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Cars have always been relatively expensive to own and operate and the American way, unfortunately, has been to take out lines of credit in order to purchase vehicles they could just barely afford.
It’s insane to think about but the average car payment for a new vehicle in 2023 was $726 and the average loan term is nearly 70 months!
I’ve always lived by two rules when it comes to vehicles:
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Never buy new. Buy approximately two years old used low mileage
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If I can’t afford the vehicle on a three year note, I can’t afford the vehicle
Additionally, always secure third party financing and have it in your back pocket, but don’t tell the dealership that part until absolutely necessary. They may try to match it, but their fine print has always had catches it in that make it a worse option in my experience.
I’m not sure if these rules will work going forward as prices seem to have doubled in the past three years, and I’m loathe to ponder how purchase is getting replaced by subscribe.
My current car is ten years old with 110k miles on it. I keep it super maintained because I can’t stomach the thought of my next buying experience.
I am exactly the same.
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not to mention insurance costs and taxes
used vehicles cost nearly same in most cases and in poor condition
yes let us blame trucks not the $7.50 minimum wage and the inflation and what have yous
biden and electric vehicle are not the jesus of our times
going to take a lot to make travel affordable again and on that note the more traveling costs the less people do it and the less they travel the more stuck in the state they are at they become
way more than prohibitively expensive vehicles here this is a means to keep citizens in place and poor
