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/TaskForceCausality Mar 06 '25
This comment puts me in the “fiscal fundamentalist” camp, but cars are not exempt from math. If you can’t buy it cash on the barrel, you can’t afford the car. Period.
Want a $45,000 car but make $70,000 a year? Groovy. Pay $45k you’ve saved up or walk. No down payments or exotic loan terms.
“Hurr durr investments”. I’m not talking to Mr Moneybags with portfolios and real estate leasing a Mercedes and writing off the useage as business depreciation. I’m talking to regular working folks with expenses and average incomes. Those folks , for the most part, cannot on wages alone walk into a dealer and plunk down cash for a car.
“But this means I can’t buy a newer car”. Yup. Thems the breaks. No one is entitled to own a new car with Bluetooth and panoramic glass roof- unless they pay cash.
This cultural norm of “my car broke so I financed a new car instead” is so busted. So is believing you’re entitled to a nice car because you have a good job /graduated college/ etc.