Record number of Americans pay $1,000+ a month for their car
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- Опубликовано: 27 авг 2024
- Edmunds looked at car sale data and found that a record number of Americans, about 17%, pay $1,000 a month or more on a car payment alone.
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People are out here paying 1k a month to roll around in regular traffic💀
It’s crazy here in Chicago. You have people with cars worth 70-90K parked in front of apartments that cost $700-800 a month. Literally spending everything they have on a Car.
status baby!
@@thisguy73 A certain demographic is very shallow and their whole world revolves around materialistic "things"
@@thisguy73 it’s a looser status
U got to look good at all cost😊😳
A 70 - 90k car will cost you easily 1,400 a month , 700-800 is for cars between 45k -55k
Being a car enthusiast I am willing to pay extra for something fun and cool. But people are paying 1,000 for basic cars is laughable.
Someone is out there paying that for a Kia and Hyundai lmaoooo
Don't forget the fools with Mercedes and bmw. Once one of those pipes explode they're looking at 1-2k in repairs for a $10 item😂😂
@@jovanialvarez9310 If you worry about maintenance, then you shouldn't be driving a German car. Gotta pay for the best. Not a lowly ass Kia.
Me too...I'm an enthusiast but like older German cars. If you can wrench on an old Chevy you can fix old German iron too..
@@uberenthusiasts Kia and Hyundai aren't even in my vocabulary. I'd rather get a Japanese car and fix it up
Myself. All cars fail at some point, I'd rather work on an American car rather than take apart a whole front end on a German car to reach a sensor
I financed a new car in 2021. The prices went so high up that I was able to sell that car for a big profit and bought myself an older car with low mileage and it's already paid for. Crazy times.
Good move
That's an executive move. 👍
I did the same thing last summer with my new 2020. Traded it in for profits to pay for my used car in full. I got back all of my payments and more. I love my used car more than my new one so it was a no brainer. I'm not buying another new car until it returns back to pre-pandemic. These APRs now are crazy even with excellent credit. I always get my cars below MSRP too. Never pay MSRP or above peeps.
@@volcalstone I'm leasing my vehicle now and plan to wait to see if the prices come down for a new car or if I'm gonna get another lease by the fall. You couldn't catch me dead paying these crazy over MSRP prices. I'm 27 and think doing that is just ridiculous.
@@volcalstonethose days are gone 😂
All them hellcat drivers with 48% interest rates
Lol
Tyrone’s
And 480 month term
@I_troll So Warren Buffet is poor AF cuz he owns a cadillac xts instead of a hellcat
And those Super Duty trucks they paid 73k for that cost more than their yearly salary.
I refuse to pay $450 mo. let alone $1000 a month. I'll stick to my 2002 Lexus.
Keep it! Does Lexus are amazing
@@thezfamily989 Oh, this car is not going anywhere anytime soon. I know the former owners and they took very good care of this car. It's been mine for the last 3 years and I have yet to do anything to the car besides oil changes and gas. Toyota's kick ass.
Scotty Kilmer would be so proud
eventually you'll have to pay, car won't last forever
@@stachowi I will, but until the repairs cost more than the worth of the car, I'm keeping it! Car has been great so far.
I refuse to pay a 1000 for a monthly payment. I will keep my truck it's paid for
👍👏👏
Yup I'd rather buy a new engine then to buy a new truck
same
NO WAY IN HELL
I feel u on that
Because people feel the need to live beyond their means in order to buy status symbols so they can impress people that don’t care about them.
Wrong. Have you not noticed the increase cost of living vs wages? At one point they made cars and trucks at an affordable price which was the goal now that same vehicle 'type' is 2-3x the price. Example a 10-14k car new is now 25-30k These people are not out here driving Lambos and Ferraris. A basic Chevy, Ford, Toyota is way up! We're talking Corolla, Chevy Cruise, Ford Escape. This is not living beyond your means to impress others.
Edit: I should add you are also partly right. People shouldn't take a loan this size. The issue is the price of vehicles is way up new and used.
@@ImNotCatCourt There is no reason to spend $1,000/month on a car. You can easily find a used car. Cost of living is higher, yes. But there is no reason whatsoever to pay that much a month for a car note.
@@jeremya.695 You replied right after I edited lol Yes I agree don't take the loan instead put the pressure back on the industry to lower the price.
@@jeremya.695 Used cars have gotten very expensive unless you want something with high mileage.
@@ShannonsBibleStudy they definitely have. But not so expensive that you need to pay $1,000 a month for it. People just have some ridiculous idea that they need a certain kind of car. They try to find ways to justify their poor spending habits.
Gotta be grateful for these fools. The rest of us wouldn't have a good pick of used cars to buy if not for them.
Ha, ha
With those hefty payments, I doubt they have any money left for proper maintenance, like regular oil changes.
They're right, a $400 car payment is too much and a $1000 is absolutely ridiculous! The girl they interviewed was smart, try and hold on to your car for as long as possible, you don't need the latest and greatest, especially a depreciating asset.
1000 a month is what it is if you want a 70k car. Nothing wrong with having nice things if your willing to work hard for it.
they are NOT assets, they are a EXPENCE PERIOD!
$400 is normal. $500-$600 is high unless its a foreign car and $650 plus is to much in general.
Nobody "has" to pay $1K/month for a vehicle. People CHOOSE to pay that much for a car and the car companies (with their highly profitable financing divisions) are more than happy to oblige the consumer.
Exactly! Nobody is forcing them to do it. There are plenty of used cars.
They choose the nicer cars.. not the budget friendly ones that are cheaper. They drive to impress
Exactly! That’s why I bought a 6 year old civic with cash (albeit right before the surge in prices)
As someone who hasn't had a car payment in well over 20 years, I think this is utterly preposterous. Of course, I also maintain and repair every vehicle I own. I drive older vehicles (other than a 2022 motorcycle that is fully paid for) that are reliable with with abundant parts availability and inexpensive part costs.
Some used cars are selling higher than their new MSRP.
@@tybooskie Someone was just telling me that. 2019 and 2020 Hondas and Toyotas are selling above MSRP. It's ridiculous. People need to have more self-respect and refuse to buy.
We don't care about rich people.
I just bought a new Mazda bc the APR was 0.9 and I has my previous one for 14 years. Used cars in the same trim, 40k miles were only 1,200 LESS than a brand new vehicle. Wild.
Yeah but what do you drive?
My last new cars payment was $374 a month 20 years ago. I still have that car
I love old cars. Fun to ride around in, less worry about a dent. Do you want to retire someday? Drive an older model car. My car is 9 years old - just love it. I pay about $400 a month. That is original cost, gas/month, insurance, maintenance, city stickers.
Was your interest rate like 17% lol
@Mr Wiggins No it was 5% if I had waited I could have gotten 0 percent
@@27Killermikeright ha ha
you are cosidered a loser by half this country who only thinks about the next 6 months of their life. And considered a poor loser.
Never had a car payment, drove an old 80’s pickup truck in highschool and a 90’s Geo in college. Still drive both, do all repairs myself with my dad. Literally saving thousands of dollar a year instead of a car payment.
Fix the problem with dealerships being allowed to massively mark up the vehicles
Exactly….all these companies are trying to be billionaires off of regular people with housing and cars
Stealerships
Capitalism
Now a pickup truck costs the same what a house used to cost only 20 years ago
Not surprisingly, the people that can readily afford $1,000 a month car payments are driving reliable older cars or less expensive new cars. Their frugal mindset is why they have money.
Exactly this! I came from poverty and wanted to escape that cycle. Now I'm 28, earn $112k+, no debt, put 13% income into retirement accounts. I bought a used 2016 Nissan Altima cash. I could afford that 1k/month. Instead save it for general life and for good fun vacations!
@@djm2189 Some people care about vacations, others care about having 3-4 kids, and others want to spend 1k a month on there Dream car. Everyone blows money one way or another on the things they want in life.
@@lefthanded5473 I'm all for people blowing their money, that's called consumerism and runs the economy. My concern is a collapse and people getting into financial trouble that'll lower everyone else life and more wasted taxes. 60% of Americans can't afford a 1k emergency. Kids are kids, vacations are sporadic. A 1k/month bill on a car is 12 times a year. Most can't afford that and lie to themselves like they can. I 100% can but I make $112k+, no debt.
👁
Yep! Live in a paid off $2M house with zero debt and over $2M in investment accounts and drive a 22 year old Subaru wagon. I just ordered a $30k hatchback for my next daily driver. And some people undoubtedly feel quite superior glancing over at me driving my old car while they are paying $1,200/mo for their newer car, living in an apartment and drowning in debt every month. 😂 Flexing in a car you can’t afford is a very stupid way of living when nobody give a sh*t what you are driving except for gold-diggers and criminals.
It's $85,000 for a brand new suburban.
That was high-end luxury not long ago!
I paid mines off last year. Did it within 3 years. I am now focusing on traveling and making memories rather than collecting material things.
Keep striving to create a happy, positive, healthy, fulfilling life!
Saving for early retirement
Traveling is the same money pit though 😂
That’s like having 2 mortgages. I’m glad I own my cars outright and hopefully it lasts long. People say this is a bad time to buy cars, but I think it’s a terrible idea to wait to buy a car. The prices will never go back down to “normal.” This is the new normal and they’ll only continue to go up in price.
I've waited two years for prices to go back down and they never did lol
@Octavius Nova I still can never understand that. People drowning in debt to show off things that they don’t even own (the bank is technically the owner) to impress people who don’t give two poops about them. Same thing with higher education. If I had to use loans, I would have refrained from going to college and law school. Some people have bachelors degrees, work at Walmart and have $1,000+ monthly student loan payments. Even people who get jobs in their desired area don’t do too well because a good chunk of their money goes to student loans. It’s almost like you’re better off just working at Walmart and not get higher education unless you can do it without loans.
They can't, the car makers will go bankrupt.... Stupid Americans shunned small cars in favor of much more expensive crossovers.... They will begin re introducing small cars again.
That’s why I went ahead and bought a Kia in 2020. I never had a Kia before but the warranty couldn’t be beat. I purchase gap and extended coverage for $23,000. It had 17 miles on it when I got it. I saw the writing in the wall then. As of today it had 24,000 miles on it and I have three years to pay. I also have my Acura MDX that I paid off and kept. Have to really think in this environment.
You can thank the dealer's for adding 10k or better to the sticker price. I delivered a Kia Telluride to a dealer in South Texas that have a price of 47k on the sticker and it was loaded up pretty nicely. Dude at the dealership said they were going to mark it up to the point that the buyer will pay 60k for it....
Yeah but if buyers reject it they wouldn't mark it up. Only idiots overpay for cars
@@shayslay3416yep that’s why u buy at end of month cuz they have to sell so many each month , or end of year end of December !
@@joansmith6844 that's why you buy at least 2 years lightly used.
@@shayslay3416 oh I agree ☝️
Out of curiosity, where in South Texas?
Used to pull insulation from house and the most expensive houses with board walks and gated fences. Had like Camrys,altimas, and corollas. And the middle suburban class had the crazy high payment cars
You’d be a multi millionaire by the time you retired if you invested 1k into your 401k. People gotta stop living off instant gratification.
invest in what?
@@leeg5678 asset look it up
@@stevenyia2778 he said 401k, that the asset, what is the investment is the question I am asking. Keep up
Buy a used vehicle. Even if it's just 3 years old. Chances are, it's going to have most, if not all of the bells and whistles of a new one. I would suggest going for pre-pandemic models (2020 and before), before this whole microchip shortage.
Chances are that it has more bells and whistles. But most importantly people need to actually learn how to handle their finances, if you've got them under control you shouldn't take much of a loan whatsoever to buy cars. Really you shouldn't take one that's longer than maximum 3 years, if your loan is for 7 years then you can't afford the car.
That's still over priced these days. 📈
@@ShannonsBibleStudy still a hell of a lot less money than what it was going for new.
@@volundrfrey896 true, but most cars nowadays you would need a loan. A used car it could be a 24 or 36 month loan, you just got to hunt for the best price.
@@koltindriver5935 If you buy a crappy car drive it for two years and put that $1000/month into an account you'll have 24K at the end of it plus interest. People should stop expecting that they can get the nicest things when the first pay check of their lives is cut and be ahead of the finances instead of behind them
Ive been shamed so many times by coworkers for driving a hoopty, but its all good because I can always shame them back for having no extra income and being terrible with finances.
I have a balance. I drive a 2017 civic si with a 6 speed manual transmission. Fun to drive, gets good fuel mileage and only 290 a month which is easily affordable for me. People here are either I drive a piece of crap or something so nice I can't afford. I chose the middle ground. It's a nice comfortable car that I can afford.
Right and they probably need to borrow some money 😂😂😂
@@eagle25311 I drive a 1985 Buick Riviera, and a 2004 Chevy Silverado to work which is a 70 mile commute each day. Just because a car is old doesn’t mean that it’s junk. There are new cars that are having engine and transmission failures that are not even a year old. What I drive is not perfect, but they get me where I have to go and my friends help me with any repairs that are needed. I refuse to spend any money on this 4 Wheel Wi Fi that is so overpriced that it’s past ridiculous.
@Charles Williams depends on the person I suppose. The Buick doesn't get 40 mpg it's not a manual transmission it is a boat so it doesn't handle like a 3k lb car with a much more refined suspension doesn't have heated seats and android auto. Things that I like. That's why I find a balance that works for me. Something cheap but also fun to drive.
Still driving my 08' Mercedes C300...Looks ...and drives great!....283,000 miles ..
A Mercedes with almost 300k miles on it now there’s something you don’t see everyday
+Big T That's awesome, there are plenty of high mileage mercedes and they run pretty good most of the time. Just take really good care of it putting right oil and frequent maintence and it works.
@@Endorion_YTC my friend had a Mercedes suv, it was a piece of crap 💩😂
@@thesquad2253 Sucks to hear that, haha your friend is unlucky lmao L
@@NSGLiv Mercedes motors are good for 400k Miles.
Never ever! $1k per month for a ride! The full coverage insurance is going to be $500! Lol
Not really I pay 249 for full coverage on my 21 Sti and 22 explorer ST.
PEOPLE who have 1000$ /month payment are on there way TO BANKRUPTCY are already about to file BANKRUPTCY , you deserve it RICHLY !
That's ridiculous !!! I will ride a bike an lose weight at the same time.
that bike life real i hope you ready for the streets lol 🤣
Everyone is spoiled/entitled now that's the problem - Nobody wants the "inexpensive" NEW cars which are few and far between now because everybody wants to over-extend themselves for the nicest and best wheels - I bought my daughter a brand new Chevy Spark in 2021 for $14k and even that little thing had power windows, a touchscreen, and remote start... My first brand new car was a black 03 Kia Rio with manual windows, no A/C (an "option" mine didn't have), and MANUAL non-power steering! What more do you need if you're on a budget?? LIVE beyond your means, PAY beyond your means.
There aren't a lot of inexpensive cars anymore unless you want something that may not be reliable.
@@ShannonsBibleStudy There's plenty of $15k or less brand NEW cars to buy. My daughters Chevy Spark that I mentioned was one of them. But no one wants those types of cars anymore, everyone wants to ride in style with all the frills and features that alot of them can't really afford. They still make affordable new transportation with a warranty.
@@Stressless2023 I just googled it. They aren't that cheap where I live used. That's why you don't judge and get all self righteous. Everyone's circumstances are different.
Haha that’s great
@@Stressless2023 How about you just mind your business. 👍🏿
I bet the average length of term is now 72 months as well. This is a symptom of a country addicted to consumption.
Anyone buying a new car during these horrible economic times is crazy, then add the sky high interest rates and you can really be strapped.
Thank you for the reassurance. Was gonna buy a new truck with a large down payment hopefully almost paid off. But I’ll probably repaint my paid off car
@@juelzd7172 The high interest CD's and savings accounts are where my extra money goes since I paid off my 19 Cruze LS last year.
@@kokolovitch56 interest cds?
@@juelzd7172 5% and up now some are. Google it.
@@juelzd7172 CDs - Certificate of deposit. Time deposits sold by the bank for a higher rate of interest vs a savings account.
Car payments same as a mortgage lmao, what a time to be alive
Mortgages by me are between 4800 and 6500 - 800k is a cheap house near me.
@@lucian7182 Ok, well you're obviously not the norm and you know that I hope.
Buying a home during this ridiculous high market isint smart either. Their eventually all gonna sell at a loss or have to keep it
Where? Mortgages start at like $1500 nowadays. And that’s just for a standard 3 bedroom house. And I live In a LCOL city. In most places it’s 2k plus a month for a mortgage. Unless you get a house that needs $30-50k worth of work put into it or it’s in the hood.
I'm so lucky to have bought my car in 2020. It was right before all this BS started. I bought a used 2014 accord sport with 32,000 miles for 13,500. Its impossible to find this kind of deal now for the same car.
Like me. End of 2020 bought my Camry hybrid at the time when nobody wanted a hybrid because gas was so cheap. Got a discount as the 2021's were coming in. AND got factory rebate AND just 2.9% apr. Then I threw my last stimulus money at it plus my December Bonus. Now I am 9 months ahead in payments and I can sleep well. Everytime when my car goes for service, they are asking me to "leave" my car and they can write me a check. So then what do I take home then??? So nope, very happy with my 55 mpg car. It's gonna stay for a long time...
@@mathisnotforthefaintofheart This guy made the right decision and move at the right time
@@danny1103 Keep your car!
@@mathisnotforthefaintofheart I got a 2021 certified RDX ASpec with 12k miles during Feb2023 with 50% down @3.99APR for 48 mo. The dealer is selling below KBB market price and only tagged on $995 forever security GPS subscription (which I already making good use of it since day 1). Then sold our 2011 car with 170k miles to Carmax at KBB value early April. We also established a couple CD with 4% APR to counter the 3.99% loan. So in the end we prob only pay $1200 interest or less with $500 - $600 monthly payment, which is not a big issue. We could have pay the loan off at once, but we chose not to so that we keep our credit profile above 825. By doing so I have the spare money to install roof rail, running board, all season floor mats, wheel locks and cargo cover myself, which now making the car much sporty than ever.
@@danny1103 This car is good to keep for the next decade.
I pay 345 and I think it's a lot. With all the insurance companies increasing rates, no way with everything else is also increasing too.
Yeah I like the peace of having no car payment so I’d rather save up and buy something within my means
My 2008 ford taurus is paid off with 250,000 miles still going
ohhh good for you...
Must be the V6 model.
Don't let these dealers gouge you. Always buy used, from a private seller.
Yup learned my lesson 3 years ago. Ill be driving this car into the ground and then never stepping foot in a stealership again. Online only. If they dont do like Tesla's online model im not buying it
buy new at use price, learn to haggle and walk away.
When you think about it, it's ludicrous to pay interest on something that is losing money.
Yes, cars are more expensive right now, but people still have a choice. They can get a cheaper car that fits their budget. Sometimes people use current situations as an excuse "see everything is expensive right now, so me paying $1k a month is normal since everyone is doing it" as if they didn't have an option to get something half or a third of the price. The choice to get a 60k truck or SUV instead of a used 5 year old sedan is a personal choice. Will prices be higher than 5 years ago even for a used car? Yes, but that doesn't mean you have to pay 1k a month. This situation is a reflection of price and consumer choice, because if people stopped over paying for large trucks and SUV's then the market would shift and prices would come down.
Right
Have you looked at used car
Prices?
The problem is used cars are priced at the same level as new cars. Not sure if you've been out here looking, but I am and it's a choice between a used car with issues to fix (been there done that) or a new car where you can start from scratch.
The above comment is an example of confirmation bias. I live in near Seattle and the used cars are more expensive. However, I still look on car buying sites and find quality vehicles for less than 20k. There is literally 0 excuse for the common American to pay 1k a month in car payments unless they intend to pay off their loans early. I bought my used car in 2021 and the payment was 335 a month.
@@YoungMaskedRedYoutub That is right, it is "confirmation bias' they find others that do the same thing to feel better about their bad decisions.
I can't understand how people qualify for a loan
That's about to stop VERY soon!
Alot of banks are dropping/leaving the dealership. The buyers can't afford the payments so they have to get repo. Banks loosing money
I personally want to finance a somewhat new car (maybe a 2017) as of recently just because I'm tired of buying 15 year old used cars for $5k and then when something goes wrong I'm always being told by the shop "It's getting hard to find parts for this car now" and then shelling out $1,600 for a rebuilt ABS module + labor, then the AC evaporator going out in Florida and it's $1,800 parts and labor. Then an oil leak that takes 3 trips to the shop and $1,500 later to finally find, then $500 here, $800 there, it's insanity. I'm not taking the thing to the fucking drag strip on the weekends, I'm just driving to work and back.
I fully understand what you're saying I had a 2005 Ford five hundred and literally every month it was 1300 for this and 800 for that and then tires was another 500 it was getting to the point it was just a pain in da ass so I bought a genesis and that's costing me $550 a month which is a lot but I day two days overtime a month to cover but I I'm going to keep this car for 20 years or more if I can I'm not getting no more new cars
@@takethat863 Hey man if that Gensis is giving you peace of mind, it's worth the $550 a month. The sad truth is that around 170 -200k miles, things will continue to go wrong due to planned obsolescence, and unless you have a _very_ easy and cheap car to fix and find parts for, all you can do is keep shelling out money and hope that your local shop doesn't turn you down the next time you bring it in because it's a pain in the ass for them to fix. There is no way I can outright buy a 2017-20 anything on my salary, so I'm going to need to finance one here in a minute so that I can have some damned peace of mind while I drive to work.
Lot of people forget this. Peace of mind is more important.
I bought my car in 2012 used and still drives I payed it off years ago and I will keep it until the wheels fall off. There is no way in hell i'm paying $1000 for a car
So those Americans are paying $1000+ to pay the debt off faster right???
This is going to be a recipe for wave of repossessions that is already happening. Im already paying $320 a month for my Nissan Leaf and even I thought that is a bit for me. Don't want to spend more on the car than needed. It's hard to find a decent car at $300 a month or lower, unless you have a lot saved up to put down. No status symbol for me is worth going into debt.
Anchor woman in pink with $35K ring can really relate...
Looking at SUV sales vs Sedan sales, that tells you everything you need to know.
Everybody in the comments talking about what they not going to pay but don't realize that interest rates has gone up even if you have a good or great credit score you are going to pay at "least 7%" or more interest when you finance which that is alot. For those of you saying you will stick to your used car for years dont forget cars dont last forever especially if your not the type to look under your hood.
$1000 + $300 = my mortgage payment after I refinanced with the juicy 2.5% interest rate back in early 2021.
Lmao no is forcing you to buy a car with a $1000 car note.
Not the point being made here. Cars are just more expensive. Look at trucks. They just sit on the lot now. No one wants a truck that is 70K+$
Let the people buying new cars to keep buying them until they can't, only then will we see changes.
@C32Alpha Krueger cars are more expensive which is why people need tonstop buying them. No one is forcing $1000 car notes. Everyone could be over here driving brand new Nissan versa's for $15k or buying used cars. But what are people doing? Buying more expensive crossover sun's which don't have more space than a regular sedan lmao. The people are stupid. Thats always the problem.
@@shayslay3416 I literally just said cars are more expensive.
@ShaySlay The issue revolves around dealerships price gouging the living crud out of vehicles. Not only that but there has been an increase creep in regards to total cost on vehicle over the past 20 years.
Its the people fault for paying 1K a month. You can buy a cheaper model or even a used car. Its just transportation from A to B. Buy what you need, not what you want.
Record Americans think they need a big car whereas a Corolla or Civic can do just the same.
If you're on a budget, want a new vehicle and there's nothing wrong with your current car....keep it!! Paying more than $400/month is high. I can't imagine even paying $1000 thats just stupid high not even including the insurance plus the maintenance! Nope not me no thanks! Save your money take a vacation instead!
We bought a new Kia last year in December, so it's a 2023 model year. To replace the one we lost when we hit a deer and it got totalled the previous month in November. The MSRP was $22k and that's what we paid, they wanted $3500 over and I hung up the phone, 3 minutes later my phone rings and it was a different salesman saying they'll let it go for MSRP. So we wrote them a check for $10k and financed the balance. I still have $60k in cash in the bank, we could have easily spent a lot more money plus we have decent credit scores, about 700. It has what we needed: 4 tires and wheels, a steering wheel, a windshield, air conditioning, power windows and door locks, a radio, a brake pedal. 🤷🏻♂️ I mean it gets the job done. Why spend more?? It's sad that most people in this country feel the need to live so far above their means. Let it all crash, let the free market forces take hold. Best way to cleanse the system. If the government keeps intervening it's just kicking the can down the road. Eventually your 30 year old son will have to leave your house.
60K in cash in the bank. Lol that is stupid :) Never leave cash beyond what you need to live for 6 months.
@@Raja221 L
@@Raja221 How do you know if their 6 month salary is $60k? It just makes you sound stupid if you make wrong assumptions.
kia 🤣🤣🤣
@@Raja221 nah 2 year
As long as the cars drives im happy. No ego for transportation
It is a luxury to have a car.
I rather buy a bucket than lease a car at least I own it
I know that many wouldn’t want to pay these high prices. However, anything can happen. For example, if your car is totaled, you will have to deal with this crazy car market; if you old car is at the end of it’s life, you will have to deal with this crazy car market. The best thing to do to try to minimize the pain of a car purchase is to do as much research on the process of car buying as well as what cars you are considering.
If your car is at the end of its life that doesn’t mean you go out and spend 60k on a car. Especially if you don’t even make 60k a year.
@@Dragon228833 definitely!
Brand new I bought my 2018 Elantra limited from the showroom floor for 19k in 2017
I paid it off 6 months ahead of schedule and I’ll just keep it. I’d never pay 1k a month.
Family of eight in Las Vegas , 1,200$ 21Exp and 350$ ins.
Insurance in Detroit is insane …
In general if you live anywhere in Michigan your gonna pay an arm and a leg for insurance, compared to most other states. Granted that can vary widely between cities depending on factors like crime rates, uninsured drivers, and traffic density, to name a few. Grew up in Michigan and moved to SC 5 years ago for a job transfer and have no plans to revisit my hometown. Michigan's no-fault auto insurance is a highway robbery, to say it kindly.
@@Sparky-ww5re The City of Chicago Insurance is cheaper than Detroit..😳
@@marieford4464 oh trust me, I believe it. I'm sure anyone who lived in Michigan for any length of time can tell you the no fault auto insurance is nothing less than extortion and racketeering.
My 1994 Toyota Celica runs like a clock! Rev up your engines!
That’s the power of Toyota baby. 2012 Toyota Yaris right here. 👍👍
A nice nod to to 'ole Scotty Kilmer I see!
@@TheCbone1979 Scotty Kilmer is my favorite Clown
Bought a 10 year old Kia with 124k miles last year for $6600 cash, now has 150k miles and people comment routinely that it seems much newer 🤷♂️
kias are crap-Scotty Kilmer
@@adl6907 Kilmer is just an attention whore
Some Americans are really clueless financially. A few years ago I was traveling in this work van with some coworkers and during a group conversation one of the girls mentioned she had a car loan with something like 16% interest. She acted like it was a normal thing. I wanted to tell the girl "what the f- is wrong with you? That's a terrible car loan. That's a higher interest rate than I have on my credit card. I already know your credit rating sucks". But I didn't say anything because I didn't know the girl that well.
Thank You for not "credit shaming" her. It is a really unappealing thing when people with good credit, who know and maybe understand finance, and obviously haven't made the mistakes other have thumb their noses at those that have to work their way back to a better credit rating by accepting a 16% APR on their car loan.
Record number of sheep pay 1k a month for a car
Americans who say it's outrageous well yea it sounds bad but $400.00 a month for that lady back in her day was $1000.00 today lol
17%
That's not a lot
Since 83% don't pay more than $1000 for a car payment
I'm happy with a lower car payment that allows me to afford my home
Food
Health insurance and play money plus savings
No not everyone has that
And I hope it turns around for them all
But sticking to the article
I think it's amazing that people will spend that on a car when it costs what it does then hope that they can afford the gas and maintenance if they don't have a warranty or something that's just not covered
It’s incredible how easily people get used to getting ripped off… ☹️☹️☹️
Yep, let’s go Brandon 🇺🇸
I haven't made a car payment in 17 years and with these prices I'll rebuild an old beater before I finance a car.
$1000 a month is ridiculous. And they doing mark up on these cars now.
I wonder if anyone who is paying $1,000+ a month for a new car is working as an Uber or Lyft driver and sees this as a work related investment that they will be able to deduct part of the costs on their taxes?
I can see that happening
I am a full time driver and I buy a car based on how much I can make with it so its a little more expensive than a cheap vehicle. Right now, I pay $380/month for a luxury suv which makes me decent ROI so money well spent.
I think it's more like pick up trucks and suvs for corporations. They don't mind loading those suckers up.
@P N I drive 2017 Acura MDX which I do Lux and XL on. I do regular but the rates here in South Florida are terrible. I recently moved here from NY (where I used to make double). Making decent money doing Uber and Lyft is hard in South Florida but less of a headache than NYC.
As far as earning go, on average weekend with my Acura MDX, I can do $1,000-1,200 in 3 day period. On busy weekends, I can do up to $1,500 in 3 day period (gross profit).
My neighbor is full time military and he owned 2 cars last year and was having financial issues. Then he went out and bought a third vehicle - a BMW. Now he has to do door dash and uber on the side to pay for all his vehicles and keep up with his rent. One or more of his vehicles are always out of commission needing a repair that he can't afford because he puts so many miles on them working door dash.
Just like housing, but when the cost of a new car or house becomes less than what you owe on the several year old one you have, then we have 2008 all over again. :-/
$1,000 is a massive amount of money. That's literally $12k a year.
My car got totaled in 2021 so I had no choice but to buy a vehicle and I wanted something nice because I work very hard and I want to reward myself I bought a 6 series bmw and I pay 600 a month with a 4%APR 60 months I’m 20 and went thru my own bank and they helped me a lot!! I make enough to comfortably afford this vehicle and I love my decision
What do you do for a living to afford that at only 20 years old?
I bought two old Toyotas last year. both paid in full and have given me zero issues. first wise financial decision I have made in a long time.
No way in helll would I even have a car payment!
My house is paid off, I have no debt I still refused buying a car and paying $1,000.00 a month.
The car pictured in my profile is a 1998 Saturn SC2. I had it for 3 years and paid 1200 for it drove it 30k miles. Bought from a private seller. No real serious issues besides a few maintenance things I may have paid 1000 in repairs for it over the 3 years. I currently have 3 cars all 4000 and under that I paid for. Do some research you can find decent used cars that are reliable for easily 5000 and under. If you don't NEED a truck don't buy one.
Well, if you become homeless, that car would be a very nice place to crash in
My dad has his toyota car over 13 years and it drives well and works well still like new
And just oil changes😆
@@adl6907 I don't know why these people buy these crap brands then complain about prices for there repairs
@@Fusions-xl3sh "Another Kia Disaster: Don't Buy One" ruclips.net/video/rmdogWwysqA/видео.html
@@adl6907 yeah right i have a old toyota and it needed more than just "oil changes" all the repairs are affordable though
I have had my 4runner for 9 years and is running great.
I pay $746 a month for 3 vehicles. 3-5% interest rate. They're almost paid for and I'll drive them til the wheels fall off. Maintain your vehicle and save your money until you can afford and absolutely need a newer one.
People choose to make their own financial decisions. You can get a motorcycle for $110 a month. Now. That is a small one. My motorcycle would be 213 a month. Everyone has a financial responsibility to their family and to themselves. It's no one's fault that people choose to have $1,000 payments except themselves
People need to stop buying new cars 100% ridiculous
Used cars have gotten very expensive.
@@ShannonsBibleStudy not as expensive as new cares though right?
Don't buy cars you can't afford or buy a used car
1. 2023 Mitsubishi Mirage ES: $17,600
2. 2023 Kia Rio LX: $17,645
3. 2022 Hyundai Accent SE: $17,740
4. 2023 Nissan Versa S: $18,425
5. 2023 Kia Forte LX: $20,585
6. 2023 Hyundai Venue SE: $20,795
7. 2022 Nissan Sentra S: $21,045
8. 2023 Kia Soul LX: $21,085
9. 2023 Hyundai Elantra SE: $21,545
10. 2023 Subaru Impreza: $22,115
What’s another payment to add to the ongoing consumer debt
Bought my first car in 2018, paid it off and want a bigger car now. I’ll be damned if I pay 1k for a car note that’s ridiculous. I’ll stick with my car
Idc how the market is, I'm never paying 1k+ for a car that depreciates as soon as I drive away. People need to wise up
My car is not even.worth 2 monthly payments haha
Social media has profoundly impacted people's perception of having the latest and greatest vehicle, particularly TikTok, during and after the pandemic. Now having a nice whip can give you a huge dopamine rush and have much more people look at and comment on the vehicle vs. 10-15 family and friends before social media.
When you pay that car payment that high you could have had it for a house instead,,
It’s called folks walking in with poor credit and possibly no down payment…
It seems like so many people are always posting about custom ordering their “Dream Cars” and “I Did A Thing” yet paying $1,000 a month with some of these vehicles having less features due to the “chip shortage”. Yeeesh!
People need to look cool. Even if they’re broke they’ll need to show off that they are rich lol. These are the same people asking for student loan forgiveness.
I picked a house to buy right next to the subway. I’m Totally car payment free.
$400 is cheap. I paid $341.90 in 2011 on my Jeep Commander and did it while making $13.00 per hour. It’s all about how you allocate your money.
I'd rather pay $1k for a BMW than $800 for a Trailblazer.
44% of people roll negative equity at $5,500. NEVER EVER roll negative equity. The way you avoid a thousand dollar car payment is make sure your trade in is paid off in full title in hand. Bring a sizable check as a down payment. You can finance over 72 months for a low payment but pay extra each month to get it taken care of. My house we get a new vehicle every 4ish years and we only have one car payment at a time max. For most people a thousand dollar car payment will keep you broke your whole life. And there is nothing wrong with getting a lower grade to mid grade vehicle. I drive a 2015 lifted Colorado i bought new and my wife drives a 21 Terrain we bought with 8,000 miles on. Both paid off.
Yeah one of my first jobs was working as an auto adjuster in Miami while putting myself through college. I worked in the total loss unit for a while and was shocked at the number of people who would have a total loss accident and the amount they owed on the car was way above its actual value. Then they had to figure out how they were going to pay the lender the 20k deficit.
@@kensmith2796 that is crazy. My bro just upgraded his F150 a few months ago and the sales person said there has been a lot of people coming in that just had their vehicle repoed and they were buying newer vehicles with high trim packages at high interest rates. Just crazy. If I was unfortunate enough to get a vehicle repoed I would drive a beater until I can get back in my feet.
That is a house 🏠 payment
When the economy crashes and no one can afford to buy a new car those prices will come down significantly. Dealerships DO NOT make money holding inventory. Unless you absolutely have to, I would advise against buying a new car. I rather pay $1000 for mortgage than on a car.
Americans love their SUVs and trucks. They also became addicted to easy credit. Sprinkle in people prioritizing instant gratification over making sensible choices.
That's the real problem.
Stop buying new cars let them sit on the lot for a long time. Then they'll be used..huh .
Massive defaults and repos are coming, the bad Thing is many of the cars won’t be worth buying afterwards because of no maintenance the last year they had it because they couldn’t afford it anyway and drove it till the repo and just don’t care.
Repos are already here...ask a repo owner how his business is doing