt in other areas lol. For our two cars they’re $1,400/mo total. I’ve paid cash for cars since I was in high school, except for the two new vehicles I have notes on. I drove my old one until the wheels fell off, and my wife wanted to upsize for our kiddo. In my case, it made more sense to keep money invested because interest rates weren’t bad at the time.

I do remember when I was making 16/hr in undergrad and the amount I spend now makes me cringe a bit. It is nice having nice dependable things though. I also waited until the amount had no impact on my life to do it.

As for the folks who make $50k/year and own a $60k truck, I have no earthly idea how they do it.

like

Exactly. I’m around $180k salary and hesitate to look at anything over $55k. Yet I’m seeing some younger folks with $80k cars. I guess it makes sense if you don’t have a spouse or mortgage/rent to splurge on a car.

Buy a new car only once secondary/passive income can cover the payments. If not available, buy a beater

smart

I pay $642 for my 2025 Odyssey Touring and $489 for my 2023 Passport. I plan to buy out my Passport lease next year for $28k instead of buy something else or lease something new. The car has 20k miles and they’re going for $29-31k used so basically a new car for market value.

I lease paying $170 per month for dodge hornet phev (48k), and 310 per month for Cadillac lyric (78k), all in including tax, no down payments. It’s really quite easy to pay this.

Nice!! Ev credit benefits were awesome

Related Posts

American Senior / ACD Copywriter looking to get out of US. Any advice?

like

For a customer success manager with 3 YOE, what’s the expected compensation? Experience working with 100+ accounts to also be in a dedicated role with top 5 ARR client.

like

I am going to start a career as a Patient Access Rep soon. I have previous admin experience and I am wondering if I should ask for a pay increase to salary? The starting pay for this position is 16.25 but I am wanting to ask for 19up…How much are patient reps making now days in this medical field?

like

Saitama (slowly) on the rise. Eager to see what happens this weekend

likefunny

What’s a fair salary increase after a year of inflation?

like

Anyone in the strategy consulting group at EY want a referral bonus?

Auditing almost serves no value besides a few misstatements here and there. Every company and analyst is reporting on non-gaap figures. The numbers we don't even audit

like

What's your experience working with United Way?

like

Hi all, looking for recommendations for a divorce lawyer in Houston area. Any recommendations would be helpful.

like

How company Company performance bonus is paid in persistent? In offer it’s mentioned that some is paid monthly and remaining at the end of financial year based on performance review

like

The Status on Barclays portal is showing Offer Approved. In how much time should i expect the offer letter??

like

What are different roles in LTI. I have got offer as P4 .May I know other roles from P4 onwards.
My exp is 11.10 years

like

I was just informed after the third round of interviews they’d like at least 5 references, two must be supervisors. My last job was a temporary remote job where I didn’t really interact with my supervisor and the jobs before that were at my family’s business (I do not speak to any of them for serious personal reasons.) Anything before that was grad school and I haven’t kept in contact with any professors from over five years ago. What should I do? 😕

like
like

Hi all, how did you solve the retirement puzzle?

As an expat, I went on the Degiro for investing at the moment, since the account can be used from all countries.

Was considering to invest also in an insurance, but is apparently not possible if you live abroad and then maybe go back to the home country.

Have any tips?

like

Is it common to negotiate software engineer salary at smaller companies? I know it’s common at FAANG, but what about for companies with around 200 engineers? I have a counter offer from my current company and on-site interviews scheduled for end of July with google and Amazon, but I’d prefer to go with the smaller local company if I can negotiate the salary (from offer letter) up another 5% or so.

like

Could PwC employees invest in Vanguard funds (passively managed)?

Received offer from EY, in the U.K and Australia, same role.

Based on location, which would you accept if you were in my shoe ,and why?

Please help. I'm in a delimma.

like

Anyone here know/work at Facebook? Recently applied to a program there and would love to connect and chat further

like

Additional Posts in Automotive

Alright auto fishes, I’m in the market for a entry level luxury car. Open to used or a lease. I don’t plan to use it as a daily driver, live in an HCOL. Only restriction is that I’d like to keep my monthly costs at no more than $600-$700/month (including insurance, financing / fees, etc; have a parking spot already). Doesn’t have to be a European badge. Thoughts?

like

Feedback on this Alpine A110: don’t buy one for more than 40k€. Rather go for an F-Type, a Boxster or an M2.

+ Fun, agility, good sound
- Cheap interior & details, 4-cylinder, too expensive

Post Photo
like

Thoughts on new M3? 😍😍

like

Will I be overpaying, if I get a 2017 Lexus RX350 AWD with 49.5 K miles on it for 32K out of door from a dealership near me? This is my first time buying a used car and also anything outside of a Honda. All insights are appreciated.

like

I’d like to see Honda remake the S2000 to counter the Supra and the new Z, I think it could be a cool add. Pic below is what got my attention. What other discontinued cars do you all think would be worth a comeback?

Post Photo
like

Will be in the market for a car in a month or so - narrowed down to Mazda CX 50 Turbo but the BMW X3 is only around $5k more compared to the Mazda Turbo trim I liked. Torn between these 2, would really appreciate any advice/insight in making this decision in regards to longterm ownership, rate of depreciation and maintenance.

I own a 1973 Chevy nova and and a 1988 Dodge ramcharger. Eventually I want to put a 6.6L duramax in the nova, and make it into a sleeper/fun weekend car, restomod the interior for comfort, convenience and tech etc. Then I want to put a Cummins in the Ramcharger and make it into kind of an overland/back country truck that I can still take down the road to get to the back country. Also restomod it for comfort, convenience and tech. Thoughts ?

like

Help! Between 2022 Acura MDX vs 2022 Q7, which would be great for drive. I'm open to BMW X5 and Volvo XC90 and Telluride. Going through analysis paralysis

like

Is the 2018 Macan turbo w perf. Pkg the best Macan ever made?

like

Which would you pick:

Range Rover Classic (c. 1992)

OR

Hummer H1 (c. 2003)

like

Buy/lease now or defer to Q1-2023?

My car broke (engine seized, 10y old). I am interested in 530i ($62k price), however 3year lease is $1,000+ monthly (with $5k down). Monthly lesse payment is 50% more than bmw advertised offers (“south FL dealers are not participating in the program”)

Q to car gurus/experts- should I defer purchase/lease for 6 months? My logic, the impending recession will reduce demand and we will go back to more balanced market (lower prices with negotiation).

like

Looking for a panty dropper used car for around 40k. What would you suggest? Considering a wide range of options from x5 to F type

like

The new X7 looks like a faakin’ Kia….

likefunny

Anyone know if non-m cars have launch mode?

like

Is Carvana legit? I've never seen any reviews just a hundred commercials. I could google this but wanted to know if anyone in here sold through them successfully. Thinking of selling my Benz E350, 2013. Let me know.

like

On the streets of London

Post Photo
like

I would love to get my hand on one of these bad boys. Just wondering if anyone has ever driven one or gotten one in an auction. Definitely high on my list if I ever get the chance to start a real collection. Mazda RX-7 (FD).

Post Photo
like

About to buy my first car, am I making a mistake? It's 2019 Corolla for 25K CAD (18K USD) all in. 45K kilometres (28K miles). I have 75K saved and earn 100K a year. It just feels too expensive, but it's hard to find something decent for less. Thoughts appreciated!

like

I test drove a 2017 330 gt, got an offer for around 28K. I need to fit 2 child seats and don’t want to get an SUV. It’s surprisingly roomy inside. Asking for the pros here for any insights or things to be aware of before I pull the trigger. My first german car upgrading from an accord.

like

What's a good replacement for my daughter's old Ford Fiesta? Not much of a car nut but my ex-husband raves about this page so I joined up. Fine with a used car or new, just want a similar price point and keep it small, she doesn't want an SUV. I was thinking a newer model Kia soul maybe?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal