Car Payments

[jp1]

I just read on Bloomberg today that the average new car payment is $777 and the average used car payment is $544. My first thought was that this is insane. My second thought was that I'm not surprised given how much car prices have gone up in recent years. New car prices because manufacturers seem to not be interested in making budget model cars anymore since the margin on those is so thin. And used car prices because supply chain shortages have resulted in, ahem, a shortage of new cars to buy, so more people want to buy used cars.

But wow. I've never had a car payment since the only cars I've owned are my current car, a 21 year old Honda that I inherited from my father 8 years ago, and the one other car I owned, a then 7 year old Datsun that my parents gave me for college graduation in 1990 which I sold about a year later because I decided I'd rather live in the middle of NYC than in the suburbs of NJ. Until SO and I moved to the suburbs 2 1/2 years ago I lived my entire adult life in urban areas where I've not needed a car for daily life so I just never bought one.

https://www.bloomberg.com/news/featu...an-afford-them

[bae]

New car prices because manufacturers seem to not be interested in making budget model cars anymore since the margin on those is so thin.

I wonder how much base-cost gets added to cars today because of all the mandated or desired-by-all high-tech new generation safety gear? Backup cameras, electronic stability control, etc. etc.?

It seems difficult to find a "simple" car these days.

[jp1]

I wonder how much base-cost gets added to cars today because of all the mandated or desired-by-all high-tech new generation safety gear? Backup cameras, electronic stability control, etc. etc.?

It seems difficult to find a "simple" car these days.

Good question. For better or for worse there is no Chevy chevette on the market today. And every car built today is like to go for well over 100k miles without a major repair, unlike the cars built in the 70’s or 80’s. So maybe paying more is worth it?

[bae]

Good question. For better or for worse there is no Chevy chevette on the market today.

I bought a new 2011 Mini Cooper for my kid when she was learning to drive. At that time, I had to search pretty widely to find a pure base-model Mini with none of the zillions of features/packages (something at the time that could take a ~$18K Mini and turn it into a $30K Mini.). Almost every car on every lot was festooned with options.

I am uncertain about the financial wisdom of getting a new car with all this amazing electronic stuff. Much of it does seem to encounter problems over time, and at today's auto shop rates, it's maddeningly expensive to diagnose and fix.

[jp1]

Yes. All the gadgetry has me nervous too. The sensors on a Tesla that control everything are probably fine when the car is newer. But once it’s 21 years old like my current car? I’m dubious. And since my next car will probably be an EV that I buy when I retire in 7 years and will hope to own for the rest of my life…that matters.

[iris lilies]

I’ve said many times here that when I win the lottery, I’m going to have someone build for me a circa 1995 4door sedan just like the Ford Taurus I had back then. It was the most luxurious car I have ever needed. To that I would’ve had a back up camera as the only additional electronic option.

[Tradd]

My 2018 Escape was only $17K bought new at the end of the model year. It’s a base model. But I really wish I had Apple Car Play. The rental Chevy SUV I had for my FL trip in December had that and OMG, was that nice. It duplicates your iPhone screen on dash display. So you can have access to your map app and music controls easy.

[ToomuchStuff]

A few years ago, my coworker had her vehicle stolen out of our bosses driveway. (neighbors druggy daughter) We had a customer whose parents had passed, leaving a 2005 Buick Lacrosse base model with the 3.8l motor (one of GM's best motors ever). She bought it but hated the color (silver that looks like it has a purple hue), and a couple years later found a newer Honda Accord that the owner only wanted 8K for, because their green card was expiring and they were going home. She, or her boyfriend bought it and she sold me this Buick.
In a lot of ways, it reminds me of my first car (68 Olds Cutlass) and I am now just shy of 130K and it should last me a few years pretty easily.
The things I like:
Neutral color
Cloth seats
Automatic for highway driving
Cruise control, that I have only driven far enough once, to use
great power to gas mileage
A/C, basic radio


Things I don't like:
Prefer non electric windows or locks, as I have had to diagnose and repair those over the years
No external locks, other then drivers door (miss having one on passenger side and trunk)
I miss rain gutters and vent windows.

[Tybee]

I just had my little 2010 Yaris inspected and they said no rush, but the rear brakes are getting there, so I did it yesterday. $511 and they found a little hole somewhere so did a bit more than originally intended. This car is so simple it does not even have power windows. 136k, almost 40 miles to the gallon the highway. It has been a wonderful car. Simpler is better. I stick it in the barn in the winters and it starts up after 3 months, no problems. That was after our first year in Michigan where it sat in the driveway and got frozen in ice. Never doing that again.

Only problem is it does not have 4 wheel drive, so it's not a car of choice for Maine. Fabulous when we lived in South Carolina, though.

[Yppej]

I and environmentalists have been opposing - unsuccessfully so far - the City buying unnecessarily large, expensive, gas guzzling vehicles.