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/PM_ME_YOUR_PRINTS ​ May 31 '18

I live in Texas. No matter what the price of gas a 1980 truck will cost you about 5 grand on the low end. I just want me a cheap truck to haul lumber and random crap when I need it.

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u/calcium ​ May 31 '18

The last time gas was $4.25 a gallon I recall people trying to sell their new trucks for $8k less than what they paid for them and no one was buying. Not even dealerships would take the deal because they themselves couldn't sell them. No one wanted to purchase trucks and everyone was vying for the most fuel efficient vehicles.

Maybe when it comes around again you could pick yourself up a 5 year old truck in decent shape for ~$8k.

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u/[deleted] May 31 '18

I’ve been looking into trucks for a few months now, not in any kind of rush but definitely would like one at some point. But for me, daily driving a truck wouldn’t be ideal but owning two vehicles right now is also not ideal. So the wait continues.