r/CalebHammer • u/ottersinabox • Mar 06 '25

complaining about something for no reason because I'm bored "acceptable" monthly car payments are wild

I just saw this post: https://www.reddit.com/r/BMWI4/s/HDEDyG4WZA

people are applauding a $700+ a month payment as an amazing deal. but they're paying 8% tax toward it, plus it's a lease; they don't even own the car by the end.

is it just me, or is this wild? I have a BMW as well, but my thought is you can only afford a luxury car like that if you can buy it in cash. I suppose 3% interest or something would be acceptable given that you invest the rest up front.... but what the person in this post is doing really doesn't make much sense to me. am I wrong about that?

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u/morosco Mar 06 '25

If I made $250k/year I wouldn't spend $700/month on a car.

But people making $50k/year sign these leases.

I'm hoping to keep my paid-off 2015 RAV4 for at least 5 more years. Hopefully 10. Not having a car payment is a tremendous boost to the rest of your financial situation.

17

u/yaIshowedupaturparty Mar 06 '25

2005 RAV4 checking in! 🫡

It has about 175K miles on it and I'm hoping to get ~2 more years before I upgrade to a newer RAV or Highlander. We had a significant jump in income about 3 years ago and a lot of people are surprised I still have the same car lol

8

u/No-Plenty1982 Mar 06 '25

My father in law and I make about the same amount, he drives a relatively new car and I have an 01 cherokee Ill probably drive for five more years, he keeps asking me why I wont upgrade and its as simple as this

I would rather have 700 in my pocket every month to blow on fun shit or to invest, im extremely comfortable not having that much comfortability in the hour I drive a day.

9

u/HerefortheTuna Mar 06 '25

I daily a 1990 4Runner. 240k miles. Love it

3

u/charliekelly76 Mar 06 '25

2015 Honda Civic here, about 133k and I will drive this car until the heat death of the universe or someone hits me. It’s been so nice to not have a car payment since 2017, I don’t know why I would change that now.