Average S550 monthly payment?

[Mspider]

Guess I'm one of the lucky ones. Paid cash. Have been paying cash for everything for over 17 years now, including my house. Oh yea, my credit score is still 812.

Hopefully one day I will be the same way. But being in my early 30s its little harder to pay cash for a house and car

Less about luck more about having a good paying job for years. some luck I suppose.

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[Gnatsum21]

Like $320 a month. I pay $450 a month though just to pay it off sooner. 18 GT premium with 401a and 10 speed. Paid 32k for it with 10k miles back in 2019. Hindsight is always 20/20 and I am glad I bought when I did.

Same here.

 

[rebelyell22]

Guess I'm one of the lucky ones. Paid cash. Have been paying cash for everything for over 17 years now, including my house. Oh yea, my credit score is still 812.

I’m 26. Paid cash for my airplane…maybe someday I’ll have a reason to pay cash for everything lol

 

[LetItRide1978]

$694/month for 72 months at 0% interest on my 2019. Nothing down.

 

[AvalancheSVT]

3K off + 24K (trade in) + 10K down - cost + TTL = financing 14K on my 2022 GT PP1 301A 6spd with forged wheels

255/mo

if things keep going well I intend to pay it off next year. I don't like having more than 1 car note and i just got the wife a 2021 explorer.

 

[Prymetime1]

Anything that I would want to drive would cost me more money than the mustang... so all in all at 695 a month is ok by me. Brandy new off the showroom floor at 46k. The most pleasurable part of my day is banging gears and enjoying the drive, makes that monthly payment seem nominal.

 

[rxryanm]

0 down for me as well. Payment is right at $550/mo, 2.49%. I make a payment of $150/wk to pay it off quicker.

I do not understand putting no money down on a car like this and having a payment approaching $1K, makes it seem like you are stretching what you can afford.

For me, I don't have a ton of money saved. I have 6 months of my monthly obligations in a savings account, otherwise I had been shuttling my extra money to my student loans to the tune of around $2,500/mo. I'm easily capable of changing where I've earmarked my money so that kind of payment isn't a drag on me.

You can guess what I am by my username, as well as salary and potential student loan burden.

 

[Odox]

Total 40K, 20K down 3.14% for 72 Months payed it off in 6 months paying $3,000 a month towards it.

 

[Some Random Guy]

I was more than a little shocked to see this piece in FA and it got me wondering about comparable Mustang payments. It’s hard to see how the average family can afford this.

If your Mustang is financed would you mind sharing your monthly car payment?

Heck, it seems to me that $1000/month is getting into the house payment range. But maybe I just need to get up with the times…

Another (minority) perspective is that if your housing is $4k/month (rent or mortgage) the $1k car payment seems minor. I went through this adjustment when I moved from Michigan to California in my 20’s. Cost of living is rising across the US and our perspective lags. If you could see localized data I bet car payments are still a certain proportional size to housing costs (but not wages because we make poor financial decisions collectively, “Keeping up with” is not going away). My rent in MI was about $300/month. LA was around $5,000.

This also puts the Boomer line about coffees in perspective. Today’s $3.95 latte in Los Angeles is their $0.10 coffee in the majority of America’s geography thanks to 50 years of inflation AND geographic cost of living discrepancies. More money saved is always good, but sometimes I think the generations talk past each other because of this.

 

[SINBUSTER007]

i have never paid over $500/mo for any car payment. i have always had $$ down to keep it under that. but i also never owned a $60,000+ car either.
also i try and pay extra each month on the loan to get it paid quicker....
never tell them you can afford a $xxx/mo car payment (even if you could) but tell them you can afford ($150) less car payment than $xxx. that way you have wiggle room just in case you need the extra cash one month or so...then use the rest to pay the principle and have less interest at the end....

monthly car payment are going up simple because most people will finance 100% of the cost....
and the majority of them cannot afford it anyway. living over their "means" just because.....

 

[rongxanh]

$960/month for 60 months on my Mach 1 premium. No money down at 2.9%.

 

[Zelek]

$612 a month with 40k down on my Mach 1, 3 years, 1.65% through my local credit union.

Thanks used car market for buying my 2017 GT for more than I paid for it brand new.

 

[Kz mustang]

Lol 478$ by weekly plus I paid 20k over msrp in Canadian dollars btw base model hahah but you know what it's a mustang and you can't take anything with you when you die love my mustang

 

[Crew4991]

I understand the thought behind your question and it applies to many, many more things As well.
I’m blown away with the spending I see going on, I just don’t get it. People are shopping payments.
I’m seeing spending habits from the 20-40yo crowd that will flat out get ‘em in trouble tomorrow.
The inflation rate came out again this morning @8.2%. I’ll guarantee it’s higher than that when we continue to see gas and groceries alone still climbing.
I here people complaining yet won’t give up their $15 a day Starbucks habit. The younger crowds don’t know how to shop to save and certainly don’t know how to cook. Their habits have not changed during this recession.
I know this doesn’t apply to all young folk but it’s pretty prevalent.

Yeah I definitely agree with you on this. I'm 28 and grew up poor. Coming from nothing, I only pay cash. I'm probably a rarity because of my strange perspective... the main reason I only pay a ton of $ upfront and don't finance is because I can't imagine driving around in Chase Bank's or Bank or America's car. The cars are mine and nobody is going to be taking them away from me. Worked too hard to acquire the things I want to enjoy only to risk having them taken away even if I can afford the payment. Everyone is different though.

 

[Cory S]

$960/month for 60 months on my Mach 1 premium. No money down at 2.9%.

Yeah. No thanks. Terrible financial move for MOST people.

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