Comment on Even households earning $150,000 a year are struggling with credit card and car payments

• Gearheart@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Yes but as a Texan. Majority of cars people drive are status symbols. I see trucks as large as military vehicles driving around like no one’s business.

  So yeah… Insurance is going to be higher because of these drivers and payments are going to be high.

  My 2007 Honda Accord does not have anything close to a 200$ a month insurance payment, nor I have a car payment to worry about.

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• BombOmOm@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  You don’t need to spend $700/mo to get a car. Spending that much is a choice you are free to make, but still a choice in the end.

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  • return2ozma@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    The average monthly car payment is $745 for new cars and $521 for used.

    www.nerdwallet.com/…/average-monthly-car-payment

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    • BombOmOm@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      Correct, and half of people pay below the average. You do not need to pay $700/mo for a car, many are available for much, much cheaper. If your finances can only swing a $400/mo, buy a $400/mo or a $300/mo car.

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      • Nomecks@lemmy.ca ⁨3⁩ ⁨weeks⁩ ago

        But I need a 3500 series truck in case I go camping or I have to move a mattress!

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    • NewNewAugustEast@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

      Maybe, but the average car payment for people who don’t take out loans to buy cars is… Zero.

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      • return2ozma@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

        42% of Americans cannot afford a $400 emergency.

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    • ProdigalFrog@slrpnk.net ⁨3⁩ ⁨weeks⁩ ago

      Used Buicks from the 2000’s can be had for around 3 grand and are very reliable if they have the 3.8l engine. Insurance is often less then 400 a year.

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• PetteriPano@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  I, too, need a car. But I choose not to go down this route.

  I bought my current one five years ago for $4k and spent another $2k to get it reliable. Minimum liability insurance is like $20/mo.

  I’m looking to trade up in a bit for something twice as pricy, and I’ll skip the loan part then, too.

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• NewNewAugustEast@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

  Auto insurance in the us is nuts.

  But having to have a car and having to have car payments are two different things. Boggles my mind what people are willing to take loans for. Save the money and buy it, or don’t buy it at all.

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