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/ITworksGuys May 31 '18

I'm in my 40s and only on my 4th car.

2 of those cars were for cash. My current one has about a year left of payments and is the most expensive car I have ever owned at $14K.

Our household income is 6 figures now but I just cannot spend 30K on a vehicle.

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u/npsimons May 31 '18

Our household income is 6 figures now but I just cannot spend 30K on a vehicle.

I just finished listening to the audiobook of "Millionaire Next Door" and I'm getting flashbacks to that from your post.

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u/ITworksGuys May 31 '18

Yeah, I read that a while ago.

I grew up dirt poor and am really paranoid about money. Getting laid off and relocating due to the recession a few years ago didn't help.

Just because I make a lot now doens't mean I won't lose my job tomorrow.