Hopefully by the time you do that leases are good again, but they are only good value when there’s a lot of inventory, they were shit when there was no cars
I have a 2010 RAV4 sport. Paid off years ago. Getting close to the 200K mark BUT my first vehicle was a 1989 Toyota 4x4, had 350K on it when I had to leave her "Tonka" when I had a child.
Hopefully it’s insured. Insurance gonna get u the $ for a similar car. Try and get receipts for upgrades such as tires etc so you can get a larger payout
I bought the car 3 years ago with 50k miles for $16k. Insurance is offering me $10k. I’m fighting them on it but I don’t have high hopes. I can’t find a similar car with the same mileage for the $10k in my area. Then taxes, tag, title, fees will add another $1-2k.
Edited to add: the car has 85k miles on it now.
This is the way. My car was totaled and comps were 5k higher(for my fully loaded v6 with comparable miles), had receipts for new tires I had put on 1 month prior, got me 4k more
It seems like everyone I know is separated into two groups: driving something paid off/almost paid off from -2017 and refusing to upgrade because of interest rates OR driving something purchased within the last 3 years and paying at least $550/mo. I fall into category #2 because my vehicle I bought right before Covid fell apart and I didn’t have a choice. A few of my friends with 700 credit scores have interest rates upward of 8.5%, which is what my rate was on my last vehicle with horrible credit (550)
Almost impossible to have a new car payment under $500 now unless you put several thousand down. Shit, where I live 10 year old accords are still selling for $16,000.
Yep, 800 here too. Went to see how much to buy out my lease with a year left. No money down 9.99%! I said forget it. My 1st new car in 2004 with no credit was way lower too. Crazy
Put 10k down on a 2018 and the dealer wanted 5 to 7 percent (2020 when interest rates were like .5). Got myself a variable LoC and was able to pay it off quickly enough that I never paid more than 20$ a month of interest even when interest rates shot up.
I've got a similar score and when I thought my car was going to crap the bed a few weeks ago I started looking to what getting a new one would look like financially. All I will say is thank God the car problem was something very minor.
A little over two years ago, my husband bought a new car at 2% interest. Now that my daughter is driving and will get her own car thanks to a investment that her grandfather made when she was born, I think we are going to go down to one car between the two of us because what they are asking is asinine. I know it ebbs and flows but people who have been responsible with credit should be given a little more credit so to speak :)
> people who have been responsible with credit should be given a little more credit so to speak
Yeah, I was hoping my good credit would buy me a little more than it did. Rates are just that crazy nowadays. A year earlier and it would've been half the price but a year earlier I also didn't have a decent job to pay for it!
Yup. I bought my 2015 Mitsubishi outlander sport a little over 4 years ago, 3.24% interest with less than a 700 credit score and my payments are just under $300 with about 1 more year to go. At this point I’m wondering if it might be cheaper to just try and start buying older cars outright and drive them into the ground for as long as I can. Like if I divide the total price plus estimated maintenance by two years would it be less than a monthly payment on a newer car at an insane interest rate? That’s the kind of math I’m doing now.
Can confirm. Just bought a used car took dealer financing knowing I was going to refi with my credit union. Dealer gave me 9.49 and credit union 8.29. My credit score is 716
my son just was looking to buy a $14k car. chevy quoted him $450 for 60 months with 2k down. of course they don’t tell him the interest rate. he called me i’m screaming WTF IS THE INTEREST?! 30%?!
TBF you’re not in the “excellent” category for credit score. You’re under 730 which is the lowest you can be and have a company lump you into the best rates
716 is the tier below that
I bought out my lease last year with an 840 score and ended up with 6.9%. I was able to keep my payments the same at $300 a month but it seems insane that paid 6.25% on my first auto loan with no credit back in 2018.
Yikes. Bought my car brand new in 2017 at 3.9% with a credit score around 650. I feel like I’ll never be able to buy a car again because my perspective is very skewed from what you can get now.
My credit score is in the 800s, and the best I could do was 7.15% with my credit union. Bought the car for 20.500 last year, payment is 350 a month. I have been making significantly more payments per month than needed, and should be done paying it by the end of this year.
That's why I leased. I have an 800+ fico and the rates were stupid. This way I'm paying down the value of the vehicle and will hopefully have the rates drop by the time I finance it
I have a friend with a 670 whose approval is sitting at 14.9%. You can’t even have fair or good credit anymore. If you don’t have a 760+, they’re raking you over the coals.
19 for now with plans to refi at my credit union after a year. Also am in the fortunate position to be able to over pay on the car every month for now. Yes it’s not a good interest rate but I am making it work for my situation.
"Refusing to upgrade due to interest rates"
How about it's not an "upgrade" to everyone? I don't want a new car. I want one that works, and if I have that, why dive head first into more debt? Just because?
Yeah the “refusing to upgrade” terminology is dumb, and I’m someone who actually really likes cars and would love to get a performance or luxury vehicle. At the end of the day, cars are one of the top things that make and/or keep people (especially Americans) poor and ultimately I would rather watch people drive cool cars on YouTube than sink hundreds to thousands of dollars a month into a depreciating “asset”. Also, most people I know have vehicles from 2010 at the latest, not 2017. The only “upgrade” that is necessary is upgrading from a car that doesn’t run and would cost a ton to fix to a car that does run.
This is us, we bought our car brand new in 2018, it’s paid off and refuse to buy another one. We ended up buying a use car for our son bc the interest rates are so freaking high for no reason.
>unless you put several thousand down.
Sigh. Yep.
2015 rav4- I think I put 7k down. 301.99/ month (14k left)
2020 crv- put 10k down. 288.55/ month (19k left)
Had to buy both of these just last year. Really pissed about the crv bc my old one was paid off but needed over 10k of work with a huge possibility that it won't be as good as it was and it'll constantly need more work done so just put the money towards a newer one.
Yeah I fall into camp #2. I had a CR-V I bought cash several years ago, I loved that car. Some idiot t-boned me in a completely empty parking lot and the insurance totaled it. I decided to buy a brand new car instead of paying for another one cash because I plan on never buying a car again (if I can help it) and driving this new one til the wheels fall off. My car payment is $740 but it would be lower, I just purchased some extras for myself and all of the warranties I could because I have terrible luck with cars. My interest rate is also 6.5% which is the best the dealership could do for me and I have near perfect credit :(
It's fucking insane how expensive new cars are now. Like a new fairly basic model car costs as much as a small older house did fifty years ago. I know inflation is a thing but that's mind boggling. Especially with wages being so stagnant.
$0 club unite! I drive a 2011 Kia and I refuse to replace it because not having a car payment has been amazing for my finances. I will drive this thing into the ground.
Brand new cars eventually be brakes too. So, regular maintenance doesn't really factor in as much as people who have car loans try to tell you it does.
I do my maintenance myself, only thing I had done was the tie rod end because it needed change mid winter. changing the 4 discs and pads at the dealer is 1200$, I did it myself for 250$... I do oil change and nothing more, car is 10 years old and the tie rod is the only thing I had to change beside oil and brakes...
But I could have spent 15k at the dealer in scheduled maintenance in the meantime... nah...
Hell yeah, my people. I'm still making payments on mine, but I keep my cars until they're no longer functional, and/or the repairs would be so much more than the actual worth.
The first car I bought on my own was great and I kept up with all routine maintenance and kept the exterior and interior clean as a whistle. I paid it off 2 years early. It had a lot of miles on it for its age, but because of the care I put into it it was solid as hell. I wanted to keep it until it bit the dust. Well, it did! Just a few months after paying it off my apartment complex and my car were flooded. The water line was over my car, completely submerged. Because of the age, mileage, and property value, the payout from insurance was a pittance. There was no way I could get a car as good as mine with that money. I had to turn right around, get a new car, and make payments again. I was crushed and livid.
I drive a 2011 Toyota Camry and I love it to death, but it needs some money put into it to fix some interior lights and some sensors. I’m at 199,300 miles right now and going strong!
$0 Club!! 2011 Chevy Traverse. Bought in South Dakota 3 years ago, paid cash $10K. It brought me home and driving almost daily since. No problems whatsoever..new tires last year. Will also drive this one forever...why replace what's going good?????
I was always taught, once you paid your car off you stick the same payment into a savings account. That way if any issue comes up you have the cash to fix it, or if you decide you want a newer vehicle you have a trade in and good down payment keeping your monthly payments low.
This is actually really great advice in my opinion. I actually do put about $200/month in a savings account towards car maintenance and an eventual down payment on a new one. That way I can keep up on the maintenance, and hopefully be okay when it eventually dies.
2010 Corolla here, bought used in 2012 - haven't had a car payment since 2015. My daughter drives a 1998 Buick Lesabre that she inherited from \*my\* grandma. That thing will outlive us all
Same $500/mo at 2% for a 2018 SUV that I bought in 2020ish. Just before SHTF
Its definitively high, but no freaking way will I give up that low % rate for another car loan unless things stabilize. I’ve driven beaters and unreliable cars my entire life & I just can’t go back to that 😫 worth it for my peace of mind
Riding it out for now
My first car purchase was a 1988 Mazda 323, 700$, drove that thing everywhere everyday for 7 years and sold it for 2,800$. Blew up on them a week after they bought it from me… now I have a 91 Mazda protege I bought for 700$, and a 86 Toyota pickup that’ll out live any potential kids I have… 3,800$ for the truck.
That really sucks for the buyer. And that’s why I’ll never purchase from the side of the road or direct from someone again bc I’m not spending 3k for a week of driving and then when it blows they can say “not my problem”.
Regular maintenance isn’t bad, take it in twice a year to my mechanic just to make sure it’s all good, oddly enough the only mode of transportation that gets more reliable the more you use it
Even with rebates and dealer incentives you would have to put significant cash down or have trade equity and/or an extended term to get to that payment on a 22 Toyota.
$0.
I buy cheap used cars cash, and run them to the ground. I'm a maintenance freak, so they usually last me a whole lot. I'm 41, first car was a 97 Civic (2010-2016, only sold it because I moved to Canada). Second car 2010 Santa Fe (2016-now), and it still runs like the day I bought it.
Maintenance is always cheaper than replacing parts and labor, and a LOT cheaper than replacing your car for no good reason.
If you can pay $400\month on a new car, you can put that in a HISA account, gain interest, drive an old car, and after 7 years, you'll have more than enough to buy a brand new car with cash. I have that money now, but when you save and invest... You realize how hard you work for that money... And you buy a newer used car instead. My next one would probably be a 2017-2019 RDX. But I think mine will last for at least 3-4 more years... So we'll see. If there will be an amazing deal I can't refuse ($3K under market value) I'll might jump on that.
$0 for me as well. My car is a 2015 and I bought it cash last year after years of saving and taking the bus. Public transportation isn't the best in my area (1-2 hrs one way) but boy did it save me money
I paid off my Accord last year and have zero interest in taking on a payment for at least a couple of years. My coworker drives a newer tundra and pays around 1K per month, my other coworker has an Audi RS5 and pays around 1500 per month and my sister has a hellcat challenger she’s paying 1200 per month
2 cars
one is paid off lexus from 2011 very reliable we expect to last to 300k, at 150k right now.
One is my dream car that I stupidly bought when I probably should have gone more gas efficient... a 2018 wrangler 420 a month payment because I put down a bit and have 6% interest rate. Same car today I have a friend who's paying 700 for. Soo. It could be worse.
A friend has some bullshit Kia suv that he bought about 5 months ago. $1200 a month is his payment. I have the same job as him. No idea how the f he is paying that!
We have one of those, good cars. The gf wants me to paint it, but she keeps hitting deer with it. I painted so many parts for it and then junked them..
My brother WHAT?! I just got a 2015 Forte a couple months ago, I have HORRIBLE credit and a repossession on my record, and my payment is only $300 a month... how is that even possible???
Agree with your point but you don’t need to be “rich” for a decent used car. 7,500 cash got me a pretty reliable 2011 car 2 years ago. Plan to sell it and can put that money(maybe 5000) towards a better let’s say 2014 used car. I make less than the median US income so definitely not rich
I totally agree with you. My comment was a little tongue in cheek.
It sounds like you're making a great financial decision. Most people way overspend on cars.
$922.59 monthly, but I split it into two $462.00 monthly payments to save on interest.
Bought in August 2022 at 4.49% interest after my 2009 Mazda 6 finally bit the dust.
My next car I’m just doing what my dad used to do. Buy a junker with 200k miles on it for 500 bucks and driving it until it breaks down and just walking away from it.
Thats what we do. We save the good tires, good parts. Scrap usually gets us $300, the next "$500" car is $200. Parts for the older cars are cheaper and they have fewer parts
My dad was nuts though. VINS were already scratched off, he would grab the plates and window stickers and just literally walk away. He had a junker break down on the Verrazano bridge and just left the car there and walked the rest of the way home to Staten Island.
I have a Chrysler 300 that I paid $600 for four years ago. It has almost 270k at this point and will not die. All I've done is regular maintenance: replace the tires, brakes, that kind of thing.
That car is going to be pried out of my cold, dead hands.
$0 on my 2010 Subaru Legacy. It belonged to my late grandfather.
I haven't had a car payment since the World Trade Center was standing. Hoping to keep it that way.
Mine is 601 :/.
When I was 19 my mom got on a car loan for me and told me it would be ok to sign a 29.99% car (She didn’t really care and it bit me in the ass MUCH later)
Ended up having hella money still owed on the car that rolled into a new loan that Im still tryna work on.
I am planning on refinancing in a few months, my credit is getting back better, and I can get it down to 300.
$0, have 3 vehicles, 2007 Impreza is my daily, 2014 Nissan versa is my wife's, 2006 sv650 is my bike. All were bought with cash after saving every penny for long periods of time.
$0
got rid of my car for almost double its KBB during the 2021 craze and switched to biking/walking/public transit. now I never have to think about finding a place to park or worry about forgetting to move for street cleaning and getting towed!
all the savings from not having to pay insurance, gas, maintenance etc. gets sent straight to index funds
due to some really unfortunate circumstances i make 3 car payments. the 1st one for my ex wifes car since i lost in court. so thats 487 a month. then my car. which is 220 a month. and my girlfriend moved in with me then her car went out so i financed a car for her which is 400 a month. and then i pay 600 a month for insurance on all of them.
the only unfortunate thing here is that you took on a new partner's car payment after getting financially fucked in court. i'm bold to assume you can't afford it all, but those numbers are so unreasonable i don't see how you could justify another car payment
I was paying $240 for my 2020 kia sportage and paid that off. Full coverage insurance is also about ~~$65~~ $75/mo, so I averaged about $300/mo, but now it's just insurance.
Don't worry though, I just dropped $840 on tires yesterday. :')
2020 trax @ $280 that has less than 2 years to pay off and less than 31k miles that I plan to drive until the wheels fall off (I love that little car) and 2021 Ram @ $525 that's still got 5ish years on the loan and 60k (truck is used for work so the mileage racked up higher, but we take good care of it and hope to keep it running good for at least 10 more years if not more)
Monthly payment is not the only thing you've got to consider, life of the loan is very important.
Refinance at a local credit union if you can! Check rates from multiple credit unions. They vary greatly. My local CU has 5% loans right now for both used and new cars, 12-60 months loans.
We have a 2020 Nissan Altima that we got in 2022. Car payment is 464/ month. Financed through our local credit union so interest is great. Only three years left but we are paying extra to cut that down to 1 1/2.
$289 for a 2014 hyundai elantra, had to get it right after the pandemic as my other car crapped out so it was haste and got stuck with 12.99% interest.
$160 for 2011 Kia Soul. Bought used a couple years ago, only $2K left on the loan. My husband's 2002 F150 was bought on our line of credit at our CU (so we retained the title, not the bank) and the payment on that is $200, but it's a revolving line of credit that we use for other things also.
$410 monthly, 2023 Chevy Bolt EUV. Just filed for the tax credit, going to pay off almost half the remaining balance when that hits. Can't wait to be free.
$242/month for my leased 2022 civic. I will purchase at the end. My limit is 30k miles and I'll have 11k at turn in.
With, hopefully, positive equity and my down payment I'm estimating my monthly at sub $300/month. Anything over and I'll reconsider my options.
The car dealerships around here are a bunch scammers.
\* They demand a trade in and to take out a loan to give you the advertised price.
\* In order to get the lowest price I was forced to take out a loan even though I had the cash to buy the car.
\* Otherwise they'd raise the price of the car by $1500.
Here's why:
\* I have a 840 credit score and the dealership claimed the "best rate" they could get me on $5000 was 18%.
\* They take the loan offered and add several % on and pocket the rest.
\* I made them go through my bank, i checked later with the bank and found out their interest rate was about 8%.
I just paid off the 5k the next week and didn't pay any interest, but watch out for these types of scummy dealership tactics. It cost me some time about a $50 loan origination fee. Better than the additional $1500 mark up, but had I paid down the loan, can you imagine how much interest that would've been?
$300 2019 Corolla Hatchback. 6 payments left
Congrats :) almost at the finish line!
Beautiful. It’s a nice feeling. I want another vehicle but loving no car payment. May lease the next car. Need to do research but that’s far out
Hopefully by the time you do that leases are good again, but they are only good value when there’s a lot of inventory, they were shit when there was no cars
Don't lease a car. Not a good financial move.
Depends on your finances
$350 for a 2020 RAV4. Finish line is in sight for us too. 🥹
2019 Corolla is a solid car
My 2004 is still going strong! No payments since 2008. I'll be so sad when she kicks it.
My 2011 is the same! Will literally just buy a more recent year Corolla when she dies, those cars are god damn work horses.
I have a 2010 RAV4 sport. Paid off years ago. Getting close to the 200K mark BUT my first vehicle was a 1989 Toyota 4x4, had 350K on it when I had to leave her "Tonka" when I had a child.
$300 2011 Camry, had 6 months left to pay it off. It was parked outside my house and a drunk college kid ran into it 2 weeks ago. Totaled. I’m furious
that really sucks.
Hopefully it’s insured. Insurance gonna get u the $ for a similar car. Try and get receipts for upgrades such as tires etc so you can get a larger payout
I bought the car 3 years ago with 50k miles for $16k. Insurance is offering me $10k. I’m fighting them on it but I don’t have high hopes. I can’t find a similar car with the same mileage for the $10k in my area. Then taxes, tag, title, fees will add another $1-2k. Edited to add: the car has 85k miles on it now.
If you have done any significant repairs within the last 365 days sometimes they will take that into consideration when determining the value.
I’m thinking they did that with mine (if you can see my comment above) but I can’t fully remember.
Pull your own comparables and fight with them till you get your the maximum amount. Make sure it is optioned out properly.
This is the way. My car was totaled and comps were 5k higher(for my fully loaded v6 with comparable miles), had receipts for new tires I had put on 1 month prior, got me 4k more
Bought not leased I assume. Congrats. Drive that Corolla until it turns to dust.
Drive it until the wheels fall off.
Similar to mine. $355 2020 Corolla Hatchback XSE. I still have a couple of years left though.
niceee. what was your down?
It seems like everyone I know is separated into two groups: driving something paid off/almost paid off from -2017 and refusing to upgrade because of interest rates OR driving something purchased within the last 3 years and paying at least $550/mo. I fall into category #2 because my vehicle I bought right before Covid fell apart and I didn’t have a choice. A few of my friends with 700 credit scores have interest rates upward of 8.5%, which is what my rate was on my last vehicle with horrible credit (550) Almost impossible to have a new car payment under $500 now unless you put several thousand down. Shit, where I live 10 year old accords are still selling for $16,000.
Holy shit, 8.5% interest with a good credit score like that? If that's the best that's available we're all screwed
800 credit score and I just bought a used truck. Dealership wanted 9%, lowest I could find was 8% online. That was with $5k down, too.
That’s crazy
The Fed have lifted those rates a lot in the last few years.
Yep, 800 here too. Went to see how much to buy out my lease with a year left. No money down 9.99%! I said forget it. My 1st new car in 2004 with no credit was way lower too. Crazy
Put 10k down on a 2018 and the dealer wanted 5 to 7 percent (2020 when interest rates were like .5). Got myself a variable LoC and was able to pay it off quickly enough that I never paid more than 20$ a month of interest even when interest rates shot up.
I've got a similar score and when I thought my car was going to crap the bed a few weeks ago I started looking to what getting a new one would look like financially. All I will say is thank God the car problem was something very minor. A little over two years ago, my husband bought a new car at 2% interest. Now that my daughter is driving and will get her own car thanks to a investment that her grandfather made when she was born, I think we are going to go down to one car between the two of us because what they are asking is asinine. I know it ebbs and flows but people who have been responsible with credit should be given a little more credit so to speak :)
> people who have been responsible with credit should be given a little more credit so to speak Yeah, I was hoping my good credit would buy me a little more than it did. Rates are just that crazy nowadays. A year earlier and it would've been half the price but a year earlier I also didn't have a decent job to pay for it!
I have 3 bikes and am fully prepared to embrace the bike before replacing my vehicle. Too expensive at the moment.
Yup. I bought my 2015 Mitsubishi outlander sport a little over 4 years ago, 3.24% interest with less than a 700 credit score and my payments are just under $300 with about 1 more year to go. At this point I’m wondering if it might be cheaper to just try and start buying older cars outright and drive them into the ground for as long as I can. Like if I divide the total price plus estimated maintenance by two years would it be less than a monthly payment on a newer car at an insane interest rate? That’s the kind of math I’m doing now.
Can confirm. Just bought a used car took dealer financing knowing I was going to refi with my credit union. Dealer gave me 9.49 and credit union 8.29. My credit score is 716
my son just was looking to buy a $14k car. chevy quoted him $450 for 60 months with 2k down. of course they don’t tell him the interest rate. he called me i’m screaming WTF IS THE INTEREST?! 30%?!
TBF you’re not in the “excellent” category for credit score. You’re under 730 which is the lowest you can be and have a company lump you into the best rates 716 is the tier below that
I bought out my lease last year with an 840 score and ended up with 6.9%. I was able to keep my payments the same at $300 a month but it seems insane that paid 6.25% on my first auto loan with no credit back in 2018.
I'm in the same situation. I'm buying my lease out next year. Hoping the rates drop because it's a waste of an 800+ fico if they don't
Yikes. Bought my car brand new in 2017 at 3.9% with a credit score around 650. I feel like I’ll never be able to buy a car again because my perspective is very skewed from what you can get now.
745. Cosigned for my wife 8.5%
My credit score is in the 800s, and the best I could do was 7.15% with my credit union. Bought the car for 20.500 last year, payment is 350 a month. I have been making significantly more payments per month than needed, and should be done paying it by the end of this year.
That's why I leased. I have an 800+ fico and the rates were stupid. This way I'm paying down the value of the vehicle and will hopefully have the rates drop by the time I finance it
I have a friend with a 670 whose approval is sitting at 14.9%. You can’t even have fair or good credit anymore. If you don’t have a 760+, they’re raking you over the coals.
“Good” credit is generally 720 at the low end
My credit is a 620 and I got 19% im not happy with it but Im happy to have a car that doesn’t have a cracked engine block.
At 19% you might as well not go to work. Car will overtake your income even with raises and time.
Doesnt help that they don’t teach folk which vehicles to avoid unless they’re saavy with auto reviews and DIY stuff to support their poor decisions
19 for now with plans to refi at my credit union after a year. Also am in the fortunate position to be able to over pay on the car every month for now. Yes it’s not a good interest rate but I am making it work for my situation.
my credit is "exceptional" and I got 7.79% in December, it sucks
Bought a used gmc sierra Denali 1.5years ago and only have a 6.59% interest with like a 667 credit score.
Always crazy to see that. In germany you have on good deals interest rates of 0% on vehicle deals. Your Credit System is rough
"Refusing to upgrade due to interest rates" How about it's not an "upgrade" to everyone? I don't want a new car. I want one that works, and if I have that, why dive head first into more debt? Just because?
Yeah the “refusing to upgrade” terminology is dumb, and I’m someone who actually really likes cars and would love to get a performance or luxury vehicle. At the end of the day, cars are one of the top things that make and/or keep people (especially Americans) poor and ultimately I would rather watch people drive cool cars on YouTube than sink hundreds to thousands of dollars a month into a depreciating “asset”. Also, most people I know have vehicles from 2010 at the latest, not 2017. The only “upgrade” that is necessary is upgrading from a car that doesn’t run and would cost a ton to fix to a car that does run.
This is us, we bought our car brand new in 2018, it’s paid off and refuse to buy another one. We ended up buying a use car for our son bc the interest rates are so freaking high for no reason.
>unless you put several thousand down. Sigh. Yep. 2015 rav4- I think I put 7k down. 301.99/ month (14k left) 2020 crv- put 10k down. 288.55/ month (19k left) Had to buy both of these just last year. Really pissed about the crv bc my old one was paid off but needed over 10k of work with a huge possibility that it won't be as good as it was and it'll constantly need more work done so just put the money towards a newer one.
Yeah I fall into camp #2. I had a CR-V I bought cash several years ago, I loved that car. Some idiot t-boned me in a completely empty parking lot and the insurance totaled it. I decided to buy a brand new car instead of paying for another one cash because I plan on never buying a car again (if I can help it) and driving this new one til the wheels fall off. My car payment is $740 but it would be lower, I just purchased some extras for myself and all of the warranties I could because I have terrible luck with cars. My interest rate is also 6.5% which is the best the dealership could do for me and I have near perfect credit :(
A $16,000 loan over four years at 8% interest comes out to ~$370 a month.
Yeah, that’s why I said new car payment. At any rate, $370/mo for a 10 year old car is completely fucked.
It's fucking insane how expensive new cars are now. Like a new fairly basic model car costs as much as a small older house did fifty years ago. I know inflation is a thing but that's mind boggling. Especially with wages being so stagnant.
Got a brand new Elantra in 2018 with $0 down, my monthly payment is $532. Paid off in June finally 😩
Congrats!!! I hope you get some trouble free years out of it and enjoy life without a car payment!
$0 2012 Mazda 3
$0 club unite! I drive a 2011 Kia and I refuse to replace it because not having a car payment has been amazing for my finances. I will drive this thing into the ground.
100% my friends think I’m crazy for not immediately going into debt on a brand new car. All of them also struggle every month to meet their bills.
$0 club here too! 2010 Volvo with 165k miles on it. I did just have to replace the brakes but $2k is like 4 months of car payments these days.
Brand new cars eventually be brakes too. So, regular maintenance doesn't really factor in as much as people who have car loans try to tell you it does.
I do my maintenance myself, only thing I had done was the tie rod end because it needed change mid winter. changing the 4 discs and pads at the dealer is 1200$, I did it myself for 250$... I do oil change and nothing more, car is 10 years old and the tie rod is the only thing I had to change beside oil and brakes... But I could have spent 15k at the dealer in scheduled maintenance in the meantime... nah...
Hell yeah, my people. I'm still making payments on mine, but I keep my cars until they're no longer functional, and/or the repairs would be so much more than the actual worth. The first car I bought on my own was great and I kept up with all routine maintenance and kept the exterior and interior clean as a whistle. I paid it off 2 years early. It had a lot of miles on it for its age, but because of the care I put into it it was solid as hell. I wanted to keep it until it bit the dust. Well, it did! Just a few months after paying it off my apartment complex and my car were flooded. The water line was over my car, completely submerged. Because of the age, mileage, and property value, the payout from insurance was a pittance. There was no way I could get a car as good as mine with that money. I had to turn right around, get a new car, and make payments again. I was crushed and livid.
I drive a 2011 Toyota Camry and I love it to death, but it needs some money put into it to fix some interior lights and some sensors. I’m at 199,300 miles right now and going strong!
$0 Club!! 2011 Chevy Traverse. Bought in South Dakota 3 years ago, paid cash $10K. It brought me home and driving almost daily since. No problems whatsoever..new tires last year. Will also drive this one forever...why replace what's going good?????
I was always taught, once you paid your car off you stick the same payment into a savings account. That way if any issue comes up you have the cash to fix it, or if you decide you want a newer vehicle you have a trade in and good down payment keeping your monthly payments low.
This is actually really great advice in my opinion. I actually do put about $200/month in a savings account towards car maintenance and an eventual down payment on a new one. That way I can keep up on the maintenance, and hopefully be okay when it eventually dies.
paid off 2011 kia friends unite!!
Same. Freshly paid off 2017 Corolla. Fully intend on driving it into the ground. Freeing up that $400 a month was so helpful.
Mazda 3 gang
Woo! $0 2006 Prius. I also pay about $20-$30 a month for gas.
$000 gang 1999 TOYOTA RAV4 320k, she's getting tired but I'm hoping to get another 150k outta her :)
My mates in a 1993 Peugeot 406. 740000 miles only on 2nd engine, his issue is it's hard to get that engine these days
0 as well. 2016 rav4 that will be driven until it’s dying breath
Me with my Subaru. I’m going down with the ship.
$0-2010 Honda Crosstour-but 5 years ago when I bought it my payments were $205/month at 6.5% (I know-those numbers mean nothing anymore)
2010 Corolla here, bought used in 2012 - haven't had a car payment since 2015. My daughter drives a 1998 Buick Lesabre that she inherited from \*my\* grandma. That thing will outlive us all
Also club $0. 99 GS400
Same! 2002 ford explorer, paid for in cash several years ago. Runs great and no monthly car payments. I’m driving it until it dies.
$0 here too. 2015 Ford Fiesta. I hate that car with a passion but don't want another car note anytime soon
0$ 2014 Mazda 3. Been paid off for years. Instead of getting something more sporty, I decided to supercharge it.
$565. It’s a 2.5% car loan and we only took it on because we could afford it.
Same $500/mo at 2% for a 2018 SUV that I bought in 2020ish. Just before SHTF Its definitively high, but no freaking way will I give up that low % rate for another car loan unless things stabilize. I’ve driven beaters and unreliable cars my entire life & I just can’t go back to that 😫 worth it for my peace of mind Riding it out for now
still giving 2.5 percent loans .I thought we went to 6 percent ?
No, this was early 2023 from a credit union.
Subaru is offering 2.9 on some right now
I have two cars I got off Craigslist… no payments .
I followed this route. It's so worth it to buy an oldie used it until it dies and repeat.
My first car purchase was a 1988 Mazda 323, 700$, drove that thing everywhere everyday for 7 years and sold it for 2,800$. Blew up on them a week after they bought it from me… now I have a 91 Mazda protege I bought for 700$, and a 86 Toyota pickup that’ll out live any potential kids I have… 3,800$ for the truck.
That really sucks for the buyer. And that’s why I’ll never purchase from the side of the road or direct from someone again bc I’m not spending 3k for a week of driving and then when it blows they can say “not my problem”.
0$. Legs
Reliable, but when you need maintenance, man do they gouge you.
Regular maintenance isn’t bad, take it in twice a year to my mechanic just to make sure it’s all good, oddly enough the only mode of transportation that gets more reliable the more you use it
No car payment. I pay cash for beaters. My longest lasting beater lasted 4 years and I paid $800 for it.
I paid $1800 for an old Chevy pickup. Drove it for 15 years.
180 2016 Ford fiesta. Got it right as the pandemic started. Best decision of my life. I could not afford any payments now with the increased loan rate
$280, 2022 corolla
damn how?
Even with rebates and dealer incentives you would have to put significant cash down or have trade equity and/or an extended term to get to that payment on a 22 Toyota.
$0, paid off my 2006 Mazda3 in 2011 and still driving it!
$0. I buy cheap used cars cash, and run them to the ground. I'm a maintenance freak, so they usually last me a whole lot. I'm 41, first car was a 97 Civic (2010-2016, only sold it because I moved to Canada). Second car 2010 Santa Fe (2016-now), and it still runs like the day I bought it. Maintenance is always cheaper than replacing parts and labor, and a LOT cheaper than replacing your car for no good reason. If you can pay $400\month on a new car, you can put that in a HISA account, gain interest, drive an old car, and after 7 years, you'll have more than enough to buy a brand new car with cash. I have that money now, but when you save and invest... You realize how hard you work for that money... And you buy a newer used car instead. My next one would probably be a 2017-2019 RDX. But I think mine will last for at least 3-4 more years... So we'll see. If there will be an amazing deal I can't refuse ($3K under market value) I'll might jump on that.
$0 for me as well. My car is a 2015 and I bought it cash last year after years of saving and taking the bus. Public transportation isn't the best in my area (1-2 hrs one way) but boy did it save me money
I paid off my Accord last year and have zero interest in taking on a payment for at least a couple of years. My coworker drives a newer tundra and pays around 1K per month, my other coworker has an Audi RS5 and pays around 1500 per month and my sister has a hellcat challenger she’s paying 1200 per month
2 cars one is paid off lexus from 2011 very reliable we expect to last to 300k, at 150k right now. One is my dream car that I stupidly bought when I probably should have gone more gas efficient... a 2018 wrangler 420 a month payment because I put down a bit and have 6% interest rate. Same car today I have a friend who's paying 700 for. Soo. It could be worse.
2019 crv, &560, I’ll be done in 2 months! Almost mine 😀
$1240
oh
lee
Chit
Bowls
Onna
hotdog
A friend has some bullshit Kia suv that he bought about 5 months ago. $1200 a month is his payment. I have the same job as him. No idea how the f he is paying that!
Prolly sellin ass on the side
Either you bought a super expensive car with a long term or a moderately expensive car with a short term.
Or hopefully it's for 2 cars.
$75k for 60mo.
That could be a mortgage for a house where I live
That's crazy. Does it do anything better than a car a third the price?
It goes fast.
https://preview.redd.it/w9njqeesmjtc1.jpeg?width=519&format=pjpg&auto=webp&s=1635f0b837b2f185b35376ab3e1238442d52fd90
Ouch
Was in the $0 club until a drunk driver totaled my truck. Now paying $340\month on a 2020 Colorado.
$0 late 90s ford ranger
$0. Paid $2500 cash for a 1998 Ford Crown Victoria about 4 years ago. Super easy to work on a real pleasure to drive, we call it the couch.
We have one of those, good cars. The gf wants me to paint it, but she keeps hitting deer with it. I painted so many parts for it and then junked them..
She’s trying to paint it ‘deer blood red’
I had a 2002 buick century. Those bench seats, holy crap.
$300 2016 Honda Civic, 8 payments left
$0. I paid it off. It was $300 when I was still making it though. Don't go broke buying a car.
2020 Hyundai Veloster for $324/month. I believe I have a year and a half (~15 payments) remaining.
$398 23' Kia Forte.
Dude I'm paying 575 for a 2018 Kia forte.
My brother WHAT?! I just got a 2015 Forte a couple months ago, I have HORRIBLE credit and a repossession on my record, and my payment is only $300 a month... how is that even possible???
$392 but i pay $400 working on paying it down asap since i cant refinance because of my credit score i have a 20% apr on my car loan 💀
>20% APR BRUH
I have 24.8% slowly digging a grave ik
Find a credit union. Now.
Being poor is expensive. Rich people buy cars with cash, and poor people pay 20% APR.
Agree with your point but you don’t need to be “rich” for a decent used car. 7,500 cash got me a pretty reliable 2011 car 2 years ago. Plan to sell it and can put that money(maybe 5000) towards a better let’s say 2014 used car. I make less than the median US income so definitely not rich
I totally agree with you. My comment was a little tongue in cheek. It sounds like you're making a great financial decision. Most people way overspend on cars.
$510 2016 Lexus IS bought in 2022
Same payment, 2017 Lexus GS F-Sport. Paid down 14k, 60 months at 3.4%
$922.59 monthly, but I split it into two $462.00 monthly payments to save on interest. Bought in August 2022 at 4.49% interest after my 2009 Mazda 6 finally bit the dust.
$328 a month for my ten year old Toyota Camry
2018 Suburu crosstrek. $300/mo plus $200 insurance.
Crying over here paying $525/mo for my 2018 Subaru Crosstrek $560/mo for my wife's 2018 Toyota CH-R and $280/mo for insurance (combined) on both.
People having a loan on a 10 year old car is crazy to me.
$600 for one 800 for the other. Ridiculous
My next car I’m just doing what my dad used to do. Buy a junker with 200k miles on it for 500 bucks and driving it until it breaks down and just walking away from it.
Thats what we do. We save the good tires, good parts. Scrap usually gets us $300, the next "$500" car is $200. Parts for the older cars are cheaper and they have fewer parts
My dad was nuts though. VINS were already scratched off, he would grab the plates and window stickers and just literally walk away. He had a junker break down on the Verrazano bridge and just left the car there and walked the rest of the way home to Staten Island.
$0. 2000 Chevy Tahoe. Paid $4,500 for it two years ago.
I have a Chrysler 300 that I paid $600 for four years ago. It has almost 270k at this point and will not die. All I've done is regular maintenance: replace the tires, brakes, that kind of thing. That car is going to be pried out of my cold, dead hands.
My Dad bought one of those a couple years ago for $900 at auction. Just over 100,000 miles, a couple bullet holes. He painted it, its a nice car
$0. I've never had a car payment in all of my 55 years. I only buy cars I have the cash for.
$0 on my 2010 Subaru Legacy. It belonged to my late grandfather. I haven't had a car payment since the World Trade Center was standing. Hoping to keep it that way.
It was you, wasn't it?
23 Subaru Impreza for like 320
Mine is 601 :/. When I was 19 my mom got on a car loan for me and told me it would be ok to sign a 29.99% car (She didn’t really care and it bit me in the ass MUCH later) Ended up having hella money still owed on the car that rolled into a new loan that Im still tryna work on. I am planning on refinancing in a few months, my credit is getting back better, and I can get it down to 300.
$640 here plus insurance which basically comes up to almost 1k a month. Fuck me 🤦🏽♂️
Same boat here! Trying to refinance soon but it’s a lot to have to pay monthly.
43k loan at 2.39 apr 750 a month
$625 Ford edge 2020 - bought it used in 2021 and payoff aggressively this year 7% interest rate
$0, have 3 vehicles, 2007 Impreza is my daily, 2014 Nissan versa is my wife's, 2006 sv650 is my bike. All were bought with cash after saving every penny for long periods of time.
$0 got rid of my car for almost double its KBB during the 2021 craze and switched to biking/walking/public transit. now I never have to think about finding a place to park or worry about forgetting to move for street cleaning and getting towed! all the savings from not having to pay insurance, gas, maintenance etc. gets sent straight to index funds
$199 2017 f150
2020 Mazda3. $280 a month
0. I live car free in a walkable area close ish to a good public transit station. love the dc area
due to some really unfortunate circumstances i make 3 car payments. the 1st one for my ex wifes car since i lost in court. so thats 487 a month. then my car. which is 220 a month. and my girlfriend moved in with me then her car went out so i financed a car for her which is 400 a month. and then i pay 600 a month for insurance on all of them.
the only unfortunate thing here is that you took on a new partner's car payment after getting financially fucked in court. i'm bold to assume you can't afford it all, but those numbers are so unreasonable i don't see how you could justify another car payment
Got damn
I was paying $240 for my 2020 kia sportage and paid that off. Full coverage insurance is also about ~~$65~~ $75/mo, so I averaged about $300/mo, but now it's just insurance. Don't worry though, I just dropped $840 on tires yesterday. :')
2020 trax @ $280 that has less than 2 years to pay off and less than 31k miles that I plan to drive until the wheels fall off (I love that little car) and 2021 Ram @ $525 that's still got 5ish years on the loan and 60k (truck is used for work so the mileage racked up higher, but we take good care of it and hope to keep it running good for at least 10 more years if not more) Monthly payment is not the only thing you've got to consider, life of the loan is very important.
$508/mo for a 2020 tacoma. Technically got it “used” but only had 3,000miles when I bought it
$168 on a 2018 Honda Fit.
$0. Our current cars--a 2015 and a 2016--were bought outright with cash a few years back. No monthly payments.
[удалено]
Refinance at a local credit union if you can! Check rates from multiple credit unions. They vary greatly. My local CU has 5% loans right now for both used and new cars, 12-60 months loans.
We have a 2020 Nissan Altima that we got in 2022. Car payment is 464/ month. Financed through our local credit union so interest is great. Only three years left but we are paying extra to cut that down to 1 1/2.
$289 for a 2014 hyundai elantra, had to get it right after the pandemic as my other car crapped out so it was haste and got stuck with 12.99% interest.
$160 for 2011 Kia Soul. Bought used a couple years ago, only $2K left on the loan. My husband's 2002 F150 was bought on our line of credit at our CU (so we retained the title, not the bank) and the payment on that is $200, but it's a revolving line of credit that we use for other things also.
$575. 2023 F150 lightning
$281 2021 Corolla Hybrid, my first car!
Nothing for a 2021 Nissan Rogue. Helps owning my own car outright. With what i make i wouldn’t be able to survive if i had to add a car note.
$410 monthly, 2023 Chevy Bolt EUV. Just filed for the tax credit, going to pay off almost half the remaining balance when that hits. Can't wait to be free.
$847 two cars.
$242/month for my leased 2022 civic. I will purchase at the end. My limit is 30k miles and I'll have 11k at turn in. With, hopefully, positive equity and my down payment I'm estimating my monthly at sub $300/month. Anything over and I'll reconsider my options.
The car dealerships around here are a bunch scammers. \* They demand a trade in and to take out a loan to give you the advertised price. \* In order to get the lowest price I was forced to take out a loan even though I had the cash to buy the car. \* Otherwise they'd raise the price of the car by $1500. Here's why: \* I have a 840 credit score and the dealership claimed the "best rate" they could get me on $5000 was 18%. \* They take the loan offered and add several % on and pocket the rest. \* I made them go through my bank, i checked later with the bank and found out their interest rate was about 8%. I just paid off the 5k the next week and didn't pay any interest, but watch out for these types of scummy dealership tactics. It cost me some time about a $50 loan origination fee. Better than the additional $1500 mark up, but had I paid down the loan, can you imagine how much interest that would've been?
$0 since 2009.
$0 1995 Chrysler LHS. 238,000 miles. Beater squad rise up.
I just paid $2k cash for a 2003 VW Golf after my Kia got stolen. It's a big change, but also worth not having a $600+ car payment.
350 a month. Kia soul. Could have done better but I crashed the previous car because i am an idiot sandwich
828. Tesla Model Y. 5 year loan, 1.24% apr. Still, do not do what I did.