I bought a new car recently but was fortunate enough to be able to pay cash with my trade in. Probably should have bought one a couple of years old but got new car fever. I understand the allure of a new vehicle They’re nice to drive but not a very smart investment, especially with a huge payment. Interest on new cars is high as well. Honda offered me 3.9 for 36 months and an additional 1 % for each additional year financing. I was bantering with the finance guy and he told me they finance up to 72 months!
As expensive as the stupid things are, I'm surprised nobody is offering 30 year mortgages on them now. I think the average new car price is more than my folks paid for a brand new 1600sqft house in an up and coming addition back in '73.
With record high auto repossessions, prices for used vehicles are coming down. It’s just taking some time to work through the system. Folks are just waking away from their $1,000 vehicle payments.So you got new car fever and bought a new car in this environment? What would DR say? It's not like they're coming off sticker right now. Should've waited a year or so.
What do you get for 1640 per month?Where ya'll getting those $970/mo truck payments? I'm paying $1640/mo.
We recently traded in my wife's 2011 Toyota Highlander that we bought new and put like 225K miles on. It was due for some repairs, but I wasn't interested in spending over half of the value of the car on them. So we bought her a new Highlander and will hopefully get the same use and mileage out of it. Our plan is to pay it off early.I bought a new car recently but was fortunate enough to be able to pay cash with my trade in. Probably should have bought one a couple of years old but got new car fever. I understand the allure of a new vehicle They’re nice to drive but not a very smart investment, especially with a huge payment. Interest on new cars is high as well. Honda offered me 3.9 for 36 months and an additional 1 % for each additional year financing. I was bantering with the finance guy and he told me they finance up to 72 months!
With record high auto repossessions, prices for used vehicles are coming down. It’s just taking some time to work through the system. Folks are just waking away from their $1,000 vehicle payments.
Auto dealers are in a panic. They just haven’t shared that with the public.
A brand new 2024 civic sport touring hatchback in royal red, black interior. My credit isn’t very good and I was upside down in my previous loan but they let me roll it over, and even let me finance the dealer market adjustment. I did it all smart though, my loan term is only 48 months, as I dont want it hanging over my head.What do you get for 1640 per month?
Pretty sure he would say that it’s not the best idea in the world, but if you can pay cash for it (which he did), it’s ok.So you got new car fever and bought a new car in this environment? What would DR say?
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