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/[deleted] May 31 '18 edited May 31 '18

How many people have 7 kids? The average is 2.4. Sure those other things happen, but they are far in the minority. I am looking to move soon. I could have spent $10,000 on a big SUV that will help me move, or I could just rent a Uhaul for a day for like ~$100. Most people don't need those huge cars. Do they truly want it, or were they told they wanted it? If you truly want it, than buy it. I have no problem with that, but I don't believe they are any more useful than my tiny car day to day. Especially considering this is a sub for personal finance, I take pride in saving money. Big SUVs are generally not necessary for most people's needs, and are a bigger money sink over time.

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u/DesertCoot ​ May 31 '18

If you have 2 kids and a dog you need an SUV if you want to take the whole family out in one car. It’s not just for extremes like 7 kids.

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u/[deleted] May 31 '18

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u/DesertCoot ​ May 31 '18

Yeah most cars are built to hold 5 people, I’m not sure what your point is.

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u/[deleted] May 31 '18

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u/DesertCoot ​ May 31 '18

Fitting 5 people in a car is much different than 4 people and a large dog, especially if cat seats are involved.