How much is your car payment?

[C.Ann]

I think there would be less communication problem if people would remember that "I would never have a car payment" is not the same as "I don't think anyone should have a car payment"

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Exactly.. My parents always paid cash for everything - including their homes -and I was raised the same way.. I conduct my life the way I was brought up and it serves me well.. Others live their lives in a different way and it serves them well.. It's a personal choice - just the same as any other personal choice: where to vacation; home much to spend; what type of resort to stay in; where to buy your first home; etc., etc..

Currently I'm looking to buy a new car.. I have had many people tell me that I absolutely, positively should buy a BRAND NEW car - because that's what "they do".. For me, I'm not crazy about that idea - for them it's fine.. Doesn't make either of us "right or wrong" - just "different"..

Different is good.. It would be a pretty boring world if we were all the same..

 

[mannasn]

I'm so glad that my car payment is $0! I won a Jeep in a sweepstakes in 2004. Wish I'd sold it and bought a hybrid instead, now though! My commute is a killer with gas prices (I drive 150 miles a day)!

 

[swankybeth]

We pay $200/month for my car, a 2004 Volkswagen Golf. DH's 1998 Nissan Maxima is paid off.

 

[disneysteve]

We, for example, prefer to have regular monthly payments instead of potentially huge repair bills for an older used car. Just do what you think is right for you.

This is a great point. I have know people who literally drove their cars until they wouldn't go anymore, even to the point of leaving them dead on the side of the road. Personally, I think that's ridiculous. Whenever my car reaches the point where I don't feel I can depend on it to get me where I need to go, it's time for a replacement. And everybody's comfort level is different when it comes to how much is too much to spend on maintenance. ead79, it sounds like your comfort level on that matter is relatively low, and that's fine. For me, as long as the car is costing me less to keep than it would to replace, and it isn't spending an unusual amount of time in the shop, I keep it.

 

[dvcgirl]

This is a great point. I have know people who literally drove their cars until they wouldn't go anymore, even to the point of leaving them dead on the side of the road. Personally, I think that's ridiculous. Whenever my car reaches the point where I don't feel I can depend on it to get me where I need to go, it's time for a replacement. And everybody's comfort level is different when it comes to how much is too much to spend on maintenance. ead79, it sounds like your comfort level on that matter is relatively low, and that's fine. For me, as long as the car is costing me less to keep than it would to replace, and it isn't spending an unusual amount of time in the shop, I keep it.

Well, this is why we stagger our cars. Right now we have a 97 and a 2003....so if we have longer road trips we'll take the newer SUV. Although the 97 4-runner is also still in great shape. I agree though, once the repair bills start to pile up, then it's time for a replacement. I think I heard or read that the rule of thumb about when to replace the car is when your yearly repair bills exceed what six months car payments would be for a replacement car.

 

[disney1990]

$210 until October of this year. That's the last bill -- no car payment and no mortgage. Now I should be able to go to Disney more!!!!!!

 

[disneysteve]

Well, this is why we stagger our cars. Right now we have a 97 and a 2003....so if we have longer road trips we'll take the newer SUV. Although the 97 4-runner is also still in great shape. I agree though, once the repair bills start to pile up, then it's time for a replacement. I think I heard or read that the rule of thumb about when to replace the car is when your yearly repair bills exceed what six months car payments would be for a replacement car.

I don't think I've heard the 6 months rule. Sounds reasonable. And that's in range for my $2,000 limit.

As for the staggering bit, if I felt either of our cars couldn't be depended on for a long trip, I wouldn't want to keep it. We have a 98 and an 02. When the 98 reaches the point where I wouldn't feel comfortable taking it on a road trip, I'll replace it.

 

[Donnask8pro]

904.00, I have a limited Toyota Sequoia loaded. DH has a Toyota Tundra 433.00. My car payments are like a mortgage Payment. 2 more years to go. And worth every penny to me......

 

[ead79]

Why would anyone be 'brought down' by others not having car payments or their being able to pay cash for a vehicle? Some people don't have house payments, I do...why would that bring me down?

I think sometimes people are too sensitive to comparing themselves with the Joneses ...I usually don't even answer these types of personal finance threads because frankly, this is no one else's business.

Speaking from personal experience, it can be disheartening to hear certain people say over and over (on various financial threads) how they have all their ducks in a row, so to speak, and those of us who don’t (in their opinion) are just poor money managers. I’ll be honest and admit that my comments aren’t solely based on this thread. I have seen some posters continuously post about how they don’t have any financial “issues,” so to speak. We all see things through our own filter, and I’ll be honest and admit that I’m sometimes hurt by people who make it seem as though anyone who isn’t in perfect financial shape is just doing something “wrong.” I realize I should probably just grow a thicker skin, but right now this is a bit of a sore subject with me.

I’m certainly not saying that it’s a bad idea to make sound financial decisions. However, I think that some (certainly not all or even a majority) posters seem to feel the need to act a bit superior in the way they discuss financial matters. I’ll be honest and say that sometimes it makes me feel bad that I am not in a position to have 0 credit card debt, no car payments, own a home, etc. In some cases I just don’t have the money, and in other cases I choose to spend/manage my money differently. Sometimes it just feels pretty judgmental around here when it comes to finances. I just didn’t want other people who might be in the same situation as I am to feel badly.

 

[becka]

No car payments. We paid them both off just before DD got here. Of course we drive "older" cars. My car is a 2000 Honda CR-V and DH is driving a 1993 Dodge Dynastly.

 

[ead79]

This is a great point. I have know people who literally drove their cars until they wouldn't go anymore, even to the point of leaving them dead on the side of the road. Personally, I think that's ridiculous. Whenever my car reaches the point where I don't feel I can depend on it to get me where I need to go, it's time for a replacement. And everybody's comfort level is different when it comes to how much is too much to spend on maintenance. ead79, it sounds like your comfort level on that matter is relatively low, and that's fine. For me, as long as the car is costing me less to keep than it would to replace, and it isn't spending an unusual amount of time in the shop, I keep it.

That makes perfect sense to me. You are totally right—either way works. It’s just a matter of your tolerance for repairs. Since neither DH nor I are particularly mechanically inclined, we have a low tolerance. Incidentally, that’s also why we pick historically reliable cars (I have a Honda CR-V and he has a Honda Accord) so we can *hopefully* keep them for 10 years each with little repair expense/frequency. Plus, I commute on Atlanta freeways—not exactly where you want to be when you break down.

 

[ElizK]

$0.00! I paid my car off 2 yrs ago!

 

[dvcgirl]

That makes perfect sense to me. You are totally right—either way works. It’s just a matter of your tolerance for repairs. Since neither DH nor I are particularly mechanically inclined, we have a low tolerance. Incidentally, that’s also why we pick historically reliable cars (I have a Honda CR-V and he has a Honda Accord) so we can *hopefully* keep them for 10 years each with little repair expense/frequency. Plus, I commute on Atlanta freeways—not exactly where you want to be when you break down.

My tolerance for repair bills is higher than my tolerance for payments.....the repair bills are much lower provided you faithfully maintain the car. At some point, yes...the car must go, but it's amazing how long you can keep them.

You have the right idea though ead79. If you bought new, keep those hondas for at least 10 years. And then when the payments are done, start throwing a good portion of that payment each month into savings....and you'll have the next car paid for. We drive Toyotas....great SUVs, never any major problems (just routine care). Our 4-Runner is nine years old and we'll comfortably get at least another five years out of that puppy.

 

[Kristi1357]

Speaking from personal experience, it can be disheartening to hear certain people say over and over (on various financial threads) how they have all their ducks in a row, so to speak, and those of us who don’t (in their opinion) are just poor money managers. I’ll be honest and admit that my comments aren’t solely based on this thread. I have seen some posters continuously post about how they don’t have any financial “issues,” so to speak. We all see things through our own filter, and I’ll be honest and admit that I’m sometimes hurt by people who make it seem as though anyone who isn’t in perfect financial shape is just doing something “wrong.” I realize I should probably just grow a thicker skin, but right now this is a bit of a sore subject with me.

I’m certainly not saying that it’s a bad idea to make sound financial decisions. However, I think that some (certainly not all or even a majority) posters seem to feel the need to act a bit superior in the way they discuss financial matters. I’ll be honest and say that sometimes it makes me feel bad that I am not in a position to have 0 credit card debt, no car payments, own a home, etc. In some cases I just don’t have the money, and in other cases I choose to spend/manage my money differently. Sometimes it just feels pretty judgmental around here when it comes to finances. I just didn’t want other people who might be in the same situation as I am to feel badly.

 

[CheshireVal]

Speaking from personal experience, it can be disheartening to hear certain people say over and over (on various financial threads) how they have all their ducks in a row, so to speak, and those of us who don’t (in their opinion) are just poor money managers. I’ll be honest and admit that my comments aren’t solely based on this thread. I have seen some posters continuously post about how they don’t have any financial “issues,” so to speak. We all see things through our own filter, and I’ll be honest and admit that I’m sometimes hurt by people who make it seem as though anyone who isn’t in perfect financial shape is just doing something “wrong.” I realize I should probably just grow a thicker skin, but right now this is a bit of a sore subject with me.

I’m certainly not saying that it’s a bad idea to make sound financial decisions. However, I think that some (certainly not all or even a majority) posters seem to feel the need to act a bit superior in the way they discuss financial matters. I’ll be honest and say that sometimes it makes me feel bad that I am not in a position to have 0 credit card debt, no car payments, own a home, etc. In some cases I just don’t have the money, and in other cases I choose to spend/manage my money differently. Sometimes it just feels pretty judgmental around here when it comes to finances. I just didn’t want other people who might be in the same situation as I am to feel badly.

I *totally* agree with this! I have no problem at all with the "I paid cash for my car" or "I don't have any credit card debt" or whatever comments, but it just burns me up when those comments are sometimes followed by: "..and anyone who is smart with money can be just like me, too."

I've personally made some dumb mistakes with credit card debt and money mismanagement, but, shoot, some people have chosen careers where it will be impossible to ever get anywhere close to a 3 figure salary, and I'm one of them!

There are some people who think that the rest of us should choose to live our lives exactly the way they've chosen to live theirs, but in reality we all come from different backgrounds and have had different experiences which have shaped the way we choose to handle ourselves financially.

 

[Poohnatic]

That makes perfect sense to me. You are totally right—either way works. It’s just a matter of your tolerance for repairs. Since neither DH nor I are particularly mechanically inclined, we have a low tolerance. Incidentally, that’s also why we pick historically reliable cars (I have a Honda CR-V and he has a Honda Accord) so we can *hopefully* keep them for 10 years each with little repair expense/frequency. Plus, I commute on Atlanta freeways—not exactly where you want to be when you break down.

Prior to the current car, I had my other vw for 13 years (300k miles) with minimum maintenance. We currently have a Saturn that DH bought in 92. This one was purchased cash with proceeds from selling our last house, but knowing the VW track record (between my and DH's family, we've owned quite a few) I'll be driving this well after youngest graduates college.

Usually, you'll find me in the car payment category. Not worrying about one has been *very* nice. So much so that I've insisted that we start saving a car payment a month until we've got at least half for the next car.

Suzanne

 

[buddy&wooz]

We pay nothing now on both our cars- a 1997 Caravan and a 2001 Sebring. But over the years we paid way too much on both cars- they were leases and we converted them to loans- not something I'd recommend .

Plus we ended up way upside down on the Sebring, and it started costing us way too much in repairs, but we couldn't afford to replace it- ugh. Finally we paid off the car loan with a home equity line.

So technically I guess we are still paying for it- but I prefer not to think about it .

The good news is we're saving up to replace the Sebring finally with a used car- bought with cash. And the Caravan is still in great shape, we'll probably keep that till we can replace it with something fun instead of a mommobile!

 

[Alice28]

Speaking from personal experience, it can be disheartening to hear certain people say over and over (on various financial threads) how they have all their ducks in a row, so to speak, and those of us who don’t (in their opinion) are just poor money managers. I’ll be honest and admit that my comments aren’t solely based on this thread. I have seen some posters continuously post about how they don’t have any financial “issues,” so to speak. We all see things through our own filter, and I’ll be honest and admit that I’m sometimes hurt by people who make it seem as though anyone who isn’t in perfect financial shape is just doing something “wrong.” I realize I should probably just grow a thicker skin, but right now this is a bit of a sore subject with me.

I’m certainly not saying that it’s a bad idea to make sound financial decisions. However, I think that some (certainly not all or even a majority) posters seem to feel the need to act a bit superior in the way they discuss financial matters. I’ll be honest and say that sometimes it makes me feel bad that I am not in a position to have 0 credit card debt, no car payments, own a home, etc. In some cases I just don’t have the money, and in other cases I choose to spend/manage my money differently. Sometimes it just feels pretty judgmental around here when it comes to finances. I just didn’t want other people who might be in the same situation as I am to feel badly.

Well said! Thank you!

 

[Lil Lil]

Right now, zero car payment and I'm lovin it! Just paid off in Nov.

 

[kldmom2000]

Sadly we were "upside down" when we traded in our 2 yr old Dodge Caravan (I hated that stupid minivan and hate Dodge too!!! ) We went back to Saturn as we'd never had any problems with them in the past-in Sept. 2004, I got a 2004 red Saturn VUE-LOVE IT! I have 2 children-ages 3 and 5 and it's just perfect for the two of them, DH, and myself