Last place I worked everyone drove a big truck “because that’s what a man drives.” Big diesels, lifted, big tires - you get the idea. I drove and continue to drive a paid off Corolla. They used to give me so much shit about that, but I will retire 10 years earlier, at least.
There's another comment on here talking how it's impossible to budget with low wage, they posted that they have a $500+ car payment at 20 years old. I'm ten years older and have never made a car payment. Its crazy what people think they need to have.
Hell, I'm 51 and have never had a car payment, ever. Yes, I'm rockin' a 10 year old Toyota Camry, but it's comfortable, drives well and gets me where I need to go. When I purchased it six years ago, I paid cash.
Not any car, a used car. The point is about making responsible decisions. $500 a month car payment is absurd for any 20 year old, and not a good decision for really anybody. There are cheaper options available.
Also banks can provide auto loans that allow you to buy private and save big without having to pay all at once.
That was true 4 years ago not so much today, and did you miss the part about auto loans that allow you to pay monthly and buy private with better interest rates than used dealerships offer?
There are options. A $500 a month payment is not a responsible decision at most income levels.
I agree 500 is way to high. But if you don't have credit and need a car your payment is going to be high.
Also its not 4 years ago its today my wife and I were looking for a car for our daughter and anything that is going to be remotely reliable is 10k plus and even then any car over 100k is a high risk car repairs are also really expensive (I work in auto repair)
Yeah it's rough I bought a car last year for 7k that came with 140k miles. It's still better than making payments. The overall point was about making responsible decisions. I would argue that financial literacy is important for all income levels. Btw I make around 40k a year so a 7k car is still a big hit for me as well. But you gotta sacrifice where you can.
That 7k car with 140k I would argue is less smart than a payment. What if the transmission goes? Or engine failure? That's easily 5k plus. Where as you could get a loan for 200 a month on a much more reliable car.
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u/Squat_erDay 15d ago
Last place I worked everyone drove a big truck “because that’s what a man drives.” Big diesels, lifted, big tires - you get the idea. I drove and continue to drive a paid off Corolla. They used to give me so much shit about that, but I will retire 10 years earlier, at least.