(Closed) How much are your car payments?

posted 8 years ago in Money
Post # 122
Member
572 posts
Busy bee

I bought my 2009 G6 a little over a year ago. I traded an Expedition (gas mileage was KILLING me!) and I was upside down $1000 so that rolled into my current payment and I pay $400 a month. 

Currently trying to get THIS car “un-upside-down” so I can trade it, though… we really need something bigger. My 6’1″ 21 year old can’t fold himself in and out of the backseat and my 6’3″ husband has a rough time being comfortable in the front. I’m gonna start hunting an SUV that is smaller than that old Expedition but comfortable for the tall fellas in the family and try to get my payments the same or less than I pay right now.

Post # 123
Member
1228 posts
Bumble bee
  • Wedding: August 2012

We bought a 2013 spec-ed out Ford Edge a few weeks ago.  Our car payments are a little less than $450 a month.  We could have put more money down to have a smaller payment, but it didn’t make sense at 0% financing.  We’re comfortable paying that monthly, and the money that we could have put down, is in the bank earning interest.  Prior to that, I had owned my car outright for a few years, so it is a little weird to go back to having car payments….

Post # 124
Member
489 posts
Helper bee
  • Wedding: August 2013

No payments.  I don’t believe in paying interest on depreciating assets.

I highly recommend getting off the car payment treadmill.  The OP’s story is a great one for seeing how car payments get you stuck and can hurt you financially.  Rolling negative equity into car after car leaves you where you can’t get out from under that debt without tremendous sacrifice and effort.

Some people just automatically think, “I’ll always have a car payment.” But it’s not true.  For example, if you’re making payments now and pay off your car, keep right on making that payment – into a savings account – and drive your paid-off car until you have saved up the money for a new one in cash. 

Another idea is to rethink what you truly “need” in terms of a car and drive that old one as long as you possibly can.  I know there’s many times I wished I had or thought I “needed” a 4-door car or a SUV or a car with an automatic transmission (knee problems), but I keep driving my 2-door cheap, paid-off car.

And remember that just because a car is used doesn’t mean it isn’t reliable.  Just because a car is new doesn’t mean it is.  My current car is 14 years old.  It has never left me on the side of the road.  In the last 3 years it has been having some occasional issues that I have to spend money on (first 10 years or so basically just oil changes), but even spending say $1000 to fix a big issue, that is a lot cheaper than spending $400 x 36 months on a car payment.  

 

Post # 125
Member
1213 posts
Bumble bee
  • Wedding: June 2013

WAYYYY TOOO MUCH!!!

We both bought new cars (cus we’re stupid) He “needed” a truck and now has a 640 a month car payment for 6 years!. Its not all the monthly payment. I really don’t care what they say to get you into it. Its drowning us. His paycheck went no where but down since then because of 2 layoffs. 

And I bought a new car cus I was so nervous about having a used one because of bad experiences with lemons. 360 a month for 6 years. I’ve seriously thought about selling it just to get rid of the payment but I’d rather just pay it off.

we pay more then our mortgage. 1000 dollars for 2 new cars… with 3-4 years left on the loans.

We are the epitamy of moronic.

Heres hoping Dave Ramsey can save us from our selves once the weddings overwith.

Post # 126
Member
587 posts
Busy bee
  • Wedding: October 2013

I got a 2011 Hyundai Elantra last August and put $2,000 down. I pay $309 a month for 5 years. Fiance got a car about a week later and we put like $1,500 down and he has about the same payment as I do for a 2011 Jeep Patriot for the same loan period.

Post # 127
Member
656 posts
Busy bee

I just couldn’t imagine ever paying for a car like that.

We’ve not had a car for 4 years because we’ve not needed to (everywhere is within walking distance for us) but recently Fiance got a new job and he needed one. We paid £600 ($900) for a 10yr old saloon and it’s great! No payments, and a good car. We don’t need all the bells and whistles, and it’s in really good condition.

My family have never bought a new car. I never even knew it was ‘a thing’ until recently.

Post # 128
Member
292 posts
Helper bee
  • Wedding: June 2013

I have a 2008 Pontiac Torrent, and my payment is $230. I got suckered when I first bought it because I had just graduated college and my credit wasn’t very established. I was given a 10% interest rate. I recently refianced at 4%, which is saving quite a bit on interest.

Fiance just traded in his Dodge Ram Hemi for a 2013 Ford Focus Titanium, his payments are $360 a month. Payments are a little more than for the truck, but the new car has all the bells and whistles and saves a ton in gas.

All together, we’re spending about $600 a month in car payments.

Post # 129
Member
844 posts
Busy bee
  • Wedding: June 2013

Can anyone explain the benefits of leasing a car? I just don’t get it. All those payments and nothing to show for it at the end of the day.

Post # 130
Member
87 posts
Worker bee
  • Wedding: July 2013

I have a 2012 santa fe (bought it last July) I commute to work and really needed AWD for the 7 months of winter we had! Because I put so many Km’s on I justified spending money in order to have warranty and a dependable vehicle every day. I pay $260 bi weekly. My fiance has 2 vehicles…and his truck will be paid off in the summer, and he has an old car that he drives around. My vehicle is our main vehicle, and its really good on gas and great for the conditions we drive in…snow/ice/gravel. I saved up a lot of cash for a down payment and debated buying an SUV for over a year. I only have a mortgage and a car payment and don’t plan on buying a new vehicle until we have at least 2 children or it konks out. Whatever comes first! Car payments suck, but I have only had a full time job for a couple years so there is no way I could pay cash!

Post # 131
Member
6263 posts
Bee Keeper
  • Wedding: September 2013

I guess I wont mention mine. I put down $10,000 and it is higher than most (maybe all) I have seen listed. It comes right out of my paycheck with my credit union so I dont feel it though!

Post # 132
Member
1034 posts
Bumble bee
  • Wedding: July 2013

Zero. Both of us own our cars. I paid cash for mine in 2003, he paid his off in 2007.

Post # 133
Member
5243 posts
Bee Keeper
  • Wedding: October 2012

I have a 2012 Mazda 3 hatchback. I didn’t put anything down. My lease payments are $269 a month for 3.5 years

Post # 134
Member
787 posts
Busy bee
  • Wedding: May 2014

@cbee:  Me either. My 2007 Yaris was $11k which my parents, grandparents, and I all split and paid for in cash – I am very grateful to them for that! My Fiance has a 2004 Hyundai Accent that was $2k paid for in cash. We are currently working on buying a 1994 Honda Accord as well but it belongs to a family member so it will be very cheap, also cash.

Post # 135
Member
224 posts
Helper bee
  • Wedding: November 2014

Zero. I still drive the car my parents purchased for me a 2008 honda civic. I plan on keeping it till the day it dies because the last thing I want right now is a car payment

Post # 136
Member
594 posts
Busy bee
  • Wedding: April 2013

I have a “luxury vehicle” that I was talked into purchasing. So while my payments are a little high, it is considered to be “average” for the type of vehicle that I have. My payments are $498.73 on a 2009 Cadillac CTS-V with a 7% interest rate. I purchased when I barely had any credit back in 2010.

 

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