those of you with expensive cars

[pilesoflaundry]

There was nothing we could do about the higher payment, we needed a bigger vehicle. So we cut corners elsewhere in the budget, more coupons, more stuff on sale etc. That really is the only way around it, cars are expensive. It's almost paid off but until they we just have to suck it up. I hate the payment!

 

[Nayan]

Okay, the answer is that people that can afford more expensive cars than you have more money than you. Did THAT answer it?

Bob is correct. Some folks can only afford to drive what their monthly budget allows. I drive an expensive car because I can afford to. I can afford the payments, insurance and everything else that goes with owning a car. It would help knowing what you think is expensive.

 

[NYEmomma]

Bob is correct. Some folks can only afford to drive what their monthly budget allows. I drive an expensive car because I can afford to. I can afford the payments, insurance and everything else that goes with owning a car. It would help knowing what you think is expensive.

We're facing that nasty reality right now. I'm having twins and we NEED to buy a minivan. Do I want a minivan? Heck no!!! I swore up & down that I would never be a minivan driver, but I also never in a million years thought I'd have 3 kids.

All large SUV's with an accessible 3rd row that will work with 3 children in car seats are not only way out of our price range (unless I buy a brand that I'm uncomfortable with), but the gas mileage is horrible compared to minivans.

So minivan it is. The only thing we can afford is around a 2005 with about 80k miles on it... neither which I'm thrilled about & would typically avoid, but it's what we can afford. We do what we have to do to safely fit our children in a vehicle.

I have a 2007 Rav4 with the 3rd row right now and would NEVER use the 3rd row as anything but the occasional transportation emergency. You have to climb over the second row to access it, there's almost NO room for the 3rd row passengers and it takes the entire rear cargo area of the car.

It's just not an option for a family of 5, IMO.

 

[Nayan]

I have a friend who said she'd never be a minivan mom either, but with 3 kids and lots of stuff for sports, outings, etc. she said she wouldn't own anything else.

 

[tinker&belle]

We just bought a new vehicle and have a very low payment. (It happens to be a minivan.)

It is WAY nicer than something we could have afforded new. It is a 2007 LOADED with options. We paid about 1/2 of what it went for brand new. It is in great shape, has all the service records and we love it. We were able to pay almost 1/2 of it down, so I have a very small payment on a 60 month loan that we are hoping to throw all extra cash at to pay it off hopefully by the end of 2012 or mid- 2013.

So I guess for us we bought used but in great shape, made a large down payment and are aggressively paying it off. We had hoped to pay for it with cash but it didn't quite work out. Hopefully when we need the next vehicle (hopefully 10 years or so) we will have the cash saved up.

 

[budafam]

I'm guessing that's in the middle of the state, since that's certainly not true in this neck of WI.

No, we're on Lake Michigan actually. Where are you located? There are no foreclosures where you are? I've looked in Green Bay and there are quite a few but I'm not sure if they charge higher prices there (you know, for that awesome team and all... lol)

 

[Judique]

I have a fully loaded 2011 BMW Z4 convertible hardtop, put $12,000 down and the monthly payments are $950. We have no other debt, I've saved enough for a retirement I'm probably not going to live to use, I make a generous salary, my company compensates me for my car expenses, I've got a terminal illness and dang it, I wanted this car.

Enjoy it while you can, Pakey!

 

[Soben]

If you have time to wait....you can wait until the gas prices cycle up to $4-5. Then all the suv drivers want to sell. SUV prices do go down when we have a gas shock. You could keep your eyes out. With Iran and the Strait of Hormuz, you never know.

 

[Alexander]

How do you afford the payments??

I need to get a bigger SUV with Madilyn coming sometime this summer (since i dont have 3rd row and its illegal to put a child under 12 in the front seat in NYS) but i'm really having a hard time with the cost of a bigger SUV. So i was wondering how those of you with more expensive cars afford the monthly payments? Do you finance for longer? huge down payment? or just have a huge car payment?

i'm from the camp of pay it off in 4 years and be done, and currently have a $450 car payment for my CRV which we will hopefully be paying off with my husband's stock buyout from his old company and our tax return so i can keep it. we don't have any money to put down this time either so i can't do that to lower my payment

I'm trying to find something used, but not having much luck so i may have to go new with this one

I didn't read the whole thread, but you are misinformed. From the NYS DMV:

It is not illegal under NYS law for a child passenger to ride in the front seat of a vehicle that has a passenger air bag, but it is dangerous.

It is not illegal, but still not a good idea.

 

[wdwmaw]

I have a fully loaded 2011 BMW Z4 convertible hardtop, put $12,000 down and the monthly payments are $950. We have no other debt, I've saved enough for a retirement I'm probably not going to live to use, I make a generous salary, my company compensates me for my car expenses, I've got a terminal illness and dang it, I wanted this car.

I wish I could stand by the side of the road with my Mickey Hands on and wave as you drive by

 

[pintamino]

Volvos are just getting broken in at the 150K mile mark. If you have an XC90, let me know when you're ready to sell it and we'll take it off of your hands.

-Astrid

I just bought a Volvo S40 with 137k on it... This makes me feel better! It was a graduation gift, so I am lucky enough to have no payments, and hope to drive it for a long time. "Chloe" got nearly 30 mpg out of it on a 300-mile highway trip today, but I filled up with premium fuel this time to see if it makes a difference... Any tips on maintenance as a Volvo "ages"?

 

[DISdreamin']

If you live in NY State (which I think you mentioned), then a front wheel drive van with good snow tires should get you anywhere at all you need to go, unless of course you are off-roading, which I don't envision you doing with a bunch of kids in car seats.

You'd think so, but no - there are definitely places that a minivan with snows will struggle (or just plain not make it) that an AWD SUV (ETA: with snows!) can handle, and well. One turn to our house in particular, the van will struggle and slide right into the lane of oncoming traffic; my little car, right up the hill. Night and day. I wouldn't have believed it if I didn't experience it. So although I'd agree with what you said most of the time, there are definitely days the van does not see the light of day because it's just too freakin' bad out for it.

OP, you have to make a decision based on your finances and your financial principles. What do you feel you need (or what do you want badly enough to make it a priority even if you don't need it) and what can you realistically afford, and then go from there. I'll second what someone said about looking into Toyota. I know there was a smaller SUV with three rows...I just didn't like the trim level enough to seriously consider it.

 

[DawnM]

And there you have it.

Okay, the answer is that people that can afford more expensive cars than you have more money than you. Did THAT answer it?

 

[MrsPete]

How do you afford the payments??

I need to get a bigger SUV with Madilyn coming sometime this summer (since i dont have 3rd row and its illegal to put a child under 12 in the front seat in NYS) but i'm really having a hard time with the cost of a bigger SUV. So i was wondering how those of you with more expensive cars afford the monthly payments? Do you finance for longer? huge down payment? or just have a huge car payment?

i'm from the camp of pay it off in 4 years and be done, and currently have a $450 car payment for my CRV which we will hopefully be paying off with my husband's stock buyout from his old company and our tax return so i can keep it. we don't have any money to put down this time either so i can't do that to lower my payment

I'm trying to find something used, but not having much luck so i may have to go new with this one

How to pay for an expensive car (and your question implies without a big salary) isn't a secret:

- Save 'til you have a big downpayment.
- Accept that you're going to have large monthly payments.
- Stretch your payments out 'til the crack of doom.
- Buy used.
- Lease, which is expensive in the long run.

You're approaching this new purchase like a typical American: You've picked out what's most attractive to you, what'll be most convenient . . . and now your'e trying to figure out how to afford it. That's backwards. To live within your means, you have to decide first what you can afford, then see what your available cash flow will purchase.

Also, you have to consider your overall priorities. What matters most to you? Your car, your home, saving for your kids' college, saving for your retirement, providing educational enrichment for your kids . . . the list could go on. Where does transportation fall in your list of priorities? For me, it's pretty low; for some people, a cool car is near the top of the list.

Don't forget, too, that a larger SUV is going to cost more to drive than your current CRV. And your household expenses are going to increase as you add another child.

I personally don't think that a car is a place to splurge. It's a depreciating asset that can be destroyed in seconds (often through no fault of your own). Three kids can fit in the back of my Civic (we are talking about three, right?), so I'd be surprised if three couldn't fit into your CRV. I'd make do 'til I could afford what I really wanted. I'd at least wait 'til I'd become accustomed to the cost of the additional child in the household.

I'll throw out one more thought: We opted to buy a small car, which is what I like to drive and which we could buy with cash. I can fit three kids in the backseat without trouble, and the trunk'll hold everything we need 95% of the time. When we travel -- if necessary -- we rent a larger vehicle. It's cheaper than buying and maintaining a larger, more expensive vehicle year-round.

Good luck with a tough choice.

 

[DISdreamin']

i only have a 4 year loan and didnt put any money down on this car. our plan was to keep it forever but now i need something to haul 4. i was unaware i could not put my oldest in the front seat until she was 12.
<snip>
i dont really care if im a mini van driver in denial....at least im not rude and leave helpless people on the side of the road. maybe they couldn't AFFORD new tires, way to be judgemental.
<snip>
for someone who didnt mean to be nasty you sure were. i dont appreciate being talking to like im some dumb blonde who knows nothing about life. im not selfish enough to drive something that would negitivly effect my kids and their lifestyle.

Whoa, whoa, whoa! Wish I'd read all the way through the thread before making my first response. First, 4 years is not "only" to some people. Whether you accept that you'll have a car payment isn't even a given. Different strokes for different folks and all that. The bottom line is you need to decide what you need, and you sure better be looking down the road when you do that (and this from someone trying to decide whether to trade in their 18-month-old CR-V! D'OH!).

As for leaving a car in the ditch, I'd say that is the lesser of the evils. What if you pull someone out only to have them cause an accident where someone is seriously injured or killed? The ditch is the better place for a car without proper shoes on in winter, IMO!

And what is with the dumb blonde comment? You asked a question, people answered it. Some people tried to offer alternatives which you resoundingly rejected. Other than that, make more money, be broke with too big a car payment for a new large SUV, buy used and have lower payments, or don't buy. There aren't really other options if you have your heart set on a $30K+ car when your CR-V was a 4 year with mucho payments, right?

 

[North of Mouse]

I will never buy a brand new vehicle, a few years old will save lots of money.

Maybe yes, maybe no. We've seen it work both ways. My husband and I save, buy each of our vehicles new, take excellent care of them (garaged + my husband does all maintenance) and don't make car payments (and by the way, we are not rich) I have a Suzuki XL-7 which I dearly love (has never been in the shop for repairs, and is a 2005). My DH drives a 2005 Crysler 300 (was new, also no repairs). People constantly think they're new because they look that way (can't understand people letting their cars look like rattle-traps, not waxing, washing vacuuming them, etc) We'll both probably drive them at least another 3 years and still get money out of them selling them outright because of their excellent condition. But, to each their own, I wouldn't trade mine for most that I see only 2-3 years old regardless how expensive they were.

 

[okeydokey]

no one is offering advice everyone is telling me to buy something i don't want that is just as expensive as what i do want, so how does that answer my question of how do those of you with an expensive car afford it.

if i have to have a higher car payment i will, but im looking to see if there is some out of the box idea's on affording an expensive car without a huge payment that im missing

Is this a trick question? If not, then, many people with expensive cars work hard and send in a payment each month. If they can't afford that, they sell them and get something a bit less desirable that they can afford.

 

[Nayan]

Is this a trick question? If not, then, many people with expensive cars work hard and send in a payment each month. If they can't afford that, they sell them and get something a bit less desirable that they can afford.

Exactly! If I couldn't afford to drive an expensive car I wouldn't. I'd buy what was in my price range. Sorry, there's no magic number or way around it. If you can't afford it, you find something you can.

The answer to your question of how can people who drive expensive cars afford them? Because we make enough money and can, simple answer.

 

[marlynnp]

I get my daddy to pay half!

 

[AZMermaid]

You have a few options:

1- put a large down payment
2- finance for a long time (72 months?)
3- buy used (at least 3 years to really see a savings)
4- get a second job to cover the payments
5- don't go on any vacations and put that money towards the vehicle
6- buy a car that costs less money

We have a Chevy Traverse. We bought it new which I hate doing, but my hubby insisted and we really couldn't find a used one with the options we wanted and without the ones we didn't want to pay for. We put about $12,000 down (I think... somewhere in that range). $8,000 of that came from trading in my Civic, the other $4,000 or so was from savings. We had paid my husband's car off about a year earlier and saved the money we had been paying on his car towards the new one. We plan on keeping that car until the Traverse is paid off, effectively always giving us only one car payment. My husband *really* wants a new car, but his 05 Altima is just fine and he knows driving it as long as possible is the smart thing to do. Our loan is for 5 years, but we pay about $100 a month extra so it will be paid off early. We pay $600 a month.