Community Forums

2cyber71 · 01-04-2023, 05:42 PM

I just can’t believe that new car payments are higher that the mortgage I had.
I think my RV payment in 2007 was $500/month too

This is ridiculous, read on CNBC
https://www.cnbc.com/2023/01/04/shar...cord-high.html

Gary RVRoamer · 01-04-2023, 06:47 PM

What amazes me is the number of people who seem to feel they need to have a new vehicle that costs in excess of $45k. Whether they can afford the payments or not. Car manufacturers build what the buying public wants and the answer seems to be ever more features and frills. Skyrocketing prices during the pandemic didn't seem to faze them at all, maybe because of cheap credit and economic incentives, but those days are over.

Much the same in the RV market, where bigger & better has been the order of the day for several years now.

Dutch Star Don · 01-04-2023, 07:45 PM

Why do people always worry about what others are spending????

Old-Biscuit · 01-04-2023, 08:01 PM

American Dream ------- "I'm in Hock up to my Eyeballs"

Many seem to accept 'monthly car payments' as just part of the norm
New phone models advertised.........Line forms out the door and down the street
Latest/Greatest --- gotta have it

Rob_M · 01-04-2023, 10:30 PM

Quote:

Originally Posted by Dutch Star Don

Why do people always worry about what others are spending????

Probably because the taxpayers will be bailing them out like the student loans.

twogypsies · 01-04-2023, 10:38 PM

Cell phones have a shocking price, also. We use a $80 6-year-old smart phone from TracFone & it's just fine.

Our car is 2015 and bought through CarMax at 2 yr. of age - excellent experience.

Dutch Star Don · 01-04-2023, 11:01 PM

Quote:

Originally Posted by Rob_M

Probably because the taxpayers will be bailing them out like the student loans.

I doubt that's the reason!!!!

Toby Dog · 01-05-2023, 04:51 AM

And here we thought we were doing pretty well. Two kids got 13 years of college and 2 weddings with no loans on them or us.
There is no way that could be done by us today with current percentage rates and initial new car and home prices.
I hope when this tanks again people can save their homes and eat.

boiledowl · 01-05-2023, 05:32 AM

Quote:

Originally Posted by Gary RVRoamer

What amazes me is the number of people who seem to feel they need to have a new vehicle that costs in excess of $45k. Whether they can afford the payments or not. Car manufacturers build what the buying public wants and the answer seems to be ever more features and frills. Skyrocketing prices during the pandemic didn't seem to faze them at all, maybe because of cheap credit and economic incentives, but those days are over.

Much the same in the RV market, where bigger & better has been the order of the day for several years now.

it's all relevant. I remember my brother n law years ago said "my neighbor just bought a new conversion van and paid $16,000 for it. That's more than i paid for my house."

Orrin · 01-05-2023, 06:06 AM

You all are showing your age.

Mudfrog · 01-05-2023, 07:06 AM

Quote:

Originally Posted by Rob_M

Probably because the taxpayers will be bailing them out like the student loans.

Quote:

Originally Posted by Dutch Star Don

I doubt that's the reason!!!!

Not just student loans of course. But there are a lot of people that take out a loan on junk they "want" without having a plan to pay it off. Many end up reneging on the loan later which makes costs go up for all of us.

I've been thinking about getting a truck for a couple of years now but I would have to pay at least $50k for a base model with only a couple of must have options. For me, it's principle, I can't bring myself to pay that much for something that's so obviously not worth it!

EdInArk · 01-05-2023, 07:27 AM

Quote:

Originally Posted by Dutch Star Don

Why do people always worry about what others are spending????

I worked in a banking environment and remember well the booming stock market of 2007 while we were seeing foreclosures and bankruptcies at record levels. Then in 2008 the bottom fell out.

So, yes, it does concern me that so many people are willing to commit to whatever payment it takes to have the latest and greatest home, car, RV, whatever no matter how hard that payment is to make.

FWIW, right after getting married in 1972 we bought my wife a used car and committed to a monthly payment of $32.01. Times have definitely changed.

56safari · 01-05-2023, 08:07 AM

The average new car in 1966 cost just over $3,000. In todays dollars that's about $27,600. Of course that 1966 auto only a 50% chance of being air conditioned, probably had manual windows, an AM radio, manual brakes, maybe power steering and manual door locks.

Like Gary said, we don't want that 1966 auto anymore. If the new car doesn't have AC with climate control, cruise control, electric windows, electric locks, full stereo with blue tooth, power heated seats, etc, etc, it won't sell. Thus, the average price of a new car today is $48,281. Sure there are reliability and longevity improvements, but we are paying more than $20,000 more in todays dollars for all the creature comforts.

Crasher · 01-05-2023, 08:20 AM

Speaking of times changing. In 1963, I bought a dealer demo Chevy Impala 4 door hardtop for $2350. The banker asked me what I could handle for monthly payments. I said $70 and he said ok with no dwn pmt. (His father was the salesman) We had an income of $3674 and a large garden that year.

When the 64's came out, I traded it for a black Impala 2 door hardtop. The banker just continued the $70/month payments. 25 years ago we stopped buying anything that came with monthly payments. Today, the new pickup I would like, costs about $75,000 and I could pay cash for it without affecting us, but the lessons of debt from 50+ years ago tell me to keep my 9 year old Avalanche that still makes me smile when I step into it.