10 Year Car loans

[GLADIATOR]

These car payments are ridiculous. We’ve known we needed to get my wife a new car in the 40-50k range for a couple years now and have been saving for it. Figure we’ll be putting at least half down in cash and then doing a 5 year and paying it off as aggressively as possible if rates are that high.

Sorry, but I would never or have I ever put $20k down payment on a vehicle. I rather keep it in the bank and just get the lowest %rate you can and pay off aggressively. All of sudden you get laid off (it happened to me) and your money is tied up in a car/truck???

 

[Thirdgen89GTA]

Average new car loan is $48K I think- WTF?!?!?

Edit- read this the other day but can’t find the source now.

Even without a source, I'm really not surprised and I don't find it unbelievable.

 

[The Beast]

Or purchase a vehicle that one can afford.

And to add to basic common sense, does $800, $1k, $1.2k+ a month payment on a vehicle that is used for daily transportation make sense? owner.

Everyone wants something they can’t afford they want all the luxury’s, biggest suv, biggest truck or a vehicle with the biggest HP.

As for daily transportation more and more people I’m seeing taking high payments and upgrading models it’s usually they are making good money and want to treat themselves daily driving. I tip my hat off to a lot of guys on TCG I cannot do it I tried it for 3-4 months straight and I was miserable about 4 years ago driving a junk or crappy vehicle as a daily. Never again we work to hard and people want some type of satisfaction after being at work all day and don’t forget reward.

 

[The Beast]

Sorry, but I would never or have I ever put $20k down payment on a vehicle. I rather keep it in the bank and just get the lowest %rate you can and pay off aggressively. All of sudden you get laid off (it happened to me) and your money is tied up in a car/truck???

You also never believe in paying off your house or vehicles.

 

[The Beast]

These car payments are ridiculous. We’ve known we needed to get my wife a new car in the 40-50k range for a couple years now and have been saving for it. Figure we’ll be putting at least half down in cash and then doing a 5 year and paying it off as aggressively as possible if rates are that high.

Smart and very disciplined and you will get rewarded and have small loan and pay it off quickly.

 

[GLADIATOR]

You also never believe in paying off your house or vehicles.

I have paid off several vehicles and than ended up selling them anyway. What’s the fucking point? “I am financially responsible and make the utmost correct financial decisions…TCG loves me!” Cars are like underwear. A majority of you heathens swap cars like underwear. Fucking finance them trade them in get another one. Repeat. NFG and because of that I have owned and driven some bad ass rides. (Minus the 85 Tacoma)

As far as my house. I ain’t keeping this place after we are empty nesters. I am going to sell and use all my equity and buy a place for the wife and me to get old in. Why the fuck would I pay of this house? I’m gonna sell it anyway.

 

[Blood on Blood]

Everyone wants something they can’t afford they want all the luxury’s, biggest suv, biggest truck or a vehicle with the biggest HP.

As for daily transportation more and more people I’m seeing taking high payments and upgrading models it’s usually they are making good money and want to treat themselves daily driving. I tip my hat off to a lot of guys on TCG I cannot do it I tried it for 3-4 months straight and I was miserable about 4 years ago driving a junk or crappy vehicle as a daily. Never again we work to hard and people want some type of satisfaction after being at work all day and don’t forget reward.

Though I agree, you live once and should enjoy what you drive, but one should factor common sense into the equation too.

Then again for these types of vehicles, thinking they are primarily emotionally driven purchases.

And one doesn’t have to settle for a $5k POS.

 

[Blood on Blood]

I have paid off several vehicles and than ended up selling them anyway. What’s the fucking point? “I am financially responsible and make the utmost correct financial decisions…TCG loves me!” Cars are like underwear. A majority of you heathens swap cars like underwear. Fucking finance them trade them in get another one. Repeat. NFG and because of that I have owned and driven some bad ass rides. (Minus the 85 Tacoma)

As far as my house. I ain’t keeping this place after we are empty nesters. I am going to sell and use all my equity and buy a place for the wife and me to get old in. Why the fuck would I pay of this house? I’m gonna sell it anyway.

What’s wrong with the Tacoma?

 

[GLADIATOR]

Smart and very disciplined and you will get rewarded and have small loan and pay it off quickly.

 

[The Beast]

I have paid off several vehicles and than ended up selling them anyway. What’s the fucking point? “I am financially responsible and make the utmost correct financial decisions…TCG loves me!” Cars are like underwear. A majority of you heathens swap cars like underwear. Fucking finance them trade them in get another one. Repeat. NFG and because of that I have owned and driven some bad ass rides. (Minus the 85 Tacoma)

As far as my house. I ain’t keeping this place after we are empty nesters. I am going to sell and use all my equity and buy a place for the wife and me to get old in. Why the fuck would I pay of this house? I’m gonna sell it anyway.

You seem angry? I agree VW jetta was a bad ass ride

 

[GLADIATOR]

What’s wrong with the Tacoma?

Apparently everything according to TCG

 

[The Beast]

I have paid off several vehicles and than ended up selling them anyway. What’s the fucking point? “I am financially responsible and make the utmost correct financial decisions…TCG loves me!” Cars are like underwear. A majority of you heathens swap cars like underwear. Fucking finance them trade them in get another one. Repeat. NFG and because of that I have owned and driven some bad ass rides. (Minus the 85 Tacoma)

As far as my house. I ain’t keeping this place after we are empty nesters. I am going to sell and use all my equity and buy a place for the wife and me to get old in. Why the fuck would I pay of this house? I’m gonna sell it anyway.

I’m still laughing why would you want to pay your house off you say? Hmm have no mortgage and not pay all that juice. The equity you plan on having you can have more if you pay it off and in the meanwhile be mortgage free and save more money for when you retire. OR If your were mortgage free you can stop window shopping and drive your demon while you are still alive.

 

[69Nice]

Apparently everything according to TCG

That sucker will last forever.

I’m still laughing why would you want to pay your house off you say? Hmm have no mortgage and not pay all that juice. The equity you plan on having you can have more if you pay it off and in the meanwhile be mortgage free and save more money for when you retire. OR If your were mortgage free you can stop window shopping and drive your demon while you are still alive.

Assuming he has a decent rate it doesn’t make any sense to pay off his mortgage early. It’d be idiotic, especially now.

When there’s blood in the streets…

 

[Blood on Blood]

That sucker will last forever.



Assuming he has a decent rate it doesn’t make any sense to pay off his mortgage early. It’d be idiotic, especially now.

When there’s blood in the streets…

Shark Week?

 

[frank]

Average new car loan is $48K I think- WTF?!?!?

Edit- read this the other day but can’t find the source now.

New-Vehicle Average Transaction Prices Fall for First Time in Five Months After Recently Hitting Record High, According to Kelley Blue Book - Cox Automotive Inc.

The average price paid for a new vehicle in the U.S. in September 2022 remains solidly above the $48,000 mark, according to Kelley Blue Book.

www.coxautoinc.com

 

[DanJ]

Sorry, but I would never or have I ever put $20k down payment on a vehicle. I rather keep it in the bank and just get the lowest %rate you can and pay off aggressively. All of sudden you get laid off (it happened to me) and your money is tied up in a car/truck???

Everyone’s situation is different. We live in a manner that can be barely sustained on just my wife’s income, and if I work all year I make more than she does. If interest rates were low I’d leave the slush fund alone, but they are not. I don’t want to pay 6+% interest over 5 years if we don’t have to.

 

[Aircal]

My Q5 I put $9700 down. Got me my best rate. 72 months was on the lower side of $500 a month. (dont remember say 525). But I plan to pay off early so went 60 months which was a better rate than 72. Puts me at $580 a month. Goal is to pay off in 3 years or less. Would still have 2 years of the extended warranty left at that point. So then after 5 years would keep driving until repairs over take what a car payment would be. In a perfect world my Pathfinder will last me 3 more years So wouldn't have 2 car payments at the same time.

 

[frank]

Last car I purchased was from autonation before I moved, rates were good and took a longer term on 4Runner, but I worked it my favor, the F&I guy up sold me on a few products, I took 2 of them as long as he lowered my rate, which he did and dropped my 1%, about 30 days later I cancelled the products, and was given those 2 products back in a credit against my loan which was like 1500-2000.

Win win for me, gained a lower rate and then a credit toward my principal. Dealer / F&I manager was upset, as I took money out of his pocket with products and rate lol.

 

[The Beast]

Car payments flat out suck some of u guys are smart why pay the juice and pay it off early to be debt free.

 

[FirstWorldProblems]

Everyone’s situation is different. We live in a manner that can be barely sustained on just my wife’s income, and if I work all year I make more than she does. If interest rates were low I’d leave the slush fund alone, but they are not. I don’t want to pay 6+% interest over 5 years if we don’t have to.

This is the way

 

[Blood on Blood]

Car payments flat out suck some of u guys are smart why pay the juice and pay it off early to be debt free.

To point out, the financial celebrity gurus do not tell the whole story.

The, buy a $5k - $7k vehicle, to reduce debt is not 100% accurate as the vehicle will likely need $3k or more of work within a year or so.

Unicorns may occur, but even an old reliable 4 cylinder Accord / Camry will need frequent maintenance / repairs.

 

[FirstWorldProblems]

Sorry, but I would never or have I ever put $20k down payment on a vehicle.

We know

 

[crooks]

Sorry, but I would never or have I ever put $20k down payment on a vehicle. I rather keep it in the bank and just get the lowest %rate you can and pay off aggressively. All of sudden you get laid off (it happened to me) and your money is tied up in a car/truck???

If or when you get laid off you can sell the vehicle.

I dont understand how you cant see paying interest is wasting money. Its worse on a vehicle but even having a mortgage sucks.

 

[The Beast]

If or when you get laid off you can sell the vehicle.

I dont understand how you cant see paying interest is wasting money. Its worse on a vehicle but even having a mortgage sucks.

 

[v6buicks]

Yeah, no. I love cars, but I could care less about driving everything that was ever made. Do some actual research, find one or two cars you really like, and drive their wheels off because....

If or when you get laid off you can sell the vehicle.

I dont understand how you cant see paying interest is wasting money. Its worse on a vehicle but even having a mortgage sucks.

This x10000. Your vehicle or home isn't worth anything in the next loan/mortgage if you haven't paid anything off. You're only screwing yourself more by not paying off depreciating assets.

Imagine STILL paying $1000 per month on a 2014 vehicle and then going to CarMax only to be offered $800. ?