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In another thread, I could not help but notice someone bought a new truck with a monthly payment of over $1250 per month. It is a shorter term loan, which drives the price up. Still I cannot imagine taking on such a large, single auto payment in my household... and I buy new cars more frequently than anyone money conscious should.
Is this becoming more common to see people paying a grand a month on new car loans?
In a situation like this though, the person no doubt can afford a payment like that and money isn't a major issue. He would had to satisfy the dealership and the banks with his financial info in order to drive it off the lot. But no, this is not the norm for the average person.
In a situation like this though, the person no doubt can afford a payment like that and money isn't a major issue. He would had to satisfy the dealership and the banks with his financial info in order to drive it off the lot. But no, this is not the norm for the average person.
Auto lenders are very lax these days, so I'm not so sure.
Think we are right in the average range.. Paying $490/m on my Corvette and $430/m on my wifes Volt. Both are in the low 3% interest rate range and the Corvette was taken out for 72 months, the Volt 60 months. The Corvette has never been worth less then what I owe and I have about $5k in equity in it now with still a little over 3 years to go on the loan.
So $920.00 every 30 days, plus insurance and tabs and gas and oil.
You my friend are living the American Dream. I'm humbled.
$15,000 down....$404 per month for 5 years for a new Chevy Silverado.....darn trucks are expensive....then throw in Insurance and personal property tax at $32 per $1,000 of value....think I'm gonna be sick
So $920.00 every 30 days, plus insurance and tabs and gas and oil.
You my friend are living the American Dream. I'm humbled.
$30/m in electricity to run the Volt, $100/m in gas to run the Corvette, $100/m on insurance. No where did it ask how it compares to income but we do ok for ourselves, ~$1150/m to both enjoy what we are driving, I have friends that are paying that to the bank alone on one vehicle.
The Corvette is more then a means of transportation for me (well us really) it's a spring-fall hobby and a lot of weekend activities are related to the car.
In another thread, I could not help but notice someone bought a new truck with a monthly payment of over $1250 per month. It is a shorter term loan, which drives the price up. Still I cannot imagine taking on such a large, single auto payment in my household... and I buy new cars more frequently than anyone money conscious should.
Is this becoming more common to see people paying a grand a month on new car loans?
It may be one of those rare situation. I finance my new car with high monthly payment as a short term loan so I don't have my money tied up. Instead of paying all cash for a brand new car, I finance say $35K at a low interests and pay $1000/month in car payment. Yes, I am paying interests but my money is free up from other earning potentials. When you see extremely high monthly car payment, these are not your typical car finances. There are more to the story.
I can't imagine paying that much for one vehicle. I'm paying $1,232 a month for three vehicles right now, my wife's, son's, and daughter's cars. 4 yrs left on one, 5 on another, and luckily only 2 on the third. It kills me, but I want them in good dependable vehicles. I'll drive the $2,900 clunker!
And as their loans rise, keeping the monthly payment as low as possible has become more of a challenge—even as car buyers stretch their loans over longer periods of time. According to Experian, the average monthly payment for a new car auto loan rose $11 to $471 in the fourth quarter; the average monthly payment for a used car loan edged $4 higher, to $352.
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It is a shorter term loan, which drives the price up. Still I cannot imagine taking on such a large, single auto payment in my household... and I buy new cars more frequently than anyone money conscious should.
I'd put it around $400/mo. on avg if I had to guess.
