High car payment? No problem…

[Jim_in_Delaware]

I've never been interested in leasing, but I thought they always required some type of down payment?

Jim

 

[crazy4life]

I've never been interested in leasing, but I thought they always required some type of down payment?

Jim

No down payment required. The monthly payment will be higher. Next three cars were leased with no money down.

 

[HangOutdoors]

My last F150 which was a 2017 F150 Lariat 4x4 Crew Cab I put $0 down and went on a three year lease for $385 per month and 15,000 miles per year. Nothing is even close to that anymore. Turned it in to buy the Used Expedtion to carry the family and kids friends and tow the boat. Still kind of sad. I loved that truck.

 

[DiggerPA]

I used to lease, loved having a new car every few years. Then my daughter was born. I bought out the lease, waited for my wife's car to be paid off, then I purchased a new car. We only carry one car payment, so we keep each car for 10 years. The other payment went into a 529. She is now a freshman in college and stands to graduate with zero debt. (don't get me started on the student loan bail out) It all just depends on your situation in life and how your priorities change. When she turned 16, we totally lucked out, a friends mom purchased a 2019 Honda HRV. Then got sick and cold not drive. The family just wanted to get out of the payments, so I purchased it for what she owed, $13,236. When I picked it up, it had 408 miles on it. Best deal of my life so far, and yes we are still good friends!

 

[adrianp89]

I am a car guy and love nice things, and I am fortunate to where I can afford them. This might because I didn't have nice things growing up and my mom didn't even half a decent car until I was in high school. There is nothing wrong with holding debt as long as it doesn't affect your necessities. Debts have helped me increase my income significantly. I will probably always have a car payment.... doesn't make me stupid or dumb, it's just what I like. Some guys like spending $300 in gas tubing/surfing every weekend, some people like spending $1000 at the casino once a month, I have friends that will burn $500 at the bar on the weekends... everyone has their own thing... it doesn't make it wrong or right.

And to the student loan comment - yes I have them. Why would I pay extra to pay them off? That extra money could go towards income generating assets/investments. I can take my annual bonus and pay down my loans - or buy a rental property that nets me 30k-40k a year.

 

[Ohio]

Helps when you buy a house 30 years ago. You can’t touch any decent 3/2 with a 20% down payment for under 2k a month

If I had bought it 30 years ago it would already be paid off. We bought ours about 8 years ago. It has appreciated an additional 80% and you could buy it now with 20% down for less than $2,000/month. I work for a home builder and we sell lots of homes for around $250,000.

 

[adrianp89]

If I had bought it 30 years ago it would already be paid off. We bought ours about 8 years ago. It has appreciated an additional 80% and you could buy it now with 20% down for less than $2,000. I work for a home builder and we sell lots of homes for around $250,000.

I am curious where you live? I would love to buy a new construction for 250k. You can't even find a plot of land for 250k around here lol.

 

[Ohio]

I am curious where you live? I would love to buy a new construction for 250k. You can't even find a plot of land for 250k around here lol.

I don't build houses where I live. But in Ohio and Indiana, and for that matter any state near us there is plenty of land for way less than $250K. I live in central Ohio.

 

[suke]

My last F150 which was a 2017 F150 Lariat 4x4 Crew Cab I put $0 down and went on a three year lease for $385 per month and 15,000 miles per year. Nothing is even close to that anymore. Turned it in to buy the Used Expedtion to carry the family and kids friends and tow the boat. Still kind of sad. I loved that truck.

DANG! That would be tits! Granted I put 20-25k a year on vehicles....and I don't commute. I WFH! Granted I go the gym 5 days a week which is 20 miles round trip. THEN we also take my truck for EVERYTHING. Every trip, every practice, church every week, etc since I can't fit in my wife's jeep with the car seats in the back.

 

[HangOutdoors]

DANG! That would be tits! Granted I put 20-25k a year on vehicles....and I don't commute. I WFH! Granted I go the gym 5 days a week which is 20 miles round trip. THEN we also take my truck for EVERYTHING. Every trip, every practice, church every week, etc since I can't fit in my wife's jeep with the car seats in the back.

My friend, I think those days are long gone with subsidies and deals and dealer cash, etc. I don't even have A plan or any of that stuff. Hopefully things will normalize again or have a big correction. I keep shopping the F150 leases every week and they do not look good.

 

[2kwik4u]

I am curious where you live? I would love to buy a new construction for 250k. You can't even find a plot of land for 250k around here lol.

I'm in southern indiana. Louisville, KY Metro area.

House has ~1,600ft^2 on the first floor. About 2,400 total finished including the basement. 2 car garage, 3 bed, 2 bath. basement is roughed for a bath (on my list to finish). We appraised at $284k last Sept. We bought in late '15 for just $212k. Most of the new construction in our neighborhood is going for just under $300k. Get one without a basement and some basic finishes and you can get under $250k if you wanted to.

Buddy in the bay area just bought a much smaller house. Paid like $1.1mil and had to put another $200k in renovations into it. I couldn't imagine living through that.

 

[2kwik4u]

My friend, I think those days are long gone with subsidies and deals and dealer cash, etc. I don't even have A plan or any of that stuff. Hopefully things will normalize again or have a big correction. I keep shopping the F150 leases every week and they do not look good.

Yea, i think a $385/mo lease is a sign of times gone by.

Bought my '12 Focus for under $20k brand new. Doubt I'll ever own anything that inexpensive again.

 

[BlkGS]

Helps when you buy a house 30 years ago. You can’t touch any decent 3/2 with a 20% down payment for under 2k a month

Disagree. Some of.it depends on where you are, but you can get a very nice house for that kinds money in Central FL.

 

[BlkGS]

I am a car guy and love nice things, and I am fortunate to where I can afford them. This might because I didn't have nice things growing up and my mom didn't even half a decent car until I was in high school. There is nothing wrong with holding debt as long as it doesn't affect your necessities. Debts have helped me increase my income significantly. I will probably always have a car payment.... doesn't make me stupid or dumb, it's just what I like. Some guys like spending $300 in gas tubing/surfing every weekend, some people like spending $1000 at the casino once a month, I have friends that will burn $500 at the bar on the weekends... everyone has their own thing... it doesn't make it wrong or right.

And to the student loan comment - yes I have them. Why would I pay extra to pay them off? That extra money could go towards income generating assets/investments. I can take my annual bonus and pay down my loans - or buy a rental property that nets me 30k-40k a year.

This just is more proof that we should not be subsidizing student loan rates. They should be just as high in interest as any other unsecured loan.

 

[BlkGS]

I expect my next car to be in the $2,000/month range.

Tell me you haven't had a kid yet without telling me.you haven't had a kid yet. Lol.

It's surreal for me because I was mentally there like 2 years ago. Once you have a kid and start racking up all that expense, plus the reality of other things they need and limited time, your outlook changes massively.

The amount you'll spend on stupid little things because your wife/kid like it is mind boggling. Let alone the costs of childcare so you can stay a 2 income home.

It's funny because when I add up what this kiddo costs I'm like "shit I could have this or that which seems insane", but I wouldn't change it if I couls.

 

[Jim_in_Delaware]

Let's get real on student loans. Most are held by young adults in the 20 - 30 year old age range. Many of them do not have expensive cars, boats, or can even afford to buy a house. Most of these young adults are just trying to make ends meet. Ten years is the norm for these loans. I had them 40 years ago and my daughter (a civilian employee with the Coast Guard) also has them.

Jim

 

[BlkGS]

Let's get real on student loans. Most are held by young adults in the 20 - 30 year old age range. Many of them do not have expensive cars, boats, or can even afford to buy a house. Most of these young adults are just trying to make ends meet. Ten years is the norm for these loans. I had them 40 years ago and my daughter (a civilian employee with the Coast Guard) also has them.

Jim

The real issue is we keep making excuses for people who haven't paid their loans. I paid off my student loans and bought my first house in my 20s. If people can't pay their loans off in 10 years, it's because of a lifestyle they chose. Whether it's living in an expensive city rhey can't afford, or frequent travel, or any number of other things... it's on them. They're CHOOSING to not pay off their loans, because they have other priorities that they feel are more important than paying back the money they borrowed.

 

[HangOutdoors]

Let's get real on student loans. Most are held by young adults in the 20 - 30 year old age range. Many of them do not have expensive cars, boats, or can even afford to buy a house. Most of these young adults are just trying to make ends meet. Ten years is the norm for these loans. I had them 40 years ago and my daughter (a civilian employee with the Coast Guard) also has them.

Jim

Really don't agree when you say most. They spend their money on $1000 phones, trips, bars, liquor, dinners, nicer clothes, Marijuana, new cars, I see them at the casino's betting money and I could go on and on. Nothing is wrong with that, but pay your debt off and take responsibility. Painting a broad picture that all these kids between 20-30 are living meager lives is not what is going on, not even close for the majority of them. I watch it day to day. Living high on the hog and not paying their loans back until someone will gift them somebody elses money (the taxpayers). What it is, is sad and very disappointing. It all comes down to a lot of the younger generation wants everything now, right away with out putting the time and effort in to get it. Free Money (which it never is) never helps out in the long run.

If this crazy administration wants to doll out free money, get it to the Vets, the Police and Fire, the individuals who have real mental health issues who need it and can't get jobs and function. Fix the screwed up k-12 school systems, public safety, etc. I have no problem with any of that.

I work in IT and the developers I hire start at $70k right now with 1 YOE to $150k and when I sit there and listen to some of the younger ones talk at lunch about how great it is that they should be getting $10,000 knocked off their student loans, it annoys me to know end. They have nice cars, take trips all the time, spend money on things that are consider luxuries, yet are paying the minimum on their student loans in hopes that all the talk of cancelling them would go through. WTF is that.....


When I was in my 20's I was married, lost my son, lived in a shit hole and had to take care of my wife and our other two girls. Vividly remember eating ramen and canned tuna fish with hot sauce for a long time since formula was expensive. Worked two jobs, paid off my loans, my sons medical bills, put my wife through wife through community college and built a life for myself and a career. And never complained or looked for a hand out. I figured out what I needed to do and I got it done, it was a hard journey.

Now I also do see and know kids whom are going to college or have graduated and they are rocking it out, as well. Working, setting themselves up for success, paying off their debt and focusing on their future.

 

[Jim_in_Delaware]

I work in IT and the developers I hire start at $70k right now with 1 YOE to $150k and when I sit there and listen to some of the younger ones talk at lunch about how great it is that they should be getting $10,000 knocked off their student loans, it annoys me to know end. They have nice cars, take trips all the time, spend money on things that are consider luxuries, yet are paying the minimum on their student loans in hopes that all the talk of cancelling them would go through. WTF is that.....

I see a lot more kids, five or years out of college making 50K - 60K a year. On top of that, a decent (not extravagant) apartment in the Baltimore-Washington area costs about $1800 a month in rent. These kids are NOT living it up, they are focusing on their careers and their futures.

Jim

 

[BlkGS]

I see a lot more kids, five or years out of college making 50K - 60K a year. On top of that, a decent (not extravagant) apartment in the Baltimore-Washington area costs about $1800 a month in rent. These kids are NOT living it up, they are focusing on their careers and their futures.

Jim

If thats their situation, they're idiots for living somewhere they can't afford. If they were REALLY focusing on their futures they'd be living somewhere they could afford, paying off their debt, and getting themselves situated for the future. Don't give them excuses for not making smart choices, some of us DID make smart choices, and now we're being screwed to pay for their mistakes.

I would have LOVED to stay in FL and live near the water, and my long term relationship, and my family, amd everyone and everything I had EVER known. But there weren't jobs in engineering in FL that paid me enough to do so at the time. So I packed my Saturn up and moved myself to NC where I knew NOBODY but had a job somewhere cheap enough that I could get ahead. The fact that other people chose NOT to do what needed to be done is THEIR flaw and mistake, not mine.

Frankly, we should be raising student loan interest rates and charging back interest on the past few years, NOT forgiving a dime!