Comment on Even households earning $150,000 a year are struggling with credit card and car payments
return2ozma@lemmy.world 8 months agoWelcome to America where a car is a necessity and public transit is near zero. Average car payment is $700 now and auto insurance is $200
Yes but as a Texan. Majority of cars people drive are status symbols. I see trucks as large as military vehicles driving around like no one’s business.
So yeah… Insurance is going to be higher because of these drivers and payments are going to be high.
My 2007 Honda Accord does not have anything close to a 200$ a month insurance payment, nor I have a car payment to worry about.
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.
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.
The average monthly car payment is $745 for new cars and $521 for used.
Maybe, but the average car payment for people who don’t take out loans to buy cars is… Zero.
42% of Americans cannot afford a $400 emergency.
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.
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.
But I need a 3500 series truck in case I go camping or I have to move a mattress!
NewNewAugustEast@lemmy.zip 8 months 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.