Car Dealerships Are Putting You Into Garbage Deals
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- Опубликовано: 8 мар 2024
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Never having a car loan is the best way to a stress free life!
Agreed!!. I drive a 2007 Hyundai Tucson ...runs great....
A $10K/mo pension at 45?
I have 4 that are all paid off. And I'm not stressed at all when one of them is broke down, since I'm my own mechanic and fix it on my time.
Love my 2000, C-5 Corvette, paid 10.000 cash in 2017 ,It now has 177,400 mile on it runs GREAT!!!
I still drive an 07' Colorado and my house is paid for because I avoided the foolishness in this video.
Please do not try to impress others. No one else cares about you. Take care of yourself!
Truth
It's a deficiency thing. Some people think that buying expensive stuff and showing off will make up for their deficiency in an another aspect of life.
That is so true
I'll have you know I drive into my neighborhood in my classy Grand Marquis every day. Little do they know it is 30 years old and is worth $300.00. I paid $2.59 in taxes and $20.00 for license. Oh! and $300.00 for insurance. I feel really deficient and probably should upgrade. GREAT VIDEO!
I don't think driving an expensive car necessarily means you are trying to impress others. Some people view expensive cars as their toys.
He's going to pay $288,000 for that truck!! Wow did they not do the most basic of math to understand that truck aint worth $288k? Pure stupidity.
This is what happen when they skip math class lol
Better be a monster truck with gold and leather interior.
There is no way those numbers are accurate.
This isn't stupid. If you were to invest that monthly payment (3k) with 7% yearly returns for 96 months. It's 385 627$ and that's being conservative with 7% returns. I think they were looking at the bigger picture here.
You think they care? They will never make more then few payments on it and all of us will slowly pay for it.
Its definitely predatory. My sister called me from a Honda dealership. They quoted her at a 24.99% interest rate. I told her to put me on speaker and told her straight up that they are doing bad business and to run out of there. 5 mins later, they quoted her again at a 6.49% percent rate smh.
Wow! Glad you stepped in!
I would have gotten up and left immediately, if I was her. They wouldn’t get a chance to make me an offer. That is a scumbag dealership, that I would never do business with.
I take the 25 percent interest if they took a few k of the price.
Then pay it off before the first payment is do
What you expect. She's a woman.
They can offer whatever they want. If people agree to it then it is on them. Not the dealers responsibility to make sure people make good financial decisions. People buy dumb crap not even related to cars. Want that policed as well?
3000$ a month for 96 months will end up costing over 200 grand
You think they care? They will never make more then few payments on it and all of us will slowly pay for it.
The bank who approved this is crazy
@@dariodjakovic1600Good point. They will just drive it until payments start them some more time until it is repossessed. They don't care about other than those few weeks.
$288,000
People are stupid but I have doubts those are real posts. If they are, WOW.
$3,0000 x 96 months = $288,000...
Plus maintenance and insurance!
She calculated it as if it was invested at 7%. Not sure if the math is right but yeah that’s why the amounts are off from what you calculated.
@@ryanmaris1917 Op is just counting what they are actually paying for a roughly $40k truck if you didn't finance it at that insane structure. They are killing themselves for the privilege of buying a truck for 7x more than the sticker price.
@@amyw7200that’s not a $40,000 truck. That’s a $100,000+ truck.
For a Cheverolet.
217k for a tahoe WTFFFF
$288k for the Denali😂
There are a few loans wrapped up in that one .They clearly trade in before they payoff.
Sounds like Tiffany Henyard’s Tahoe
Nobody cares how bad they're getting ripped off as long as they look rich 😒
This is the truth, it's all about looking good on the outside
What’s sad is if I see somebody driving a Tahoe or a Dinali I might think it’s a nice car but I don’t think they are rich or anything special.
It's about the "brand" , when you're a rising hip hop artist you've got to show style!
Egos are expensive
💯
Egos are very expensive and life changing
"Ego is NOT your Amigo"
Very expensive
People think they hot and try to get attention
So you’re saying car enthusiasts are egotistical?
That’s real ignorant of you.
Thats why I drive a 17 Y.O. beater...
Mines is 13 yrs old. Will drive until it starts smoking.
dont drive a beater either
The ideal solution is to find the safest car you can get, at the lowest point of its depreciation curve, with the lowest mileage possible.
I'm driving an 18 yr old car and when she dies, I'm getting an electric scooter(they cost between 2k and 4k and get around 40mph to 60mph with a range of 60 to 100 miles, no insurance needed, maintenance is minimal etc...)
2013 camry with 205k miles. Works just fine. Do 90% of the maintenance myself. One of my best investments. Yes, I got it new but it was paid in no time.
For 3k a month, you can afford a house payment. Forget the car/truck 😅
You can literally buy a house by the time the car is paid off
@@kennedynguyen2036Exactly!!!
I would ride a bicycle before doing that. that's insane...
This has to be fake news. No one is this financially illiterate 🤦🏻♂️
Except for 99% of the American population.
@amireallythatgrumpy6508 I mean even if you can afford a 3k a month payment, it shouldn't be those vehicles. I'm talking about lambo payment here.
You are correct but you are also underestimating the stupidity of America. @@PBnjHEMI
@@amireallythatgrumpy6508 Lol you’re just jealous we’re the only free country on earth while everywhere else is a commie and socialist 💩 hole 😂
Keep whining you little baby
Maybe one day the regime will come in and take that contraband computer you’re typing from then you’ll really be grumpy!🤣
@@PBnjHEMIyou don’t get the same kind of tax write off on a lambo, that you can get on that Tahoe
I mean who doesn’t know they can’t afford 3k a month? Who ?
Illegals
If you can afford $3k a month, you don’t really need a car loan in the first place. Just save that $3k per month, and after a year, you can go pay cash for a late model used car.
Broke americans
A lot of people are dumb n love to show off. American dream. lol. I pay cash on all my cars n big items.
My car payments are 7600$ month with insurance.
@04:01 "God had nothing to do with that" tell 'em ma'am 🗣🗣🗣. The blessing of the Lord adds NO sorrow
💯
People love their vehicles more than having money. I’ve been driving for 22 years and on my 3rd vehicle. I get you need a vehicle but you dont need a mortgage on a car. The longer you keep them the more money you will have.
26 years, I'm on my 4th car (excluding a Foxbody Mustang that I bought in 2002 and sold in 2020 for $2000 more than I paid for it).
This makes me so happy me and my wife traded in our vehicles for vehicles that we paid cash for. We have an emergency fund and other savings. Now time to look for a house!
And this kids... is why you pay attention in math class.😂
U don't need class for math kids r born with math. Americans r scared of numbers for some reason.
Heck you just need to be able to push buttons on a calculator to see how stupid this is. Don't even have to be able to actually do the math.
If you paid attention in English class you’d realize this isn’t a real article ;)
@@michaelsinger5851 I don't know, hard to say considering people taking car loans with weird extreme rates of >50%.🤷♂ Considering the way people operate today, I wouldn't be surprised.
Live in South Carolina, the local KIA dealer TV advertisement is this. The sales rep pulls his pockets inside out, says don’t bring your checkbook, you don’t need any cash! He is showing 5 to 7 year old cars with 199.00 per month. In the fine print of the ad! 84 month financing, on a 5 to 7 year old car. But financial ignorance and , the I want it now portion of the population is driving this. So,so very sad
odds are though 2500 and 3000 are people who traded in with negative equity. some people are like lemmings.....willing will throw themselves off a cliff for a new car.
The best part about seeing moron neighbors and relatives buying these expensive eyesores is me failing to notice them showing it off. I won't even look at it. That's mostly why people overspend on a new car is for the attention.
I loved playing that game Lemmings. So many of them jumped off cliffs in order for me to build my empire.
That payment is sickening! But what’s worse is that they’re buying GM products which will likely be in the junkyard before they complete the payments on those pieces of 💩!
Those trucks will be repoed before the end of Spring, mid summer latest. Too bad we couldn't get a follow up on these posts... My truck is nearly paid off just about 3 yrs early. God didn't help, I had to work for that money. He might be my co-pilot, but he isn't making payments.
I’ll keep buying cash cars. I bought another 21 year old vehicle with a 5 speed manual transmission and only 68k miles for $1500. Almost TWO years later it’s still running perfectly. Doing its intended job, and my savings account is lovely! Being able to pay cash for whatever, whenever, taking trips without worry, and just being able to breathe. The parking garage at my job is full of brand new, and newer cars. I can only imagine what financial burden some people have put themselves in with these horrendously expensive vehicles. It’s insane!
Why do many "how to buy a used car" video, saying never pay cash???
@@veramae4098 because they are marketing financial lending companies. If you can pay cash, go for it. Financing a depreciating asset should be a last resort for anyone who can’t pay for it right then and there. A lot of people will say “oh I don’t want to tie up my money by paying cash.” If you’ve gotta “tie up” your money by paying cash, you can’t afford it. Besides, you’re paying interest on said loan. It’s like lighting your money on fire.
@@veramae4098if you negotiate a deal before you get to F&I without saying you’re a cash buyer, your fine. Never tell the salesman you’re a cash buyer. But taking a loan for the credit benefit and paying it off the first month is also a good option. You’ll pay 1 month of interest.
You have it right. If you look at the value of cars they drop like a rock until they are about 20 years old. At that point they flat line. Then around the 25 year mark something amazing happens, their value starts to climb. But something really amazing happens when they are around 35-40 years old. The value of their parts can be 10x the value of the vehicle which has been climbing in value the entire time. Say in 2000 you bought a 1980 car for $300, which was possible back then, and you replaced the radio with an after market radio, and wrapped up the factory radio to keep it safe. Today you can sell the original radio for as much as you paid for the car. A classic car as a daily driver will normally appreciate at the same rate as inflation. This means you can buy a car, drive it for five years and sell it for what you paid plus the cost of maintenance during that time. Or if you happen to wreck it, or a few parts of it rust too much you can sell it piece by piece for up to 10 times what you paid for it. This works best if you enjoy working on cars yourself. There are other bonuses such as insurance claims which usually result in the adjuster paying the shop rate for repair, and not trying to claim the vehicle as totaled, unlike vehicles under twenty years old which insurance uses low blue book value to set the value and results in a totaled assessment for something like a broken tail light. For someone not into tinkering on cars, a couple of 19 year old cars is a good option. Insurance charges less for a second vehicle and one driver, so the overhead is not bad. This gives the peace of mind of having a backup vehicle if one goes into the shop and is still a much better financial situation than a car payment.
Not everyone wants to drive a shitbox. You can also live in a 900 sq ft ranch for cheap too
Nice reach back in time for that Kriss Kross quote. 😂
96 monts loan maybe for a house not for a car,no way..!
Nobody is forcing you to buy a car, or to agree to a deal.
Word!!
Doesn’t matter, these people will simply file bankruptcy or just debt settle
Honestly, I have felt LIFE has forced me to do everything up until now.
It FORCED me to be born. It FORCED me to go to school and college. It FORCED me to get a job. It FORCED me to stay out of poverty. It FORCED me to continue struggling to support myself until I pass with a retirement.
We are all FORCED.
This is the reason I drive a 2001 Tundra with over 220K miles. No need to stress over car payment and trying to impress people I don't even know.
Right
What happens when you need to do repairs
@nathansdad12 DIY it. RUclips and internet is your friend. I replaced the radiator, thermostat, fuel neck, and performed fluid maintenance. Mechanic did the timing belt and power steering hoses.
Wow do people still do this nowadays, I started investing in the stock market because of dividends. What matters, in my opinion, is that if you invest and earn more money in addition to dividends, you will be able to live off of dividends without selling. It implies that you can pass that on to your children, giving them a head start in life. I've invested over $600k in dividend stocks over the years; I continue to buy more today and will continue to do so until the price lowers even further.
It's always inspiring to hear from a veteran investor who has weathered the storm and come out on top. When your portfolio turns from green to red, it might be unsettling, but if you have invested in great companies, you should just keep adding to them and stick with your plan.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years
How can one get in touch with these coach? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances
Eleanor Johnston Sorensen is the licensed fiduciary I use. There are many financial coaches who excel in their profession, but for the time being, I employ Eleanor Johnston Sorensen because I adore her methods.
@strategisteleanor
THAT IS HER USER NAME
People who have the least pay the most. People who have the most pay the least.
That's a word!
I will never pay $1K a month for a car payment. I bought a 2020 Honda CR-V brand new, and I only pay $250 a month with 2.9% interest. What I did was put down $15K for a down payment so I can make the smaller monthly payments, and I agreed to the normal 60-month loan. 96-months for financing a car is way too long, especially if the vehicle is not worth much at the end. My current balance is under $4K, and I do plan to pay it off early. Toyota and Honda vehicles tend to be good choices because they tend to be very reliable, cheaper to maintain in the long run, and they actually hold their resale value.
Living their best life! YOLO! 🤣
A fool and his money are soon parted...
As a Christian it does pain me to be honest about how many idiots we live amongst. It is scary. Car payments destroy lives. Period. The end. That Denali will be over $300,000 with maintenance and repairs. They should be thankful!!?????????? :( :( :(
What does being a Christian matter? Then you call other people "idiots"? No wonder people are leaving the church in droves. Rude self centered hypocrites.
Not that high but I get it
If you waited to pay cash and bought your car after 2020 you’re a moron. Period. The end.
Rising prices, interest rates, and low inventory cost cash buyers thousands more for the same vehicles than those who took out cheap loans before COVID.
As a Christian would you usually not be honest about obvious things?
in 2019 I purchased a brand new Subaru Outback for $37,000. I put $5K down and paid $1,000/month payments with ZERO interest. I paid it off 32 months later...that's the only way I would have a $1,000/month payment. And, yes, I could have purchased it for cash. :)
I work at a car dealership. We can’t do that. The bank won’t approve it. The bank looks at your debt to income ratio. The bank won’t approve a loan is you can’t afford it. THE MANUFACTURES financing might do that.
If you have anything to do with sales, just know that I hate you.
or its just a story. got us to watch
I don’t think it’s real either. If a bank will do 200%+ of book value, then we are all in trouble.
Crazy..Just Crazy $1000 Car Payment..I’ll pass…Glad my 07 Honda Civic is running strong
My 07 CR-V too...
@@walterlopchuk8228 Keep that Vehicle it is gonna last forever
Heyyy... you stole my comment! My wife and I, too, drive a 2007 light blue Honda CR-V! 😄@@walterlopchuk8228
@@DudeDude491 it will outlive me.
@@walterlopchuk8228 Good…. And when the Time comes that the Vehicle dies just buy another Honda or Toyota and you are set for the next 50 Years just make sure it is a used Vehicle and u pay cash for it 😊
I am from India but a lot of knowledge that works for USA also works for us in India. We arent taught about financial literacy when we are young and is considered as a taboo to talk about money hence we have to learn from our own mistakes. Thank you for the knowledge, a wise man had once stated "learn from the mistakes of others, you cant live long enough to make them all yourselves". Your youtube videos helps me in doing that when it comes to financial literacy.
As a black person.. I’m embarrassed for these black folk getting these deals
Black people can do basic arithmetic. The problem here is that you people (the native born in USA, I’m not) go crazy when it comes to cars. I never understood this even after 42 years next week in this country.
Doesn't matter what skin color...bad deal either way.
@@brucefredrickson9677 It actually does matter. Our families are broken up, and much of our race have a severe lack of financial literacy. Even our black athletes and entertainers.
@@handleyobusiness there really needs to be a shift in what is being taught in grade school for personal finance. I'm so glad these idiots in charge decided to make sure we knew what APA and MLA format were. I've used this so much in my career.
@@handleyobusinessAccording to the New York Fed from 2019 to 2023:
White wealth increased 28%
Hispanic Wealth increased 25%
Wealth for Black Americans declined -1.3%
The prayer hands are for making the monthly payments as well as no damage happening to the car.
I own a Volvo bought it a few months ago for 8k and pay 280 a month, km about to finish this loan in a month, and believe me, it feels like your rich when you dont have a loan draining your pockets
Holy moly. This clip is insane!!!
These two personalities do an excellent job together. They are a gem and have chemistry. Good job
Dr. John has a buddy for every scenario!!
I've done car loans before but every single one has been paid off in under a year, regardless of the loan term. I hate having a car payment. Barring any catastrophe, I won't need a new car for many many years and I'm grateful for that. Oh this episode makes my heart hurt.
They won’t be able to pay it off. The bank will be holding the bag. But at least these people will enjoy the ride for awhile.
Exactly. Maybe 3 months, maybe 6 months. But it's getting repo'd or sold at a loss
It's called "Keeping up with the Jones" and its sad to see so many people do it.
2013 Camry paid off, 205k miles, and it’s driving like a new car. Wife has a Honda civic 2014, 160k, and also paid off. We’re saving thousands every year.
Ain't no way in freaking "=/&&" I'm paying $1000/month for a car note....sorry.....😂😂 I'll be driving my paid-off car until my feet go thru the floor, like the Flintstones!!
Even then, there's always a plank of wood and some silicone caulk
@@therocinante3443 😂
How'd they go in on the "it's such a blessing" people. 😂.
loving Ramsey covering Zerohedge articles
@5:55 equiviliates 🤣 still great advice from Jade
Alcohol, cigarettes, drugs, fast food, gambling and high interest loans will leave people broke, sick and stressed. Some people want the YOLO life and will do anything to get it. They are signing away their future and their childrens' future. A house in a better area, college etc.
Lots of people drink beer and wine and aren't broke at all. You can go broke on anything. You just don't like alcohol and fast food so everyone else shouldn't either. You can post your checking account on here and we can all judge how you choose to spend your money.
Let’s be honest - auto dealers are not “putting” people into garbage deals but rather they are presenting these deals to buyers and the buyers are signing up for them. People are putting themselves into these “deals” since they are the ones putting pen to paper.
I haven't had a car payment since 2020 and this summer my family and I are going on a month long trip to Arizona, Las Vegas. California Oregon Idaho Wyoming South Dakota and finishing up in Colorado enjoy your new truck hahaha 😂
She said $3000/mo for 96 years. 😂😂😂
Bought a $600 25yo truck 4 years ago. Still driving it.
2011 Volkswagen diesel, paid $2500 cash, 40+mpg, no way I'm EVER buying a new car! Those car notes are multiple times more than what I paid for my house, insanity!
You should consider a nicer house.
1743 Horse and buggy bought it for $23. No MPG cause it doesn't require no gas, no insurance and max speed is 20 MPH. AND IT doesn't depreciate in value
@@steelcastle5616 Don't be hating :P I'd be terrified of buying a house in this market, no thanks.
@@skibik3r No hate, but if your home is around 150k or so, you should consider upgrading in the future.
@@steelcastle5616 Bought in 09 for 124k.
Gotta start somewhere and I chose to start small, it's worked out fantastic! Might consider entering the market in 4 ~ 6 years, no way at these prices!
Unless your car makes you money to pay off your car and then some. $3000 a month carpayment is insane. $1000 month is insane.
😂yikes!!! Amd people question why I drive my 22yr old Tahoe!!!🎉
Me too only a 2000 Suburban. I’m getting ready to rebuild my tranny at 200k miles to get 100k more miles out of it. 👍
Awesome pod cast Jade and Doc!!! This is insane 😢
My car is a total POS but its all mine.
If I lock my keys in mine, I can just lay on the ground and reach up through the rust hole in the floor to pull the inside door handle. I've had to do that only one time so far. There's an old license plate covering the hole.
A fool and the borrowed loan company’s money are easily parted 💵 💵 💵
I haven't had a car payment since 1998!
I rented a Jeep Cherokee 4x4 for 8 days for 580 dollars. Took my family out for spring break to Arizona and New Mexico. My co workers asked why I would pay so much for a rental and I said 580 is a drop in the bucket. The best part is I turn in the jeep and I have no more payments or insurance or up keep.
I paid off my car in February. NEVER AGAIN.
This is insane……300K+ with interest for a damn truck?!?!
The prayer hands are for being able to keep up with those payments. I hope these people find the Ramsey show, posdcast… ANYTHING!
Boyyyyy I wouldn’t even want to drive it!!!! Imagine if something happened? God forbid an accident🙏🏽🙏🏽🙏🏽! (That deserves prayer hands)
Your blaming the salesman??? These are adults making these decisions....these vehicles are all over the road and people are nuts!! No sympathy when they go bankrupt or its repossessed!!
Exactly!
Such entitled bs in society everyone wants to blame someone else when they signed in the dotted line!
@@ykook7000 Exactly! Nowadays, it's always someone else's fault. Always!
100% agree. If a salesperson chooses not to sell the loan based on it not being in the consumers best long term interest that buyer isn't going to have a change of heart they are just going to go to the next dealer...
She blamed both but you seemed to have missed the part where she said both parties hold a responsibility.
I love how Jade has stickers all over her MacBook. I did the same with mine lol.
If you can even afford 3k a month then you should instead save that money until you can buy it outright.
Correct. And learn to invest. U are so correct.
I drive a 27 year old Ford Ranger with 200 thousand miles on a 4 cylinder engine and 5 speed transmission, (which I tried convince my insurance agent constitutes an anti-theft device) that I got for cutting down 4 trees.
Just a fun fact…. If that number on that 2023 Chevy Tahoe is correct the price she’s paying for that car (and this doesn’t include the interest and insurance and everything. Just for the car alone) is $214,200. And that GMC sierra is $288,000
“ you need Ken Colman” Jon laughs lol
Everything is melting up, a reverse crash
Need to fix the headline. People are signing on the dotted line and AGREEING to garbage deals.
there's gotta be some negative equity from past car loans that balloons the payment up this high. The buyer is already a poor financial decision maker and this is the result.
It reminds me of the scene in Ruthless People when Judge Reinhold talked a kid into financing a stereo system and then the kid's pregnant girlfriend or wife walked in.
I bought a brand new truck a in 2018 that’ll be the last time I buy a new vehicle. It was all shiny,new and nice and 3 years later so was that payment. No thanks. Never again.
GM vehicles usually don't even last 8 years anymore. Their quality control is atrocious and the vehicle will likely require expensive repairs before it is paid off.
Ahh yes.. An article written by Tyler Durden
Gotta love Zerohedge
These are the same folks who say they can't afford a house or par rent, buy food. I have no sympathy for these people
The poorest and youngest people who live near my neighborhood are driving BMW's and Mercedes Benz. I drive a used Ford Escape! lol!
I cannot imagine the insurance premiums on these cars.
the maintenance is what will do it
2010 honda Civic for the win. My family got one 8 years ago at 60000km for $10000 now its been driven 230000km with no check engine light! And literally drives new.
Its worth remembering that the average payment for a USED car is around $700 a month, a new car is at least 25% more. Its really not like it once was. Interest rates are higher, prices are higher.
That can’t be real. That truck would cost $288k without interest.
I have a 1994 Jeep and a 2002 Explore that are bought and paid for. Every bugs me to buy a newer vehicle, not going to do it. My insurance is affordable.
A few years back I tried to get financing on a 2018 civic. I got approved… at 23% APR!!!! After I picked my eyeballs up off the floor I walked out. Now I’m saving to buy a car in cash.
21 tacoma here paid off never getting a auto loan again
I drive a 97 Toyota Corolla with 235k+ miles, guess im on the right track! 😊
6:08 I had an actual physical reaction to this
I own an auto body repair shop. It's amazing the people who have an accident that totals out their vehicle & they don't have the difference to pay off the vehicle to give the title to the insurance company. Here is Illinois the vehicle has to be at least 8 years old for the customer to buy the vehicle back so numerous times these people have to take out a personal loan to make up the difference so they end up paying a payment every month for a vehicle they no longer own! It's horrible how many times we see this.
3:30 $2550 for 84 months is $214,000. There is something terribly wrong with that.
I've heard people say "we got taken advantage of", here I am thinking, this is a two-sided consensual agreement right?
I used to smoke, after giving it up over 13 years ago it now hurts my esophagas to watch someone take a drag off of a cigarette. When I hear people talking about 72, 84, and 96 month car loans it hurts my brain...
Wisdom!
❤
That is almost $300k for a regular passenger truck. These idiots are keeping the prices high for everybody else.
Going on nine years on my ‘03 Toyota Avalon with 260k on it. I’ve bought it at 47k on it. I’ve put 213k on it for nine years that I’ve owned it and never had car payment on it. Bought it in cash for 10G.
If you gonna try to get a big car/ truck loan go through a credit union. Dont ever try to get approved through a dealership. They are trying to take as much money as they can from you !
96 months car loan damn! that's a new one for me, crazy!
For 10 years I’ve been self employed doing a mobile job, so always felt I had to have a relatively new low mileage car to be reliable. In the last 5-6 years I’ve had a couple of cars and financed them both. They’ve been reliable and that’s enabled me to grow my business.
The payment on my car is around 9% of my take home pay and it’s a modest economical car. I save and invest around 35% of my income too.
So I think that’s fine, however despite me being comfortable with it, I’m soon to be starting a new job where I don’t need a car even to get to work. Within a month of me starting, the financed car will be gone and I’ll buy a sub 2K beater to get me to the beach on the weekends and to see friends.
Can’t wait!