Author Topic: $1000/month car payments &!$%  (Read 28823 times)

Metalcat

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Re: $1000/month car payments &!$%
« Reply #100 on: November 29, 2023, 04:51:47 AM »
So not exactly car payments but insurance. I was talking to someone at our apartment complex yesterday who spends over $7k on car INSURANCE a year for her and her husband. From what I can tell, they are both under 25 and there have been a couple of accidents. She said one accident involved a drunk driver that wasn’t their fault, but they didn’t pursue it with the insurance company to fix it or something? It all sounded kinda murky.
I’ve never heard of someone’s car insurance being that high. I don’t believe they have Ferraris or anything, just regular cars.

Where I live, insurance being over $5000 for men under 25 isn't at all unheard of, and that's with no accidents. I can't imagine what it would be for two people under 25 with accidents.

Morning Glory

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Re: $1000/month car payments &!$%
« Reply #101 on: November 29, 2023, 05:54:22 AM »
So not exactly car payments but insurance. I was talking to someone at our apartment complex yesterday who spends over $7k on car INSURANCE a year for her and her husband. From what I can tell, they are both under 25 and there have been a couple of accidents. She said one accident involved a drunk driver that wasn’t their fault, but they didn’t pursue it with the insurance company to fix it or something? It all sounded kinda murky.
I’ve never heard of someone’s car insurance being that high. I don’t believe they have Ferraris or anything, just regular cars.

Where I live, insurance being over $5000 for men under 25 isn't at all unheard of, and that's with no accidents. I can't imagine what it would be for two people under 25 with accidents.

Yup highly regional. Years ago I cut mine in half by moving from Illinois to Minnesota. Same car, same coverage.

Fomerly known as something

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Re: $1000/month car payments &!$%
« Reply #102 on: December 04, 2023, 07:58:11 PM »
I’m pretty sure my under 25 self paid $1,800 a year in 2000 outside of NYC.

Dave1442397

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Re: $1000/month car payments &!$%
« Reply #103 on: December 05, 2023, 05:30:02 AM »
I’m pretty sure my under 25 self paid $1,800 a year in 2000 outside of NYC.

I was paying around $2200 a year in North Jersey back in the mid-'90s as a thirty-year-old. I finally read somewhere that you should shop around for car insurance, and I remember switching to Liberty Mutual at the time and saving $1000 a year. It was tough before we had the internet to school us!

Askel

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Re: $1000/month car payments &!$%
« Reply #104 on: December 05, 2023, 06:22:55 AM »
You guys haven't seen crazy insurance prices until you've been a 29 year old male with a not exactly perfect driving record trying to get full coverage on a 1000cc sport bike.  :D   

That was probably my first lesson in "hey, maybe insurance isn't worth it if I could just buy a new bike for the cost of 2.5 years of premiums".   

But back to the crazy cost of cars, lately I've been enjoying this guy's channel: https://www.youtube.com/@carquestionsanswered

Mostly because he doesn't hold back on making fun of $100k trucks and SUVs, but he also brings some eye opening data. 

It's interesting how bad the car industry has screwed itself with very expensive cars:
-People can't sell their car because they are completely upside down in them
-Dealers can't sell because they need at least MSRP to break even because all their inventory is financed
-Car manufacturers have made huge bets in fields that may not be profitable like self driving and electric cars

Eventually, somebody is going to have to eat some major losses when the music stops. 


farmecologist

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Re: $1000/month car payments &!$%
« Reply #105 on: December 05, 2023, 09:30:37 AM »
Given average new car prices near $50k, a 3 year loan could easily be $1000/mo. Shockingly simple math.

No one is doubting the math, just the sheer lunacy of paying that much for a car, and how much harm that causes to the retirement effort.

That is what new cars cost. Someone has to buy them or there won’t be any. Should they pay cash?

Brands who have cars with MSRP under $20k:
Nissan: 2
Hyundai: 2
Kia: 4
Chevrolet: 1

If you expand up to $25k (still half of what you think a new car costs), it more than doubles the number of available vehicles, even adding in some crossovers and pickups. People are sinking exorbitant amounts of money into depreciating assets, and they generally aren't getting three year loans.

I agree.  It absolutely blows my mind the $$$ people are dumping into vehicles...and they ARE a depreciating asset, despite what some people think.  I hate to use the word "dumb"...but many are not at all financially savvy, and the auto industry is definitely taking advantage of that.  Lots of 8 year loans that people will never pay off, and are currently underwater on when depreciation is taken into account.

Quite a few articles about "YOLO spending"...and it rings true here.  Scary stuff when the bills come due.

zolotiyeruki

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Re: $1000/month car payments &!$%
« Reply #106 on: December 05, 2023, 09:57:02 AM »
Eventually, somebody is going to have to eat some major losses when the music stops.
During the global chip shortage, the car manufacturers had to pick and choose which models (and trims) to produce, so they naturally prioritized the models with greater profit margin.  From what I've heard, you couldn't find a base model anything available for sale.  Much like Cash For Clunkers a decade and a half ago, that chip shortage left a gaping hole in the car market.

I also have to wonder if we're going to see a classic case of the Innovator's Dilemma, where the established players in the market neglect the low end of the market, opening the door for up-and-comers to fill that niche.  Ford abandoned the sedan market entirely (to focus on more profitable SUVs and pickups), GM is down to a single mid-sized sedan (Malibu), Honda dropped the Fit, Toyota dropped the Yaris and the entire Scion lineup.  Who's filling the low-end of the market now?  Mitsubishi, Kia, and Hyundai, who all offer lower-cost options.

I also have to wonder how much of the shift to SUVs has been driven by CARB requirements...

glacio09

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Re: $1000/month car payments &!$%
« Reply #107 on: December 05, 2023, 12:39:22 PM »
Eventually, somebody is going to have to eat some major losses when the music stops.
During the global chip shortage, the car manufacturers had to pick and choose which models (and trims) to produce, so they naturally prioritized the models with greater profit margin.  From what I've heard, you couldn't find a base model anything available for sale.  Much like Cash For Clunkers a decade and a half ago, that chip shortage left a gaping hole in the car market.

I also have to wonder if we're going to see a classic case of the Innovator's Dilemma, where the established players in the market neglect the low end of the market, opening the door for up-and-comers to fill that niche.  Ford abandoned the sedan market entirely (to focus on more profitable SUVs and pickups), GM is down to a single mid-sized sedan (Malibu), Honda dropped the Fit, Toyota dropped the Yaris and the entire Scion lineup.  Who's filling the low-end of the market now?  Mitsubishi, Kia, and Hyundai, who all offer lower-cost options.

I also have to wonder how much of the shift to SUVs has been driven by CARB requirements...

It's been 7 years since I went car shopping, but even then this was true. Both my ex and I went car shopping at the same time (beaters given to us by our parents for college that had already been in multiple accidents and repairs). We both ended up with cheaper cars that had higher trims because the base models just didn't exist. Thankfully at the time, I was able to get the nicer model for the base price because they were trying to get rid of them, but I'm not sure that's an option anymore. Also at the time my city had three floods back to back to back, so the used car market could not be trusted. So many flooded engines with enough bubble gum and duct tape to get the car off the lot but not much further. I will be holding on to my current car for as long as I can possibly can (unless i can move to no car at all).

TheGrimSqueaker

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Re: $1000/month car payments &!$%
« Reply #108 on: December 05, 2023, 01:39:37 PM »
Eventually, somebody is going to have to eat some major losses when the music stops.

Call me cynical, but I'm betting it will be the consumers. Unless the taxpayers are stuck with the bill for yet another major auto company bailout.

I actually mourned the loss of the Scion. Yet it's the same in motor vehicles as it is in real estate: you can make a lot more selling an expensive item to a rich person (or a person willing to go into debt) than you can selling a cheap item to a poor or frugal person. If the cost to produce a luxury car isn't that much higher than the cost to produce a Scion, then the luxury cars are what's going to be incentivized by the free market.

Just Joe

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Re: $1000/month car payments &!$%
« Reply #109 on: December 05, 2023, 09:06:23 PM »
I don't know if the rebuilders still exist but at one time there were companies that specialized in rebuilding/refurbishing fleet vehicles like police cars. Police companies could buy something with a warranty for less than a new car.

Maybe something similar will appear for consumer grade vehicles b/c the markets are too expensive.

I mean that's what I'm doing for myself bit by bit DIY and it is a great savings as long as I don't count my hours too closely.

zolotiyeruki

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Re: $1000/month car payments &!$%
« Reply #110 on: December 05, 2023, 09:25:43 PM »
There are those who specialize in rebuilding salvage-title vehicles, and it's possible to get a good vehicle at a steep discount that way.  My brother, for instance, bought a Toyota Sienna that had been totalled due to flooding a few years back.  The rebuilder basically replaced all the affected electronics.  He more recently bought a Honda Fit that had been totalled due to body damage.  The rebuilder provided before and after photos of the repair, so you could gauge the extent of the damage.  He's had no problems with either car due to their history.

Kwill

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Re: $1000/month car payments &!$%
« Reply #111 on: December 05, 2023, 09:37:18 PM »
Some of the same companies that are selling big cars in the US are selling tiny cars in Europe. They haven't forgotten how to make them, and if tiny cars ever start selling well in the US, some company will be happy to sell them. I just moved back to the US from the UK about 5 months ago, and everything is bigger here.

I bought a Corolla a few days ago after almost 8 years without a car, and it's fun but also maybe just a little bittersweet to be turning over a new leaf as a car owner. I worried over it for a long time but in the end got a 2021 ex-rental with a clean history. Fingers crossed it will work out well. My brother and his wife both have former rental cars, which have worked out well for them. That is one part of the low end of the market that I don't think has been mentioned yet here.

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Re: $1000/month car payments &!$%
« Reply #112 on: December 06, 2023, 04:28:42 AM »
They haven't forgotten how to make them, and if tiny cars ever start selling well in the US, some company will be happy to sell them. I just moved back to the US from the UK about 5 months ago, and everything is bigger here.

Unfortunately we have idiots in the UK as well. SUVs are stupidly popular and crew cab pickups are quite common. I parked next to a Ford F150 a few days ago and couldn't believe how enormous it was. Completely unsuitable for UK roads, they occupy 2 car parking spaces (or 4 if it's owned by a complete moron).

I cannot comprehend why anyone would want one of those over here.

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Re: $1000/month car payments &!$%
« Reply #113 on: December 06, 2023, 08:32:15 AM »
There are those who specialize in rebuilding salvage-title vehicles, and it's possible to get a good vehicle at a steep discount that way.  My brother, for instance, bought a Toyota Sienna that had been totalled due to flooding a few years back.  The rebuilder basically replaced all the affected electronics.  He more recently bought a Honda Fit that had been totalled due to body damage.  The rebuilder provided before and after photos of the repair, so you could gauge the extent of the damage.  He's had no problems with either car due to their history.

I got my Subaru from a salvage dealership in Minneapolis and the experience was really nice. In the past I have also bought decommissioned police cars which are a good value for the money if you need a bigger car.

ChickenStash

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Re: $1000/month car payments &!$%
« Reply #114 on: December 06, 2023, 11:02:21 AM »
There's a dealer in my neck of the woods that does a lot of business with salvage and buyback vehicles. A bit more risk but deals can be had. A friend of mine had good luck getting a lemon law buyback pickup at a decent discount.

farmecologist

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Re: $1000/month car payments &!$%
« Reply #115 on: December 06, 2023, 12:18:28 PM »
Some of the same companies that are selling big cars in the US are selling tiny cars in Europe. They haven't forgotten how to make them, and if tiny cars ever start selling well in the US, some company will be happy to sell them. I just moved back to the US from the UK about 5 months ago, and everything is bigger here.

I bought a Corolla a few days ago after almost 8 years without a car, and it's fun but also maybe just a little bittersweet to be turning over a new leaf as a car owner. I worried over it for a long time but in the end got a 2021 ex-rental with a clean history. Fingers crossed it will work out well. My brother and his wife both have former rental cars, which have worked out well for them. That is one part of the low end of the market that I don't think has been mentioned yet here.

Corollas are great vehicles...I'm sure you will enjoy it!  An as far as new cars go, the Corolla hybrid is the best deal on a hybrid out there...IF you can get one anywhere close to MSRP.

Speaking of tiny cars, we love our Prius C.  Daughter has it now...and we are looking for another!  I'm not happy that Toyota stopped selling them in North America.

Villanelle

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Re: $1000/month car payments &!$%
« Reply #116 on: December 06, 2023, 02:03:29 PM »
Some of the same companies that are selling big cars in the US are selling tiny cars in Europe. They haven't forgotten how to make them, and if tiny cars ever start selling well in the US, some company will be happy to sell them. I just moved back to the US from the UK about 5 months ago, and everything is bigger here.

I bought a Corolla a few days ago after almost 8 years without a car, and it's fun but also maybe just a little bittersweet to be turning over a new leaf as a car owner. I worried over it for a long time but in the end got a 2021 ex-rental with a clean history. Fingers crossed it will work out well. My brother and his wife both have former rental cars, which have worked out well for them. That is one part of the low end of the market that I don't think has been mentioned yet here.

Yes, I'd happy drive the Nissan March I owned in Japan, which wasn't even especially small by Japan standards.  It was probably roughly comparable to a Yaris.  The car I had the previous time we lived in Japan was a Toyota Vitz, which was the Japanese name for the Yaris.  Again, not all that small in the context of Japan cars.  Neither car qualified for the yellow license plate, which goes to the really small/light cars and has cheaper registration.

According to the caption, all of these are yellow plate cars, to show some example.  Of course, none are available in the US even if they are from carmakers that sell in the US.


TheGrimSqueaker

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Re: $1000/month car payments &!$%
« Reply #117 on: December 06, 2023, 02:18:40 PM »
The topmost of the three definitely resembles my 2009 Nissan Cube.

Kwill

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Re: $1000/month car payments &!$%
« Reply #118 on: December 06, 2023, 09:08:30 PM »
When I was in Japan in the late 90s, I had a used Mitsubishi Minica. I don't have any photos, but I remember it being a small, white hatchback similar to the Lettuce in the Wikipedia page, except that I think I would have remembered if it said "Lettuce" on the back. That was a small K car, but it worked well enough for my needs at the time. The only thing was that I never got used to the manual transmission so I was always stalling at stop signs or traffic lights on hills.

roomtempmayo

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Re: $1000/month car payments &!$%
« Reply #119 on: December 08, 2023, 12:28:48 PM »

I bought a Corolla a few days ago after almost 8 years without a car, and it's fun but also maybe just a little bittersweet to be turning over a new leaf as a car owner. I worried over it for a long time but in the end got a 2021 ex-rental with a clean history. Fingers crossed it will work out well. My brother and his wife both have former rental cars, which have worked out well for them. That is one part of the low end of the market that I don't think has been mentioned yet here.

Are rental car companies selling direct to consumers again?

In about 2015, I bought a VW Jetta from Hertz direct, and it was a great experience.  They had me pick it up as a rental and drive it until I was satisfied, and then I completed the purchase over the phone.  The rental cost was credited toward the purchase.  It was an excellent way to buy a used car.

Kwill

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Re: $1000/month car payments &!$%
« Reply #120 on: December 08, 2023, 04:21:08 PM »
They are, but I got it from a local Toyota dealership that had bought a bunch of 2021 Corollas. I looked at the Enterprise site to compare prices, and they also had a bunch from 2021. My brother bought from Enterprise prepandemic, and he got a one-year-old car, but maybe the companies hung on a little longer with the pandemic effects and high car prices.

By the River

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Re: $1000/month car payments &!$%
« Reply #121 on: April 16, 2024, 10:20:44 AM »
This lady has been paying $1400 per month for three years but still owes $50,000 on a car. https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html 

I'm not sure if the cost of the car and monthly note is worse than her quote in the article
'I did not go with my husband and as a female I feel they took advantage of me. They knew I really wanted the car and that I was by myself,' she said.   Damn, what a way to offload responsibility

therethere

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Re: $1000/month car payments &!$%
« Reply #122 on: April 16, 2024, 10:29:26 AM »
This lady has been paying $1400 per month for three years but still owes $50,000 on a car. https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html 

I'm not sure if the cost of the car and monthly note is worse than her quote in the article
'I did not go with my husband and as a female I feel they took advantage of me. They knew I really wanted the car and that I was by myself,' she said.   Damn, what a way to offload responsibility

As if that wasn't bad enough by itself.....

Blaisey Arnold says she has two massive car payments every month: one for her Chevy Tahoe SUV, which she financed for $84,000 at a 10% interest rate, and the other for her husband’s GMC Sierra 1500 AT4 pickup truck, financed for $78,000 at 14%.

Agatha Thrifty

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Re: $1000/month car payments &!$%
« Reply #123 on: April 16, 2024, 11:32:49 AM »
This lady has been paying $1400 per month for three years but still owes $50,000 on a car. https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html 

I'm not sure if the cost of the car and monthly note is worse than her quote in the article
'I did not go with my husband and as a female I feel they took advantage of me. They knew I really wanted the car and that I was by myself,' she said.   Damn, what a way to offload responsibility

As if that wasn't bad enough by itself.....

Blaisey Arnold says she has two massive car payments every month: one for her Chevy Tahoe SUV, which she financed for $84,000 at a 10% interest rate, and the other for her husband’s GMC Sierra 1500 AT4 pickup truck, financed for $78,000 at 14%.


Before clicking the link, I was thinking this was someone much, much older, in which case the helplessness thing would have been slightly less appalling, but, no.

ChickenStash

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Re: $1000/month car payments &!$%
« Reply #124 on: April 16, 2024, 01:44:34 PM »
Quote
...
Three years ago, 28-year-old Blaisey Arnold entered a local auto dealership and came away with the keys to an $84,000 Chevy Tahoe.

But this month, the wedding photographer and mother shared a video to TikTok describing how she was forced to sell her dream car.

Despite paying $1,400 a month in payments totaling more than $50,000, she still owes a balance of $74,000 to her lender - GM Financial.

Not only did she not make a down payment, she said she traded in a previous car on which she had fallen into negative equity.
...

Oof.

The tone of the article makes it sound like I'm supposed to feel sorry for her. Sorry, I don't.

Askel

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Re: $1000/month car payments &!$%
« Reply #125 on: April 17, 2024, 06:11:05 AM »
This lady has been paying $1400 per month for three years but still owes $50,000 on a car. https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html 

I'm not sure if the cost of the car and monthly note is worse than her quote in the article
'I did not go with my husband and as a female I feel they took advantage of me. They knew I really wanted the car and that I was by myself,' she said.   Damn, what a way to offload responsibility

I'm not sure which thing is more deserving of my recreational outrage this morning:

-People being dumb and buying stupid cars.
-People then whining about it on tiktok for clicks
-People then writing news articles that describe tiktok videos.   



Smokystache

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Re: $1000/month car payments &!$%
« Reply #126 on: April 17, 2024, 07:07:05 AM »
This lady has been paying $1400 per month for three years but still owes $50,000 on a car. https://www.dailymail.co.uk/yourmoney/consumer/article-13302555/auto-loans-debt-car-ownership.html 

Her video is actually quite good, the article makes her sound complainy, but in the video, she takes responsibility and doesn't blame anyone else for the decision. I'm guessing the truth is somewhere in the middle. Here are some select quotes from her video:

"I messed up 3 years ago when I bought it..."
"On Friday the Tahoe is going to be gone ... I'm buying a new car [unknown if this is "new" or "new-to-her"] and I'm paying cash for it"
"I'm going to have zero car payments and that makes me so happy because I'm so happy for the freedom of not having a car payment"
"If I have any advice for someone who is thinking about buying a car, or buying anything honestly, and that is going to be making payments on it. My advice is not to do what I did. Because it is not worth it, do not pay so much for something that is so irrelevant.
It's not necessary to keep up with the trends anymore."
"I cannot wait for the freedom."

I can think of a lot worse messages being broadcast on TikTok than this. She made a big mistake, she seems to have learned a big lesson, and is sharing a positive message.

farmecologist

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Re: $1000/month car payments &!$%
« Reply #127 on: April 17, 2024, 09:00:16 AM »
Some of the same companies that are selling big cars in the US are selling tiny cars in Europe. They haven't forgotten how to make them, and if tiny cars ever start selling well in the US, some company will be happy to sell them. I just moved back to the US from the UK about 5 months ago, and everything is bigger here.

I bought a Corolla a few days ago after almost 8 years without a car, and it's fun but also maybe just a little bittersweet to be turning over a new leaf as a car owner. I worried over it for a long time but in the end got a 2021 ex-rental with a clean history. Fingers crossed it will work out well. My brother and his wife both have former rental cars, which have worked out well for them. That is one part of the low end of the market that I don't think has been mentioned yet here.

Yes, I'd happy drive the Nissan March I owned in Japan, which wasn't even especially small by Japan standards.  It was probably roughly comparable to a Yaris.  The car I had the previous time we lived in Japan was a Toyota Vitz, which was the Japanese name for the Yaris.  Again, not all that small in the context of Japan cars.  Neither car qualified for the yellow license plate, which goes to the really small/light cars and has cheaper registration.

According to the caption, all of these are yellow plate cars, to show some example.  Of course, none are available in the US even if they are from carmakers that sell in the US.



In am part of a VERY small minority of consumers here in the USA that like small cars.

We had a Prius C and loved it ( daughter now has it ).  It was small but mighty in the winter here in Minnesota as well ( with snow tires, of course ).  I'm currently looking for another one.  The Prius C has been incredibly reliable, and cheap to maintain ( cheap tires due to small size, etc... ).  Shame they discontinued it in the USA.   



TheGrimSqueaker

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Re: $1000/month car payments &!$%
« Reply #128 on: April 17, 2024, 09:45:22 AM »
In am part of a VERY small minority of consumers here in the USA that like small cars.

We had a Prius C and loved it ( daughter now has it ).  It was small but mighty in the winter here in Minnesota as well ( with snow tires, of course ).  I'm currently looking for another one.  The Prius C has been incredibly reliable, and cheap to maintain ( cheap tires due to small size, etc... ).  Shame they discontinued it in the USA.

I don't think the minority is as small as you indicate. People simply get pressured into buying far more car than they need, want, and can use. Hedonic adaptation sets in, and people become used to the idea that what they're seeing is normal.

Personally, I like a smaller car or ultra-light truck for economy and for ease in navigating parking lots, and I have a strong preference for hatchbacks or small trucks. It's because I live alone, do my own home improvement, and nearly always have a side hustle, charitable venture, or repair project that requires me to schlep stuff around or make a dump run. A couple times a year I tend to be asked to help someone move. But it's never reached the level of requiring or justifying a full-sized work truck.

I've tried larger vehicles such as SUVs and bigger trucks but they are a pain in the duff to own. On the very rare occasions I really do need something bigger, such as the minivan I used to take my daughter and grandkids to Dallas to see the eclipse, it's far more economical to rent. For the cost of what it would cost per year to buy, insure, and fuel that extra five or six hundred pounds of vehicle mass, I can comfortably rent a vehicle for a week twice a year and still come out ahead.

By the River

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Re: $1000/month car payments &!$%
« Reply #129 on: April 23, 2024, 10:15:10 AM »
Over the weekend, we went to a marina for their in-water boat show (They had free food and a band playing.  I wasn't buying a boat but the food was ok and did I mention free?).   Anyway, there was a pontoon boat with two 300 horsepower motors on it.  Someone had taken it out for a test drive so I never did get to ride in it.   The marina's website doesn't show that one but does have one with a 350 horsepower motor and list price of $170K.  Using the little calculator on their page, financing 80% of list price for 20 years gives a monthly note of $1,136!

AMandM

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Re: $1000/month car payments &!$%
« Reply #130 on: April 23, 2024, 03:09:26 PM »
Over the weekend, we went to a marina for their in-water boat show (They had free food and a band playing.  I wasn't buying a boat but the food was ok and did I mention free?).   Anyway, there was a pontoon boat with two 300 horsepower motors on it.  Someone had taken it out for a test drive so I never did get to ride in it.   The marina's website doesn't show that one but does have one with a 350 horsepower motor and list price of $170K.  Using the little calculator on their page, financing 80% of list price for 20 years gives a monthly note of $1,136!

Can you live on it full-time and call that your mortgage?

jinga nation

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Re: $1000/month car payments &!$%
« Reply #131 on: May 03, 2024, 10:39:53 AM »
Over the weekend, we went to a marina for their in-water boat show (They had free food and a band playing.  I wasn't buying a boat but the food was ok and did I mention free?).   Anyway, there was a pontoon boat with two 300 horsepower motors on it.  Someone had taken it out for a test drive so I never did get to ride in it.   The marina's website doesn't show that one but does have one with a 350 horsepower motor and list price of $170K.  Using the little calculator on their page, financing 80% of list price for 20 years gives a monthly note of $1,136!

Can you live on it full-time and call that your mortgage?

I don't know about the USA, but in the UK you can do this. Seen plenty of houseboats on UK rivers.
Example: https://www.suremarinefinance.co.uk/

Most probably available in Europe too.

YK-Phil

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Re: $1000/month car payments &!$%
« Reply #132 on: May 04, 2024, 04:12:53 PM »
Over the weekend, we went to a marina for their in-water boat show (They had free food and a band playing.  I wasn't buying a boat but the food was ok and did I mention free?).   Anyway, there was a pontoon boat with two 300 horsepower motors on it.  Someone had taken it out for a test drive so I never did get to ride in it.   The marina's website doesn't show that one but does have one with a 350 horsepower motor and list price of $170K.  Using the little calculator on their page, financing 80% of list price for 20 years gives a monthly note of $1,136!

Can you live on it full-time and call that your mortgage?

I don't know about the USA, but in the UK you can do this. Seen plenty of houseboats on UK rivers.
Example: https://www.suremarinefinance.co.uk/

Most probably available in Europe too.

Yellowknife, the little northern town where I lived for a couple of decades, is known for its houseboat community which was featured in a reality TV show called Ice Lake Rebels. I "houseboat"-sat at several of these floating cabins over the years, once for a full year. It was a fun canoe ride in the summer, and very easy access on ice by car, snowmobile, or ski/foot in the winter, but a treacherous journey for a couple of weeks during the fall freeze-up and spring break-up. These floating homes on the lake are in a grey jurisdictional area so they are pretty much unregulated by government and untaxed by the city. You can't get a mortgage so most are self-built. Several are quite nice and built to code, while others are simple log cabins on old fuel barrels for floaters.
« Last Edit: May 04, 2024, 07:12:56 PM by YK-Phil »

Villanelle

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Re: $1000/month car payments &!$%
« Reply #133 on: May 05, 2024, 05:30:23 PM »
Over the weekend, we went to a marina for their in-water boat show (They had free food and a band playing.  I wasn't buying a boat but the food was ok and did I mention free?).   Anyway, there was a pontoon boat with two 300 horsepower motors on it.  Someone had taken it out for a test drive so I never did get to ride in it.   The marina's website doesn't show that one but does have one with a 350 horsepower motor and list price of $170K.  Using the little calculator on their page, financing 80% of list price for 20 years gives a monthly note of $1,136!

Can you live on it full-time and call that your mortgage?

I don't know about the USA, but in the UK you can do this. Seen plenty of houseboats on UK rivers.
Example: https://www.suremarinefinance.co.uk/

Most probably available in Europe too.

Yellowknife, the little northern town where I lived for a couple of decades, is known for its houseboat community which was featured in a reality TV show called Ice Lake Rebels. I "houseboat"-sat at several of these floating cabins over the years, once for a full year. It was a fun canoe ride in the summer, and very easy access on ice by car, snowmobile, or ski/foot in the winter, but a treacherous journey for a couple of weeks during the fall freeze-up and spring break-up. These floating homes on the lake are in a grey jurisdictional area so they are pretty much unregulated by government and untaxed by the city. You can't get a mortgage so most are self-built. Several are quite nice and built to code, while others are simple log cabins on old fuel barrels for floaters.

Well now I want to watch "Ice Lake Rebels".  And living like this sounds pretty great. 

Just Joe

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Re: $1000/month car payments &!$%
« Reply #134 on: May 07, 2024, 01:37:56 PM »
They are, but I got it from a local Toyota dealership that had bought a bunch of 2021 Corollas. I looked at the Enterprise site to compare prices, and they also had a bunch from 2021. My brother bought from Enterprise prepandemic, and he got a one-year-old car, but maybe the companies hung on a little longer with the pandemic effects and high car prices.

Am looking to buy a Hyundai Kona EV. I shopped Enterprise and the price was significantly higher. $5300 higher up front.

We'd be financing a larger amount b/c the IRS rebate is delayed to next year. 

So we're buying one from an out of state Toyota dealer and we'll need to go pick it up.

Same year, same trim, same mileage. Same color in fact. Rebate baked into the price.

That's still about a $1300 difference minus gas and hotel. An overnight and a few hours of driving for say ~$1000.
« Last Edit: May 07, 2024, 01:44:55 PM by Just Joe »

Just Joe

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Re: $1000/month car payments &!$%
« Reply #135 on: May 07, 2024, 01:43:16 PM »
How do the Yellowknife houseboats deal with sewage? Maybe I don't want to know. ;)

Dave1442397

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Re: $1000/month car payments &!$%
« Reply #136 on: May 07, 2024, 06:25:57 PM »
How do the Yellowknife houseboats deal with sewage? Maybe I don't want to know. ;)


If you go swimming, avoid the floaters...

sonofsven

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Re: $1000/month car payments &!$%
« Reply #137 on: May 07, 2024, 08:24:18 PM »
How do the Yellowknife houseboats deal with sewage? Maybe I don't want to know. ;)

That's a good question; I live where there are still a number of floathouses on the river. In the old days the fishermen would drag them around to their summer fishing spots and the families would all live on them and the toilet pretty much just sat over a hole in the floor.

These days the remaining ones are grandfathered in, but you can't build any new ones, and they have to be moored permanently. The rule on sewage was that you had to be self contained, but it was rarely enforced, and so, rarely followed. Some of them are out in the river only accessible by boat, and some are closer to shore with gangplanks leading to the bank and they have power and water.

A guy I know developed a system for his and got it approved by DEQ, and now most of the houses near shore have similar set ups; basically a miniature sand filter built in a shed on shore using 55 gallon drums.

The ones out in the river either use a portable toilet or the old fashioned way. They mostly get limited use during fishing and hunting seasons.

roomtempmayo

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Re: $1000/month car payments &!$%
« Reply #138 on: May 08, 2024, 10:20:21 AM »
very easy access on ice by car, snowmobile, or ski/foot in the winter, but a treacherous journey for a couple of weeks during the fall freeze-up and spring break-up. These floating homes on the lake are in a grey jurisdictional area so they are pretty much unregulated by government and untaxed by the city.

I know of guys who have lived in their ice (fishing) houses over a full winter, which is totally legal as far as I know.  A state license is cheap, and there are no taxes.

In the lower 48 though, you've only got 4-5 months of good ice, max, so it's not a permanent living solution.

Is there anywhere in the Lower 48 where you can permanently anchor a houseboat on a public body of water without a permit?  I don't know of anywhere, but that doesn't mean such a place doesn't exist.

YK-Phil

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Re: $1000/month car payments &!$%
« Reply #139 on: May 08, 2024, 11:05:58 AM »
How do the Yellowknife houseboats deal with sewage? Maybe I don't want to know. ;)

The couple I've lived on were quite nice and had either a homemade composting toilet or a propane incineration toilet that burned all human waste at high temperatures to produce less than a cup per week of stable ashes that you could then dispose of with other accepted solid waste at a shore bin, along with recyclables. As for grey water from showers, dishes, and laundry, the houseboaters I know are usually the environmentally conscious type so they use biodegradable soaps and detergents, use little water, especially in winter, so they produce very small quantities of liquid waste which are first filtered in a small sand/gravel bed and then discharged or recycled for watering indoor plants or raised beds in the growing season. Some houseboats only have a composting toilet and no running water whatsoever so folks use facilities on land to shower and do laundry.

When I retired, I was thinking about spending 4-6 months a year in Yellowknife but with the high cost of housing in that little city, building myself a little houseboat that I would rent out for very cheap in the winter was a great option, but other things came up and I moved to Mexico. I'm flying back to Yellowknife for a couple of weeks in July and will explore that option again.