Monthly car payments hit record high of $712 in May

[mla_anderson]

I'm not a big fan of borrowing money, but our situation changed rapidly and we needed a truck. That mean the down payment was smaller than I would have wanted, but I still took the aggressive payment plan and got Ford's low rate.
My payment is just over $1,200, but it will be done with quickly and I'm paying mostly principle.

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[tbone-CO]

Paid cash for last decade and going forward. One thing I didn't see mentioned is having the freedom to not pay for comprehensive insurance. We don't drive our vehicles much, don't commute to work, etc.

 

[Bannerman]

More food for thought, this article seems to imply people were buying cars with pandemic stimulus money, not sure about that. But whatever the reason, the market is softening I expect.

https://www.barrons.com/articles/recession-cars-bank-repos-51657316562

 

[P-cubed]

I took delivery of my February ordered truck last month. I was prepared to finance for 36 months at around $550/month.

But, the dealer said that one of my rebates was tied to taking out a 66 month loan at 0%. The funny thing is that my payment is $3XX for 36 months and then jumps quite a bit for the last 30 months - but all at 0% with no pre-payment penalty. FlexBuy or someshit they call it. I never heard of such a thing. But, I couldn't see giving up a rebate AND paying 1.9% to get a shorter loan.

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