Been thinking of buying a new or used car?


I can't believe car payments can be as much as a house payment. With a possible recession looming does anyone, besides the rich, really want to buy a new/used car?

Car prices hit record
“The average price of a car has gone up so much and so quickly. You’re not seeing zero (percent financing), no lease deals. You’re not seeing anything,” said Ian Beavis, chief strategy officer at AMCI, an automotive industry marketing firm.

Some of the highest payments are occurring for luxury vehicles, bought by rich customers who are fairly immune to the ravages of inflation, and rugged but costly heavy-duty SUVs and pickups often purchased by drivers who need them for cargo hauling and passenger capacity.

“It’s an interesting mix,” said Ivan Drury, an analyst for Edmunds. com. “The work vehicle or the ‘completely-over-the-top’ vehicle.”

Since many car dealers or manufacturers list financing options and projected monthly payments, it’s relatively easy to just how high payments have become. Examples:

A 2017 Chevrolet Suburban 1500LT with 11,000 miles on its odometer was on sale at a CarMax dealership in Oklahoma, for $71,998. That works out to an estimated $1,433 to $1,547 a month on a 48-month loan to buyers with very good credit for the full-size SUV.
A 2022 Ram 1500 Laramie Crew Cab pickup at a Denver dealership had a list price of $67,790, which translates to $1,271 for 48 months.
A new $65,170 new Mercedes-Benz E-Class 4Matic would have payments estimated at 1,234 to $1,284 a month at a dealership in Clearwater, Florida.

I guess car inventory is low. The dealer that I bought my car from has offered to buy it back for almost as much as I paid for it because it is a highly desirable model, and with supply and demand, a new one would be $40,000 higher than what I paid because the dealer knows they can get it.

What most people can actually afford now
What most people can actually afford now
Been thinking of buying a new or used car?
25 Opinion