Americans Are Falling Behind on Their Car Payments
Americans Are Falling Behind on Their Car Payments
A record number of owners spend more than $1,000 on their monthly car payments. Read on to learn how to cope with payments that are too high.
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I'm in Austin, TX. It BAFFLES me how many folks own these huge trucks and SUVs. My wife and I bought a used Ford Fiesta for $12k, payments are about $225. Even that's tough to swing sometimes. Still, it's been worth it for the gas mileage alone. Currently sitting at about 34mpg. I can't imagine what some of those huge trucks get. Not to mention that I don't understand how they're practical to drive much of anywhere in. Just so damn huge and unwieldy. I'm happy with my tiny car. Would be happier with a train.
My buddy was just bragging to me how he just bought a brand new Sequoia with all the bells and whistles and only had to do was take out the equity on his home and he paid cash for the whole thing... Somehow I couldn't get him to understand how fucking stupid it was to take the equity out of his home to buy a fucking fancy car.
“All I had do to was take money out of the thing that appreciates and put it into the thing that immediately depreciates 20% after I drive it off the lot!”
*depreciates 20% the moment the money changed its owner. Another 20% when you get the key and another 20% when you use the key for the first time to unlock it
My accountant does that because home mortgage interest is tax deductible and car interest is not. But he can afford his luxury car.
Holy shit, that's so stupid lmao.
Holy shit, what a dumb way to spend the equity from your home. My wife and I have a HELOC and it all goes back into the house in the form of improvements.
Reduce value in an asset that increases to buy an asset that decreases in value... brilliant!
You do understand that mortgage interest rates are often half that of a car loan, right?
Not right now they aren't...
I'm sorry for your loss.
34mpg is 6.92l per 100km in non savage units.
Pretty unimpressive economy actually.
Yes. Cars have gotten more fat throughout. I used to drive for less than that on an 80s corolla. 90s ford got to 5.something. My NA v6 Mercedes even got 7-9 in "daily" use.
It’s better than the 8mpg I was getting in an old truck I had inherited. Hated driving that thing.
I'm in southern California. Been wanting an old truck to enable a woodworking hobby, but it's hard to find listings for 20 year old trucks with standard bed for under 10k. 20 years old...
Germans love trailers for their cars, seems like a viable solution
I've considered it, but my driveway is steep, and I'm dubious about my ability to back up with a trailer.
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I just rent a truck from home Depot or turo when I need it and it's not often. I have a roof rack on top of my car that handles 99% of larger buys. I hope you know of Bonhoff lumber in Vernon, they've always hooked me up with scraps.
34mpg that's like 14.5km/L....that's really not very good, it's a bit poor actually for that size of car.
It’s a lot better than the 8mpg I was getting in the truck I had inherited before it died.
The 34 is also an average, on the highway it’s closer to 50-60.
That's quite high for a Ford fiesta. My hyundai of the same size gets 42 mpg, but it's a european model.