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Money Guy Show
Are $1,000 Car Payments Becoming the New Norm?!
Aug 16, 2023
They discuss the trend of car payments reaching $1,000 and the reasons behind it. They emphasize the importance of making wise financial decisions when purchasing a car. The podcast also discusses the financial implications of buying a luxury car. It teaches how to prioritize long-term financial success as a couple and the importance of sticking to the car buying checklist. They also compare mutual funds and ETFs in terms of tax efficiency and timing considerations.
35:30
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Quick takeaways
- Car payments over $1,000 have become the new norm, with one in six buyers falling into this category.
- Having car payments above 8% of gross income can lead to financial strain and hinder saving for the future.
Deep dives
The rise of thousand-dollar car payments
Car payments of over a thousand dollars have become the new norm, with one in six buyers having payments over that amount. The average price of a new car is now almost $50,000. However, the Money Guy Show emphasizes the importance of following the '23/8' rule for car buying, which includes a 20% down payment, financing for no longer than three years, and keeping payments below 8% of monthly income. They caution against using this rule for luxury vehicles.
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