Should you shop for a $1000+ car payment right now?

I keep seeing these posts and I find it mind boggling, seems like most people don’t even need a car right now and definitely not more than one in a household. Regardless, I am shocked to still see deals posted for over $1000+ a month. Anyone else think this is crazy? Maybe in my old age I don’t have grasp anymore. I’m saying hunker down and :moneybag:is :crown:

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One man’s $1000 is another man’s $100.

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IF you’re financially stable, why not?

However when I see “no MSD” I suspect that they really aren’t as secure as they think they are.

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Why I agree that you’re probably right, given the current market, if I had the disposable income to justify a $1000/mo car payment, I’d also be a lot less risk adverse on my investments and would probably put the MSD money into the market during its currently depressed state.

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IMHO there are many cases where MSDs don’t make sense. Sometimes I do them, sometimes I don’t. I can tell you that (particularly for my BMW leases) I normally end up transferring during the first few months of my lease. MSDs make it harder to find a taker on a transfer in my experience. That is one of many reasons MSDs often aren’t the best investment.

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Exactly. There is yet a second reason.

Now, I’m yet to see someone post about not wanting to do MSDs and say "it’s because I’d rather invest the money in a higher risk/higher reward investment.

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I guess, but part of me says who know’s what could happen. I’ve been there so I’m a little more cautious I guess. Went from making $80k+ in 2006 to taking a job that paid less than half as much in 2007, plus the wife went half time staying at home with a newborn, plus a new mortgage in 2006 on our first house. Somehow made it out of that fairly unscathed but I did sacrifice some credit score(thanks statues of limitations)

I’ve already had well to do upper middle class friends apply for unemployment, that’s not normal

I’ve already taken a 10% haircut on my salary and probably more by the end of the year with furlough days.

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My wife runs a real estate investment firm and they rent out many high end homes. She got a call two weeks into lockdown from someone renting a $7500 a month home. He couldn’t pay his rent. After two weeks. We do have a terrible epidemic ravaging this country. It’s called over spending. The more people make the more they spend. I have someone that works for so I know exactly what they make. He’s pulling in 150K a year in south Florida and he’s always broke. I’m talking about taking payday loans broke.

Most wealthy people aren’t renting cars for over 1K a month. Just saying. Are there exceptions? Of course but I think most people are stretching.

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I think if you’re in the situation where this circumstance effects your ability to afford a $1000 /mo lease, you shouldn’t have been considering one in the first place. If you’re in a place where it doesn’t matter… well, then it doesn’t matter.

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True but I’m not sure some people have fully grasped the situation, again what’s the rush, not like you can do anything with your $1000 month boat anchor right now. Why add the expense if there’s no use for it, any savings are being negated by the fact you can’t even go anywhere

Also I started this because I’m bored stiff and need some entertainment.

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I look at the question differently…

“If I needed a car right now, would I spend $36,000 to have the one I want for the next three years?”

Yes. I would.

Does anyone need a car right now? Sure if you have the cash and could leverage a significantly better deal then go for it.

If I totaled my car right now, I’d need a car.

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A lot of people who can afford $1000/month cars, can still afford them despite there being a pandemic.

Adding in that they have a lot more time on their hands, makes the perfect storm.

Additionally, new car prices are likely going to go up when this is over.

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Having to choose between the two is a big sign the person isn’t wealthy and secure enough to truly, comfortably afford the car.

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Let’s do a poll: Should you be shopping for a car with a $1000+ monthly payment right now?

  • No
  • Definitely Not
  • WTF are you thinking?
  • Daddy Warbucks here

0 voters

I’m not saying they don’t have it or can’t afford it, but new money lacks tact, and people who lease a RR or X7 for the nanny have their FP hire a broker, they aren’t sweating incentives and MF on the Internet. :man_shrugging:t2:

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Watch out for snowy off ramps

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TIME TIME TIME…

People are bored… looking for something to do, so they shop for a car.

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You’re probably right…lol Money is burning a hole in their pocket