• CoreOffset@lemm.ee
    link
    fedilink
    English
    arrow-up
    0
    ·
    10 months ago

    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!

    • unalivejoy@lemm.ee
      link
      fedilink
      English
      arrow-up
      0
      ·
      10 months ago

      By the time you pay off your car, it’ll be a piece of junk. How does leasing the car compare?

      • ryathal@sh.itjust.works
        link
        fedilink
        arrow-up
        0
        ·
        10 months ago

        Leasing is like setting money on fire and using money to put the fire out. The only scenario it ever makes sense is vs buying and selling a car every 2-3 years.

        Modern cars are extremely reliable, there isn’t a good reason to need a new one in less than a decade unless it’s involved in an accident.

    • Got_Bent@lemmy.world
      link
      fedilink
      arrow-up
      0
      ·
      10 months ago

      I’ve always lived by two rules when it comes to vehicles:

      1. Never buy new. Buy approximately two years old used low mileage

      2. 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.