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I'm guessing you don't know too much about cars...ever watch a Mecum or Barret Jackson auction? Plenty of $3,000 cars selling for over 100k or more...much more!
Come on, look at the big picture! How many $3000 cars had big money restorations done in order to get 100K. Then the fees knock 10% off that sale price, then you had to ship it there/pay insurance on it. How many cars have reported 100K restos only to sell for 40K at auction? You would make more money gambling in Vegas than trying to restore/flip cars especially if you were paying others to do the labor.
The only ones scoring big money on those auctions are the auction houses!
If you really want to cry, look at what $3000 would have done in a blue chip mutual fund over the last 40-50 years vs. buying that 67 Camaro RS. No car care/maintenance, no insurance, no hassle and that mutual fund surely crushes what the Camaro would sell for today!
37K is the average price people pay for a new car.
That's quite fantastic...
I don't borrow money for cars, but my relatively luxe Avalon Hybrid cost 34K...so this large, luxe, high MPG machine cost less than "average"?
A really nice car can be had for about 20-25K....but not nice enough, I guess.
Cars are one of the last vestiges of "ego driven high debt". Think about it - buying, for example, a loaded Audi CUV with less room than an Subie could easily cost 50K.
It's one thing if people are spending "excess money" that's sitting in their accounts, quite another if one has any debt. It's hard to square that 37K average with the few people who have little or no debt.
I personally don’t know anyone who can afford a 1K iPhone, just got an upgrade on my phone and I got the free one. That’s absurd if you ask me.
As others have noted....phones are cheap when everything is figured in. I know many people who have dumped their tablets, desktops and laptops and use JUST a phone. That is a total bargain!
Most of my family uses 6 and 6s. That's at least 3-4 years from a decent smartphone or about $15 a month.
I agree that the $1100 for a loaded XS is hard to spend....I got the XR with a trade-in and spent about $600. That will also cost me about 15 a month which is not noticeable in my budget.
Big difference between $550 a month (plus gas and insurance and other costs)....and $15....plus maybe $40 for the phone service. The phone is actually cheaper than when I had a land line and I get a computer to boot.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by Cape Cod Todd
Cars and trucks are just stupid money today. I would like to replace my 02 F150 but option for option I'm looking about $65,000. When I sold cars we used the rule of $20 per thousand and that worked out pretty good when ball parking a 60 month loan so if I could get that truck down to $60,000 with no money down I'd be looking at $1200 per month !
$1200 per month is like a mortgage payment on a house. Real estate generally appreciates while a new vehicle drops off in value pretty quick.
No thanks. I will be keeping my old truck as long as possible even the average $551 is pretty steep.
My first truck was a 1973 Ford Courier, $2,500 new, payment $70. That was 46 years ago. Our first house in 1978 was $50,000, and a fixer. Currently Zillow values it at over $700,000. Where do you find a $1,200 mortgage payment? The average here is over $4,000.
I bought a 2017 F150 XLT and it has everything I wanted, for $36,000 (sticker was $46,800).
I've seen $1000 golf clubs. Most people probably use their phone more than golf clubs.
An iPhone is one of the few things you can buy with 0 percent interest and one of the few electronics that actually hold's some substantial value after 2 years. My last phone I traded for $300. My cell phone bill hasn't really changed much from the days of $1 a minute roaming fees and free flip phones even though I'm packing a small computer, phone, and high definition camera around now in one compact package.
If one wants to go into debt for a $1,000 iPhone then by all means do so. Same with someone who buys an $150K. In either case your never going to get full use of every thing it can do. I can have more fun in a $5,000 Miata then you can in a $150K Ferrari all day everyday. My S7 does everything your iPhone does st some point you bought it because you want everyone to know how much you paid for it.
Many people overlook an obvious alternative: not owning a car at all. Owning a car is extremely expensive, but Americans often don't even consider the possibility of not owning one. The initial purchase price is only one expense. There is also taxes and licensing, inspection, maintenance, insurance, (all recurring expenses,) possibly tickets, which of course is something that can be avoided, tolls, and deductibles if you have an accident. Some individuals don't have the option due to geography or personal circumstances, but many don't have to own one. Public transportation is an option, Uber, Lyft, cabs, renting a car occasionally, they can save a person tons of money over owning a personal vehicle.
Many people overlook an obvious alternative: not owning a car at all. Owning a car is extremely expensive, but Americans often don't even consider the possibility of not owning one. The initial purchase price is only one expense. There is also taxes and licensing, inspection, maintenance, insurance, (all recurring expenses,) possibly tickets, which of course is something that can be avoided, tolls, and deductibles if you have an accident. Some individuals don't have the option due to geography or personal circumstances, but many don't have to own one. Public transportation is an option, Uber, Lyft, cabs, renting a car occasionally, they can save a person tons of money over owning a personal vehicle.
Well if you have time to sit around and wait on some stranger to pick you up, then yeah I guess.
Well if you have time to sit around and wait on some stranger to pick you up, then yeah I guess.
I’ll never get rid of my vehicle.
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