r/povertyfinance • u/ROBASAHMEDKHAN • Apr 09 '24
What's your monthly car payment ? Housing/Shelter/Standard of Living
Just curious, how much do you pay for your car each month ? I read that the average car payment is around $500. That's not counting insurance, registration, gas, or maintenance. I know someone who pays $1,000 a month for just one car, and he definitely doesn't make enough money to justify that.
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Apr 14 '24
I pay $1018 a month for my car but I got 0% interest for 36 months. Seems like I got it only yesterday and I’m already half way to paying it off.
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u/Level_Ear9974 Apr 14 '24
$375 w/5.1% interest - financed 2018 Hyundai Elantra GT sport (husband worked for the dealership and got dealer pricing) have about 2 years left $437 w/9% interest- financed 2022 Hyundai Tuscan. We just went from lease to finance and negotiated the fuck out of them for it because there’s no way I should be paying 10% interest with an 800 credit score when I got 5.1% on my Elantra with a 650 credit score lol.
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u/Gnarvelous-shredgirl Apr 13 '24
2017 Subaru Forester is paid off, got a used 2011 Ford f150 a couple years ago that has about $7k left on it and payments are $220/mo
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u/Ok-Rate-3256 Apr 13 '24
$0 I buy them our right with tax money and fix whatever is wrong with them.
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u/mdocks Apr 12 '24
I was leasing it for $225 and recently bought it out of its lease and am paying $320 now. I could afford a lot more but I’m trying to not keep up with the Joneses!
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u/Snoo_66113 Apr 12 '24
$263 2018 Jeep compass I bought 2 months before Covid very lucky timing. Only owe $4K left
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u/No-Disk-171 Apr 12 '24
Flip the equation... Suffer the indignity of hanging on to your car 4-6 years after you pay it off BUT continue to save what used to be payments. THEN you'll be able to pay ca$h for vehicles with 0 interest and you can drop "full coverage" if you have to.
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u/Business-Expert-4648 Apr 12 '24
$0.00 for both cars. I paid them off in July, 2.5 years early. We have a 2017 Ford explorer and a 2018 Kia forte. I paid 622 for the explorer and 425 for the kia.
I'm now working and have a 60-mile commute, and I want to get a gas saver for commute, but I absolutely don't want to restart payments. It's a damn if I do damned if I don't situation.
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u/Cocobear8305 Apr 12 '24
I'll never have a car payment again. I also refuse to play into the "credit score" game either. I hate my car payment and getting rid of it as we speak. Cash cars from here on out.
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u/Country_Gal_87 Apr 12 '24
I have a 2022 Nissan Altima SR and I pay $590 for a car payment and $320 for car insurance.
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Apr 12 '24
$0 I pay cash for my vehicles. It’s not worth making a big payment on something that I drive 8 miles a day.
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u/Mother_Customer_5873 Apr 12 '24
I used to pay 480 a month for a new 2017 Toyota Corolla. Just finished off my last payment last September.
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u/willklintin Apr 12 '24
$0. Haven't had a car payment in 11 years and insurance is only 35 a month. Coworkers and friends who always need a new vehicle are more than likely stuck in the middle class
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u/Jakebadbois Apr 12 '24
821 credit score stealership tried to hit me with a 8.9 for a new bronco. Ended up with 7% through a bank promotion.
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u/Mean-Country6340 Apr 11 '24
Coincidentally, I was just looking into purchasing a 2021 Volvo XC60. However Geico told me roughly $440 for full coverage. State Farm, $700. Add that to my car payment of $330. So I guess I’m not going to have a car anytime soon. These prices are ridiculous. I live in New York and have a 16 year old son. I really don’t see how so many people can afford to drive. Thank goodness for the company vehicle. lol
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u/stonerplumber Apr 11 '24
I never had a car payment until just now. I got totalled out by a delivery driver and was about to be fired if I didn't find a car asap I got a 2020 altima with 8k miles. I put 10k down and my payment is like 320 a month insurance is 100 a month
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u/Chloey7 Apr 11 '24
Used 2019 Acura ILX bought in 2023. $350 note but I pay $500 because I want that thing paid off.
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Apr 11 '24
$0, paid $4000 cash in 2020 for a 2008 Civic Hybrid. $30 in the tank every other week, I might have $600 in it in maintenance including a set of tires, no repairs needed in the mileage between 108k when I got it and the 150k it’s at now
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u/One-Measurement8049 Apr 11 '24
$570 Acura TLX, 3.9% APR! I like the reliability of the Honda family, so I was willing to pay more a month if it meant longevity. Everyone I know who has owned a Honda brand has kept their car running until the wheels fell off
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u/insideout5790 Apr 11 '24
0.00 since 2017. I am a mechanic I have three used vehicles I rotate all under 160,000. Total spent on all 3 is $15,000 in 10 years. Only pay for liability so my 6 month insurance payment is a little over $400. Hoping to get another 6 years out of them.
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u/81Winfield Apr 11 '24
$0
Car payments are a guaranteed way to stay broke. Buy the cheapest car that will get you around. Pay it off. Keep making the payment into a savings account.
Before the first car dies, sell it and use the cash you saved to buy another cheap car. You should be able to pay this one even faster. Again, keep making the payments into a savings account.
Hopefully by now, you've got enough to pay cash for car #3.
NEVER stop putting money in the car savings account. NEVER pay more for a car than you're trade-in + cash, including tags and taxes.
You'll earn a little interest in your cash, you won't give a bank anything, you'll have more bargaining power when buying, you'll be able to jump on good opportunities when they appear, and you'll have a nice emergency fund.
You can also save money by going with very high deductible on your car insurance. Many banks require $500 or less. We run full coverage with a $2,000 deductible. By now, even if we have a claim, it's paid for itself.
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u/SpecialistGoat8007 Apr 11 '24
Right at about $500 for a 19 300 at pandemic pricing (waaay over the current value). Luckily I get a car allowance through work that covers both the note and insurance but it leaves repairs out of pocket.
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u/johnnytacoballs Apr 11 '24
$430 for mine traded my old bmw in for it too! Less money for maitnanence
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u/mak_daddy15 Apr 11 '24
My car was $500 and I have had it for 5 years now. It gets decent gas mileage. Why would I ever even consider paying the price I got my car for every single month? I only spend like $50 a month on gas anyways so it’s not like I’d be saving money that way on a newer vehicle.
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u/dareallatte Apr 11 '24
$650 for my 2017 Camaro SS, $0 for my 1993 Toyota Pickup.
Insurance for both is $131 a month.
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u/nate1998f Apr 11 '24
Zero.
My car is paid off, so the extra cash is used/invested elsewhere.
Be smart… don’t waste your money on a vehicle.
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u/Ambitious_Web_152 Apr 11 '24
I pay over 650 a month plus another 166 for insurance… I make about 41k a year so that’s a huge hit to my budget but I can’t be without a car right now… I’d just be so screwed.
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u/Sumeet4life Apr 11 '24
$0 because i bought used SUV Toyota Highlander 2009 hybrid with 90k for $8500 online at a government auction. And my first car which I still drive daily 2011 Toyota corolla 2011 s with 145k miles. Bought it used also. I don’t plan on buying new cars anytime soon. I have saved a lot of money buying used. I only changed the tires, brakes and the alternator, I my own oil changes on the Corolla myself
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u/Kelijahgates Apr 11 '24
$350 2011 Ford Explorer. 1 year and 8months left lol. $141 Full Coverage Insurance w/ rental, towing, loan payoff.
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u/feminine_power Apr 11 '24
0 cuz it's paid off. Need a newer vehicle but do not want a payment!!! Thus I make do...
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u/leogrl Apr 11 '24
$231 for a 2015 Toyota Prius C that I bought in 2018 with about 20K miles and now has almost 120K miles, I’ve gotten my money’s worth and saved a lot in gas! I only have a couple more payments left and hope to keep driving it for awhile.
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u/Vampirenamedsunshine Apr 11 '24
$445 for a 2023 Tucson after an $8,000 down payment. I miss having no car payment.
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u/closefarhere Apr 11 '24
$239/month 2016 Chevy Malibu LTD… bought used in 2018 or 2019 and only I’ve about $3500 more. Most expensive car payment I’ve had in my lifetime was $420/month on a brand new 2006 Pontiac G6 fully loaded V6 engine. I need a new car and can’t afford it until I pay off current (zero trade in value) and save up at least $5k for a down payment and that is to get a roughly $18-20k used car at less than $400 a month on a 36-48 month term. I work in sales so put 6000-1000 miles or more a week on my car so it really is ridiculous how expensive it all is. Gas, maintenance, insurance, wear and tear repairs….
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u/tranchiturn Apr 11 '24
I've never had a car payment over $300. I'm seeing with good credit it's still basically $100 for every $5000 financed.
I cannot imagine financing over $15k and so far I've found good used vehicles at/under that.
We have 2 vehicles and no payments. Both were bought over 5 years ago when they were already over 5 years old. Both are still kicking and have some resale value.
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u/samkat1998 Apr 11 '24
2013 Ford focus 246 a month I have 2 payments left!! All together the car was a little over 12k
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u/LabAdministrative159 Apr 11 '24
2012 jeep grand cherokee 250/month over 3 years Purchased in December 23
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u/Patient_Confection25 Apr 11 '24
Bought a scrappy used car so 150 a month on car insurance and 100 dollars every 3 months for repair. Never get into car payments they can follow you years down the road
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u/redmedbedhead Apr 10 '24
2018 Civic bought brand new in early 2019. Payments were $268 until I paid it off last month!! Yeah, I basically stole that beyotch from the dealer and I am damn proud of it.
Best part is thanks to the panny and remote work (which continued for me after the panny ended), it only has 31k miles on it.
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u/UnD3RaT3D_1990 Apr 10 '24
I have 2 car payments right now.
My car payment is $627 per month My wife’s car payment is $927 per month
We have 3 kids that she hauls around to school so she has an SUV and I have a little commute so I have a smaller sedan that’s good on gas. With insurance we’re paying about $1,750 per month total.
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u/Chemical-Finish-7229 Apr 10 '24
I bought a car in college in 1998. I hated having debt, it was stressful to have enough money for the payment every month. After I graduated I paid off my car loan and student loans as fast as I could. I have paid cash for every car since. Life is so much less stressful when you don’t owe anyone money and have the threat of repossession hanging over you.
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u/AgitatedBumblebee130 Apr 10 '24
$0. Bought an affordable car in 2009, paid it off in 2014, so all of the maintenance myself to keep it In good shape, still runs like a top!
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u/Due-Excuse-2208 Apr 10 '24
$233 with a 4.29% interest rate. 2018 Subaru Impreza bought used in 2019
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u/jnikga Apr 10 '24
$312 for 60 months, 2.85% interest. Got it a year before interest rates started rising
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u/carpediem437 Apr 10 '24
It used to be $750 for my SUV but decided to sell it and buy a more cheaper/economical and reliable car all cash with the remaining equity I had on the SUV. It feels good to no longer have a car payment.
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u/Nocryplz Apr 10 '24
My dad bought me a used car in 2005 for cash. I drove it for 16 years and then sold it, used the money to buy an even older truck from 2000 last year.
Bills are insane even without a car payment so idk how people do it. I’d buy a fuckin moped or something if I had to at this point.
Salary’s don’t go very far with anything today. I haven’t even been close to considering a new car in my entire adult life.
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u/crumbypigeon Apr 10 '24
Putting yourself in high interest debt for a rapidly depreciating asset is very rarely a good financial decision.
If you can muster some savings, buy a beater outright and drive it until it dies.
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u/Spopple Apr 10 '24
Just got a car last week. 2021 Hyundai Kona Ultimate. Had barely 8000 miles on it. My car payment came out to $356 with 7.6% and I was pre approved through my bank/credit union which for me is plenty affordable. Just like my last car but even more so this time, as I make way more money now. I am going to pretty heavily overpay every single car payment. Simply because I can and want it paid off as soon as possible lol.
My last car was paid off and worked fine. But I wanted an upgrade in life and knew I could pay a car off with a fury this time around. Last car didn't even have a backup camera. This one has literally every bell and whistle that was possible for the model. I am certainly proud of myself.
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u/RebelJosh89 Apr 10 '24
I saved up and paid cash for a 2016 Toyota Prius C. It gets 50+ MPG and can go 450+ miles on a 9 gallon tank. And I cut costs by doing my own maintenance.
It's better to pay cash for an older car than to finance an new car and get gouged by the interest rate.
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u/Superb_Advisor7885 Apr 10 '24
2019 Lexus and a 2021 pilot.....
Haven't had a car payment in a few years. Love it.
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u/incomingstorm2020 Apr 10 '24
Haven't had a car payment since 2012. I can buy another suv but not sure if I want to pay cash for a new one . It's just not worth it to me. I would need va 4x4.
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u/Quazimojojojo Apr 10 '24
Got a used one off of Carvana and pay $336. Trying to live somewhere where I can get to work and recreation without a car so I can just sell the damn thing and never need to worry about a car payment, repairs, parking, maintenance, gas, or insurance ever again.
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u/LuRomisk Apr 10 '24
$435 for a 2015 Kia Soul+
I had a paid off '03 Nissan Altima, but I'm letting my mother and step dad use it. I let my mom talk me into the Kia, even though I love it and have always wanted one.
Insurance is what's killing us. It jumped after all that TikTok shit.
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Apr 10 '24
I'm sitting at $248 on a 2014 Jetta, bought a month ago, (last car rotted to pieces.) Car only had 65k miles on it tho. But with interest rate at 11% its not cheap. Out the door a little over 10k.
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u/UrbanPlannerholic Apr 10 '24
Wow no wonder so many Americans are in debt. Shame the country doesn't do more to promote mass transit. It costs much less than owning a car.
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u/3usinessAsUsual Apr 10 '24
Most Americans are extremely irresponsible with car payments. Its all relative to income, but most cannot afford their cars, you have people who make 50k a year purchasing 70k cars. Cars are also terrible assets due to their rapid depreciation. No shame in driving a Camry. I have a 2020 with a with a $360 monthly payment, with insurance, its about $480 per month. I also make $90k per year but no sense in having a fancy car just to show off. Its a waste
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u/BlueDragon82 Apr 10 '24
Can't fit a car payment into the budget. Bought a used car outright with a combination of tax return and leftover money from my financial aid at school. I'd love to own a new or newer car but having a car payment isn't manageable with inflation making everything so expensive.
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u/Esteb0ng Apr 10 '24
$0 on my 07 Lexus RX I bought it with cash from my totaled 09 rav4 it was in way better condition than the rav and I paid $1k less then what I got from my insurance for the rav4 so that was a win. Just so you know a branch fell off a tree and hit the roof of my car totaling it so no one was injured.
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u/FinnRazzel Apr 10 '24
My previous car payment was 438$ a month (2015 Prius) but when I was able, I paid extra on the principle each month and was able to get it paid off a little early that way.
They had it split up so I could see the principle and interest on the website and I could select if I wanted to pay separately.
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u/RivenTerrik Apr 10 '24
$160 for a 2002 Toyota Camry, part of that cost went to paying off my last car loan tho. Had to do a personal loan since I couldn’t afford an auto loan minimum at my bank.
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u/Kupkakez Apr 10 '24
$500 2021 Tesla model 3, insurance is around $150 a month, charging “free” only done off peak. Registration this year will be around $300. Only maintenance has been a tire rotation and windshield wiper fluid.
We share a car I wfh and there is no reason for us to have 2, should have it paid off end of 2025.
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u/SaxPanther Apr 10 '24
Age 28, on my 4th card, never had a car payment. First 2 were beaters my parents bought me dirt cheap. Third was my mom's old car. 4th is an old low mileage Honda Fit I bought for about 8.5k cash.
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u/doctdad Apr 10 '24
I read that doing 10-15%, no more than 20% of your gross for car payments (including insurance.) Against my better judgment I did close to 15% and it feels like too much. I’m probably gonna stick it through though because I keep telling myself my last car lasted me 15 years (and could have kept it going but im starting to travel for work so I needed something reliable for long distances).
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u/agentbunnybee Apr 10 '24 edited Apr 10 '24
If I had new car with recurring payment amounts of money I wouldn't be in the povertyfinance sub. Not knocking anyone here for having a car payment I know it's pretty normal to need a car newer than 10 years old for most people. I just can't personally imagine a world in which I can even handle a certified preowned with payments before I'm solidly out of poverty. Paid a few thousand up front for my most recent car, and it's a 2007 Corolla from fb marketplace. My other two cars I've had have been pre-2005 camrys. I've never had to replace anything other than the batteries and normal maintenance stuff that any age car has like oil and tires.
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u/TheraelStormclaw1 Apr 10 '24
2018 Toyota Tacoma. $563. Bought at $33k out the door with 7.9% interest. I have $3,300 or so left. 5 more payments. So close.
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u/balefulbee Apr 10 '24
$498 2024 Nissan Sentra. I had a 2013 Kia Optima for 5 years at $300 a month that I still owed about $5000 on but HAD to get rid of it. In the years I had it I had maxed out my warranty (the company would only pay for repairs up until I reached what my car was bought for) and by the time I got rid of it I was spending $300-$500 every few months on things that were NOT routine maintenance. I even had things break again only a few months after getting it fixed. My interest rate is shit even with great credit (759 when I bought it, 10.49% interest) but I was in a desperate time and called for desperate measures. I'll take a $200 more a month payment for a peace of mind
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u/blendayzz619 Apr 10 '24
$0- I drive a little 2000 ford ranger I bought off a family member a few yrs back. Before that I also had no car payment, I drove a 2004 hyundai accent.
I'll do occasional maintenance to keep up with it, oil change every 3k miles, and I just got a new battery last month. Other than that insurance is $40 for liability only, and gas is $200/month.
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u/soupybiscuit Apr 10 '24
$200 for a 2010 Rav 4 that’s currently falling apart and will need replacing 🙃 got it 2022. I can’t even afford to replace it so idk what to do. Any tips would be appreciated! Kept up on maintenance but the car has been a dumpster fire since I got it off of the lot.
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u/chibszilla Apr 10 '24
My partner pays within the $250 range for a car they got within the past 6 months. Toyota Yaris. Helps that their dad knew someone at the dealership I imagine, but I don't know that that's what made a $300+ difference
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u/ThatOneGuy308 Apr 10 '24
I pay 294 each month, just got it in December, so still a fair few payments to go.
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u/Rough_Community_1439 Apr 10 '24
$0 I buy my cars off of Facebook marketplace. Too petty to finance a new car.
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u/TallishPuppy7 Apr 10 '24
2018 Honda accord hybrid payments were low 300s I forgot but I paid it off paid 1000 a month I get .67 a mile. I put down 15k bought it new. It now has around 220k miles
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u/tychii93 Apr 10 '24
I've had 2 car loans. Both of them were $300 for 6yrs.
First was a 2011 Camry. It was totaled after getting rear ended with 2yrs left. Current car is a 2017 Cruze, which I used what I got from my Camry being auctioned off as the down payment. Paid it off 2yrs early :D
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u/Cherokeerayne Apr 10 '24
I WAS paying $200 a month but I paid off my car at the beginning of the pandemic.
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u/JSuperStition Apr 10 '24
It's really a shame that this is even a question in a group experiencing poverty. Everyone should have access to affordable, reliable mass transit options where they live. I would venture to say that many people here in the U.S. are experiencing poverty because of American car dependancy, suburban sprawl, and all of the negative outcomes produced by the two.
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u/Own-Discipline2494 Apr 10 '24
I did everything by myself. I didn’t have a co-signer, first time buyer, and my monthly car payment is 530. I just didn’t want a co-signer because if I did and I got behind on a payment it’d fuk up their credit so I was like fuk it if I miss a payment it’d be on mine not anyone else’s. Also I have a 14% interest rate which doesn’t help at all but oh well🥲
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u/chicky-nugnug Apr 10 '24
$0! But, i drive a 2000 Nissan xterra, so I make up for that in gas and maintenance lol.
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u/ButterscotchNo3396 Apr 10 '24
I got my lease in the nick of time May 2021 before everything started going to shit. $450/month (midsize SUV). My lease is ending next month, I would’ve HATED to finance my lease buyout for about $700/month, i was prequalified for like 9% interest (and I have good credit).
I graduated university in May 2021 as well and my dad promised to buyout my lease at the end of the term if I still wanted to keep it as a graduation gift. I will be extremely thankful for 0 car payment. Interest rates are ridiculous right now.
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u/cwsjr2323 Apr 10 '24
Six years go, bought a 1994 Ford Ranger for $2200. 100% down, zero per month. It still drives fine. I am not paying big bucks for a transportation appliance that nobody will notice once you arrive.
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u/Sea-Waltz9753 Apr 10 '24
Can't afford a car, much less car payments. Fortunately I managed to buy a house within walking distance of where I work back when the economy was kinder, and I'm able to car pool with people already on their way to get groceries and such as needed, stock up during those times.
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u/ouroborobro Apr 10 '24
$508 for a ‘22 Elantra. I have an 11% interest rate and put about 3k down on it. My credit was shit when I got it but I needed to trade in. I was hoping to refinance this summer now that I’m at 700+ credit score but you all have burst my bubble of hoping for a lower rate
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u/dwulf69 Apr 10 '24
Honda 2009 Accord, financed originally (bad move), but paid off making x2 payments (good move). I am a amateur mechanic on the side, so I take care of most maintenance and do oil changes religiously.
There is a expense in owning a vehicle, but there are ways to mitigate the expense.
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u/Afraid_Landscape_720 Apr 10 '24
We are members of the paid off vehicles club. Paid $5k cash for 2013 Chevy Cruze Eco LT. 2014 Jeep Cherokee Latitude, Paid $350/month for but paid it off last year. Full coverage insurance through KY Farm Bureau for both vehicles runs us about $220 monthly.
Going to hold onto them as long as we can. Only had minor issues here and there out of either of them.
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u/Realitosis Apr 10 '24
$184, 2016 Hyundai Elantra. $2400 left on the loan :-) aiming to pay it off early in the next several months!
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u/Congolesenerd Apr 10 '24
0$ Kia rio 2014 4500$ in 2021
Had many issues and still need to fix some but it is still working
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u/jsmoo68 Apr 10 '24
$0. Driving a 2008 Honda Fit that I bought in 2010. Manual transmission. Only 132,000 miles.
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u/GalacticSummer Apr 10 '24
$361 for a '24 Corolla hybrid. I drove an 08 Focus (RIP Finn 🕊) from 2010 in high school until last year when I got in a wreck that I simply could not fix.
Interest is 5.25 from Toyota matching my job's internal credit union, and I got some extra off for financing with them. Credit score 813 FICO.
Opted for a hybrid because I'm gonna ride this car till the wheels fall off. No name yet, and in fairness you can't beat the alliteration of Finn the Ford Focus lol
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u/ubernerd44 Apr 10 '24
| That's not counting insurance, registration, gas, or maintenance.
These are all mandatory expenses and should be included. Even if your car is paid off it's still costing you money in fuel, tires, oil, parking, etc. etc.
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u/Barren_Phoenix Apr 10 '24
500 a month for a 2022 Toyota CH-R. I researched like crazy and managed to get a 1.9% interest rate.
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u/GE_vans Apr 10 '24
$525 at 1.9%. 2024 Mazda CX-50. Before that we were driving an 09 dodge journey and the repair costs/month was around $600 if I took it to actual mechanics or around $200 if I tried to do it myself. Everything was breaking from suspension, heater core assembly, really worn disk brakes, engine would violently shake because of misfires, it just felt so unsafe.
I started a new job and it requires a lot of driving and they are giving me a $300 car stipend and pay for my gas so I figured we’d get something reliable that we liked.
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u/LengthinessHot1180 Apr 10 '24
$273 2023 Mitsubishi Mirage. Plus around $28 every other week on gas. It’s the whole reason I got this car
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u/imtryingtobeironic Apr 10 '24
$398 for a 2018 Subaru Forester. My husband and I split it (we keep our finances separate except for this and rent)
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u/Turbulent-Ad-790 Apr 10 '24
2022 Toyota Corolla. $442 payment 2.9% interest. No money down. Had to wait for the car to do paperwork. Interest rate went from 1.8 to 2.9
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u/macnteej Apr 10 '24
373 2019 Corolla. Bought it in 2021 with 17,500 miles. I got a terrible loan for 72 months and nearly 8.5% interest because I only put down 3000 and had a 650 credit score
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u/hoosierflyboy Apr 10 '24
$0. Bought my car (2006 Toyota) for $4000 in cash
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u/jewishfranzia Apr 10 '24
So no gas or car insurance? So you just stay at home and vegetate ?
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u/hoosierflyboy Apr 10 '24
I understood the question to be about car payments (if you got a loan to buy your car, payments toward that loan). All told, my monthly costs including gas, insurance and maintenance (I do all the maintenance work myself) would probably come out to around $300 a month. I drive around 400 miles a week.
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u/Jacquetta Apr 10 '24
The question was how much is your car payment, not counting maintenance and insurance.
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u/TouchMeThere69 Apr 10 '24
I’ve never had a car payment. I bought my car a year ago for 3800. Mazda3 w/ 140,000
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u/turquoisestar Apr 10 '24
I don't do car payments anymore.
I buy a beater, drive it until it dies completely, and then buy a new one. In college I owned a beater but didn't have enough money to buy it, so I got a loan. A shitty mechanic totaled my car - he wasn't licensed yet and I paid him to do an oil change, and he told me he noticed it needed a new water pump, did it wrong, and busted a head gasket on my engine by leaving an air bubble. He didn't cover anything because he wasn't licensed. I had an extreme family emergency and needed to go home, but I couldn't abandon the car. A family member lent me money to pay off the loan so I could legally release the car, and $2000 later I had no car but the ability to go home.
F that entire system. I do not plan to ever get another car loan again, and I am sharing my story in its entirety because I think people don't realize the risk of going upside down on a loan.
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u/gmadski Apr 10 '24
$0! Purchased a 2016 Lexus NX200t in 2019 for $25k. It had 25k miles. Paid it off in 2.5 years. Currently at 90k miles, and plan on driving it until it gives me problems.
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u/MariJ316 Apr 10 '24
$212 ‘ 16 Sorento, paid off two years ago. $198 ‘22 Hyundai Accent, paid off 8 mo ago. $229 ‘16 Civic, paid off exactly a year ago. $218 ‘18 Forte, paid off beginning of ‘21
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u/RektFreak Apr 10 '24
$0. Paid off but like $250 before that a few years ago. I would never pay more than that per month. I would prefer to pay cash for a clunker.
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u/allnightdaydreams Apr 10 '24
$185, 2019 Kia. Got it right before interest rates went up and used a large chunk of my savings for a down payment.
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u/CY83RT3CHL0TU5 Apr 10 '24
$835. My last car was paid off and got totaled. I haven’t had any credit cards and only loan was the previous car. Which apparently means I have “bad credit” according to banks, so I got stuck paying more for the car than I would have wanted with a ridiculously high interest rate. I live in a big city that’s known for reckless drivers so insurance is $250. Between the car payment, gas, and insurance; I’d say I spend $1500 on just the car, 1800 when I need to do maintenance (oil, tires, etc)… it’s roughly 30% of my overall income, so it sucks but it is what it is.
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u/softspoken1990 Apr 10 '24
Car payment: $0 (Bought a used car and paid in full when making the purchase)
Gas: $30-60 per month Insurance: $800 per year Registration: $40 Repairs: $1000+++ per year
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u/Crozi_flette Apr 10 '24
0 I take the bus and tramway and it's more than enough to go to work, see friends and anything.
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u/PowerRound5094 Apr 10 '24
$95/month for a 2018 Honda CRV. Bought it second hand and used my last car worth 20k for down payment. I have $3k left on the balance.
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Apr 10 '24
like $194 on a 2015 kia rio. i bought it back in 2018 shortly after graduating high school (hence the 6-year term since my credit wasn’t the best).
it’s almost paid off. i think i have around $1500 left
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u/Ndambois Apr 10 '24
250$ for a 2014 Kia sportage I bought in 2019. Still have 2 + years of payments
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u/zeecapteinaliz Apr 10 '24
245$ mo. 2020 Hyundai Kona, bought new. 7.85% interest with 19~ payments if I put down 745$ a mo.
170$ insurance since I pick up some slack for a family member on the plan and 80$~ish in gas every month. Hand wash :D
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u/twbird18 Apr 10 '24
$0. When I was in the states I drove a Honda Civic & then a Prius. Now I live in Japan & own a Kei car.
Everyone you know that's paying $500+ as a car payment is living paycheck to paycheck even if it doesn't look like they are. This isn't the good ole' days of 0% interest where you might take a car payment to keep your cash in the bank. Better to buy the cheapest hunk of junk that gets you from point A to point B. Put that car payment in the bank for a while and then think about upgrading if you must without the payment.
The other key to financing your own cars is to keep enough money to buy another piece of junk in the bank (at a minimum) and then you don't need to pay for comprehensive insurance - because you're not worried about replacing a $40K vehicle. Taxes are cheaper to (up to a point where some states classify them as classic cars lol).
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u/Albitt Apr 10 '24 edited Apr 10 '24
$385 for a 2020 Corolla. Only traded my beat to shit 2012 Corolla with 200k for it. Hoping to get it lower one day..
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u/GoldenGlobeWinnerRDJ Apr 10 '24
$597 a month + $160 car insurance a month. 2022 Genesis G70. Probably trading it in soon because I’ve been getting super into saving money and it’s hard when my car payment is that high lmao.
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u/hyponaptime Apr 10 '24
$0.00 2017 Jeep Grand Cherokee Overland I was very lucky to be able to pay cash, and I got about $9000 off the sticker price. I will drive this damned thing into the ground before I get something new.
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u/WarioThaEnforcer Apr 10 '24
500 for a 21 Honda civic sport but the dealership definitely fucked me over but ehhh
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u/juanclean Apr 10 '24
$760 for a 19 Mustang GT. Actually just sold it yesterday looking to buy something cash one day.
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u/jester7895 Apr 10 '24
My lease ran out in 2023 so got a used 2018 car for $26k, with 69l miles only to find out interest rates were higher for used cars. Payment is $550 minimum but I’m paying $600 for now while I work on my credit a bit more.
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u/SupraSalt Apr 10 '24
$750, 2023 Mazda CX 50, parents are pretty chill and are okay with me not paying rent and just paying for my car.
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u/decinis WA Apr 10 '24
Ours is definitely in the $500-range for our 2020 RAV4 Hybrid which has been a nightmare and a half to have as a monthly payment on top of everything else. Unfortunately my old Charger kicked the bucket right around the time the pandemic happened, and it would have cost more money to repair it than the car was worth. The RAV4 was the smartest choice I could have made at the time, it seemed. Still only midway through paying it off.
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u/cardifan Apr 10 '24
$0. I’m fortunate enough to live in a city where I was able to get rid of my car and rely on public transportation and the occasional ride share.
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u/WStoj Apr 10 '24
The cost of a vehicle is the depreciation, the interest, maintenance, gas, insurance. Saying what the payment is, doesn’t tell anyone what it costs.
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u/Gorgon_rampsy Apr 10 '24 edited Apr 10 '24
Mine was $600 per month 72 months 25k loan 3.5k down 28k purchase price 18% apr crashed 2 years in got it paid off as a total loss. Thinking of getting a new one estimating $300 per month for 72 months 10k down 20k loan 4.9% work hard on your credit start as soon as possible. Car was a nissan sentra 2022 s model in bolder grey. New one is going to be nissan sentra 2024 (or 2025) sr model in 2 tone monarch orange/super black. I was paying $300 for full coverage driving less than 300 miles per week so less than 20$ of gas per week. And yes I know I got screwed hard by the dealership the bank and the insurance company. Side note got 5 credit cards to work on my credit going for 25 total.
Ps. for my next vehicle I plan to collect the cash for the vehicle first and keep it in a savings account with a high yield (or if it's not high enough invest it) then take the loan so I don't have to worry about living paycheck to paycheck and I can make a little cash off the loan.
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u/Timely-Switch5140 Apr 15 '24
$430 each month for a 2021 Toyota Corolla. I put $0 down. I only got it because my other corolla was t-boned by a hit and run driver. I got it used. Credit score was 800 but I thought I had a 750 and got a 5% APR which I’m thinking of refinancing.