6.3M Duhmericans late on their vehicle payments
 

https://www.washingtonpost.com/news/...=.60590b7e3a84

Never had a vehicle that I had to barrow money to buy.

Seems like the same problem we see here in Brazil, when certain folks get a car much more expensive that they could comfortably afford the monthly payments just to show-off. Well, I've already met some people who are actually rich but daily-drive simpler beaters that are fully paid-off and less expensive overall to keep running.

I did once, back in the late '70s (though to be fair it was a work truck). Learned my lesson first time around.

Nowadays all 3 vehicles weren't even half that average car loan. Heck, not even if you add in the horse :-)

I might be nearing $30k on all the vehicles I've ever owned in the past 20 years...could have done it cheaper, if I didn't get bored of 'em after 6 months.

That's crazy. I have borrowed money for one car, my Miata. And I only borrowed the money for 24 hours from my little brother because my insurance payoff check was pending in my bank account. I hate owing money to anyone. And I hate paying interest even more.

We only owe on one car right now, it's our third car loan with only a few years left on it. From now on I think I will be buying cheaper cars, maybe find ones that have more miles and nobody wants.

I do the opposite. I tend to go with older cars, but find them with low miles.

Payments aren't great, but they aren't bad if you don't get tempted by the flash and dash.

Good credit helps too.

They lowered my payments by $20 a few weeks after buying my wife's van. The explanation was vague but apparently it was related to a revision of my risk assessment.

Also I don't feel that very many people actually realize anymore what maintenance and repairs run. Just because you can afford the car, doesn't mean you can afford the car. A $15k BMW is a very different animal from a $15k Accord.