This is just to get descriptive data from our group here. The other day I read that about 33% of US single family homes are paid off, which got me thinking about our cars. How many of us have no car payment, and those that do, how much is it. Do not include insurance, fuel, maintenance. Just monthly payment including leases. Not judging here, just wondering for the poll.
Personal note: In my car group of friends, we keep thinking $300 is a good monthly payment that number has been the same for years and years. As we age, $300 isnt going to cover much. And now the average auto transaction price is something like $33,000.
Miata is 2006, and long paid. Challenger paid, and there’s a year left on the CX9
$515/m, I believe.
I’ll be glad to have it done, but the rate is so low, it’s not worth paying it off early. I also get $600/m car allowance, so the car payment is a wash for us.
We also finished our mortgage this year. That was big relief, mentally. Especially is these wild times.
Miata is right under $300/mo.....cheap interest/short term so I'm ok with it. I also have new Michelin Pilots for said Miata run out for 6 months, 0% interest....I mean, why not?? I like borrowing free money for the cars.
For a daily, I’ve recently jumped into the $301-600 category. The lowest end of the range, at least.
I would struggle to find a car that is modern/efficient/reliable/fun/fast/sexy enough for me based on my use case and superficial tastes/desires for a payment below $300/mo (leased or financed). That includes trucks, btw... their sexiness lies in their capability!
For ‘fun’ cars tho? I’m not financing that. If I can’t afford to dump cash on it, it’s realistically too expensive a hobby for me. So that basically means anything with a total investment of <$10,000 (inclusive of all the deferred maintenance/repair costs it may need as well as modification/upgrade monies). Hopefully someday soon I can break into the <$50,000 bracket for hobby/enthusiast/‘fun’ cars, bc there are a LOT of options that fall under that price ceiling.
Agreed, as someone closer to the $600 end of the spectrum, $300 seems like nothing and certainly not lumpable with mine.
2012 Beetle: Paid off in 2016, payment was $381 for 60 months @ 0% (paid $22kish for the car). Still have but being replaced this week or next when her new car shows up.
2017 Tiguan: $560 for 60 months, put nothing down (took $5500 positive equity from Coyote back as a check). Little less than 2 years left on it.
2021 A-class: Need to figure out down payment ($10kish) and run numbers but will be somewhere in the $650-$700ish range I guess for 60 months.
Carvana is offering $7650 for the Beetle which is excellent, currently planning on taking that + the $2500 deposit needed to order the MB and making that the down payment, but with owing $12k on the Tiguan it's tempting to cash the Beetle out and throw it down on the Tiguan. Need to run numbers and play around a bit, I have options.
Back in 2011 I bought a used M5 for ~$55k, originally planned to buy it cash but last minute changed my mind and financed it for 24 months with 0 down, my payment was almost $2500/mo :screwy:
A family member just bought out a RR Sport she was leasing for ~$1100/mo, payment is in the $700's now
My brother just picked up a Porsche ~$95k OTD, financed $90k of it over 84 months, payment is in the $1200's
525 for the Fusion, but that had some previous negatives rolled in, because of car ADD.
No more rolling negative for me.
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