Why Americans are suddenly paying $550 per month for new cars

Check out this story on USATODAY.com: https://www.usatoday.com/story/money/cars/2019/03/01/care-payments/3001818002/.

You have to ask yourself why are Americans living on payments they can squeak out rather than managing their finances better. I will never buy a new car and I can afford to do so! I just bought a 2016 car with 6000 miles on it for $20,000 less than the sticker price. Really!

Inflation.

Mean while let it rust.

No thanks! I won't pay more than 10k for a used car. No need for a brand new one.

So who is going to keep making small sedans for those of us who need to drive but don’t want to go outrageously into debt with a suv?

$550 a month for an average car is insanity. I’ll keep my 2007 Honda Pilot for as long as it lets me. The worst investment is a brand new car. Wait and buy a slightly used car for a 1/2-3/4 less !

Not me...

Won't buy new. Only used here. Forget paying 20k plus and then driving it off the lot just so it can lose half its value

What goes up must come down

30k is the new 20k

This is why people keep cars for 10-12 years.

I still have my 2007 Envoy and I plan to drive it at least five more years yet. No more new vehicles for me. Not worth it.

No! Its ridiculous! People financing for 5+ years! I can remember my parents telling me as a young adult, you should never finance for longer because you end up paying way more than the car is worth in interest. People can't afford to pay $600-700+ a month to finance for 4 yrs

No

Used car market will go up more.

Be smart buy used!!!! Don’t every buy a new car!

No

Hence why will never get a loan on a car again. I own both my cars. Its awesome when you got no loan payments.

I refuse to do this!

Started with cash for clunkers and went down the tubes after that. The prices of houses and cars are crazy.

Insane

That’s why you simply get what you need. You don’t need every damn feature the car they offer.

We just spent $27,000 on a “base model.”

That’s why I stick with my reliable 2003 Volkswagen GTI 6 speed. Screw new cars.

Yes Americans can afford the car prices there are still cheaper and most reasonably priced when compared to third world countries. The prices for cars are unbelievable in these countries. If there are four adults in a home between the ages of 20 and 70, there are four cars.

No!

Cause people are stupid

Nope. Unaffordable

Also: theyre keeping cars longer. Polk says average length of time drivers keep a new vehicle is 71.4 months -- around 6 years.

DaveRamsey want to answer their question?

It’s cheaper to lyft and Uber if you don’t live far from Metro Areas connecting to public transportation.

Ummmmmm how is this sustainable? Over 7 million loans already past 90 days late? The gap between the OUTRAGEOUS cost of living in America and decades of supressed wages will soon sink OUR economy

I refuse to pay $30,000 for a car. But that’s what unions did for us....jacked the prices up because the workers want to make $100k a year. Crazy!

Not if Democrats get their hands on your tax return

DaveRamsey

Bad deal on a depreciating asset. Vehicle prices are outrageous !

Get rid of federal mandates and car prices will plummet.

I think I’m opting for a horse with no name🐎

'But Lamba noted that while PNC doesn’t offer loans beyond 72 months, many of the bank’s competitors are offering 84-month loans or even longer in some cases.' Wowzers! Feels like it's gittin' into jumbo loan territory. At least get one you can live in.

So, that's why I couldn't get a deal last year? To add icing to the cake when I entered the vehicle to my mint profile...the value had already dipped by $10K!!!!

No

Add in the price of insurance and it's almost like they're buying another car.

Longer loan terms make monthly payments more affordable and higher priced cars more attainable and helps the profit of manufacturers* *Not good for consumers: more interest paid and quickly upside down on a vehicle.

No

BC they made a bad choice, come on paying for a car that damn near cost the price of rent, pretty ignorant in my book.

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