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    View Poll Results: What is your avg car payment per car not including fuel, insurance, maintence.

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    • $0 because they are paid off

      106 33.87%
    • $300 and Under

      34 10.86%
    • $301 -$600

      121 38.66%
    • $601 - $1000

      43 13.74%
    • $1001 +

      9 2.88%
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    1. Member atomicalex's Avatar
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      09-14-2020 10:36 AM #51
      Six cars, five are paid off. I have seven months of $450 to go on the Subie. Note the six cars includes a 2017 GTI, so we have two very nice new cars to go with the fleet of old, older, and oldest.

      We like to pay off new cars in 2-3 years max. They don't make you any money. Why sit on the debt unless it is at stupidly low interest? We did once have a zero interest car loan. Paid the minimum on that for as long as it lasted. That was not costing us anything, so whatever.
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    3. Member 2 doors's Avatar
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      09-14-2020 10:37 AM #52
      Quote Originally Posted by puma1552 View Post
      1 in 3 houses paid off in the land of leveraging to the hilt? i somehow very much doubt that statistic
      Quote Originally Posted by Senior Member View Post
      Possibly the data is for 65+ age group.
      Quote Originally Posted by Mr Roo View Post
      that about right. 70 percent of people in a home in the US have a mortgage. Its really scary to think that only 30 of US home owners actually have them paid off. I would imagine each year that number decreases.
      If we look at it by Generations, there are 3 main groups in home ownership stage (all numbers are made up):

      Boomers: Most of them should have a house paid for at this point (I hope it's like 70%!)

      GenX: In their 40's and 50's, some may have completed a 15 year mortgage and possibly a 30 year, so maybe 25% of them could have paid off a mortgage

      Millenials: This group is probably the biggest buying group now with little equity, so a huge percentage of them have a mortgage. (90+%)


      I'm a GenX'er 17 years into a mortgage. We refinanced in ~2012 to a 15 year, so 7 years left. We've paid off most of the interest, so there's little point in refinancing again.

    4. Geriatric Member absoluteczech's Avatar
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      09-14-2020 10:38 AM #53
      Quote Originally Posted by adrew View Post
      Depending on your tax situation, paying it down early can save a lot on interest.

      If you have a $350k loan...

      30 years = $172k in interest
      25 years = $141k
      20 years = $110k
      15 years = $81k
      it's crazy when you look at the numbers. we refinanced back in Feb before the world started to collectively **** itself and when it showed how much we would actually pay during the life of the loan it's depressing. if rates keep dropping more we might as well just refinance again at 15 or 20yrs

    5. Geriatric Member absoluteczech's Avatar
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      09-14-2020 10:43 AM #54
      Quote Originally Posted by 2 doors View Post
      If we look at it by Generations, there are 3 main groups in home ownership stage (all numbers are made up):

      Boomers: Most of them should have a house paid for at this point (I hope it's like 70%!)

      GenX: In their 40's and 50's, some may have completed a 15 year mortgage and possibly a 30 year, so maybe 25% of them could have paid off a mortgage

      Millenials: This group is probably the biggest buying group now with little equity, so a huge percentage of them have a mortgage. (90+%)


      I'm a GenX'er 17 years into a mortgage. We refinanced in ~2012 to a 15 year, so 7 years left. We've paid off most of the interest, so there's little point in refinancing again.
      I think you're way off. I'd venture most boomers have house paid off. Then you have people like my dad, almost 60 nearing retirement soon and not a penny saved and zero assets.

      GenX is a mixed bag. You have the fall out of their bad decisions 10 years ago during the mortgage crisis. A lot ****ed up their credit so are either at the beginning stages of their loans again or are renting after losing everything.

      Millenials are actually the lowest group actually buying, but yes I would agree that 90+ % have mortgages probably

      As of 2016 (last time i worked for a national home builder) millennials were around 11-14% of our home buyers (for our products at least) we were considered a entry level to "step up" home depending on region.

    6. Member
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      09-14-2020 10:45 AM #55
      It is interesting how the $300 or $400 is a magic number for so many people, and one that they have likely kept for a couple decades now while inflation and car prices have moved forward.

      I have a buddy like this, who I have to remind that his method of keeping a $400 payment for a ~$40k vehicle was taking some trade equity into a 39 month lease, followed by him buying the car at the end of the lease for a 60 month term. Sorry bud, not everyone wants to finance for 99 months

    7. Member The_Real_Stack's Avatar
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      09-14-2020 10:48 AM #56
      Quote Originally Posted by adrew View Post
      Depending on your tax situation, paying it down early can save a lot on interest.

      If you have a $350k loan...

      30 years = $172k in interest
      25 years = $141k
      20 years = $110k
      15 years = $81k
      Haha, $350k, I wish

      Better in my mind to shovel as much $$ as possible into 401k/S&P500 thank try to recoup that interest. Keep in mind interest is also tax deductible, especially when you have $10k of SALT too, I should still be able to itemize.
      Quote Originally Posted by Volkl View Post
      My wife wanted a SUV with a manual transmission. I suggested a Wrangler, she said no way, too masculine

    8. Member The_Real_Stack's Avatar
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      09-14-2020 10:50 AM #57
      Quote Originally Posted by JackStraw79 View Post
      It is interesting how the $300 or $400 is a magic number for so many people, and one that they have likely kept for a couple decades now while inflation and car prices have moved forward.

      I have a buddy like this, who I have to remind that his method of keeping a $400 payment for a ~$40k vehicle was taking some trade equity into a 39 month lease, followed by him buying the car at the end of the lease for a 60 month term. Sorry bud, not everyone wants to finance for 99 months
      $500 ($5XX) has been my number forever, and our income has gone up 3x since I started working

      Difference is the rest of my lifestyle costs have gone up too, and cars need to be a decreasing portion of the budget than when I was 25 and single and didn’t have a care in the world.
      Quote Originally Posted by Volkl View Post
      My wife wanted a SUV with a manual transmission. I suggested a Wrangler, she said no way, too masculine

    9. Member 2 doors's Avatar
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      09-14-2020 10:50 AM #58
      Quote Originally Posted by absoluteczech View Post
      I think you're way off. I'd venture most boomers have house paid off. Then you have people like my dad, almost 60 nearing retirement soon and not a penny saved and zero assets.

      GenX is a mixed bag. You have the fall out of their bad decisions 10 years ago during the mortgage crisis. A lot ****ed up their credit so are either at the beginning stages of their loans again or are renting after losing everything.

      Millenials are actually the lowest group actually buying, but yes I would agree that 90+ % have mortgages probably

      As of 2016 (last time i worked for a national home builder) millennials were around 11-14% of our home buyers (for our products at least) we were considered a entry level to "step up" home depending on region.
      You think I'm way off but then proceeded to agree with all of my points!

    10. Member Egz's Avatar
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      09-14-2020 10:50 AM #59
      Quote Originally Posted by absoluteczech View Post

      GenX is a mixed bag. You have the fall out of their bad decisions 10 years ago during the mortgage crisis. A lot ****ed up their credit so are either at the beginning stages of their loans again or are renting after losing everything.
      The housing crash of 2008 didn't help. I'm gen X (tail end), bought my first house in 2006, and then got stuck with it for 12 years before I could even break even and get out of the heck hole of a town.

      Just refinanced the new place, and opted for a 20 instead of the 30 that I had, just so it could potentially be paid off by retirement.

    11. Member Chockomon's Avatar
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      09-14-2020 10:51 AM #60
      Average between the Rogue and the Jetta are 340. Rogue will go away soon (lease turn in) so we'll just be left with the Jetta at 320
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    12. Member Tommietank's Avatar
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      09-14-2020 10:51 AM #61
      No one has a $1,000+ payment? I'm sure it's rare but no one in here? Maybe some fancy 911 lease/finance or some ridiculous F350 someone owns?
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    13. Member The_Real_Stack's Avatar
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      09-14-2020 10:54 AM #62
      Quote Originally Posted by Tommietank View Post
      No one has a $1,000+ payment? I'm sure it's rare but no one in here? Maybe some fancy 911 lease/finance or some ridiculous F350 someone owns?
      At our worst we were paying ~$1100/mo split across two cars, TSX for $525? and RDX at ~$565. That stung. Was only for a year though.
      Quote Originally Posted by Volkl View Post
      My wife wanted a SUV with a manual transmission. I suggested a Wrangler, she said no way, too masculine

    14. Member Nealric's Avatar
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      09-14-2020 10:58 AM #63
      Quote Originally Posted by adrew View Post
      Depending on your tax situation, paying it down early can save a lot on interest.

      If you have a $350k loan...

      30 years = $172k in interest
      25 years = $141k
      20 years = $110k
      15 years = $81k
      The argument is that the net present value of of the future interest payments is considerably lower than $172k. Paying a mortgage early is essentially equivalent to buying an illiquid high grade bond at that interest rate. Some would rather take more risk and put it in equities instead.

    15. Member Pushrods's Avatar
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      09-14-2020 10:59 AM #64
      The SS is about $550.

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    16. Member Smigelski's Avatar
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      09-14-2020 11:05 AM #65
      Quote Originally Posted by Mr Roo View Post
      that about right. 70 percent of people in a home in the US have a mortgage. Its really scary to think that only 30 of US home owners actually have them paid off. I would imagine each year that number decreases.
      Quote Originally Posted by adrew View Post
      Depending on your tax situation, paying it down early can save a lot on interest.

      If you have a $350k loan...

      30 years = $172k in interest
      25 years = $141k
      20 years = $110k
      15 years = $81k
      Quote Originally Posted by The_Real_Stack View Post

      Better in my mind to shovel as much $$ as possible into 401k/S&P500 thank try to recoup that interest. Keep in mind interest is also tax deductible, especially when you have $10k of SALT too, I should still be able to itemize.
      I'm with Stack on this one. I have a 2.5% over 15 year mortgage. There's no reason to pay it off early when you compare it to the opportunity cost of putting the same 'extra' money into some form of a brokerage account - especially when you have 20-30 years until retirement.



      My car budget is partial part of my 'fun money' budget. So I feel like I can go a bit more on my car purchases just because my cars also count as a hobby. That being said, I don't think I've ever had a payment over $400 for one car, but I wouldn't mind going higher depending on the car.

    17. Member adrew's Avatar
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      09-14-2020 11:06 AM #66
      Quote Originally Posted by JackStraw79 View Post
      It is interesting how the $300 or $400 is a magic number for so many people, and one that they have likely kept for a couple decades now while inflation and car prices have moved forward.

      I have a buddy like this, who I have to remind that his method of keeping a $400 payment for a ~$40k vehicle was taking some trade equity into a 39 month lease, followed by him buying the car at the end of the lease for a 60 month term. Sorry bud, not everyone wants to finance for 99 months

      It's not too hard if you stay away from cash cows (high-end trucks and SUV/CUVs). If you look at actual car pricing, most are significantly cheaper, adjusted for inflation, while being MUCH safer and better equipped.

      Not too sure if this includes destination, but MSRP for a 4-cylinder/automatic '93 Camry LE was $18,088. That's $32,500 in today's dollars -- and it only had one airbag, didn't have ABS and got 18/26 MPG (originally 21/28).

      I just looked at cars.com and a 2020 Camry LE has 70 more horsepower,4 more gears, tons of assistive tech, screens galore, 10 airbags and gets 29/41 MPG. MSRP is $26k but street price (now that they will deal on them) is ~$22,500 vs. $18k 25 years ago when the Toyota dealership was a strictly MSRP affair.

      Our Corolla is only 6" shorter than the 3rd gen Camry, is (slightly) more powerful than it, has SO much more equipment -- and I paid $17,500 for it at the end of 2016.

      There are still reasonably priced cars out there. I rolled about thee grand of negative equity into the Corolla purchase (first time ever doing that, wanted to dump a car that didn't work out) but if I hadn't, the payment would have been ~$270 for 72 months @ 0% with $0 down. It's like $310 now.

      BTW I don't regret rolling the neg equity into the Corolla at all. Right now I owe $8k on it after making no extra payments and it was worth $12,500 to Carvana last time I checked.
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    18. Moderator rs4-380's Avatar
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      09-14-2020 11:07 AM #67
      Quote Originally Posted by Tommietank View Post
      No one has a $1,000+ payment? I'm sure it's rare but no one in here? Maybe some fancy 911 lease/finance or some ridiculous F350 someone owns?
      I do on an Expedition Max

      Not really sure how to answer the poll though, Am I taking the total of car payments and dividing it by the number of cars I own? Total of payments and dividing it by the number of cars with payments? Average payment I have made on cars over the last 5 years?
      Last edited by rs4-380; 09-14-2020 at 11:10 AM.
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    19. Member 2 doors's Avatar
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      09-14-2020 11:08 AM #68
      Quote Originally Posted by Tommietank View Post
      No one has a $1,000+ payment? I'm sure it's rare but no one in here? Maybe some fancy 911 lease/finance or some ridiculous F350 someone owns?
      You said "average payment". People with $1000+ payments probably own other cars to spread that over to lower their average.

    20. Member jetta4129's Avatar
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      09-14-2020 11:09 AM #69
      Quote Originally Posted by Tommietank View Post
      No one has a $1,000+ payment? I'm sure it's rare but no one in here? Maybe some fancy 911 lease/finance or some ridiculous F350 someone owns?
      Our only current payment on the X5 is under $1000 at $872 but am paying an extra $500/month in principal right now which is pushing the payment over. I wouldn't be opposed to a payment over $1,000 if it was a means to an end. I tend to get bored quickly so I try to keep terms in the 24-36 month time frame just in case either the wife or I find something that peaks our interest.

    21. Member dwagner88's Avatar
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      09-14-2020 11:12 AM #70
      CTR is $508, everything else is paid off.
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      09-14-2020 11:17 AM #71
      Just this year alone? My M2 was $765, sold it in June. Picked up the 328d and that monthly payment is $550. E39 and E46 are paid in full. When I had my Fiesta ST that was $415 monthly payment. Isn't the new average monthly payment in the $600s? I've only heard of one person who's had a $120 monthly payment and that was for a $9k Hyundai.

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      09-14-2020 11:18 AM #72
      Quote Originally Posted by Mr Roo View Post
      that about right. 70 percent of people in a home in the US have a mortgage. Its really scary to think that only 30 of US home owners actually have them paid off. I would imagine each year that number decreases.
      You think it’s “scary” that the majority of homeowners don’t pay cash, in full for their homes?
      iain

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    24. Senior Member LT1M21Stingray's Avatar
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      09-14-2020 11:18 AM #73
      Quote Originally Posted by The_Real_Stack View Post
      Haha, $350k, I wish

      Better in my mind to shovel as much $$ as possible into 401k/S&P500 thank try to recoup that interest. Keep in mind interest is also tax deductible, especially when you have $10k of SALT too, I should still be able to itemize.
      This, if you invest the money, but most people will just spend it.

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    25. Member are you listening's Avatar
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      09-14-2020 11:20 AM #74
      Quote Originally Posted by The_Real_Stack View Post
      My new mortgage is 2.875%. I’ll ride that bitch for all 360 months. Why wouldn’t I??
      This. Got 2.69% @ 360 mo on one refi and am in the middle of 2.35% @ 360 mo on the other.

    26. Geriatric Member Hostile's Avatar
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      09-14-2020 11:21 AM #75
      Quote Originally Posted by jetta4129 View Post
      Our only current payment on the X5 is under $1000 at $872 but am paying an extra $500/month in principal right now which is pushing the payment over. I wouldn't be opposed to a payment over $1,000 if it was a means to an end. I tend to get bored quickly so I try to keep terms in the 24-36 month time frame just in case either the wife or I find something that peaks our interest.
      Shouldn’t you be leasing? I can’t imagine paying off a car that expensive early just to turn around and sell it for a huge depreciation hit.
      iain

      Quote Originally Posted by GoLfUnV View Post
      he stuck his thumb into my butt cheek, held it there for 2-3 minutes, and i haven't had any pain since.

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