Thread: How do people afford new cars?
10-29-2023, 06:44 PM
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#31
10-29-2023, 07:00 PM
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#32
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Originally Posted By eddiehaskell⏩
Aren't you a stay at home mom?soccer mom mogging...and hubby better pay up if he wants to be considered a man
know this one dude that keeps his ungrateful SAHM woman in a loaded suburban no older than 4 years old...he borrows (takes) the money for cars, trips, appliances (top of the line), new homes, etc from his mom that gets veteran benefits. what makes it sadder is he and the wife treat the mom like chit.
know this one dude that keeps his ungrateful SAHM woman in a loaded suburban no older than 4 years old...he borrows (takes) the money for cars, trips, appliances (top of the line), new homes, etc from his mom that gets veteran benefits. what makes it sadder is he and the wife treat the mom like chit.
To answer OP's question,
A $1k car note is 5% of what I make per month on average. It's so little, that I don't worry about it.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
10-29-2023, 07:07 PM
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#33
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Just L M A O[/QUOTE]
[QUOTE=metroins post_id=1692516293]They do 8-10 year loans now.
Craziness.[/QUOTE]Some friends of mine wanted me to fix their daughter's Altima. I did on the side but through the dealership so I had it done right and fixed right, didn't charge them anything really. Then they called and told me they just traded it in for a brand new corolla and said it was a no brainer because they were able to get a brand new car and lower their monthly payment. I asked how he got a brand new corolla for less than what they were paying for a used altima and he never would answer. That was 5 years ago and they new have 2 years left. 7 year financing. They would have paid hat altima off about 3 years ago. They also have rented the same property for 10 years.
[QUOTE=blissful88;1692525323]Imagine making an average $650 payment for 96 months @ the average 12% interest rate(Sep 2023)
Talk to any car salesman, they will tell you the real number people are looking for is the monthly payment. Get past that objection and the rest it's easy to distract them and get is signed.
[QUOTE=metroins post_id=1692516293]They do 8-10 year loans now.
Craziness.[/QUOTE]Some friends of mine wanted me to fix their daughter's Altima. I did on the side but through the dealership so I had it done right and fixed right, didn't charge them anything really. Then they called and told me they just traded it in for a brand new corolla and said it was a no brainer because they were able to get a brand new car and lower their monthly payment. I asked how he got a brand new corolla for less than what they were paying for a used altima and he never would answer. That was 5 years ago and they new have 2 years left. 7 year financing. They would have paid hat altima off about 3 years ago. They also have rented the same property for 10 years.
[QUOTE=blissful88;1692525323]Imagine making an average $650 payment for 96 months @ the average 12% interest rate(Sep 2023)
Talk to any car salesman, they will tell you the real number people are looking for is the monthly payment. Get past that objection and the rest it's easy to distract them and get is signed.
10-29-2023, 07:07 PM
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#34
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They can't. They fall in one of a few categories
1. They're leasing it
2. They're barely affording the payments
3. Its been financed for a 72, 84 or even 98 month loan
4. They're NOT making payments and have to spend every waking moment hiding it from Repo trucks trying to repossesses it
5. They bought a car that weighs over 6000 lbs so they can write it off as a business expense. Its why so many people where i'm at (San Diego) are driving around in G-Wagons.
1. They're leasing it
2. They're barely affording the payments
3. Its been financed for a 72, 84 or even 98 month loan
4. They're NOT making payments and have to spend every waking moment hiding it from Repo trucks trying to repossesses it
5. They bought a car that weighs over 6000 lbs so they can write it off as a business expense. Its why so many people where i'm at (San Diego) are driving around in G-Wagons.
10-29-2023, 07:15 PM
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#35
- Godfrd824
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Originally Posted By Maestro⏩
I'm looking at number 5 right now. Lol.They can't. They fall in one of a few categories
1. They're leasing it
2. They're barely affording the payments
3. Its been financed for a 72, 84 or even 98 month loan
4. They're NOT making payments and have to spend every waking moment hiding it from Repo trucks trying to repossesses it
5. They bought a car that weighs over 6000 lbs so they can write it off as a business expense. Its why so many people where i'm at (San Diego) are driving around in G-Wagons.
1. They're leasing it
2. They're barely affording the payments
3. Its been financed for a 72, 84 or even 98 month loan
4. They're NOT making payments and have to spend every waking moment hiding it from Repo trucks trying to repossesses it
5. They bought a car that weighs over 6000 lbs so they can write it off as a business expense. Its why so many people where i'm at (San Diego) are driving around in G-Wagons.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
10-29-2023, 07:16 PM
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#36
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Originally Posted By Jasonw1178⏩
Some friends of mine wanted me to fix their daughter's Altima. I did on the side but through the dealership so I had it done right and fixed right, didn't charge them anything really. Then they called and told me they just traded it in for a brand new corolla and said it was a no brainer because they were able to get a brand new car and lower their monthly payment. I asked how he got a brand new corolla for less than what they were paying for a used altima and he never would answer. That was 5 years ago and they new have 2 years left. 7 year financing. They would have paid hat altima off about 3 years ago. They also have rented the same property for 10 years.Just L M A O
Originally Posted By blissful88⏩
People rather drive high end cars and rent all their life.Imagine making an average $650 payment for 96 months @ the average 12% interest rate(Sep 2023)
Talk to any car salesman, they will tell you the real number people are looking for is the monthly payment. Get past that objection and the rest it's easy to distract them and get is signed.
Talk to any car salesman, they will tell you the real number people are looking for is the monthly payment. Get past that objection and the rest it's easy to distract them and get is signed.
It's the new norm now.
10-29-2023, 07:32 PM
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#37
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Originally Posted By blissful88⏩
Why u laughin at me boyo?Imagine making an average $650 payment for 96 months @ the average 12% interest rate(Sep 2023)
Just L M A O
Just L M A O
I got my dodge charger for the next few months until I miss some payments.
Life is easy when you take personal responsibility
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10-29-2023, 07:36 PM
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#38
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Originally Posted By blissful88⏩
I yelled at a car salesman who kept bringing up the monthly payment and told them I'd leave if they brought it up again. I only negotiate the price of the car. Then the fukkers decided to throw on $4k of bullsh!t fees at the end after we had negotiated the price. I ripped up all the paperwork in their office and threw it in the air like confetti, I hate car salesmen. (Super Ded fkn Srs)Imagine making an average $650 payment for 96 months @ the average 12% interest rate(Sep 2023)
Talk to any car salesman, they will tell you the real number people are looking for is the monthly payment. Get past that objection and the rest it's easy to distract them and get is signed.
Talk to any car salesman, they will tell you the real number people are looking for is the monthly payment. Get past that objection and the rest it's easy to distract them and get is signed.
10-29-2023, 07:45 PM
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#39
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by having a job?
10-29-2023, 07:47 PM
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#40
10-29-2023, 07:49 PM
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#41
- r32gojirra
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Originally Posted By Godfrd824⏩
Why not just pay cash then?Aren't you a stay at home mom?
To answer OP's question,
A $1k car note is 5% of what I make per month on average. It's so little, that I don't worry about it.
To answer OP's question,
A $1k car note is 5% of what I make per month on average. It's so little, that I don't worry about it.
The administrative overhead saving alone would be worth it
10-29-2023, 07:52 PM
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#42
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They dont. My coworkers all drive like $80k trucks and not a single one is paid off.
10-29-2023, 07:55 PM
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#43
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Originally Posted By bsrkoacar2⏩
Do they use them for work/business purposes (ie are they a tax deduction)?They dont. My coworkers all drive like $80k trucks and not a single one is paid off.
10-29-2023, 07:58 PM
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#44
10-29-2023, 08:15 PM
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#45
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Originally Posted By r32gojirra⏩
IDK how it is in Au, but in the US you are guaranteed to lose 15-20% of a vehicle's value just by driving off the lot, barring some very rare and sought after models of course.Why not just pay cash then?
The administrative overhead saving alone would be worth it
The administrative overhead saving alone would be worth it
With that in mind, I can get a car for let's say $60k, and lose $60k that I could do something else with as well as take the depreciation hit and get taxed twice plus yearly for it, then sell it after a few years and get taxed again etc. Or I can lease it and sell it in 2 years and only be out of pocket $5-6k, and have $60k to do whatever with.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
10-29-2023, 08:18 PM
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#46
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Originally Posted By gmenfan40⏩
1. Get a pre-approved loan through your bank preferrably a Credit UnionI yelled at a car salesman who kept bringing up the monthly payment and told them I'd leave if they brought it up again. I only negotiate the price of the car. Then the fukkers decided to throw on $4k of bullsh!t fees at the end after we had negotiated the price. I ripped up all the paperwork in their office and threw it in the air like confetti, I hate car salesmen. (Super Ded fkn Srs)
2. Don't negotiate based on monthly payments (which you tried to negate which was smart)
3. Also don't tell them that you're willing to pay upfront in cash (if you have the means to do so.)
4. They'll keep badgering you about overpriced accessories (floor mats/nitrogen air in the tires etc) but never budge. They'll even keep you waiting in the office a few hours longer just in the hopes that you fold on their offer for their overprices nick knack accessories. Never compromise. Already know what you want and tell them upfront. If you give any hesitation that youmightwant their extra garbage, you're screwed.
10-29-2023, 08:22 PM
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#47
10-29-2023, 08:25 PM
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#48
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The same way they afford chipotle: FINANCING.
10-29-2023, 08:35 PM
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#49
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The government printed like half of all dollars in existence during the pandemic. If you were lucky (or willing to commit fraud), you got some of it
The cities with the highest rates of PPP fraud had the highest rates of home price increases.
American way baby
The cities with the highest rates of PPP fraud had the highest rates of home price increases.
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10-29-2023, 08:43 PM
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#50
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Originally Posted By Godfrd824⏩
Is the 5-6k the lease payout or is that on top of the actual lease payments or what?IDK how it is in Au, but in the US you are guaranteed to lose 15-20% of a vehicle's value just by driving off the lot, barring some very rare and sought after models of course.
With that in mind, I can get a car for let's say $60k, and lose $60k that I could do something else with as well as take the depreciation hit and get taxed twice plus yearly for it, then sell it after a few years and get taxed again etc. Or I can lease it and sell it in 2 years and only be out of pocket $5-6k, and have $60k to do whatever with.
With that in mind, I can get a car for let's say $60k, and lose $60k that I could do something else with as well as take the depreciation hit and get taxed twice plus yearly for it, then sell it after a few years and get taxed again etc. Or I can lease it and sell it in 2 years and only be out of pocket $5-6k, and have $60k to do whatever with.
Regardless of whether the interest rate is rolled into the purchase price or forms part of the lease payment, car finance is typically higher than everything except revolving credit (credit cards) that are completely unsecured.
So unless it’s a tax deduction, I’d still be paying cash for cars.
10-29-2023, 08:44 PM
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#51
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Originally Posted By Maestro⏩
Fuuuuark, based and San Diego pilled.They can't. They fall in one of a few categories
1. They're leasing it
2. They're barely affording the payments
3. Its been financed for a 72, 84 or even 98 month loan
4. They're NOT making payments and have to spend every waking moment hiding it from Repo trucks trying to repossesses it
5. They bought a car that weighs over 6000 lbs so they can write it off as a business expense. Its why so many people where i'm at (San Diego) are driving around in G-Wagons.
1. They're leasing it
2. They're barely affording the payments
3. Its been financed for a 72, 84 or even 98 month loan
4. They're NOT making payments and have to spend every waking moment hiding it from Repo trucks trying to repossesses it
5. They bought a car that weighs over 6000 lbs so they can write it off as a business expense. Its why so many people where i'm at (San Diego) are driving around in G-Wagons.
I was out golfing Friday afternoon. This one woman in the group behind me rolls up to me on the tee box with a big smile. "I remember you! You gave me a Jager shot at Mission Bay one time!"
I don't recognize her at all.... I've given lots of people Jager shots. She just looks like your normal Botoxed up 40yo North County trophy wife.
So she's all trying to be friendly, and I'm incelling out and being awkward because I don't know who tf she is.
This 60yo white dude in my foursome punches me in the shoulder as we walk down the fairway. "WTF are you doing, bro. I saw her roll in here in a $200k car."
I roll into the parking lot after the round, and yep. She's getting into a G-Wagon. I kind of sat there puzzling, why the hell would anyone drop Lambo type money on an SUV. But that explains it.
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10-29-2023, 08:57 PM
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#52
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Originally Posted By r32gojirra⏩
No we are provided work trucks. So they pretty much only drive their personal trucks on the weekends. They make fun of me for driving a $10k truck. But it's been paid off for years and I don't give a chit. Would rather invest money than blow it on a loan.Do they use them for work/business purposes (ie are they a tax deduction)?
10-29-2023, 10:23 PM
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#53
- Godfrd824
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Originally Posted By r32gojirra⏩
In the US, my last car loan was at 2.5%, and there are no penalties for early payoff. Credit card are usually 8%+ up to 30% depending on your credit. Car loans and mortgages were literally free money until last year.Is the 5-6k the lease payout or is that on top of the actual lease payments or what?
Regardless of whether the interest rate is rolled into the purchase price or forms part of the lease payment, car finance is typically higher than everything except revolving credit (credit cards) that are completely unsecured.
So unless it’s a tax deduction, I’d still be paying cash for cars.
Regardless of whether the interest rate is rolled into the purchase price or forms part of the lease payment, car finance is typically higher than everything except revolving credit (credit cards) that are completely unsecured.
So unless it’s a tax deduction, I’d still be paying cash for cars.
For my last car the total cost of ownership for 2 years and 30k miles was about $6k, plus a set of summer tires, and gas. I could have sold it for more than I bought it if I went private party. But I just dumped it at Carmax.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
10-29-2023, 10:34 PM
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#54
- r32gojirra
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Originally Posted By Godfrd824⏩
Ah ok. So that was more an exception to the rule, based on once-in-a-generation low interest rates.In the US, my last car loan was at 2.5%, and there are no penalties for early payoff. Credit card are usually 8%+ up to 30% depending on your credit. Car loans and mortgages were literally free money until last year.
For my last car the total cost of ownership for 2 years and 30k miles was about $6k, plus a set of summer tires, and gas. I could have sold it for more than I bought it if I went private party. But I just dumped it at Carmax.
For my last car the total cost of ownership for 2 years and 30k miles was about $6k, plus a set of summer tires, and gas. I could have sold it for more than I bought it if I went private party. But I just dumped it at Carmax.
10-29-2023, 10:40 PM
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#55
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Originally Posted By r32gojirra⏩
I've rolled the dice and come ahead multiple times with houses and cars. Just waiting for something to give so I can buy another rental property.Ah ok. So that was more an exception to the rule, based on once-in-a-generation low interest rates.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
10-29-2023, 10:43 PM
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#56
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Originally Posted By Godfrd824⏩
You should look into buying vacant lots or old knock-down houses on large lots in good areas.I've rolled the dice and come ahead multiple times with houses and cars. Just waiting for something to give do I can buy another rental property.
I used to do the long-term buy and rent out thing, but redevelopments are much more profitable especially if you have some capital and access to prime lending rates.
10-29-2023, 11:03 PM
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#57
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Originally Posted By r32gojirra⏩
Would love to get into that. Can't bankroll something like that yet, but hopefully within the next 3 years. Problem is land only loans in the US are hard to come by.You should look into buying vacant lots or old knock-down houses on large lots in good areas.
I used to do the long-term buy and rent out thing, but redevelopments are much more profitable especially if you have some capital and access to prime lending rates.
I used to do the long-term buy and rent out thing, but redevelopments are much more profitable especially if you have some capital and access to prime lending rates.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
10-30-2023, 12:13 AM
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#58
Originally Posted By Godfrd824⏩
Was this the KIA?In the US, my last car loan was at 2.5%, and there are no penalties for early payoff. Credit card are usually 8%+ up to 30% depending on your credit. Car loans and mortgages were literally free money until last year.
For my last car the total cost of ownership for 2 years and 30k miles was about $6k, plus a set of summer tires, and gas. I could have sold it for more than I bought it if I went private party. But I just dumped it at Carmax.
For my last car the total cost of ownership for 2 years and 30k miles was about $6k, plus a set of summer tires, and gas. I could have sold it for more than I bought it if I went private party. But I just dumped it at Carmax.
6k 30k for two years aint bad. So its 3k/ year/15k of reliable mileage as opposed to say a 5k beater paid off. You might get 50k out of the beater, which equates to $1k/10k miles.
This is why people need to learn how to rebuild engines. You can buy a new engine block and get 200k out of it for $3k, which equates to 66k miles per $1k. LOL. FKN LOL @ NON CAR MECHANICELS.
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10-30-2023, 12:29 AM
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#59
10-30-2023, 12:35 AM
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#60
Originally Posted By Mrstealyogurl89⏩
This is just average, idiots make far far worse financial choices than thisBetween payments, property taxes, and insurance how the fook do people afford new cars?
This is what the average American can afford.
This is what the average American drives.
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