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Title: Average car payment hits record $712/month
Source: [None]
URL Source: https://www.investmentwatchblog.com ... payment-hits-record-712-month/
Published: Jul 7, 2022
Author: Staff
Post Date: 2022-07-07 10:19:03 by Horse
Keywords: None
Views: 385
Comments: 6

The average car is getting less affordable for the average person, with typical monthly payments hitting all-time highs.

According to a report by Cox Automotive and Moody’s Analytics, the affordability of new vehicles continued to climb in May for the fourth month in a row, with monthly car payments averaging $712 per month.

According to Kelly Blue Book, the average new car purchase price in May was $47,148.

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Begin Trace Mode for Comment # 6.

#4. To: Horse, Lod (#0)

My rule of thumb for thirty years: if you can't pay off a car loan in 48 months, you can't afford it. Extending a loan beyond 48 months does not make financial sense. It's actually preferable to buy a car outright, unless you want a short-term loan to build your credit rating. That's my .02

X-15  posted on  2022-07-07   13:16:45 ET  Reply   Untrace   Trace   Private Reply  

Going into debt for a vehicle should be avoided as much as possible.

“The rich ruleth over the poor, and the borrower is servant to the lender.” -- Proverbs 22:7

But a lot of people buy vehicles that are much nicer and fancier than they really need or can reasonably afford. Most 20 year old guys don't really need a $48,000 truck. And most waitresses don't really need a $37,000 SUV.

The average price of my last 4 trucks (purchased over the last 36 years) was $2,520. Only the last two had air conditioning.

Sixteen years ago when the big corporation I was working for went woke and queer, I quit. And one of the reasons I was able to do that is that the wife and I were debt free (all except a few years left on a modest mortgage). My wife would rather walk than have a car payment.

StraitGate  posted on  2022-07-07   21:50:05 ET  Reply   Untrace   Trace   Private Reply  

What a beautiful post, thank you.

Lod  posted on  2022-07-08   21:34:36 ET  Reply   Untrace   Trace   Private Reply  

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