The Average American can’t Afford a New Car

[25thhour]

We all know that, but most of us dont have 30k laying around to pay for a car, or 100k to buy a house etc... Most of us dont have 20k sitting inth ebank, so when are car break down or enegine need replaced we cant pay cash for it, we have to get approved on credit

Which is the moral of this thread imo. Americans have debt brainwashed into our systems, instead of making a plan to save and only buying what you can afford right now like CRC mentioned we go into debt because we have to have it right now.

 

[jehul]

Which is the moral of this thread imo. Americans have debt brainwashed into our systems, instead of making a plan to save and only buying what you can afford right now like CRC mentioned we go into debt because we have to have it right now.

View media item 307557
They* don't hear you though.



*Avg. American

 

[Rootin4EverybodyBlack]

By the way, the best "deal" you'll find is a 2-3 year old, RELIABLE american sedan. You can find a car that was 30K new for like 18 or 19K with under 40,000 miles.

Short rant: Most of the stuff people think they "need" on their car are really "wants". It's one thing if you want a car that has a certain amount of interior/trunk room, or you need certain features because of the climate you live in, or w/e But the average person will never have to drive in a manner that pushes a base model Taurus to it's "limits", let alone a 5-series. If 75% of your time is spent in traffic going to and from work, be real with yourself. You don't need a 50k whip to park it in a underground lot and get dinged up every day.

I'm not saying you should be out here pushing a hooptie, but so many people would be better off financially if they worried less about stuntin for other people and just got something that was comfortable and practical.

 

[getyashinebox]

^why just american (unless you're basing that on depreciation alone)? Japanese makers offer very comprehensive CPO warranties (not sure about Euro) and are just as if not more reliable

(this may be a naive question...) but folks say cars depreciate A LOT in the first few years, yet it doesnt seem like the sale price offered on these 2-3 year old cars reflect this depreciation...am i overlooking somethin or are we still gettin beat over the head even with used cars?

this brings up a good point. The used car market is relatively high right now. Also, there are cars out there (usually limited models / trims) that are rare enough that there is not much of a price drop on a gently used one.

For the car I'm looking at, a certified used car with ~10k mi is only about $2-3k less than buying new under the USAA buyer program (which takes about 15% off MSRP). In this case, the new car seems to make more sense, esp because I plan to hold onto it for a while

 

[combo gd]

I had a 1995 Toyota Camry for about 8 years, and for that entire time I probably spent only around 1k for maintenance. I stacked what would have been a car payment for that amount of time. 

I then bought a 2008 Honda Accord with cash a year ago, and spent about 100 dollar total for maintenance and that was only for 3 oil changes. I plan on giving this car to my daughter when she is able to drive, and she is only 7 now. Still stacking. 

By the time I give that car to my daughter, I should have enough money to buy something newer and reliable. 

No car payment and buying something reliable for FTW. I don't need to be flashy, I just need to get where I am going. 

 

[famenycity1]

steezy where did u study economics?

leasing is the worst way to buy a car. the only good thing from leasing is u get rid of it in 3 years but ur paying out ur *** for that luxury. and unless ur leasing a ferrari or lambo all these normal cars will last well past three years without major maintenance

what are you talking about bruh? why are you paying out the ***....it all depends on the type of deal you can get. I drive a 2012 Volkswagen CC. $31,000 sticker. I pay $249/mo no money down just paid out tax upfront. My dad drives 2013 BMW 535 Msport $64,995 sticker and pays $689/mo for 39 mo.....complete sign and drive.

I work in leasing business and am ofcourse able to get the best possible deal....but i got customers walking out with such crazy deals sometimes its ridiculous. Then i got people who buy out cars cause they want to own the note paying crazy monthly payments for Cr-v's and Camry's.

I choose to lease because i get tired of cars too fast and need a change and in 3 years you just take too big of a hit when you buy.

 

[famenycity1]

For example one of the least depreciating cars is a toyota prius. a 2013 runs around 24.5K while a used 2011 Prius costs ~19K.

Prius depricates heavily in about 6-7 years when they are due for new battery

 

[luckyluchiano]

I had a 1995 Toyota Camry for about 8 years, and for that entire time I probably spent only around 1k for maintenance. I stacked what would have been a car payment for that amount of time. 

I then bought a 2008 Honda Accord with cash a year ago, and spent about 100 dollar total for maintenance and that was only for 3 oil changes. I plan on giving this car to my daughter when she is able to drive, and she is only 7 now. Still stacking. 

By the time I give that car to my daughter, I should have enough money to buy something newer and reliable. 

No car payment and buying something reliable for FTW. I don't need to be flashy, I just need to get where I am going. 

I got a 97 Camry right now with 291k on dash had it for about 3 years, After I pay for grad school (praying I get in) stuff I`m gonna start stacking to buy a 02 Gen Camry or 03 Gen Accord cash God Willing, and I`m gonna have an account where I put in 400 a month.

 

[utvol23]

what are you talking about bruh? why are you paying out the ***....it all depends on the type of deal you can get. I drive a 2012 Volkswagen CC. $31,000 sticker. I pay $249/mo no money down just paid out tax upfront. My dad drives 2013 BMW 535 Msport $64,995 sticker and pays $689/mo for 39 mo.....complete sign and drive.

I work in leasing business and am ofcourse able to get the best possible deal....but i got customers walking out with such crazy deals sometimes its ridiculous. Then i got people who buy out cars cause they want to own the note paying crazy monthly payments for Cr-v's and Camry's.

I choose to lease because i get tired of cars too fast and need a change and in 3 years you just take too big of a hit when you buy.

LOL so are you saying leasing isnt the most expensive way to own a car?

Also if you buy a gently used car and get rid of it in 3 years you wont take that big of hit.

99% of the people in this country shouldnt be getting a new car every 3 years whether it be by leasing it or buying it. A car is too much of a depreciating asset. I guess some people some enjoy sending 3-400 a month to the bank in perpetuity if not more.

Most people lease because as you say they get a so called great deal on a car that they cant afford. Leasing allows them to get a better monthly payment that they couldnt get with financing. What do you have after those three years of sending 3-400 bucks into the bank on your lease?

 

[utvol23]

Prius depricates heavily in about 6-7 years when they are due for new battery

To me it depreciates heavily in the first 4 years too. Most every new car depreciates heavily which is why unless you are rich you shouldnt be getting a new car.

 

[HEATHEN]

*shrug* bought a 2013 Honda Pilot.

I know my son is safe & wifey is happy.

 

[getyashinebox]

i get tired of cars too fast and need a change and in 3 years you just take too big of a hit when you buy.

you can end your point right there. For whatever reason you choose to swap cars every few years, so in this case, you're likely better off with a lease.
short term ownership => lease
long term => purchase
(basically)

my philosophy is instead of settling for an "Ok" car, be patient and go for something I really want, that way I'll be happy for years (at least by end of warranty range), but I get that some people aren't trying to do this

 

[SneakerProSr.]

what are you talking about bruh? why are you paying out the ***....it all depends on the type of deal you can get. I drive a 2012 Volkswagen CC. $31,000 sticker. I pay $249/mo no money down just paid out tax upfront. My dad drives 2013 BMW 535 Msport $64,995 sticker and pays $689/mo for 39 mo.....complete sign and drive.

I work in leasing business and am ofcourse able to get the best possible deal....but i got customers walking out with such crazy deals sometimes its ridiculous. Then i got people who buy out cars cause they want to own the note paying crazy monthly payments for Cr-v's and Camry's.

I choose to lease because i get tired of cars too fast and need a change and in 3 years you just take too big of a hit when you buy.

LOL so are you saying leasing isnt the most expensive way to own a car?

Also if you buy a gently used car and get rid of it in 3 years you wont take that big of hit.

99% of the people in this country shouldnt be getting a new car every 3 years whether it be by leasing it or buying it. A car is too much of a depreciating asset. I guess some people some enjoy sending 3-400 a month to the bank in perpetuity if not more.

Most people lease because as you say they get a so called great deal on a car that they cant afford. Leasing allows them to get a better monthly payment that they couldnt get with financing. What do you have after those three years of sending 3-400 bucks into the bank on your lease?

Bro we on Niketalk, 100% of people in the world shouldn't pay the prices people pay for that overpriced plastic and leather.

Some people like shoes some people like cars. I'ma keep copping these whips.

I like muscle cars unless I know the owner I'm buying new or leasing.

 

[famenycity1]

LOL so are you saying leasing isnt the most expensive way to own a car?

Also if you buy a gently used car and get rid of it in 3 years you wont take that big of hit.

99% of the people in this country shouldnt be getting a new car every 3 years whether it be by leasing it or buying it. A car is too much of a depreciating asset. I guess some people some enjoy sending 3-400 a month to the bank in perpetuity if not more.

Most people lease because as you say they get a so called great deal on a car that they cant afford. Leasing allows them to get a better monthly payment that they couldnt get with financing. What do you have after those three years of sending 3-400 bucks into the bank on your lease?

To me it isnt about what you have it is what you had. I drove a nice car for 3 years...I enjoyed it.... I get another car and move on.

 

[utvol23]

Bro we on Niketalk, 100% of people in the world shouldn't pay the prices people pay for that overpriced plastic and leather.

Some people like shoes some people like cars. I'ma keep copping these whips.

I like muscle cars unless I know the owner I'm buying new or leasing.

Yea but there is a huge diff b/w $150 pair of shoes and a 30-40K vehicle. But either way you should be able to afford it.

Too many people in the country drive cars they think they can afford because it fits with monthly payments but have nothing in savings or nothing invested for retirement and then wonder what happens if they laid off or take a paycut or wonder how they are going to live when they retire or cant help their kids with college etc. Too many people live for the moment and dont plan for the unexpected.

Look at all the people who were way over their had with too much house and went into foreclosure.

 

[utvol23]

To me it isnt about what you have it is what you had. I drove a nice car for 3 years...I enjoyed it.... I get another car and move on.

Huh?

 

[famenycity1]

Huh?

you asked what you have after sending money to the bank.

 

[utvol23]

you asked what you have after sending money to the bank.

Gotcha

 

[harmito]

Is anyone factoring in Auto Insurance?

One of the biggest scams in america.

Yea your car note is 450 , but then you gotta get full coverage for that car ...

Add another 3-400 ( esp if you live in the city .. bad neighborhood) 

Rape.

 

[SneakerProSr.]

Bro we on Niketalk, 100% of people in the world shouldn't pay the prices people pay for that overpriced plastic and leather.

Some people like shoes some people like cars. I'ma keep copping these whips.

I like muscle cars unless I know the owner I'm buying new or leasing.

Yea but there is a huge diff b/w $150 pair of shoes and a 30-40K vehicle. But either way you should be able to afford it.

Too many people in the country drive cars they think they can afford because it fits with monthly payments but have nothing in savings or nothing invested for retirement and then wonder what happens if they laid off or take a paycut or wonder how they are going to live when they retire or cant help their kids with college etc. Too many people live for the moment and dont plan for the unexpected.

Look at all the people who were way over their had with too much house and went into foreclosure.

Nobody on Niketalk is buying a single pair of 150 dollars shoes every 3 years.

 

[SneakerProSr.]

I'll willing to bet money that the average Niketalker spend more on shoes in a year than car payments.

 

[Rootin4EverybodyBlack]

^why just american (unless you're basing that on depreciation alone)? Japanese makers offer very comprehensive CPO warranties (not sure about Euro) and are just as if not more reliable
this brings up a good point. The used car market is relatively high right now. Also, there are cars out there (usually limited models / trims) that are rare enough that there is not much of a price drop on a gently used one.

For the car I'm looking at, a certified used car with ~10k mi is only about $2-3k less than buying new under the USAA buyer program (which takes about 15% off MSRP). In this case, the new car seems to make more sense, esp because I plan to hold onto it for a while

I said American because they depreciate faster in the first 2 years than Japanese cars, so you could get more car for the money.

 

[jthagreat]

^why just american (unless you're basing that on depreciation alone)? Japanese makers offer very comprehensive CPO warranties (not sure about Euro) and are just as if not more reliable

(this may be a naive question...) but folks say cars depreciate A LOT in the first few years, yet it doesnt seem like the sale price offered on these 2-3 year old cars reflect this depreciation...am i overlooking somethin or are we still gettin beat over the head even with used cars?

this brings up a good point. The used car market is relatively high right now. Also, there are cars out there (usually limited models / trims) that are rare enough that there is not much of a price drop on a gently used one.

For the car I'm looking at, a certified used car with ~10k mi is only about $2-3k less than buying new under the USAA buyer program (which takes about 15% off MSRP). In this case, the new car seems to make more sense, esp because I plan to hold onto it for a while

any other input

 

[oidreez]

Bro we on Niketalk, 100% of people in the world shouldn't pay the prices people pay for that overpriced plastic and leather.

Some people like shoes some people like cars. I'ma keep copping these whips.

I like muscle cars unless I know the owner I'm buying new or leasing.

Yea but there is a huge diff b/w $150 pair of shoes and a 30-40K vehicle. But either way you should be able to afford it.

Too many people in the country drive cars they think they can afford because it fits with monthly payments but have nothing in savings or nothing invested for retirement and then wonder what happens if they laid off or take a paycut or wonder how they are going to live when they retire or cant help their kids with college etc. Too many people live for the moment and dont plan for the unexpected.

Look at all the people who were way over their had with too much house and went into foreclosure.

Nobody on Niketalk is buying a single pair of 150 dollars shoes every 3 years.

You're talking like the average NT'er is paying $2-500 per month on shoes. What about gas, maintainence, insurance?

 

[HankHill]

You're talking like the average NT'er is paying $2-500 per month on shoes. What about gas, maintainence, insurance?

You'd be surprised