Car buying is never going back to normal

[markinnaples]

I read just yesterday that the current average new car payment is ~$720/mo., which is astonishing to frugal ol' me. I could never imagine paying that much a month, let alone the ones on the high side that have pushed the average up that high. But, I have friends and acquaintances who have payments for well over $1,000 a month and it almost makes me physically ill to think about having that kind of payment. Today's world is insane to me.

[Lynn]

Originally Posted by markinnaples

I read just yesterday that the current average new car payment is ~$720/mo., which is astonishing to frugal ol' me. I could never imagine paying that much a month, let alone the ones on the high side that have pushed the average up that high. But, I have friends and acquaintances who have payments for well over $1,000 a month and it almost makes me physically ill to think about having that kind of payment. Today's world is insane to me.

Talked with one of the lawyers I office with. A client had just left his office. Just just bought a new car, about $42k (which doesn't buy much these days). Financed it for 84 months at 7.9% for a payment of over $650 per month.

[Too Many Projects]

Originally Posted by markinnaples

I read just yesterday that the current average new car payment is ~$720/mo., which is astonishing to frugal ol' me. I could never imagine paying that much a month, let alone the ones on the high side that have pushed the average up that high. But, I have friends and acquaintances who have payments for well over $1,000 a month and it almost makes me physically ill to think about having that kind of payment. Today's world is insane to me.

I'm with ya, Mark. I remember earning $1,000 a month ! In 1974, my apartment rent went to $300/month and I said that's enough and bought my first house. PIT combined was $245/month. $100/month car payments were considered for the rich.

[69 Post Sedan]

Originally Posted by markinnaples

I read just yesterday that the current average new car payment is ~$720/mo., which is astonishing to frugal ol' me. I could never imagine paying that much a month, let alone the ones on the high side that have pushed the average up that high. But, I have friends and acquaintances who have payments for well over $1,000 a month and it almost makes me physically ill to think about having that kind of payment. Today's world is insane to me.

I’ll admit, I’m not the best with my money, but I have a coworker who was paying over $700 a month, a few years ago, to LEASE a 2016 6.2 Silverado. I was floored……I’ve had car payments before, but never that much on one vehicle…….and for a leased on at that!

Kurt