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.
Taco is $700 a month because it was nearly $40,000 damn dollars new. Planning to refi it after my new house purchase. HD is paid for. Blazer is paid for (sure as hell better be :laugh
My Supra is $796 a month. Put down just enough money at purchase to guarantee the 0% finance deal they were doing. No plans to pay it off early either with a 0% interest rate. Money would be better spent paying off my house or throwing it into my retirement accounts.
I’d be interested in what percentage does your car payment represent of your take home pay. For you cash paying ballers, what percentage of your take home pay over 5 years does your car represent.
Even that’s not a good metric; like I said, 401k contributions, company stock investment plan, 529 savings, mutual fund investments, etc etc all come out before we get to “take home pay”.
Mine is a hair over $1k a month for a 2019 Lexus GX460. I bought it when they were offering 0%. When the F&I guys asked "how much do you want to put down?", my reply is "ZERO". My money makes far more than 0% for me when I do other things with it. Yes, it's a high car payment, but I have the funds to make it monthly.
Both fake rich sedans are paid off and although I'm happy about that it won't last. SO has the itch for an SUV which thankfully got delayed until the pandemic is over.
Highest payment we've had for the past few years was $500 p/month for the CPO Benz w/extended warranty included.
$413 on the 86. Wife's mazderp3 was $426 but was paid off this summer.
I don't see why we would pay them off early. In theory that money is better off being invested elsewhere, though this year has not been following that plan... Last I checked we were up all of 1.8% YTD, so paying off the car would have been smarter.
Highlander is $650.00/month. 1.9%. 48-month term. Purchased CPO.
BMW nothing.
Adding a VW camper to the mix hopefully int he coming months. They're expensive for what they are and I'm not paying cash with rates so low.
There is a very salient discussion to be had about borrowing the money and investing the principle however, particularly when interest rates are dirt cheap as they are currently.
I feel like the spread here is going to be way off general population for two main reasons. TCL members are car enthusiasts which means they may be willing to spend more. Also, TCL members are car enthusiasts and may have older cars, most of which are paid off.
Average of the 3 would be $133.33 a month and considering the Cayman was the most expensive at around $25k when I got it and I make a lot more than $50k a year, I seem to be doing extremely well for TFL standards too :laugh:
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