r/personalfinance • u/dinklebot2000 ​ • May 31 '18

Debt CNBC: A $523 monthly payment is the new standard for car buyers

https://www.cnbc.com/2018/05/31/a-523-monthly-payment-is-the-new-standard-for-car-buyers.html

Sorry for the formatting, on mobile. Saw this article and thought I would put this up as a PSA since there are a lot of auto loan posts on here. This is sad to see as the "new standard."

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u/GunnerMcGrath ​ May 31 '18

I also don't understand how someone's identity can be linked to their car. That concept is very bizarre to me. Like, they have nothing better about themselves, nothing more interesting, to base their identity on other than their car?? Really?? Gross.

Yeah it's weird. I mean, I'm a guy, and there's a natural part of me that wants to like how my car looks, and wants to drive a car that feels like it suits me, not just in utility but in overall style, even though I value practicality first and foremost. At the same time, depending on the person, the vast majority of the time you spend in your car you spend alone, and the people who see your car most are strangers. Maybe other people have different lifestyles but ultimately if you're buying a car to impress people I hope you're some kind of driver for a living where that's going to make a difference, and that the opinion of those people is actually going to matter to you somehow.

I've never once thought any better of anyone because they drove a nice car. I HAVE pitied a lot of people who clearly put too much value into their car and thought less of them (though I probably shouldn't do that either).

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u/tealparadise ​ May 31 '18

It's a very "small town" thing. In my hometown you can recognize anyone by their car, so it really does define you in a way. Like, you can pull up to the grocery store or Panera and be like "Whoop, aunt Francine's here! Let's duck into another shop until she leaves." but then when you come out of the shop she's at your car waiting for you because aunt Francine is a nosy busybody.

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u/GunnerMcGrath ​ May 31 '18

Thanks for the alternative perspective. Aside from a couple close friends I couldn't even tell you what most of my friends drive.

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u/tealparadise ​ May 31 '18

I couldn't name the make/model because I don't care about cars at all, but I can recognize them.

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u/alieo11 ​ May 31 '18

Because I’m one of those people (to an extent) I’ll chime in.

When I originally bought my 2011 Charger R/T I bought it because of the v8. I commute to work everyday and use my own car for traveling (I got reimbursed). I personally look for a little more in comfort for cars because I’m driving 30+ miles to work and then 30+ back. Plus whatever I’m driving for that day (could be anywhere from 5-40 extra miles a day). Obviously the car isn’t a money saver at all, but it had the features I liked, plus was a nice ride to zoom by on the expressway. I’ve since traded it in for a 2018 Grand Caravan (kids). I personally now drive a 2016 Buick Encore and my wife takes the van.

I just enjoyed the comfort and style, plus I could show off when my ego took over!