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Another Car Topic! Do You Pay More For Transportation Than Your Mortgage?

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Kranky

Ouch! I don't think anyone should be spending more than half of their yearly salary tops on buying price of a car (making $40k/year, finance a 20k vehicle).

That guy is a clear example of somebody with no financial sense and trying to live beyond their means or pretend like "they made it".
 
My housing cost is $600 a month, but my car payment is only $250. I would not even have taken a loan for a car, but my husband drives about 500 miles a week to work and back, and he needed something dependable.
 
skoorb, this guy's mistake was looking only at the payment. He didn't consider that (1) for much of the loan term he would owe more than the truck is worth because of the 6-year loan, and (2) he had no cushion in case of a financial problem.

I see quite a few people who buy cars they can't really afford, and as you know that can be overcome by lengthening the loan until the payment comes down to where they can afford it. Where most people would stop and think that maybe that's too much for their finances to handle, others just can't restrain themselves to live within (even better, below) their means.
 
kranky

Thats why for such people its good to buy a used car because if you finance a used vehicle (even a year or two old) theoretically you could essentially turn around at any time and sell it and make the money you need to pay off the car dealer...but with new cars they depreciate in so much value the first year that it takes a while...

I am all about financial cushions. I know a couple that just got married and they make a lot of money but they are constantly spending to their maximum abilities...I'm quite sure that if they had a crisis or either was out of work for even a month they'd be up sh*t creek.
 
I pay 420 a month for car and 240 on insurance, only 19, but live with 'rents. i have a blue civic si which are no longer made and i talked to a dealer saying people would pay 21k for now, when its msrp was 18. i guess i wouldnt have bought it had i had a mortage, but dont. 15/hour

i see nothing wrong with it. 30miles a gallon, and hondas/acuras dont depreciate as much, my car is worht more than my aunts 4 year old explorer🙂

so, sorry dont see the point in suvs. reason to give bad drivers things to wreck. lord knows there are a ton

sorry if offended anyone, i hate people who down compact cars.

0-60 miles in 6.7 (mods)..so somewhat quick too
 
I'll be darned, looks like I have a little company around here. About 25% of the guys at work drive old iron. I'm the odd man out in the local mall parking lot, though!

To each his own of course, but this did raise the eyebrows of quite a few people being interviewed for that news piece. They had never really thought about how much those cars were costing them. Guess I just don't consider owning a new car a "Hot Deal" 🙂
 
I guess I'm a little late in replying to this interesting thread. The joy that my home provides is much more than any vehicle could ever provide. I could never imagine spending more for my vehicles than my home. Even though I have an economical commuter car, I find myself relying on public transportation quite a bit - in these times of 'road rage madness', it seems like a bus or train might be the safest place.

Oh, my breakdown: 20% of gross monthly income goes towards my mortgage. It could go lower, but my wife doesn't work. I also spend 3.7% of my gross monthly income on a 4-year car loan for my car. I only financed the vehicle because the financing rate was only 0.9% for 4 years.
 
Ooh, I just dropped a small fortune ($4,000) into our Home Theater. But shoot, that's only about 8 car payments for some people! :Q
 
Depreciating assets=BAD and dumb
Appreciating assets=GOOD and smart

I see you wisely avoided almost all the political discussions. Good move.
 
My car was free. Suckers.

I got my 89 pontiac from my grandma for a graduation gift. It's in great shape, over 100 thousand miles and still running like it was new. I change the oil myself and have had no breakdowns or anything. I'm running it into the ground then i'm gonna buy another one.
 


<< The joy that my home provides is much more than any vehicle could ever provide. >>



Yeah no kidding. Most of us spend more time at home than in our cars.
 
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