2x to 3x

Um, hell to the no.

As for cars, we always "finance" when they advertise 0%. I'll pay you for 66 months without interest each and every time.

Avg used car loan is now $19k.

 

Avg new car loan is now $30,500.

 

Avg loan is for 68 months.

 

Avg new car payment is $509.

 

33% of new car loans are for 73-84 months.

In Q4 2016 10% of model year 2010 cars were financed for 73-84 months.

Avg new car loan is now $30,500.

 

Avg loan is for 68 months.

 

Avg new car payment is $509.

 

33% of new car loans are for 73-84 months.

 

:scared:

 

Holy Crap!! I've got 2 nice, less than 3 year old cars and BOTH payments don't add up to $509.

I know people with car payments combined over $1,200. Its just silly if you ask me.

 

I have owned 3 cars (not counting wife's) in the last 21 yrs. First was used and 2nd I bought brand new, kept it 10 yrs. Sold it and bought my current car 5 yrs old at the time. Took out a short 3 yr loan and happy to say its been paid off for 4 yrs. The maintenance on it is probably $2k-3k a yr but it drives like a champ and is in great shape. I've been tempted though here lately to buy something since I have 170k mikes on the BMW. If I do but it will be something in the $15k-$25k range and I will put at least 25% cash down.

Avg used car loan is now $19k.

 

Have never paid more than $10k. The "newest" a vehicle has ever been for us has been 3 years old.

Current situation - every car parked at the Compound is paid off in full.

 

Future situation - any car purchase made by Mr. Cat or myself will be cash only

Those are some crazy numbers.

I know people with car payments combined over $1,200. Its just silly if you ask me.

 

I know a dude that has two vehicles, NOT counting his wife's Lexus SUV, a Benzo and a huge pick-up to pull his boat, and the combined payment of those two vehicles is $3,000 per month. Now, to be fair, he is VERY heavy, so it is all relative, but even with that, I think $3,000 per month for 1 guy's whips is bonkers.

To me it's not financing or how long you finance, it's how much you spend on a vehicle. If you are going to spend $20,000 on a vehicle and you have $20,000 cash you could buy it with, I'd argue you might be better off financing it and investing the $20,000.

 

Again, to me it's what people spend on vehicles that raises my hair.

I know a dude that has two vehicles, NOT counting his wife's Lexus SUV, a Benzo and a huge pick-up to pull his boat, and the combined payment of those two vehicles is $3,000 per month. Now, to be fair, he is VERY heavy, so it is all relative, but even with that, I think $3,000 per month for 1 guy's whips is bonkers.

 

Makes you wonder what kind of debt that dude (and his family) has. $3,000 for cars is absurd. I'd imagine his mortgage is significantly more.

To me it's not financing or how long you finance, it's how much you spend on a vehicle. If you are going to spend $20,000 on a vehicle and you have $20,000 cash you could buy it with, I'd argue you might be better off financing it and investing the $20,000.

 

Again, to me it's what people spend on vehicles that raises my hair.

 

Yep. Cars are necessary. But too many people I see are paying for way more car than they need.

Makes you wonder what kind of debt that dude (and his family) has. $3,000 for cars is absurd. I'd imagine his mortgage is significantly more.

Again, he is VERY heavy, and his house is a monster, so he could be in eyes-deep, or he could have zero mortgage at all. No clue.

I live in my "starter" home still and my neighborhood is pretty modest. I drive down the street and see $40-50K trucks and SUVs in peoples driveways that house houses worth $100-150K. Makes you wonder.