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$500 a month for a car

June 1st, 2018 at 04:48 pm

$500 a month for a car, is this the new normal?

[url]https://www.cnbc.com/2018/05/31/a-523-monthly-payment-is-the-new-standard-for-car-buyers.html [url]

Thank God I'm socking away for a car. I'd rather buy a car for $5k - 10k cash

3 Responses to “$500 a month for a car”

  1. AnotherReader Says:

    I have had mortgage payments in the $500's, including escrowed taxes and insurance...

  2. LuckyRobin Says:

    You have to put url for it to link, not just u. And yes, it is the new normal, for people who don't know any better or must have it brand new. I don't think I will ever buy a brand new car again. Though I shouldn't need to buy a car for a good 15 years. It took us 7 years to put 40,000 miles on the van so it has tons of life left in it.

  3. creditcardfree Says:

    I know a friend who has had new vehicles for their entire marriage. The most recent payments (leases) are around $400 to $450 a month. And her oldest son just graduated with $100K in debt, much of which is in their name. Only two more kids to go! Meanwhile the last payment we had on a car was $311. And we paid that off in about 25 months, will larger payments. And since we have had no payments since 2011, we have been able to save and pay for all college expenses without loans. Of course, I like my way better!

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