The Average American can’t Afford a New Car

[thadocta]

What if people buy cars that don't depreciate at that rate?

What cars are those? Most cars depreciate drastically esp in the first two years. Show me some examples of cars that dont take a huge hit as soon as you drive it off the lot

da hemi

srs

Man you knew where I was going .

The Dodge challenger r/t is the example.

yup.

i was lookin at some on CL the other day and i couldnt find one for less than 30k and they were all automatic too :x

 

[SneakerProSr.]

What if people buy cars that don't depreciate at that rate?

What cars are those? Most cars depreciate drastically esp in the first two years. Show me some examples of cars that dont take a huge hit as soon as you drive it off the lot

da hemi

srs

Man you knew where I was going .

The Dodge challenger r/t is the example.

yup.

i was lookin at some on CL the other day and i couldnt find one for less than 30k and they were all automatic too :x

Unless you want an SRT or a v6 you in much better shape buying new. I kid you not I spent a year trying to find a good deal on a used RT.

They just don't exist unless its a salvage title or something like that.

 

[thadocta]

Yea i figured that after searching and not finding one. im not in a position to buy im still in school. i was jusst curious as to how the market is for srt used but as i found out that market doesnt really exist

 

[wawawowee]

Everyone on NT drives M3s with over 100k miles on it. My favorite part is when everyone claims their way is the best way.

There is no best way here but there definitely is a wrong way.

Leasing only makes sense for those who basically have money to burn. When you lease, you're exchanging convenience for added cost.

Most people that lease have no business leasing. They only do so because it allows them to drive a more expensive car than they otherwise could afford. 

 

[utvol23]

There is no best way here but there definitely is a wrong way.
Leasing only makes sense for those who basically have money to burn. When you lease, you're exchanging convenience for added cost.


Most people that lease have no business leasing. They only do so because it allows them to drive a more expensive car then they otherwise could afford. 

Yep keepin up with the Jones'

 

[supremewellbeing]

This is a excellent thread! Here is my situation... I just payed off my credit card debt about the end of 2012 (That took about 7 years to pay), so that's one debt that I don 't have to worry about paying. On July of 2010, I financed a 2007 Impala LT used(My first car). The sticker price was $11,999, but I negotiated to drop the price to $10,500. I put down $2,500, which made my loan about $8K after everything. My note is $194.75 a month, which was good for my income. I have never missed a payment or payed late (Smart payment plan FTW) and my account is current. I plan on paying the reminding $4k and some change withing the next couple of days to get this dept out my head and the only debt I plan on paying after my car note is my student loans, which will take in effect in November of this year. My question is, Since I've been paying my note for about 2 in the half years, will it make my credit look real good if I decide to pay the remaining balance in full even though, my loan is up to 5 years? I'm hearing that if you pay off a car before the 5 year plan, it won't show that much impact of improvement on your credit score, is that true?

How after almost 3 years u still owe 4k? 36 months at $195 a month is dang near $7500???


Anyway dont pay it off until you owe like under 1k. U want the credit history as much as you can, only way to pay it off is if you want to free up your debt ratio to take out another loan such as a mortage

 

[wawawowee]

This is a excellent thread! Here is my situation... I just payed off my credit card debt about the end of 2012 (That took about 7 years to pay), so that's one debt that I don 't have to worry about paying. On July of 2010, I financed a 2007 Impala LT used(My first car). The sticker price was $11,999, but I negotiated to drop the price to $10,500. I put down $2,500, which made my loan about $8K after everything. My note is $194.75 a month, which was good for my income. I have never missed a payment or payed late (Smart payment plan FTW) and my account is current. I plan on paying the reminding $4k and some change withing the next couple of days to get this dept out my head and the only debt I plan on paying after my car note is my student loans, which will take in effect in November of this year. My question is, Since I've been paying my note for about 2 in the half years, will it make my credit look real good if I decide to pay the remaining balance in full even though, my loan is up to 5 years? I'm hearing that if you pay off a car before the 5 year plan, it won't show that much impact of improvement on your credit score, is that true?

How after almost 3 years u still owe 4k? 36 months at $195 a month is dang near $7500???


Anyway dont pay it off until you owe like under 1k. U want the credit history as much as you can, only way to pay it off is if you want to free up your debt ratio to take out another loan such as a mortage

Can we please stop with this credit history nonesense.

It is not nearly as important as its made out to be. It's hype from the loan industry (CC's, banks, etc.) so people think of all debt as food debt.

What do you need credit history for? Buying a $100 pair of shoes? A $15 book? 2k worth of furniture? $1 pack of gum?

If you want to purchase a home and have a 820 score  but do not have the necessary down payment and income, you're not getting the house. On the other hand, you can have a 700 score but have the down payment and satisfy the income threshold and the bank will extend you the loan on good terms. 

 

[crystalmethod]

Call me crazy but a brand new 31000k car isnt average.

Qft

That's why you buy a used car with low mileage and services that have been done regularly? Solution to the problem.

Recently bought a 2011 nissan versa with 27k miles. For about 12k. Pay $230 a month.
Don't need no M3. Just a nice lil reliable car to get me from a to b.
And no way I'm paying +$500 a month ona car note.

 

[SneakerProSr.]

.

 

[Betonblck]

This is a excellent thread! Here is my situation... I just payed off my credit card debt about the end of 2012 (That took about 7 years to pay), so that's one debt that I don 't have to worry about paying. On July of 2010, I financed a 2007 Impala LT used(My first car). The sticker price was $11,999, but I negotiated to drop the price to $10,500. I put down $2,500, which made my loan about $8K after everything. My note is $194.75 a month, which was good for my income. I have never missed a payment or payed late (Smart payment plan FTW) and my account is current. I plan on paying the reminding $4k and some change withing the next couple of days to get this dept out my head and the only debt I plan on paying after my car note is my student loans, which will take in effect in November of this year. My question is, Since I've been paying my note for about 2 in the half years, will it make my credit look real good if I decide to pay the remaining balance in full even though, my loan is up to 5 years? I'm hearing that if you pay off a car before the 5 year plan, it won't show that much impact of improvement on your credit score, is that true?

How after almost 3 years u still owe 4k? 36 months at $195 a month is dang near $7500???



Anyway dont pay it off until you owe like under 1k. U want the credit history as much as you can, only way to pay it off is if you want to free up your debt ratio to take out another loan such as a mortage

Can we please stop with this credit history nonesense.

It is not nearly as important as its made out to be. It's hype from the loan industry (CC's, banks, etc.) so people think of all debt as food debt.
What do you need credit history for? Buying a $100 pair of shoes? A $15 book? 2k worth of furniture? $1 pack of gum?


If you want to purchase a home and have a 820 score  but do not have the necessary down payment and income, you're not getting the house. On the other hand, you can have a 700 score but have the down payment and satisfy the income threshold and the bank will extend you the loan on good terms. 

I agree with this. I had just one credit card for about 5-6 years, made all my payments on time and never let it go more than 3 months without paying the full balance. My credit score was a 750 and I qualified for a house almost 4x my salary.

Dude needs to just pay off that car. His interest rate is obviously high if he still owes $4K on that car.

 

[supremewellbeing]

Can we please stop with this credit history nonesense.

It is not nearly as important as its made out to be. It's hype from the loan industry (CC's, banks, etc.) so people think of all debt as food debt.
What do you need credit history for? Buying a $100 pair of shoes? A $15 book? 2k worth of furniture? $1 pack of gum?


If you want to purchase a home and have a 820 score  but do not have the necessary down payment and income, you're not getting the house. On the other hand, you can have a 700 score but have the down payment and satisfy the income threshold and the bank will extend you the loan on good terms. 

Yes ofcourse. But you wont have a 700 score without credit history and you will have higher interest rate then say somebody with a 820 score

 

[ninjahood]

Can we please stop with this credit history nonesense.

It is not nearly as important as its made out to be. It's hype from the loan industry (CC's, banks, etc.) so people think of all debt as food debt.
What do you need credit history for? Buying a $100 pair of shoes? A $15 book? 2k worth of furniture? $1 pack of gum?


If you want to purchase a home and have a 820 score  but do not have the necessary down payment and income, you're not getting the house. On the other hand, you can have a 700 score but have the down payment and satisfy the income threshold and the bank will extend you the loan on good terms. 

Yes ofcourse. But you wont have a 700 score without credit history and you will have higher interest rate then say somebody with a 820 score

what wawawoee is tryin to say is da credit score is fool's good, its just a mean's to a end..ideally you'd wanna pay for everything you

can by paying it FAST. all a credit score does is let creditors see they can make money off you.

 

[wawawowee]

Can we please stop with this credit history nonesense.

It is not nearly as important as its made out to be. It's hype from the loan industry (CC's, banks, etc.) so people think of all debt as food debt.
What do you need credit history for? Buying a $100 pair of shoes? A $15 book? 2k worth of furniture? $1 pack of gum?


If you want to purchase a home and have a 820 score  but do not have the necessary down payment and income, you're not getting the house. On the other hand, you can have a 700 score but have the down payment and satisfy the income threshold and the bank will extend you the loan on good terms. 

Yes ofcourse. But you wont have a 700 score without credit history and you will have higher interest rate then say somebody with a 820 score

Not necessarily. In a loose lending environment there will be no difference.

In a tight one, the difference may be negligible unless the loan is for a very large sum of money. 

 

[cpd23]

I'd rather live in a nice house than drive a really nice car.

If you can't afford a new car, figure out why that is. If you really want one, maybe you shouldn't have an iPhone, cable, multiple flat panel TV's, etc...

Live within your means!

 

[SneakerProSr.]

I'd rather live in a nice house than drive a really nice car.

If you can't afford a new car, figure out why that is. If you really want one, maybe you shouldn't have an iPhone, cable, multiple flat panel TV's, etc...

Live within your means!

If you under 30 and single buying a house might not be a good option

 

[detcity]

its a lot of country with very cheap gas sirrrrrr i was just saying the cheapest. 

 

[detcity]

whats a great car/van/suv best safety and still looks good with driving with an infant because my car has to go back soon.

 

[detcity]

not on this subject but I've been seeing a lot more minivans being drove around my area and i asked them like why u drive that.... BECAUSE ITS LOWKEY

 

[ninjahood]

not on this subject but I've been seeing a lot more minivans being drove around my area and i asked them like why u drive that.... BECAUSE ITS LOWKEY

in my hood alot of older dealers like driving late money honda odysseys rimmed up.

 

[detcity]

in my hood alot of older dealers like driving late money honda odysseys rimmed up.

 

[supremewellbeing]

I agree with this. I had just one credit card for about 5-6 years, made all my payments on time and never let it go more than 3 months without paying the full balance. My credit score was a 750 and I qualified for a house almost 4x my salary.

Dude needs to just pay off that car. His interest rate is obviously high if he still owes $4K on that car.

You qualify, doesn't mean you will get approved.

I highly doubt that with what you said you would get approved for a house 4x your salary. Aint no way at all. Qualify and approve is 2 different things. I repair credit so im very knowledgeable in this field

 

[supremewellbeing]

what wawawoee is tryin to say is da credit score is fool's good, its just a mean's to a end..ideally you'd wanna pay for everything you

can by paying it FAST. all a credit score does is let creditors see they can make money off you.

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

 

[Betonblck]

I agree with this. I had just one credit card for about 5-6 years, made all my payments on time and never let it go more than 3 months without paying the full balance. My credit score was a 750 and I qualified for a house almost 4x my salary.

Dude needs to just pay off that car. His interest rate is obviously high if he still owes $4K on that car.

You qualify, doesn't mean you will get approved.

I highly doubt that with what you said you would get approved for a house 4x your salary. Aint no way at all. Qualify and approve is 2 different things. I repair credit so im very knowledgeable in this field

I qualified, was pre-approved, and bought a place that was worth nearly 4x my annual salary. This was before the housing crisis though.

Wells Fargo was the bank. The interest rate was 6.375 back then which was pretty high. I've since refinanced.

 

[jthagreat]

(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?


I need to compare KBB prices to the prices offered for the used cars


I want the new jags so bad but ....sheeesh car payments and maintenance? ? prolly wont happen.

 

[Betonblck]

(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?


I need to compare KBB prices to the prices offered for the used cars


I want the new jags so bad but ....sheeesh car payments and maintenance? ? prolly wont happen.

Yup. That's why I think with cars like Hondas and Toyotas, you might as well just get it new or like the leftover last years model that's still brand new. Saving only $2-3000 by buying a car that has 20-30,000 miles on it isn't really doing you any good. Also, you are also losing out on that year of the warranty as well.

Car dealers make the most money on used cars.