Car payment

[Tinker'n'Fun]

2007 Hyundai Sonata bought in 2009. I pay well under $200.00 per month, but we need to get a second vehicle for DD who is starting college. So I expect to be at the $400.00 mark, but with 2 vehicles.

 

[bonoriffic]

A monthly car payment is pointless without knowing the length, interest rate, and amount already paid. Maybe that friend bought with 0 down and 0.0% financing over 5 years. That $400 payment doesn't seem so bad knowing that. I'd be more interested in knowing the price paid than a monthly payment.

 

[LaurenLC]

OP, i know how you feel, i've never had a car payment over $250.00, so a $400.00 car payment would likely scare me away from the car dealership, lol. with that said though, i can't blame your friend for wanting to come over and show it off-in her shoes, i would also use any excuse to come visit your new baby! she's gorgeous!

Awwww thanks, we think she's pretty special!


WOW! I do not envy some of you with your payments, but hopefully you have cars that you love!

 

[LaurenLC]

A monthly car payment is pointless without knowing the length, interest rate, and amount already paid. Maybe that friend bought with 0 down and 0.0% financing over 5 years. That $400 payment doesn't seem so bad knowing that. I'd be more interested in knowing the price paid than a monthly payment.

That's very true, but I hardly thought it would be appropriate to ask to see her paperwork The whole point of this thread was really curiosity...

 

[bumbershoot]

NOTHING!!! As of this month!

Me too!

But it *was* 338. 66 month loan (paid off 31 months early) with naaaaasty interest (DH had no credit...not good or bad, just 10+ years of nothing, with power and cable in my name b/c I had the accounts...it wasn't pretty).

And that's on a USED car (the only one Chase would let us finance (mercury grand marquis))...NOT the one we wanted (subaru legacy or outback)!

SO glad the loan is OVER!

 

[MichelleVW]

We have 4 car payments and the cheapest is 259 and the most expensive is my truck at 600. One car payment at 400 would be a dream of mine!

 

[MIGrandma]

Reminds me of when we first got married, and DH bought his 1976 Chevy 4-wheel-drive truck, brand new, for a total of about $4,000 and paid cash. Those were the good ol' days...*sigh*

DH has truck payments, but I don't even pay attention to how much it is monthly as he pays about 6-months worth ahead of time.

My Blazer is paid off but when we had payments they were $302/month.

I remember one car we bought we worked it out with our local bank that we would pay $200/month then a balloon payment of $4,000 at the end of each year when we sold our crops.

Hopefully any future vehicles we need to buy we will be able to put a substantial down-payment on and have a smaller amount to finance. It's just ridiculous how much new vehicles cost nowdays.

 

[pbthompson]

The payment would depend on a couple of factors...type of car, age of car, cost of car, length of terms, interest rate etc.

I think $400 a month is pretty average.

If you buy a cheap car, you will have a lower payment. If you buy an expensive car, you will have a big payment.

She could have gotten a shorter term which would make the payment higher.

 

[aprilgail2]

I think $400 a month is pretty average.

If you buy a cheap car, you will have a lower payment. If you buy an expensive car, you will have a big payment.

She could have gotten a shorter term which would make the payment higher.

I think 400 is pretty average too- I was paying 350 a month before I paid mine off and my friend is paying 550 a month on hers....years ago I never liked to pay over 250 a month but prices have gone up and so has my car payment LOL.....I am going to start looking for a new car soon so I will have to see what it will be up to this time!

 

[NatashaDisneyCM]

We have 4 car payments and the cheapest is 259 and the most expensive is my truck at 600. One car payment at 400 would be a dream of mine!

OK, I do not feel so bad! my 681 is for my 2010 big truck...and that includes all extras that I got a huge deal on for the life of my truck, like engine, tranny, all that crap, and I even get free keys, and I have those new micro chip things, and if I get any dings or marks on my huge tires, that is replaced also.

so my friend who runs a dealership hooked me up!! My payments would have been cheaper if I had done the sales tax etc separate. But just did not have the $$ at the time. oh well, I paid off one year early already and only 4 years to do!!

 

[Silent1CB]

A monthly car payment is pointless without knowing the length, interest rate, and amount already paid. Maybe that friend bought with 0 down and 0.0% financing over 5 years. That $400 payment doesn't seem so bad knowing that. I'd be more interested in knowing the price paid than a monthly payment.

Agreed. I've heard they even have 7 year car loans now to keep the payments low. 7 yrs? For a car loan? NO THANKS! Too much interest paid.

I prefer very short loans. VERY. SHORT. Less than 2 yrs if possible.

 

[golfgal]

Our's is $168. We usually pay cash but got 0% financing and with our trade in that is what our payment came out to be.

 

[AristocatFan]

We're currently paying on 3 cars; $235, $243, and $175. I've never had a payment over $250, never will. Two of our vehicles were also purchased new.

 

[smb6]

I avoid car loans if at all possible. It has been a long, long time since I had one. I buy with cash and *try* to save/put money aside as if I had a car note so that when the time comes, I have the cash saved to buy my next "new to me" car.

 

[creativeamanda]

I think $400 is average. Mine is $437 on a 4 year note.

 

[ICF]

I think $400 a month is pretty average.

I'd agree, especailly if you were buying a new car.

We've had close to that or a little higher back when we bought our 2004 Sienna.

Per : http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

A $20K car loan at 5% would give you a payment of $377 and alot of people have loans for more than that.

 

[MichelleVW]

Car payments are just something I have to live with. I would love love love to keep cars forever, but I have a DH who's obsession is buying/selling/trading cars. He's trading in my 2007 Dodge 2500 Diesel this weekend for a 2010 Ford F-250 4x4. (I pull horses so I need a big truck) Truck payments are going from 600-500 a month so I am thrilled!! I'm probably going to continue paying the 600 on it, but it's nice to know I don't have too if I don't want too.

 

[MarkBarbieri]

No car payments. I'm old and prefer to pay cash. When I was young, financing made sense.

Generally, I'd rather have a high payment for a short number of years than low payment for a long number of years. Don't get focused on the payment. That's an old trick that salesmen use to get you to take your eye off of the total cost. Suckers lose sight of the total cost and end up in leases or with insanely long loan terms. They never step back to look at the total cost.

That's not to say that it is never a good idea to lease or finance a car for a long period. I've just found that most people who do so don't think through the total cost (including finance charges, interest, resale, etc) and end up spending more money on cars than they would if they thought things through.

 

[r&kmommy]

I paid $450/month for our van, it was a 3 year lease price. I believe it would have been higher if we were buying it though.

We currently pay $219/month for my 11 hyundai sonata (3 year lease) and $207/month for my dh's 07 toyota corolla (buying it, new to us - got it in may)

 

[MarkBarbieri]

I'd agree, especailly if you were buying a new car.

We've had close to that or a little higher back when we bought our 2004 Sienna.

Per : http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

A $20K car loan at 5% would give you a payment of $377 and alot of people have loans for more than that.

That assumes 60 months (5 years) of payments. Paying the same car with the same loan off in 36 months would mean having a $600 payment, but because it is paid off quicker your total interest payments would drop from $2,650 to $1,580.