How much is your car payment and what do you make?

Mathematician wrote:

hwhy wrote:

So far the average salary posted in like $150K. How can that be real?

Probably because there are so many high school/college-aged members of the forum, so that tends to skew towards more entry-level salaries.

This, and it's a topic about borrowing money for a car so that attracts the poorer people on the website

I only took out a small loan for my first car out of college. It was a 3 year old used car. I've paid cash ever since.

Paying $830 per month is *stupid*. I'm guessing it's a $45K loan. Don't buy a car of that price unless you can pay cash. If you don't have the cash, buy a Toyota Corolla with 25K miles for $11K, or even onewith 80K miles for half that. If you need to drive in the snow, buy some snow tires instead of AWD. Bank the ~$600/month you'd save.

Paying cash for a depreciating asset is counter intuitive, even if you are awash in cash.

2 cars. Wife and I make a combined $125K. Both car payments total $548 per month. Kia Sportage and Kia Forte.

xlev2 wrote:

Paying cash for a depreciating asset is counter intuitive, even if you are awash in cash.

It might be counterintuitive to you because you're an idiot.

You guys need to try downloading the Car Czar app that will help you suckers from getting hosed.

It might be counterintuitive to you because you're an idiot.

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LOL GTH sucker. Give up your stacks to a car salesman if you want to, then read on Wiki about time value of money. You're welcome

Mathematician wrote:

hwhy wrote:

So far the average salary posted in like $150K. How can that be real?

Probably because there are so many high school/college-aged members of the forum, so that tends to skew towards more entry-level salaries.

Haha.

Two cars paid off after six years and three years, but I never paid more than $450/month for my $33,000 car.

We make about $400,000.

xlev2 wrote:

It might be counterintuitive to you because you're an idiot.

++++++++++++

LOL GTH sucker. Give up your stacks to a car salesman if you want to, then read on Wiki about time value of money. You're welcome

Not to mention if you total the car. If you have gap coverage they'll pay fair market value plus the loan difference. If you bought that car with cash you could be losing out bigly.

sure, but that gap coverage isn't free, and most people don't total their car.

if you pay cash for a new car, then total it in the first few years, you can replace it with a used car using the payment from your non-gap insurance (+ your copayment). You may perceive the replacement vehicle to be inferior, them's the breaks. Driving a somewhat lesser vehicle for a few years wont ruin a life.

This is the best post on here .Gap coverage works.Your a fool for paying cash.

Gap coverage:

1) costs money

2) only has value when your loan is underwater

It's basically a penalty for making a small down payment.

Car dealership must love OP.

I make $109k per year and my wife who works at home as an attorney part time makes $50k a year. So $169k?

I drive a paid off 2009 Corolla shitbox and she drives a 2016 CRV. We pay $440 a month on that thing and we didn't put anything down.

Yes CRV what model?How much did you put down.The CRV runs from basic 22 to 32.The ops car runs up to 38.It all depends.It depends on how many times you have made payments on a car in the past.Buying with cash can not be so good for your credit score.There are all kinds of factors.So while your msp might be the basic model at 22 with nothing extra and a trade in or a huge down payment .The OP put down 1k and it was 2017 loaded with all the warrantees. I can tell you for a fact new cars like this most people have notes of 600 to 700.If you put down 5k on the same car and don't get the warrantees its like 675 or close to 700.It goes down about 20 dollors a 1k you put in the car. So the ops payments were like 729 then he added the warrantees and it goes up 100 a month. You need to understand good warrantees save you thousands. So he pays an extra 1,200 a year but might save thousands for a new engine or what ever.No the facts.

It is the model just one step below the top range one and is just 2WD. The total was $29,200. We are very happy with the car.

We didn't put anything down and we have good credit.

I don't know why you need to buy so many warranties if it is a Honda. They sound like a rip off.

$38k for an ALTIMA? Even without the warranties he is paying $34k? An Inifiniti Q50 starts in the low 30's. That is just embarrassing.

Mathematician wrote:

hwhy wrote:

So far the average salary posted in like $150K. How can that be real?

Probably because there are so many high school/college-aged members of the forum, so that tends to skew towards more entry-level salaries.

don't you know, everyone on LR makes >$500,000 a year and only bangs perfect 10s. this board is so full of BS. I was going to say when it comes to $ but really everything.

there is no way the average salary in the US is $150k.

No car payment (2017 Mazda SUV) - 5 yr loan that I paid off after 3 yrs.

7Annual income = $32,000 Lol

3 BMWs

One is paid off (my daily driver, worth $30K)

The second is my wife’s SUV. $747 per month (owe $24K and it’s worth $55K)

The third is $1,121 per month (owe $52K and it’s worth $95K; I bought it for $85K.) It’s a garage queen with 5K miles that I drive on the weekends. Only 2,200 were made globally. 600 in the US.

Salary: Enough to pay the second two cars off, but the loans are 1.9%. I’d rather hold the capital for higher returns.