facebook marketplace and craigslist has been ruined by salesmen at those sketchy used car lots posting cars in their inventory to make it look like they are an individual selling their own personal car.
you can receive a car on carmax that has issues as well. online services can be just as bad as in person. you really just need to go out and really look at cars, and take them to mechanics before buying.
Yeah the answer here is to not buy a $15K car lol. I will say the $5K days are probably a bit long gone and cars down there can be pretty rough but there’s a decent amount between there that will work
People think it’s a badge of honor to be loaded with car debt. The amount of braindead arguments I’ve seen from blue collar men in YouTube and ig reels comments coping over their 80k truck loans is just… smh my head
It's actually misleading.
I think they plan on taking a tax deduction in the car. (aka a write off). They are probably claiming the car as a business expense.
First off. If they are driving it for personal use, claiming it becomes complicated or even fraudulent.
Secondly. Even if they do get to claim the deduction (which I believe you can split up over multiple years). They don't actually save 70k. 70k of their earnings is simply not taxable. So if their effective tax rate is something like 20%, then they saved 14k, not 70k. They still spent 70k on the truck, and they are likely paying interest on the loan, so they aren't 'saving' 70k.
Basically if I make 100k, and had 20k in deductions. I pay taxes on 80k. That doesn't mean I pay 80k in taxes.
I’m so glad to have come upon this thread, because this exact thing has been on my mind for weeks. As someone who travels for work and sometimes has to save tax write off information, it’s become apparent to me that a lot of people think it’s free money. It’s…more like a small discount, that is NOT worth going out of one’s way for. Stick with what is *realistic* and *makes sense*!
edit: small typo
Yeah if you're spending money to achieve a tax write off, you're still spending money lol.
You're only really making money if you're writing off something that appreciates or brings more money in.
^.^ exactly, like stick to the normal stuff and leave the overspending mental olympics to your CPA’s advice. if one *needed* to do that, a good cpa would recognize that. sad sad sad to see people fall victim to a misunderstanding of tax deductions
Probably not. The Cybertruck isn't cheap to insure because its not cheap (or fast) to repair.
Turo seems to sell insurance to both the guest and the host. I'm thinking that a 80k car claim would lead to a lot of finger pointing.
My wife took my Yukon to school after insurance paid out and totaled her car. I estimated she could have bought a cheap replacement economy car in the fuel she would have saved over the 2 years she drove the Yukon.
That said, full size trucks are decently inexpensive, reliable, and easy to fix when things do go wrong. Which is why I drive one every day and just put up with the fuel economy.
Bought my Corolla for $3,500 off of Facebook marketplace, replaced the clutch for $1,000, and it was good to go. Just gotta be careful, and bring someone who knows about cars if you don't.
They’re also almost universally 2-3k or so above market rate
Find a used car lot with cheaper cars and get it inspected at a mechanic before you buy it, you can find something cheaper.
holy what the fuck did I just read? again, absolutely inane that they weren’t immediately frozen as a company until they updated their policy to manage recall notices
Carmax isn’t no worse than a buy here pay here place. They sell mostly used fleet vehicles and rentals. Any used car comes with used car problems sometimes. They’re good for people who have a hard time getting cars from high end or normal car lots. They accept shit credit from folks like me. They’re super great when it comes to letting you get by a couple months if you can’t pay your note. I’ve been 4 months behind and they help me not get it repoed as long as I communicate my problems. Hand down best lot I’ve purchased from. I’ve bought cars and used chase and Volkswagen credit and they are NOT near as good to you.
Make sure you check Insurance rates before you buy. Kia and Hyundai often require large annual premiums.
Toyota and Honda are reliable well beyond 100,000 miles.
Prius’ are heaven sent for milage and reliability
Bought my car (Toyota) used pre-COVID for $2600 from just working part time during High School
Also, most people can't afford their car. You quickly learn when talking to people that most people are not very good with money. Wants come before needs to many
I have a 23 Subaru Crostrek I got last year for $30k... I pay $600/mo and I'm a student worker on campus lol. It's difficult but it's my only bill since I stayed home and needed a good reliable car to commute.
A family member put in half of the payment missing, and from there, I am paying it off… currently driving an EcoBoost Mustang. I had luck purchasing rebuilt title cars, which are still strong. I bought a 2014 Mustang V6 at 36k miles and sold it to a family member. It is still running strong at 90k miles.
Truth is, most can’t, not without a crazy loan. The way things are going, most people will not be able to afford new cars, a house, long distance trips, and/or retirement.
I ride all weather, if you see a big orange bike on campus it’s mine. With enough gear you can improve your Fuck Around Limit before you trigger the Find out. Life’s too short to be trapped in a box
While CarMax is a decent place, they aren't the best for finding a well-priced car, especially on the cheap. There's definitely better places to find cheaper cars. CarMax doesn't sell under a certain cost because it isn't profitable to them, so they typically will just sell cars for parts that are sold to them
For cheaper cars, you'll look at various online marketplaces (and have someone that knows cars go with you). Some dealerships will have cars that are cheaper (there's several of these up and down division)
When I was new to the US and had zero credit history, I went with local family to buy a car but I took over payments and insurance.
$18,000 after TTL for a 2 year old car. 5 year loan, $355/mo with $100/mo Comprehensive Insurance through Geico.
I made $14/hour 40hr/work weeks at Family Toyota while going to UTA full time.
I graduated in May, car paid off years ago, and 5 years work experience. I now work at HQ.
Biggest money saver, learn how to wrench. There is a lot of advice and content available on YT right now and Harbor Freight has good enough but affordable tools.
You don't know how car financing works huh? Using your carmax example, s $15,000 car on a 60 month car loan, with $2000 down payment would be $279/mo... with insurance at most (and that's for a person under 25) shouldn't be $579/mo, or less than $7200/year. Most people don't do less than a 5 year car loan. And up until about 2022, the interest rate was 5% or so on a car loan.
Happens a lot and might not be terrible on a low mileage 2 year old car. Fortunately I snagged 0% when I bought a new car at the start of the pandemic. Financing a car (new or used) is a part of life for most. The prices are stupid high for both new and used.
Well that’s how most people are able to afford them. If you’re not willing to finance and don’t have the money to pay cash you’ll just have to get a bike or something.
Just get a motorcycle if you’re gonna be using it for yourself. You can get a fast and reliable ride for 7-10k brand new. Insurance costs virtually nothing for the whole year and gas is only 4-6 bucks a tank. Cheaper maintenance too
😆fair, but I wouldn’t exactly encourage a new rider to hop on the highway! Just depends on needs really, but I’ve seen a lot of good deals on low mileage bikes because people are struggling financially right now.
Haha, I mean just depends on how well you learn to ride at your pace. Though I sent it on the highway only after taking a safety course first to learn good habits. But yea bikes are actually at really great deals right now with rebates too!
Maybe it’s just me, but motorcycle insurance is not cheap. I was quoted over $400 a month for a motorcycle and $45 a month for a Viper/GT-R. But overall, yes, I agree motorcycles are cheaper.
Ive seen a few Corolla mentions and they are right. If you're early on/trying to save money. Toyotas hold up really well. I trust a Toyota with 200,000 mi more than I do a Ford with 50,000.
My current Corolla (2012, purchased in 2019) was $7000 before taxes and has cost roughly $1200 in additional maintenance over 5 years.
Like buying a house, it's only your first one that takes up a huge chunk of your cash. After that, you've got an old one to sell/trade in with the money going toward the purchase of the next one.
Also, median salary for an individual may be $40K but a huge percentage of car buyers are married couples, so their median income is closer to $80K.
Find a high-paying job you like, and network your way to that position. That’s what I did and I’m currently living fairly comfortably as a student while working part time
Long loans. I dumped a bunch of savings(10,000 on a 16,000 car) into a car and then paid the loan over 5 years. I had double scholarships though so pocketed quite a bit my first year before losing one scholarship (that's where the the 10,000 came from).
Also, yes, that's a lot of interest on a depreciating asset, I needed a car though. Payment was about 180 a month.
One of my roommates had a 50cc moped, technically you need a class m license but you can probably get by without, but your top speed is 35mph ish. Ok if you're just going in areas around the school, and a nice one is less than 2000(roommate's was $700 brand new)
For clarification:
I have already spent a good chunk of money on having a mobile mechanic look at some cars on Facebook marketplace. I can only afford a few more “mechanic pre-purchase inspections” before I start eating into my car budget.
Also I have some un-used carfax reports if anyone wants to buy them off me for discounted price
That’s good, but you should be learning and able to do a pretty decent first pass of a vehicle now. That should limit the number of mechanic inspections needed going forward. Chris fix has several good videos on the topic for how to check yourself on youtube. You should only get a mechanic check if the vehicle passes your through check and you want to purchase then you get a mechanic check.
And sometimes the gamble is just worth it. If you are not under a time crunch to buy a vehicle you can absolutely find a decent car being sold by someone who is too lazy/doesn’t know how to sell to carmax/carvana etc after they have upgraded to something else. That’s my sweet spot for getting cars. You will have to check facebook and craigslist daily and move quickly when you find a good deal.
A reliable used car does wonders. Got my 03 Acura for ~3900 off Facebook from the 2nd owner. Been my daily for ~7 years only spent like 900 bucks on parts and maintenance. I do work on my own car if it's not too hard.
If you want something affordable, you have to look at the used market. You can get really good deals buying used but you have to be able to recognize red flags in a car or have a friend who can do that for you.
You’re basing this off of a 15k car which is pretty high for college students since you can easily find one for less, and a salary you’re just grabbing from the median of which is off if you rounded it since it’s around 48-49k.
We haven't bought a car from a dealership or agency since like 2009. So, I can't say. We usually have good luck getting cars from family members at a heavily discounted rate. I mean, I drive an old Honda civic with 250k miles.
In this economy it’s hard for anyone to afford anything. Must have a car to travel to a job that doesn’t pay me enough to keep said car. Our economy is fucked and it’s only getting worse. Just wanted you to know you’re not the only one struggling at the moment. Hang in there. Hopefully better days are ahead.
Offer up, Facebook market place, Craigslist are all good sites to look at for cars in range of 5k to 8k. You just have to be on the lookout and bring a friend along when inspecting the cars to be safe. Don't get a new or decent looking car for a high price. Most of the time a old 2000s car would last you for many years so that you could save up for a better car down the line. Plus whenever you park at UTA people don't respect your car. I've received multiple scarches and dents so it's best to get a car that ain't too flashy like a toyota or honda.
I bought one of mine during covid super lucky deals during 2020, and another I bought from my mechanic also got super lucky. Sometimes it just a matter of knowing someone.
Bought my Scion XB used 5k mileage for 16k in college with a 7k down payment that I saved up. Rest was a loan that took me 8(?) years to pay off. I now have a second…much more expensive car, but the Scion after almost 15 years still drives like new.
I was also making about 25k per year as a gym membership guy living by myself in Oakland,Ca. It wasn’t as expensive in 2010 as it is now, but rent still took a lot out of my cheque.
With that said, look through the used car ads and make sure you get one off of someone reputable. When there’s a will there is a way.
Have someone that knows about cars go with you if you go shopping for cars at a used car lot. I always go with my dad because he’s a mechanic. We’ve been able to find some gems on Craigslist for a fraction of the price of those at a dealership. Cars are definitely more expensive now. Insurance is also more expensive depending on the year and model of the vehicle and if you’re making payment on the car you’ll have to pay for full coverage v getting to choose your rate if you own your car. Personally, I was lucky to find cheap options because not many know how to drive stick.
Get what moves and you can afford outright. Then pay your own savings account each month like you financed it. Drive it till its just about to die but is still tradeable. Take all that cash you paid yourself plus the value left in the trade and outright buy something better than before. Repeat
“I haven’t had a car note in 10 years. I started with a car I purchased with cash from an auction with a clean title, and I always sold it for more to buy my next vehicle. My current car is a Hellcat that I own. If I had to pay a car note and insurance in this economy, I don’t know what I would do. I see people paying $1500+ just for a car note and honestly I dont know how they do it.
Fb marketplace, used lots, friend who wants to sell one etc… I bought my car for 4250 in 2016. With 280k on it. I am a bit mechanically inclined. So what I would say to you, is stop trying to buy your way out of the issue. Learn to fix stuff. I grew up very poor with one parent. My mom couldn’t fix things and I watched our car keep us poor. My mom didn’t do drugs or drink. She just didn’t make much money. She was the best mom ever. Once I got older I started fixing the car on my own initiative. It is hard. I get it. All I can say is bulletproof Japanese beater and swallow all your pride lol. Buying that cheap car is a big reason why today at 26 I can buy literally any car I want 60-70k cash. Without issue. But I’m still driving my beater making over 100k a year.
Mine was around 1.5k, then 1k ish in repairs. From the sounds of it I wouldn’t use Carmax, stick to Facebook market, Craigslist etc
I make 11k ish a year, even after gas the expenses are nowhere near half my salary
Car will prices will continue to rise. Just have to take the hit, invest in a good one, and keep it for a very long time.
Still driving my 2002 Tahoe I bought brand new.
We are in the market for a used minivan with a potential 4th child in 2025. Since we are planning ahead, my strategy has been to save 8% of my total pay each check to put as much down as possible when we do pull the trigger.
I'm a big fan of the Money Guys 20-3-8 rule:
- 20% down (at least)
- Financing for no longer than 36 months
- No more than 8% of your total (gross) pay each month
I set the 8% on auto-pay directly into my high yield savings account (HYSA), getting 5% interest currently. Also, any additional money we can bring in (annual bonus, garage sale, etc.) are also getting dumped into the HYSA.
Using this strategy, and depending on timing and trade-in, I'm hoping we can pay cash for the next vehicle in a year or so.
This has also been a check to see if we can really afford the payment or not, in the event we don't have the full amount saved.
Good luck on finding an affordable, reliable, used vehicle. It's a tough market right now. I'm hoping it'll start turning around soon.
Some things to consider to help you out.
1. You should always put it down payment when you purchase a car you don’t want to be upside down the moment you drive off
2. If you can’t afford it down payment, don’t buy a car.
3. 15,000+ TTL. - 4K deposit. Financed at 7% for 36 mos is only 380+\- 50 bucks. Plus insurance at 400 a month. You are only spending 9.6k.
4. Add in fuel (2400 a yr) and you are about 12k.
5. Older cars are getting hoarded now. People are not buying new cars as much which also brings car prices up.
6. Secondary markets have a lot of crap cars so expect encounter a lot of beat up cars. Finding a good one will take time.
7. Buying a cheap car helps also insurance as it is paid off and you only need liability insurance.
we paid cash for my car. 2021 brand new when we got it for like 40k and that’s with 5k knocked off 😭 my parents and I just wanted a car with good gas and lots of cargo since I go back from Arlington to my hometown 4 hours away. I really wanted used but my parents learned their lesson on my previous car which was bought used so to them, they would rather have a new car to start fresh? idk but that was their thought process
In todays day a lot of people are for sure spending on average $700-$1,000 a month on a car note. Maybe even more.
Do not fall in the trap of getting a new car for the looks or the comfort if you can wait on it.
Buy yourself a decently used car as a first one, around 30,000 miles ideally. Personally I would as I did when I was younger get a vehicle that is around $15,000-$20,000 everything included. Try to save $5k-$10k as the down payment and finance the rest. To put it simply for every $10k you finance expect around $200/month payment.
If you’re younger than 24 years old, expect to pay a lot more in Insurance than when you reach >25 especially as a guy. Much much more if you drive a sports car.
Yes times are different and prices are wild, so take the time to shop around. Do the following:
1. Get a pre-approval with a local credit union. (See what you can actually qualify for and afford)
2. Shop around, hangle on the phone rather than in person. They will try to psychologically pressure in person.
3. Check the vehicle throughly, ride on the road both city and highway speeds to get a real feel for it. If something is off, leave it alone.
4. If they BS the price with options with Fees and Options, let them know you were ready to buy today, but will walk out right now. And do so if they do not reasonably give a good price.
5. Once you finally get a good out the door price. Out the door price includes everything: vehicle price, taxes, and mandatory fee like Document fee). Do not finance with them, let them know you have a pre-approval.
6. Last Boss, the finance manager. Do not take their Extend Warranty unless the vehicle is prone to many defects. If you have a Brand New Vehicle, check with your insurance, they could have the same thing but for a wayyyyy better price like GEICO. I’m talking dealership wanted $5,000 for my brand new truck for 100,000 miles vs GEICO’a $45/6 months with a $250 deductible per incident for a 100,000 miles as well, both Platinum MPP plans. And well for new vehicles the chances of something major going out like the engine or transmission before 100k miles is relatively low, not impossible though with routine maintenance.
Last advice. Get a Toyota or Honda if possible, yes they are a bit more expensive, but they will last you a long time as long as you take care them. Just do your research and find out how reliable the one you want is before you go try to get it.
Well I know alot of people won't like this but back when I was working at Walmart making 12 an hour I came into the dealership w 300 bucks and only a year of credit history. I told them I can't pay more than 250 month and I didn't care about what car.
They first pulled out a 2018 Honda civic and were like "ooh slightly over what you're looking for" 400 a month and I needed at least 700 down.
Honestly you just need to be willing to literally physically leave. They WANT the sale they have quotas.
Less than 5 minutes after I left I stg I got a phone call on the way home saying "I think we found something" and got a 2016 Chevy Sonic w 90k miles for like 10k.
Jokes on them the bank didn't approve me so they had to drop the price by 2k so I could get approved.
Then less than month later the water pump broke I told them how awful it makes them look that something they just sold me had something break and they dropped the mechanic bill down to like 100 bucks instead of 400.
Otherwise I mean yeah the rate is disgusting it's like 18 or 20 percent. However I'm responsible about my credit and especially realizing just how much you NEED a car, that is the one thing you need paid. So never missed a payment or made a late payment 3 years later. Realistically, I should be doubling if not tripling down on my payments or at the very least trying to refinance. So far, though, I've just been lazy and am now I think underwater 1.5k on the current condition of the car.
Like I said though if I refinanced or payed on the principle I'd probably be back to zero on the car if not slightly ahead.
Edit: Like I said, it's not smart. Anything could happen, but I know myself to be a safe driver, and I'd work in a dish pit at 2am if it meant my car payment was coming up.
If you're doing finance, do it smart. Get it looked at, and I'd always go through a dealership because they have a brand image to uphold, unlike other "finance here" places.
And to note I pay 222/150 for car note and insurance.
I saved 8k before buying a car at the dealer I also worked on my credit for a whole year getting rid of small debts. I got a 2023 Camry a year ago for 24k and I pay 370 a month and 250 for insurance. I used the 8k to pay 1k a month for 8 months brought my loan down too 18k cus of the cost of credit of course. But all those 8 months I began saving again to repeat. So I don't really worry about a car payment much just my insurance. And I make around 32k a year.
Down payments and being smart, cuz. It's really not hard to take care of and drive a vehicle for like 4 years while saving money, then trade it in or sell it to put back down as a down payment on another car. Building credit as well. Etc etc
Not true! Used EVs get a 30% rebate, up to a max of $4K. https://www.irs.gov/credits-deductions/used-clean-vehicle-credit
- must be model year 2022 or earlier
- most recent owner must have bought on or before 8/16/22
- bought from a dealer (use KeySavvy if dealing with a private seller)
- $25k price or less
Your 2023 or 2024 AGI must be $150k or less for MFJ, $75k for single.
The vast majority of people finance their cars. So they don’t pay 16k a year. They pay between 300-800 a month for both car and insurance depending on the vehicle and driver history etc
Save up to put money down and ask for terms that work for you.
I bought a new car for $22k…I put 2k down and a trade in. Told them I wanted 0% APR and only wanted to pay no more than $200/month.
The life of my loan is 7 years but I also pay a little extra when I can so I can pay it off a little sooner, but don’t have to worry about having to pay more than $200/month.
I got my car from Carmax and a 7 year term. It’s 345 a month before insurance. It’s been a great car so far. I got it back in 2020 and I’ve never had a problem with it. 2018 equinox. Had 29k miles on it when I got it and now has 115k. I have terrible credit but they let me get one with 1500 bucks down. Seven years seems like a long time but it helps keep the note manageable when your poor like me.
The smart thing to do is get. A cash car if you think 15k is a lot then why would you look on car max? Go on Facebook marketplace and get a cash car if you complaining about 15k just being hinest
Mmm hustle and grind, the world isn’t easy.
I drive a 2021 Camry XSE
Credit 796
MSRP 32,000
Interest 3.5%
Monthly payment: $377
Insurance $217 (no tickets or accidents) (also with student discount)
I put down 3 grand and got a 2018 Ford Edge with 85k miles and a 3 year warranty/36k miles. Payments are a little high though, $448 a month. Bought it last December 3rd. But I needed a car ASAP, my work is 30 mins away. I make 5k a month, rent is 1,500(everything included) for a brand new furnished tiny home. I'm trying to get it refinanced now.
Big franchise dealers and Carmax are all scams which you’re pretty much paying 20% more than if you were to go to a independent small dealer/lot that you can trust plenty of them on Facebook marketplace. I’ll just look at the reviews. They typically only charge you their profit, which is around 10%of the auction price, which is basically the lowest of the lowest the car could be sold for
Getting cars now a days is ridiculous. Especially if you’re financing because APRs are stupid high. Hopefully all of settles. A lot of people now have crazy car notes. It doesn’t make sense to straddle yourself with that kind of debt and still expect to pay for other things.
I just got a new 2024 trax rs as a full time student and I work part time.Saved for my down payment and had a family member be my co signers and it’s about $31k. It’s 100% worth it to have a reliable car that will last you years and has a warranty.
How do you think people buy homes? In full? They have mortgage.
You are right, most Americans spend more on a car than they make annually. They budget it into “monthly” payments which is absolutely crazy if you take a step back and think about that. Regardless, you need to buy used of FB market place or Craigslist IMO.
Maybe I’m missing something, but where did 16k a year come from? Assuming you get a 72 month loan (at 0% which I know is impossible) your monthly is around $208 which equates to $2500 for the year. Are you implying that car insurance is 14k a year?
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46m I remember buying $500 beaters when I was in my teens and early twenties. You knew it would break, and it existed in a state of disrepair, but it was enough to wait tables or bar tend a summer in Port A, making a few hundred bucks a night in tips.
Cash for clunkers killed the starter car market.
I’m a little older, but same. Bought my first car for a few thousand in cash at 19. Worked fine and had AC. I have bought two cars for myself in the 30 years since.
You don't buy a car every year. The cost is upfront. Maintenence on a newer car is pretty much just gas and oil changes for the first couple years. So your base math is off a bit.
As much as people shit on used cars, you can get a bucket that’ll last you years. The problem with used cars is the people buying them. Very rarely will you get absolutely scammed by shady under the hood practices, most people just don’t take care of their car outside of gas and air fresheners. Something as simple as an oil change often gets delayed until there is a noise or the car doesn’t turn on altogether. Dealerships will fix most reasonable things you notice within a certain timeframe as well if you do get unlucky with a used car.
I purchased my 2012 Civic w/54k miles on it back in 2019-2020 with my shitty overnight Home Depot job. Took a bit of shopping around, but it’s possible. Never take any of the first cars they show you, always bring someone with you that knows cars if you don’t yourself. Half the used car issues can be seen by the naked eye if you know where to look.
Depending on where you live you could also look into E-bikes. A nice Ebike is 1/10 the cost of a car and honestly pretty reliable. Outside of weather, they’re perfect for small towns and city living.
i work at a lemon law firm. do NOT buy a vehicle from carmax I can’t tell you how many issues these vehicles have. carmax gives you a small warranty (90 days) and don’t help at all. if you want more details on why not to buy from carmax i can list them if needed. but do yourself a favor and don’t buy from carmax
the best would be to buy from the dealership a that will provide you with warranty on the vehicle. NOT Extended warranty. Make sure to buy a vehicle that is associated with your dealership Do not buy a dodge at a mazda dealership same goes for any type of vehicle. The biggest thing that can save you is having warranty on your vehicle that the DEALERSHIP gives you. If you purchase extended warranty, it helps sometimes but you have to pay out of pocket for many things. Manufacturer warranty is always the safest option on new and used vehicles
I was paying $600 a month to drive before selling my car. At the time that was 1/4 my gross income. I make more now but I'll never finance a car again, I'd rather save and pay cash less than 10k.
Check out Craigslist, gotta do your research though and maybe would be wise if you had a buddy who knew abt cars to go take a look at it with uou
Agreed also check offer up or Facebook marketplace
facebook marketplace and craigslist has been ruined by salesmen at those sketchy used car lots posting cars in their inventory to make it look like they are an individual selling their own personal car.
Those are mostly just people trying to scam, it’s not worth my time but maybe worth someone who knows more about cars.
The only option you have is to take a car with a trusted mechanic to do an inspection.. Any place can scam you bud
Best $60 you can spend
You can’t afford a car wtf is your time worth
Take a mechanic with you.
Dealerships and car max are the ones trying to scam you out of an extra 10k
Let them keep this attitude, more Facebook cars for me
Being entitled and broke is not going to work well for you in the long run.
You gotta be the dude who shows up to buy my stuff man.
you can receive a car on carmax that has issues as well. online services can be just as bad as in person. you really just need to go out and really look at cars, and take them to mechanics before buying.
Yeah the answer here is to not buy a $15K car lol. I will say the $5K days are probably a bit long gone and cars down there can be pretty rough but there’s a decent amount between there that will work
Cargurus is a great way to search too. The majority of listings are from dealerships, and you can find plenty of good cars in the $10k-$15k range.
The secret is that people often can't afford the cars they buy, but will buy them anyways.
People think it’s a badge of honor to be loaded with car debt. The amount of braindead arguments I’ve seen from blue collar men in YouTube and ig reels comments coping over their 80k truck loans is just… smh my head
Curious, what are examples of those brain dead arguments? 👀
[Found one](https://www.reddit.com/media?url=https%3A%2F%2Fi.redd.it%2Fk66cade7ar9d1.png)
That’s enough internet for me 👌
Bruh. If you can’t buy the vehicle you need for 30k do you really need it?
What does he mean by he can save 70k in taxes?
It's actually misleading. I think they plan on taking a tax deduction in the car. (aka a write off). They are probably claiming the car as a business expense. First off. If they are driving it for personal use, claiming it becomes complicated or even fraudulent. Secondly. Even if they do get to claim the deduction (which I believe you can split up over multiple years). They don't actually save 70k. 70k of their earnings is simply not taxable. So if their effective tax rate is something like 20%, then they saved 14k, not 70k. They still spent 70k on the truck, and they are likely paying interest on the loan, so they aren't 'saving' 70k. Basically if I make 100k, and had 20k in deductions. I pay taxes on 80k. That doesn't mean I pay 80k in taxes.
I’m so glad to have come upon this thread, because this exact thing has been on my mind for weeks. As someone who travels for work and sometimes has to save tax write off information, it’s become apparent to me that a lot of people think it’s free money. It’s…more like a small discount, that is NOT worth going out of one’s way for. Stick with what is *realistic* and *makes sense*! edit: small typo
Yeah if you're spending money to achieve a tax write off, you're still spending money lol. You're only really making money if you're writing off something that appreciates or brings more money in.
^.^ exactly, like stick to the normal stuff and leave the overspending mental olympics to your CPA’s advice. if one *needed* to do that, a good cpa would recognize that. sad sad sad to see people fall victim to a misunderstanding of tax deductions
I wonder if his insurance company knows that he is renting that out?
Probably not. The Cybertruck isn't cheap to insure because its not cheap (or fast) to repair. Turo seems to sell insurance to both the guest and the host. I'm thinking that a 80k car claim would lead to a lot of finger pointing.
I currently regret my car loan
Agreed. A good old truck will last you for 350,000 miles and only cost you $8k for a decent 2000's model
My wife took my Yukon to school after insurance paid out and totaled her car. I estimated she could have bought a cheap replacement economy car in the fuel she would have saved over the 2 years she drove the Yukon. That said, full size trucks are decently inexpensive, reliable, and easy to fix when things do go wrong. Which is why I drive one every day and just put up with the fuel economy.
Gmt800s unite!
I never said it was a GMT800. But it's a GMT800.
I mean, it was a 50/50 shot between it and the 400 lol.
Bought my Corolla for $3,500 off of Facebook marketplace, replaced the clutch for $1,000, and it was good to go. Just gotta be careful, and bring someone who knows about cars if you don't.
Awesome deal bro
2nd hand
Carmax cars are 2nd hand
They’re also almost universally 2-3k or so above market rate Find a used car lot with cheaper cars and get it inspected at a mechanic before you buy it, you can find something cheaper.
[Carmax sells terrible cars. They can be unsafe recalled cars a lot of times.](https://www.carconsumers.org/carmax.htm)
holy what the fuck did I just read? again, absolutely inane that they weren’t immediately frozen as a company until they updated their policy to manage recall notices
Carmax isn’t no worse than a buy here pay here place. They sell mostly used fleet vehicles and rentals. Any used car comes with used car problems sometimes. They’re good for people who have a hard time getting cars from high end or normal car lots. They accept shit credit from folks like me. They’re super great when it comes to letting you get by a couple months if you can’t pay your note. I’ve been 4 months behind and they help me not get it repoed as long as I communicate my problems. Hand down best lot I’ve purchased from. I’ve bought cars and used chase and Volkswagen credit and they are NOT near as good to you.
Make sure you check Insurance rates before you buy. Kia and Hyundai often require large annual premiums. Toyota and Honda are reliable well beyond 100,000 miles. Prius’ are heaven sent for milage and reliability
People sleep so heavily on Priuses because of how they look. But under that skin is just an unbeatable value for a vehicle
Bought my car (Toyota) used pre-COVID for $2600 from just working part time during High School Also, most people can't afford their car. You quickly learn when talking to people that most people are not very good with money. Wants come before needs to many
Loans, crypto, selling feet pics
Knew it
😂
I have a 23 Subaru Crostrek I got last year for $30k... I pay $600/mo and I'm a student worker on campus lol. It's difficult but it's my only bill since I stayed home and needed a good reliable car to commute.
An old cheap Toyota is more reliable than a new Subaru tbh
Your math is not mathing. People don't normally pay in full for a car.
A family member put in half of the payment missing, and from there, I am paying it off… currently driving an EcoBoost Mustang. I had luck purchasing rebuilt title cars, which are still strong. I bought a 2014 Mustang V6 at 36k miles and sold it to a family member. It is still running strong at 90k miles.
Truth is, most can’t, not without a crazy loan. The way things are going, most people will not be able to afford new cars, a house, long distance trips, and/or retirement.
Explore random neighborhoods looking for a car with a “for sale” sign on it
Buy a cheap motorcycle and watch people cry about gas prices
Except the whole cold weather, hot weather, and rain thing. Then there's the road ragers. I'd rather be crying about gas prices then.
I ride all weather, if you see a big orange bike on campus it’s mine. With enough gear you can improve your Fuck Around Limit before you trigger the Find out. Life’s too short to be trapped in a box
I ride all the weather as well. Gear up for the ride no problem
How do you guys handle triple digit weather? Heat from surroundings plus heat from pavement plus heat from engine sounds rough.
The answer is a lot of swearing
While CarMax is a decent place, they aren't the best for finding a well-priced car, especially on the cheap. There's definitely better places to find cheaper cars. CarMax doesn't sell under a certain cost because it isn't profitable to them, so they typically will just sell cars for parts that are sold to them For cheaper cars, you'll look at various online marketplaces (and have someone that knows cars go with you). Some dealerships will have cars that are cheaper (there's several of these up and down division)
[Never buy car max.](https://www.carconsumers.org/carmax.htm)
People take loans to get a car, most people don’t just pay cash
Go to Facebook market place, plenty going for less than 5k just do your due diligence
My base is about $170k. I paid $5k for a 12 year old car.
When I was new to the US and had zero credit history, I went with local family to buy a car but I took over payments and insurance. $18,000 after TTL for a 2 year old car. 5 year loan, $355/mo with $100/mo Comprehensive Insurance through Geico. I made $14/hour 40hr/work weeks at Family Toyota while going to UTA full time. I graduated in May, car paid off years ago, and 5 years work experience. I now work at HQ. Biggest money saver, learn how to wrench. There is a lot of advice and content available on YT right now and Harbor Freight has good enough but affordable tools.
Bidenonmics in action !
You don't know how car financing works huh? Using your carmax example, s $15,000 car on a 60 month car loan, with $2000 down payment would be $279/mo... with insurance at most (and that's for a person under 25) shouldn't be $579/mo, or less than $7200/year. Most people don't do less than a 5 year car loan. And up until about 2022, the interest rate was 5% or so on a car loan.
The thought of a 5 year loan on a 15k car.... Fuck sakes
Ìts called being poor in Bidenomics. People gotta do what they gotta do
There’s always one of these.
Yeah, but I'm the best!
Happens a lot and might not be terrible on a low mileage 2 year old car. Fortunately I snagged 0% when I bought a new car at the start of the pandemic. Financing a car (new or used) is a part of life for most. The prices are stupid high for both new and used.
I know most people finance. But I guess I should have said, I do not want to finance. I am a very conservative spender
Well that’s how most people are able to afford them. If you’re not willing to finance and don’t have the money to pay cash you’ll just have to get a bike or something.
Just get a motorcycle if you’re gonna be using it for yourself. You can get a fast and reliable ride for 7-10k brand new. Insurance costs virtually nothing for the whole year and gas is only 4-6 bucks a tank. Cheaper maintenance too
Less than that really. Not too hard to find a good 300cc for under $6k.
Yea if you want something that can barely hit highway speeds lol but either way it’s all gas efficient
😆fair, but I wouldn’t exactly encourage a new rider to hop on the highway! Just depends on needs really, but I’ve seen a lot of good deals on low mileage bikes because people are struggling financially right now.
Haha, I mean just depends on how well you learn to ride at your pace. Though I sent it on the highway only after taking a safety course first to learn good habits. But yea bikes are actually at really great deals right now with rebates too!
Maybe it’s just me, but motorcycle insurance is not cheap. I was quoted over $400 a month for a motorcycle and $45 a month for a Viper/GT-R. But overall, yes, I agree motorcycles are cheaper.
400 a month is straight robbery. I only pay 160 for the whole year through progressive
Probably because I’m a beginner/first year, but yeah it was pretty rough.
Possibly, maybe at 400 a year it’s okay I guess but a month is craaaazy
Ya my motorcycle insurance was 320/mo. Which was worth it at the time but looking back I wouldn’t have bought the bike.
Ive seen a few Corolla mentions and they are right. If you're early on/trying to save money. Toyotas hold up really well. I trust a Toyota with 200,000 mi more than I do a Ford with 50,000. My current Corolla (2012, purchased in 2019) was $7000 before taxes and has cost roughly $1200 in additional maintenance over 5 years.
Like anything of hihger cost, if we can't pay cash we finance it and pay it off over time.
Like buying a house, it's only your first one that takes up a huge chunk of your cash. After that, you've got an old one to sell/trade in with the money going toward the purchase of the next one. Also, median salary for an individual may be $40K but a huge percentage of car buyers are married couples, so their median income is closer to $80K.
Debt
Cash cars.
Cash cars. Spent around $7000 on mine.
Find a good auction dealer, thank me later
Work
A $15k car is a monthly payment of ~$250 on a 5 year loan? Is taking out a loan not the norm?
But then there's gas, insurance, maintenance
Find a high-paying job you like, and network your way to that position. That’s what I did and I’m currently living fairly comfortably as a student while working part time
Long loans. I dumped a bunch of savings(10,000 on a 16,000 car) into a car and then paid the loan over 5 years. I had double scholarships though so pocketed quite a bit my first year before losing one scholarship (that's where the the 10,000 came from). Also, yes, that's a lot of interest on a depreciating asset, I needed a car though. Payment was about 180 a month. One of my roommates had a 50cc moped, technically you need a class m license but you can probably get by without, but your top speed is 35mph ish. Ok if you're just going in areas around the school, and a nice one is less than 2000(roommate's was $700 brand new)
For clarification: I have already spent a good chunk of money on having a mobile mechanic look at some cars on Facebook marketplace. I can only afford a few more “mechanic pre-purchase inspections” before I start eating into my car budget. Also I have some un-used carfax reports if anyone wants to buy them off me for discounted price
That’s good, but you should be learning and able to do a pretty decent first pass of a vehicle now. That should limit the number of mechanic inspections needed going forward. Chris fix has several good videos on the topic for how to check yourself on youtube. You should only get a mechanic check if the vehicle passes your through check and you want to purchase then you get a mechanic check. And sometimes the gamble is just worth it. If you are not under a time crunch to buy a vehicle you can absolutely find a decent car being sold by someone who is too lazy/doesn’t know how to sell to carmax/carvana etc after they have upgraded to something else. That’s my sweet spot for getting cars. You will have to check facebook and craigslist daily and move quickly when you find a good deal.
A reliable used car does wonders. Got my 03 Acura for ~3900 off Facebook from the 2nd owner. Been my daily for ~7 years only spent like 900 bucks on parts and maintenance. I do work on my own car if it's not too hard.
If you want something affordable, you have to look at the used market. You can get really good deals buying used but you have to be able to recognize red flags in a car or have a friend who can do that for you.
Get a hooptie off fb
You’re basing this off of a 15k car which is pretty high for college students since you can easily find one for less, and a salary you’re just grabbing from the median of which is off if you rounded it since it’s around 48-49k.
Over there on division find yourself a cash car.
Yeah it’s tuff out there. My recommendation is to at least get a Toyota or Honda, they’re more expensive but reliable as hell!
The average in Arlington is 48k. The average rule is to buy a car that is at max 1/3 of your income, which is about 16k, so that’s about accurate.
We haven't bought a car from a dealership or agency since like 2009. So, I can't say. We usually have good luck getting cars from family members at a heavily discounted rate. I mean, I drive an old Honda civic with 250k miles.
My car was given to me by my step mom for 1500 dollars, I totalled it and my dad rebuilt it so now its only worth like 2k lol
In this economy it’s hard for anyone to afford anything. Must have a car to travel to a job that doesn’t pay me enough to keep said car. Our economy is fucked and it’s only getting worse. Just wanted you to know you’re not the only one struggling at the moment. Hang in there. Hopefully better days are ahead.
You can never go wrong with a Honda or Toyota. I have a Honda so I’m biased. Toyotas are still good too.
There are really nice 3-5k cars on marketplace. Corolla, civic with reasonable miles. Is the economy so good people won’t look at them?
buy a salvaged car from a auction dealer
Offer up, Facebook market place, Craigslist are all good sites to look at for cars in range of 5k to 8k. You just have to be on the lookout and bring a friend along when inspecting the cars to be safe. Don't get a new or decent looking car for a high price. Most of the time a old 2000s car would last you for many years so that you could save up for a better car down the line. Plus whenever you park at UTA people don't respect your car. I've received multiple scarches and dents so it's best to get a car that ain't too flashy like a toyota or honda.
By your calculations you have almost 1400 a month note pmt and insurance. You need to learn to math. These numbers are waaaaaayy off.
Bro lol
15k is the lowest end for a brand new car - people aren’t buying brand new cars. you can buy a beater to get you places for 3k
I bought one of mine during covid super lucky deals during 2020, and another I bought from my mechanic also got super lucky. Sometimes it just a matter of knowing someone.
Bought my Scion XB used 5k mileage for 16k in college with a 7k down payment that I saved up. Rest was a loan that took me 8(?) years to pay off. I now have a second…much more expensive car, but the Scion after almost 15 years still drives like new. I was also making about 25k per year as a gym membership guy living by myself in Oakland,Ca. It wasn’t as expensive in 2010 as it is now, but rent still took a lot out of my cheque. With that said, look through the used car ads and make sure you get one off of someone reputable. When there’s a will there is a way.
Have someone that knows about cars go with you if you go shopping for cars at a used car lot. I always go with my dad because he’s a mechanic. We’ve been able to find some gems on Craigslist for a fraction of the price of those at a dealership. Cars are definitely more expensive now. Insurance is also more expensive depending on the year and model of the vehicle and if you’re making payment on the car you’ll have to pay for full coverage v getting to choose your rate if you own your car. Personally, I was lucky to find cheap options because not many know how to drive stick.
Get what moves and you can afford outright. Then pay your own savings account each month like you financed it. Drive it till its just about to die but is still tradeable. Take all that cash you paid yourself plus the value left in the trade and outright buy something better than before. Repeat
“I haven’t had a car note in 10 years. I started with a car I purchased with cash from an auction with a clean title, and I always sold it for more to buy my next vehicle. My current car is a Hellcat that I own. If I had to pay a car note and insurance in this economy, I don’t know what I would do. I see people paying $1500+ just for a car note and honestly I dont know how they do it.
Fb marketplace, used lots, friend who wants to sell one etc… I bought my car for 4250 in 2016. With 280k on it. I am a bit mechanically inclined. So what I would say to you, is stop trying to buy your way out of the issue. Learn to fix stuff. I grew up very poor with one parent. My mom couldn’t fix things and I watched our car keep us poor. My mom didn’t do drugs or drink. She just didn’t make much money. She was the best mom ever. Once I got older I started fixing the car on my own initiative. It is hard. I get it. All I can say is bulletproof Japanese beater and swallow all your pride lol. Buying that cheap car is a big reason why today at 26 I can buy literally any car I want 60-70k cash. Without issue. But I’m still driving my beater making over 100k a year.
only fans 💪🏾
Follow Dave Ramsey. I always pay cash for cars and they are not flashy. I have absolutely zero debt.
Unfortunately average car payment in the US is in the $700s monthly. But you could definitely find a beater less than 10k in San Marcos & Killeen.
Mine was around 1.5k, then 1k ish in repairs. From the sounds of it I wouldn’t use Carmax, stick to Facebook market, Craigslist etc I make 11k ish a year, even after gas the expenses are nowhere near half my salary
Car will prices will continue to rise. Just have to take the hit, invest in a good one, and keep it for a very long time. Still driving my 2002 Tahoe I bought brand new.
>Do people really spend almost half their income on a reliable mode of transportation? Yes, and it's because we lack public transportation
$40k in Arlington??
We are in the market for a used minivan with a potential 4th child in 2025. Since we are planning ahead, my strategy has been to save 8% of my total pay each check to put as much down as possible when we do pull the trigger. I'm a big fan of the Money Guys 20-3-8 rule: - 20% down (at least) - Financing for no longer than 36 months - No more than 8% of your total (gross) pay each month I set the 8% on auto-pay directly into my high yield savings account (HYSA), getting 5% interest currently. Also, any additional money we can bring in (annual bonus, garage sale, etc.) are also getting dumped into the HYSA. Using this strategy, and depending on timing and trade-in, I'm hoping we can pay cash for the next vehicle in a year or so. This has also been a check to see if we can really afford the payment or not, in the event we don't have the full amount saved. Good luck on finding an affordable, reliable, used vehicle. It's a tough market right now. I'm hoping it'll start turning around soon.
Some things to consider to help you out. 1. You should always put it down payment when you purchase a car you don’t want to be upside down the moment you drive off 2. If you can’t afford it down payment, don’t buy a car. 3. 15,000+ TTL. - 4K deposit. Financed at 7% for 36 mos is only 380+\- 50 bucks. Plus insurance at 400 a month. You are only spending 9.6k. 4. Add in fuel (2400 a yr) and you are about 12k. 5. Older cars are getting hoarded now. People are not buying new cars as much which also brings car prices up. 6. Secondary markets have a lot of crap cars so expect encounter a lot of beat up cars. Finding a good one will take time. 7. Buying a cheap car helps also insurance as it is paid off and you only need liability insurance.
Dont buy from carmax. Dont buy from carmax. Dont buy from carmax.
Buy a crv, civic, corolla, fit, cobalt, or something like that on craigslist.
we paid cash for my car. 2021 brand new when we got it for like 40k and that’s with 5k knocked off 😭 my parents and I just wanted a car with good gas and lots of cargo since I go back from Arlington to my hometown 4 hours away. I really wanted used but my parents learned their lesson on my previous car which was bought used so to them, they would rather have a new car to start fresh? idk but that was their thought process
Check facebook market or offer up Craigslist
In todays day a lot of people are for sure spending on average $700-$1,000 a month on a car note. Maybe even more. Do not fall in the trap of getting a new car for the looks or the comfort if you can wait on it. Buy yourself a decently used car as a first one, around 30,000 miles ideally. Personally I would as I did when I was younger get a vehicle that is around $15,000-$20,000 everything included. Try to save $5k-$10k as the down payment and finance the rest. To put it simply for every $10k you finance expect around $200/month payment. If you’re younger than 24 years old, expect to pay a lot more in Insurance than when you reach >25 especially as a guy. Much much more if you drive a sports car. Yes times are different and prices are wild, so take the time to shop around. Do the following: 1. Get a pre-approval with a local credit union. (See what you can actually qualify for and afford) 2. Shop around, hangle on the phone rather than in person. They will try to psychologically pressure in person. 3. Check the vehicle throughly, ride on the road both city and highway speeds to get a real feel for it. If something is off, leave it alone. 4. If they BS the price with options with Fees and Options, let them know you were ready to buy today, but will walk out right now. And do so if they do not reasonably give a good price. 5. Once you finally get a good out the door price. Out the door price includes everything: vehicle price, taxes, and mandatory fee like Document fee). Do not finance with them, let them know you have a pre-approval. 6. Last Boss, the finance manager. Do not take their Extend Warranty unless the vehicle is prone to many defects. If you have a Brand New Vehicle, check with your insurance, they could have the same thing but for a wayyyyy better price like GEICO. I’m talking dealership wanted $5,000 for my brand new truck for 100,000 miles vs GEICO’a $45/6 months with a $250 deductible per incident for a 100,000 miles as well, both Platinum MPP plans. And well for new vehicles the chances of something major going out like the engine or transmission before 100k miles is relatively low, not impossible though with routine maintenance. Last advice. Get a Toyota or Honda if possible, yes they are a bit more expensive, but they will last you a long time as long as you take care them. Just do your research and find out how reliable the one you want is before you go try to get it.
Well I know alot of people won't like this but back when I was working at Walmart making 12 an hour I came into the dealership w 300 bucks and only a year of credit history. I told them I can't pay more than 250 month and I didn't care about what car. They first pulled out a 2018 Honda civic and were like "ooh slightly over what you're looking for" 400 a month and I needed at least 700 down. Honestly you just need to be willing to literally physically leave. They WANT the sale they have quotas. Less than 5 minutes after I left I stg I got a phone call on the way home saying "I think we found something" and got a 2016 Chevy Sonic w 90k miles for like 10k. Jokes on them the bank didn't approve me so they had to drop the price by 2k so I could get approved. Then less than month later the water pump broke I told them how awful it makes them look that something they just sold me had something break and they dropped the mechanic bill down to like 100 bucks instead of 400. Otherwise I mean yeah the rate is disgusting it's like 18 or 20 percent. However I'm responsible about my credit and especially realizing just how much you NEED a car, that is the one thing you need paid. So never missed a payment or made a late payment 3 years later. Realistically, I should be doubling if not tripling down on my payments or at the very least trying to refinance. So far, though, I've just been lazy and am now I think underwater 1.5k on the current condition of the car. Like I said though if I refinanced or payed on the principle I'd probably be back to zero on the car if not slightly ahead. Edit: Like I said, it's not smart. Anything could happen, but I know myself to be a safe driver, and I'd work in a dish pit at 2am if it meant my car payment was coming up. If you're doing finance, do it smart. Get it looked at, and I'd always go through a dealership because they have a brand image to uphold, unlike other "finance here" places. And to note I pay 222/150 for car note and insurance.
I saved 8k before buying a car at the dealer I also worked on my credit for a whole year getting rid of small debts. I got a 2023 Camry a year ago for 24k and I pay 370 a month and 250 for insurance. I used the 8k to pay 1k a month for 8 months brought my loan down too 18k cus of the cost of credit of course. But all those 8 months I began saving again to repeat. So I don't really worry about a car payment much just my insurance. And I make around 32k a year.
>cheapest car $15k So don't shop at carmax lol I got mine for 5k
They make payments. And there is nothing wrong with that - especially if you have a decent interest rate.
Down payments and being smart, cuz. It's really not hard to take care of and drive a vehicle for like 4 years while saving money, then trade it in or sell it to put back down as a down payment on another car. Building credit as well. Etc etc
They don’t. You are seeing people living way above their lifestyle reality.
Bro 15k ain’t that much
i’m more so curious why you’re hellbent on shopping at carmax
I’m not, but other certified dealerships don’t have anything under $15k. Unless I want a Chevy spark, which vandgriff Acura has for 12k
people who make $40k don’t buy certified
Get a better job and a better attitude about it, buy a cheap clunker until you can afford better and make it a goal to be able to afford better.
Ok lol
Secret: if your drives are short, used EVs are the best bargains around. Road trips? Forget it.
Ya, the tax deduction is enticing, but you only get the deduction for really new EVs (which would not be what I would buy)
Not true! Used EVs get a 30% rebate, up to a max of $4K. https://www.irs.gov/credits-deductions/used-clean-vehicle-credit - must be model year 2022 or earlier - most recent owner must have bought on or before 8/16/22 - bought from a dealer (use KeySavvy if dealing with a private seller) - $25k price or less Your 2023 or 2024 AGI must be $150k or less for MFJ, $75k for single.
The vast majority of people finance their cars. So they don’t pay 16k a year. They pay between 300-800 a month for both car and insurance depending on the vehicle and driver history etc
The bank owns most people’s cars.
Save up to put money down and ask for terms that work for you. I bought a new car for $22k…I put 2k down and a trade in. Told them I wanted 0% APR and only wanted to pay no more than $200/month. The life of my loan is 7 years but I also pay a little extra when I can so I can pay it off a little sooner, but don’t have to worry about having to pay more than $200/month.
I got my car from Carmax and a 7 year term. It’s 345 a month before insurance. It’s been a great car so far. I got it back in 2020 and I’ve never had a problem with it. 2018 equinox. Had 29k miles on it when I got it and now has 115k. I have terrible credit but they let me get one with 1500 bucks down. Seven years seems like a long time but it helps keep the note manageable when your poor like me.
Also, plan on trading it in right before it hits 150k miles.
The smart thing to do is get. A cash car if you think 15k is a lot then why would you look on car max? Go on Facebook marketplace and get a cash car if you complaining about 15k just being hinest
When you say $15,000, do you mean sales price or amount spent per year? Your post is misleading.
No way you budgeted $16,000 for insurance thats crazy. In regard to your question, It’s called financing!
Mmm hustle and grind, the world isn’t easy. I drive a 2021 Camry XSE Credit 796 MSRP 32,000 Interest 3.5% Monthly payment: $377 Insurance $217 (no tickets or accidents) (also with student discount)
I put down 3 grand and got a 2018 Ford Edge with 85k miles and a 3 year warranty/36k miles. Payments are a little high though, $448 a month. Bought it last December 3rd. But I needed a car ASAP, my work is 30 mins away. I make 5k a month, rent is 1,500(everything included) for a brand new furnished tiny home. I'm trying to get it refinanced now.
Big franchise dealers and Carmax are all scams which you’re pretty much paying 20% more than if you were to go to a independent small dealer/lot that you can trust plenty of them on Facebook marketplace. I’ll just look at the reviews. They typically only charge you their profit, which is around 10%of the auction price, which is basically the lowest of the lowest the car could be sold for
Bros never heard of Facebook marketplace. I’ve bought all of my cars there
Getting cars now a days is ridiculous. Especially if you’re financing because APRs are stupid high. Hopefully all of settles. A lot of people now have crazy car notes. It doesn’t make sense to straddle yourself with that kind of debt and still expect to pay for other things.
$15,000 is only like $200/month. Most people don’t buy cars outright unless it’s a cheap cash car for under $5k.
Where are you coming up with 16k per year for a car? That makes 0 sense
Do people need a different car every year?
Finance it...
Ur insurance is 16k a year?
Loans
I just got a new 2024 trax rs as a full time student and I work part time.Saved for my down payment and had a family member be my co signers and it’s about $31k. It’s 100% worth it to have a reliable car that will last you years and has a warranty. How do you think people buy homes? In full? They have mortgage.
You are right, most Americans spend more on a car than they make annually. They budget it into “monthly” payments which is absolutely crazy if you take a step back and think about that. Regardless, you need to buy used of FB market place or Craigslist IMO.
Maybe I’m missing something, but where did 16k a year come from? Assuming you get a 72 month loan (at 0% which I know is impossible) your monthly is around $208 which equates to $2500 for the year. Are you implying that car insurance is 14k a year?
Well for starters, buy a used car from a place that’s not charging 3-5k+ over what a car is actually worth.
Picked up a 2007 Pontiac Grand Prix for 2300 couple months ago just needed some basic TLC
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46m I remember buying $500 beaters when I was in my teens and early twenties. You knew it would break, and it existed in a state of disrepair, but it was enough to wait tables or bar tend a summer in Port A, making a few hundred bucks a night in tips. Cash for clunkers killed the starter car market.
I’m a little older, but same. Bought my first car for a few thousand in cash at 19. Worked fine and had AC. I have bought two cars for myself in the 30 years since.
You don't buy a car every year. The cost is upfront. Maintenence on a newer car is pretty much just gas and oil changes for the first couple years. So your base math is off a bit.
I’ve bought several $8000 cars recently. One from a “scammy dealership” and one as a private sale.
As much as people shit on used cars, you can get a bucket that’ll last you years. The problem with used cars is the people buying them. Very rarely will you get absolutely scammed by shady under the hood practices, most people just don’t take care of their car outside of gas and air fresheners. Something as simple as an oil change often gets delayed until there is a noise or the car doesn’t turn on altogether. Dealerships will fix most reasonable things you notice within a certain timeframe as well if you do get unlucky with a used car. I purchased my 2012 Civic w/54k miles on it back in 2019-2020 with my shitty overnight Home Depot job. Took a bit of shopping around, but it’s possible. Never take any of the first cars they show you, always bring someone with you that knows cars if you don’t yourself. Half the used car issues can be seen by the naked eye if you know where to look. Depending on where you live you could also look into E-bikes. A nice Ebike is 1/10 the cost of a car and honestly pretty reliable. Outside of weather, they’re perfect for small towns and city living.
i work at a lemon law firm. do NOT buy a vehicle from carmax I can’t tell you how many issues these vehicles have. carmax gives you a small warranty (90 days) and don’t help at all. if you want more details on why not to buy from carmax i can list them if needed. but do yourself a favor and don’t buy from carmax
Where would you recommend the safest place to stop buy a reasonably priced vehicle. Obviously not a new vehicle
the best would be to buy from the dealership a that will provide you with warranty on the vehicle. NOT Extended warranty. Make sure to buy a vehicle that is associated with your dealership Do not buy a dodge at a mazda dealership same goes for any type of vehicle. The biggest thing that can save you is having warranty on your vehicle that the DEALERSHIP gives you. If you purchase extended warranty, it helps sometimes but you have to pay out of pocket for many things. Manufacturer warranty is always the safest option on new and used vehicles
I was paying $600 a month to drive before selling my car. At the time that was 1/4 my gross income. I make more now but I'll never finance a car again, I'd rather save and pay cash less than 10k.
Cheapest cars I see on Carmax are 8k?
Bought my corolla early 2020
This is a great breakdown. We need better public mass transit. https://youtu.be/c2rI-5ZFW1E?si=DVzwxrw_5vG2ceNe