Payments...

[PowerJrod]

UMMMM, because a truck is $50,000 these days. (Well, lets say $38,000 if you really know how to shop).
Its insane.

Sure...if buying new. But remember...almost everyone has the option to get slightly used for far less than full new prices, and a lot of people who can barely afford the new ones are still buying them and putting housing, etc. in the back seat...pun intended ha!

 

[TheMadDutchDude]

I’m very comfortable paying $375 a month for my truck as it sits under a lease, and to be purchased in approx. 21 months.

As mentioned in a post above with regards to age and such; I’m a 27 year old male, and although I won’t give you my income... the wife and I bring in nearly six figures combined.

 

[Aseras]

I dont care about loan term lengths if the apr is near 0 or 0%.

I'm perfectly happy to do the numbers and see if rebates cancel out the interest costs or not, play hardball and get what I want.

If not then I'm perfectly fine with 0% for 36 months and a $2000 a month payment. I've been fortunate to make enough money to have assets I will never ever be able to deplete or spend in my lifetime.
But I still work a day job, and penny pinch and am very frugal.

 

[Aseras]

UMMMM, because a truck is $50,000 these days. (Well, lets say $38,000 if you really know how to shop).
Its insane.

Mine was over 80K OTD with rebates...

Keep in mind that vehicles nowadays are very different from our dad's trucks. They are loaded with tech, and more importantly, safety features that were unheard of in entry level offerings even 5-10 years ago. R&D never stops, and advancements and implementation in safety (and convenience), makes these prices increase, just like everything else in modern society.

It's not the R&D it's the must make more revenue, profit show growth every quarter mentality the market has become. If you are toeing the line, you are a loser.

 

[PowerJrod]

Mine was over 80K OTD with rebates...

It's not the R&D it's the must make more revenue, profit show growth every quarter mentality the market has become. If you are toeing the line, you are a loser.

This. Advancements in tech nowadays can be had in a new car for $25k..some even less that have the same things as some of the $50k trucks. Granted you don't get the cargo space and capabilities but tech is not really a factor for that much of a price increase.

 

[Neurobit]

This. Advancements in tech nowadays can be had in a new car for $25k..some even less that have the same things as some of the $50k trucks. Granted you don't get the cargo space and capabilities but tech is not really a factor for that much of a price increase.

That’s because it trickles down, not the other way around.

 

[J-Cooz]

If you're comfortable with the payment, do it. Life is to short to go by what some click bait article tells you to do. As long as you're still meeting your savings goals and paying your bills then why not be happy and drive what you want.

I'm 34 and have had 5 new vehicles. We bought my girlfriends escape used and it was a nightmare and left her stranded twice. We traded that in on a 2019 Cherokee for her. That was the end of buying used for us.

If we all lived by what these "experts" say, we'd live in a trailer, not have a car, eat frozen dinners everyday, not drink, not go out to eat....you get the point. For me having a big, safe, comfortable vehicle is a must for my hour commute to work.

 

[Neurobit]

If you're comfortable with the payment, do it. Life is to short to go by what some click bait ad tells you to do. As long as you're still meeting your savings goals and paying your bills then why not be happy and drive what you want.

I'm 34 and have had 5 new vehicles. We bought my girlfriends escape used and it was a nightmare and left her stranded twice. We traded that in on a 2019 Cherokee for her. That was the end of buying used for us.

If we all lived by what these "experts" say, we'd live in a trailer, not have a car, eat frozen dinners everyday, not drink, not go out to eat....you get the point. For me having a big, safe, comfortable vehicle is a must for my hour commute to work.

 

[PowerJrod]

If you're comfortable with the payment, do it. Life is to short to go by what some click bait article tells you to do. As long as you're still meeting your savings goals and paying your bills then why not be happy and drive what you want.

I'm 34 and have had 5 new vehicles. We bought my girlfriends escape used and it was a nightmare and left her stranded twice. We traded that in on a 2019 Cherokee for her. That was the end of buying used for us.

If we all lived by what these "experts" say, we'd live in a trailer, not have a car, eat frozen dinners everyday, not drink, not go out to eat....you get the point. For me having a big, safe, comfortable vehicle is a must for my hour commute to work.

Agreed. My girlfriend only buys new....I'm starting to understand why lol. I just stick to one year old for the sake of saving depreciation. But I traded a Ford Edge with negative equity so I ended up with a $500 payment....totally worth it though.

 

[Grape_Ape]

If you're comfortable with the payment, do it. Life is to short to go by what some click bait article tells you to do. As long as you're still meeting your savings goals and paying your bills then why not be happy and drive what you want.

I'm 34 and have had 5 new vehicles. We bought my girlfriends escape used and it was a nightmare and left her stranded twice. We traded that in on a 2019 Cherokee for her. That was the end of buying used for us.

If we all lived by what these "experts" say, we'd live in a trailer, not have a car, eat frozen dinners everyday, not drink, not go out to eat....you get the point. For me having a big, safe, comfortable vehicle is a must for my hour commute to work.

Yup. That's what lead me to finally saying "screw it, I'm buying exactly what I want new." I hunted for used but everytime I found one it either just sold or the stealership was using it as bait to lure in buyers. I then realized that I'm 29, I'm already saving plenty of money for retirement, even with my truck payment I'll be able to continue to build my emergency fund, and what's the point of working if you can't have stuff you like!

God forbid I die tomorrow but if I do I know my family is taken care of and I got to enjoy/be proud of buying something nice for myself.

The really sad thing is, is that you've got people making purchases like this

So I feel like the people who are basically telling you to live off ramen are just trying to counteract the people who buy an $80k equinox.

 

[Neurobit]

Yup. That's what lead me to finally saying "screw it, I'm buying exactly what I want new." I hunted for used but everytime I found one it either just sold or the stealership was using it as bait to lure in buyers. I then realized that I'm 29, I'm already saving plenty of money for retirement, even with my truck payment I'll be able to continue to build my emergency fund, and what's the point of working if you can't have stuff you like!

God forbid I die tomorrow but if I do I know my family is taken care of and I got to enjoy/be proud of buying something nice for myself.

The really sad thing is, is that you've got people making purchases like this

So I feel like the people who are basically telling you to live off ramen are just trying to counteract the people who buy an $80k equinox.

Well said.

 

[PowerJrod]

Yup. That's what lead me to finally saying "screw it, I'm buying exactly what I want new." I hunted for used but everytime I found one it either just sold or the stealership was using it as bait to lure in buyers. I then realized that I'm 29, I'm already saving plenty of money for retirement, even with my truck payment I'll be able to continue to build my emergency fund, and what's the point of working if you can't have stuff you like!

God forbid I die tomorrow but if I do I know my family is taken care of and I got to enjoy/be proud of buying something nice for myself.

The really sad thing is, is that you've got people making purchases like this

So I feel like the people who are basically telling you to live off ramen are just trying to counteract the people who buy an $80k equinox.

Lmao! Sounds like my visit to a Chevy dealership. They tried selling me a 2020 trailboss for $37000 with a 9% interest rate...I have perfect credit...would've been $850.00 per month...smh. That's when I realized GM is nothing but a disappointment to America.

 

[jdmartin]

My thoughts:

1. I took financing to get a better deal when I bought but I had the cash to stroke a check if I wanted and just paid it off shortly after taking the financing. If I couldn't afford to do that, I probably would have just kept my old truck.

2. I drove the same truck for 10 years before the Ram.

3. I use my truck mostly for my business, so I also got a boatload of tax benefits for buying it.

4. New car payments are shocking to me.

5. There's nothing wrong with buying a new car and driving it into the ground. Used cars are nowhere near the bargain they used to be.

6. If you can afford it I say have at it. Money is meant to be spent on something, and if you want to have a nice truck and payments instead of other stuff who am I to judge?

 

[Ortiz7983]

I was stuck with either saving money and paying off debt or enjoying spending while having your bills paid. Let’s just say I’m happy where I’m at with my family now. My wife and I make six figures. But it wasn’t always like this. Now, we managed to pay all our consumer debt. We now just pay the 2015 house, my 2019 Ram, and her 2017 vehicle. Plus the necessary bills of course. We just got the house a year ago. Got a 30 year loan in case something happens but I want to pay it off in 9-12 years so I give way more on principal. But I started to think if it’s worth it sacrificing some spending money or enjoying life financially and pay it off in 20 years or so and enjoy some of that extra money. I mean, I could live tight just to pay the house and the vehicles quickly but what happens if I die right after making the last payment? I didn’t enjoy spending our hard earned money in other things.

So it’s a fine line. Fortunately we have 6 months of living expenses saved and if either one of dies, the house will be paid with the amount we have on our life insurance and then some. But we are simple people. Most of our money goes to electronics. We have 2 iPhone 11 pros, iPhone 11, 3 Apple TV’s, 3 new iPad pros, 2 homepods, 2 MacBook pros, 2 PlayStation 4s, 3 4K televisions, HomeKit thermostat, HomeKit light switches, new fridge with screen, new washer and dryers when we bought the house, etc. So yeah, I love electronics. Hahaha. I have a bad habit of having to get the latest model out there. I get the new iPhone every year for my wife and I and kid. Pay in cash, sell the old ones online. Stupid to do every year but that’s my thing. I chose to do that. But my price of clothing did change. I use to like all expensive clothes. Now, old navy or stores like that are good enough for me. But I do have to have Nikes or Adidas on my feet. And I do Aldo for dressing shoes.

I know I went on and on but the point is, don’t live beyond your means. Save up at least 3 months of living expenses, savings, kids college funds if you have kids, make sure you pay all your monthly bills, and then you can decide what to do with that extra money. Pay off debt, invest, or spend it. Biggest problem people have is that they care of what others think. So they buy expensive **** they don’t need just to impress. Just buy what you like and can afford. If it’s expensive, so be it. If it’s cheap, so be it too. As long as you want that for yourself. You can make $20,000 a year and still live with money left over. You just have to be a realist and live below your means. If you just save $20 a month, that’s still $20 a month you are saving. it can be done.Obviously it’s easier if you make more money. But that’s what we all strive to do in this life. I tell my kid, money isn’t everything. It’s doesn’t come first. But it’s second in line. Because without money in this world, you don’t live, eat, sleep, etc. You need money to live a comfortable life. The more the merrier.

 

[Grape_Ape]

I've always said money may not buy happiness but it sure as hell makes it a lot easier to be happy!

 

[Fatherof3]

I've always said money may not buy happiness but it sure as hell makes it a lot easier to be happy!

As Weird Al said “ if money can’t buy happiness , I guess I’ll have to rent it “. lol

 

[Skater]

As Weird Al said “ if money can’t buy happiness , I guess I’ll have to rent it “. lol

I have heard it stated a little differently: "Money cannot buy happiness, but it can surely purchase a pretty darn good facsimile of it."

 

[Chuck19]

I have seen these threads or similiar threads before and there is one thing missing! All the guys posting that “if you can’t pay for it in cash without taking out a loan then you can’t afford it” ! Actually I’m glad I haven’t seen that because the vast majority of people are not in that situation, we live in the real world!!! But I say life is short, if you want an expensive vehicle and you can pay for it whether payments are 20% or 70% of what you bring home do it because we don’t know what tomorrow will bring

 

[Ortiz7983]

I

I have seen these threads or similiar threads before and there is one thing missing! All the guys posting that “if you can’t pay for it in cash without taking out a loan then you can’t afford it” ! Actually I’m glad I haven’t seen that because the vast majority of people are not in that situation, we live in the real world!!! But I say life is short, if you want an expensive vehicle and you can pay for it whether payments are 20% or 70% of what you bring home do it because we don’t know what tomorrow will bring

I agree with you. I agree with both sides, save, save, save, people and spend, spend, spend, people. Neither are wrong in my opinion. Obviously though if you get to retirement, the saving people will be better off. But I know people that save all their money, spend little, and are happy. Having retirement money is their biggest goal. But they live tight and don’t so much outside. I know people who spend all their money. One guy in particular. He told me once, if you take my wallet, I got about $50 bucks in there until I get paid. And it’s always that low. But if you ask me if I’ve ever traveled, I can show you tons of pictures of where I have been in the world.

All I know is that I’m going to try to live both sides at the same time. That works for me. But like I said before, neither way is wrong. No matter what other’s opinions are. I will say this for me. I don’t believe it’s my kid’s responsibility to take care of me when I retire. That’s my opinion and others may disagree which is fine. But I choose to not let him take care of me. I should have the house paid off and retirement money saved up when I retire plus Roth IRAs, mutual funds, and social security if I get lucky (but I’m not counting on it). He has his own life to live and try to be successful in life.

 

[PowerJrod]

I

I agree with you. I agree with both sides, save, save, save, people and spend, spend, spend, people. Neither are wrong in my opinion. Obviously though if you get to retirement, the saving people will be better off. But I know people that save all their money, spend little, and are happy. Having retirement money is their biggest goal. But they live tight and don’t so much outside. I know people who spend all their money. One guy in particular. He told me once, if you take my wallet, I got about $50 bucks in there until I get paid. And it’s always that low. But if you ask me if I’ve ever traveled, I can show you tons of pictures of where I have been in the world.

All I know is that I’m going to try to live both sides at the same time. That works for me. But like I said before, neither way is wrong. No matter what other’s opinions are. I will say this for me. I don’t believe it’s my kid’s responsibility to take care of me when I retire. That’s my opinion and others may disagree which is fine. But I choose to not let him take care of me. I should have the house paid off and retirement money saved up when I retire plus Roth IRAs, mutual funds, and social security if I get lucky (but I’m not counting on it). He has his own life to love and try to be successful in life.

Well said. Keep in mind that this thread is mainly to prove the point that in almost every budget, most people will still work towards what they want and sometimes stretch that budget more than others....me included, question is...are we all happy with extending that budget for the new vehicle?. I think I went up to roughly 28% of income for new Ram (some negative equity was a player in that) lol. Call this more of a poll honestly.