$1,000+ a month for new vehicles: Car payments "look more like mortgage payments"

[Bikeman315]

Not me. I’d buy used before I spent this kind of money for a new car.

https://www.axios.com/2022/06/30/new-cars-trucks-suvs-prices-interest-rates

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[69mach1-395]

Problem is a used equivalent may cost more than new lately...I'm saving tens of thousands with my new truck on order. And I'm getting exactly what I want.

 

[Shifting_Gears]

My GT is < $500 and I feel like that’s high. Can’t even fathom shelling out $1k for a car that’s not of some super high status.

Part of me wants to sell while the market is high and just go buy something 10+ years old to drive.

 

[shogun32]

And ford is seeing rising defaults and repo's from their financial arm.

Penfed interest rates are up to 5pct+ vs 2 or less. With rates climbing either MSRP have to correct or terms below out.

 

[daSNAK3]

And ford is seeing rising defaults and repo's from their financial arm.

Penfed interest rates are up to 5pct+ vs 2 or less. With rates climbing either MSRP have to correct or terms below out.

I wonder why, when I bought my car this year they didn't ask for any proof of income, which I thought was weird, last time I bought a new car was 2018 but they sure as hell asked for pay stubs. Selling cars to people now a days that can't afford them in the first place.

 

[shogun32]

All the evils of CDO from the housing crash have been applied to autos. Not that housing isn't also going to crash this time too. It'll be a twofer

The Fed calls this innovation and financial engineering. They got bored with safe banking, and wanted to be exciting and hip at parties.

 

[Inthehighdesert]

Ford’s rates are much higher then local credit unions, but they generally buy deeper. Current credit unions here are still around 3 percent. Little lower depending on the relationship. The reality is if a finance arm isn’t seeing some charge backs, there generally not buying deep enough And losing out. It’s part of the finance game.

And ford is seeing rising defaults and repo's from their financial arm.

Penfed interest rates are up to 5pct+ vs 2 or less. With rates climbing either MSRP have to correct or terms below out.

 

[NFG19]

All the evils of CDO from the housing crash have been applied to autos. Not that housing isn't also going to crash this time too. It'll be a twofer

The Fed calls this innovation and financial engineering. They got bored with safe banking, and wanted to be exciting and hip at parties.

Right and those poor souls in Crypto! A lot of them are on margin as well!

 

[Highvolts]

Ford’s rates are much higher then local credit unions, but they generally buy deeper. Current credit unions here are still around 3 percent. Little lower depending on the relationship. The reality is if a finance arm isn’t seeing some charge backs, there generally not buying deep enough And losing out. It’s part of the finance game.

Mine was/is financed at 2.9% in April. You are spot on.

 

[TundraOnKings]

Not me. I’d buy used before I spent this kind of money for a new car.

https://www.axios.com/2022/06/30/new-cars-trucks-suvs-prices-interest-rates

Dave Ramsey would not approve!!

I’m not into borrowing money. Crazy that anyone could afford a $1000+ car payment, but just isn’t patient enough to save up for a little bit and just buy outright with cash. I started the cash car thing out of high school.

 

[Cobra Jet]

Seriously, for those financing $90k, $100k, $150k+ vehicles what's the loan terms, 30 years?? LMAO....

 

[BAJOIE8121]

My GT is < $500 and I feel like that’s high. Can’t even fathom shelling out $1k for a car that’s not of some super high status.

Part of me wants to sell while the market is high and just go buy something 10+ years old to drive.

That what I almost did but I think I’ll just get a really cheap car put about 1200 down.

 

[Rapid Red]

I wonder why, when I bought my car this year they didn't ask for any proof of income, which I thought was weird, last time I bought a new car was 2018 but they sure as hell asked for pay stubs. Selling cars to people now a days that can't afford them in the first place.

Hell, every lender on the planet is doing that, they suck in the people that think there is a free lunch.

What the hell student loads could be washed why not all loans. TAX payer can handle it, cause we all know that the illegals will be picking up /adding to the tax base.

right ?

 

[Bikeman315]

Dave Ramsey would not approve!!

I’m not into borrowing money. Crazy that anyone could afford a $1000+ car payment, but just isn’t patient enough to save up for a little bit and just buy outright with cash. I started the cash car thing out of high school.

Depending on your situation saving up for large purchases can be difficult if not impossible. Millions of people live paycheck to paycheck. Saving for them is just not possible. Those of us who actually can afford the luxury of paying cash it is not always the best choice. I have a 72 month loan at zero percent interest. My cash is earning significantly more. Finding someone else to pay for financing is the way to go.

 

[Justpassingas]

I retired 2 years ago and bought a new to me 21 GT and financed about $45k…$700 a month plus an additional $200 for insurance. I added an extra $1000 a month from my monthly 401k payout to help offset the cost and live comfortably…As I’ve said before I won’t be the richest guy in the cemetery…Life is good

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