Small / economy car deathwatch: we've passed "peak econobox" again

[ME_Andy]

You can pick up a used Chevy Bolt for as low as $12k, from what I've seen. New Bolt coming soon. New cheap Tesla coming soon (the Model Q). Exciting times.

[JSH]

Originally Posted by ME_Andy

You can pick up a used Chevy Bolt for as low as $12k, from what I've seen. New Bolt coming soon. New cheap Tesla coming soon (the Model Q). Exciting times.

Bolts are a great deal in the used market. (Good for those wanting to buy one - not so great for me if I want to sell mine)

I'll believe Tesla has a new model when I see it on sale to the public. Right now they have shown prototypes and taken deposits on both the Semi and Roadster and get years later they still are not for sale.

[cRiPpLe_rOoStEr]

Originally Posted by JSH

We have the Toyota Corolla Cross for those that want a compact crossover in the USA. Corolla Hatch for those that want car, and the Corolla for those that want a sedan. (Corolla is basically the only compact car in the USA that hasn’t grown into a midsize.) All of the above available new for less that $25,000

The Toyota Rush has a lower price tag than the Corolla in every country where it's been available, and sometimes it's more affordable than a Yaris too.

[Isaac Zachary]

Why is it when I do the 20/4/10 rule it seems the only cars I can afford are $5,000?

Math: [list][*]Over $50K/year[*]Less than $4k/month after taxes[*]That's less than $400/month for transportation costs[*]$100 for insurance, $150-$200 for fuel, $0-$50 for other costs[*]That leaves $100/month for car payments[*]After fees, taxes and everything, but with a 20% down payment, the cost of the loan itself will need to be around $5k.

2013 Nissan Versa, Here I come!

[redpoint5]

Originally Posted by Isaac Zachary

Why is it when I do the 20/4/10 rule it seems the only cars I can afford are $5,000?

Math: [list][*]Over $50K/year[*]Less than $4k/month after taxes[*]That's less than $400/month for transportation costs[*]$100 for insurance, $150-$200 for fuel, $0-$50 for other costs[*]That leaves $100/month for car payments[*]After fees, taxes and everything, but with a 20% down payment, the cost of the loan itself will need to be around $5k.

2013 Nissan Versa, Here I come!

Why is insurance so high? I can get 6 months of liability insurance for $200. My full coverage for a brand new expensive Tesla is $84. Always switch insurance every year or so because they give the good rates to disloyal customers and the bad rates to "loyal" ones.

$200 in fuel should get you 2000 miles or so, which is more than the average person drives. I'd prioritize fuel economy or seek EV/PHEV if doing 2,000/mo.

Good friends would provide a low/zero interest loan. I loaned 1 friend $50k for years with a low simple interest (his proposal). Purchased a $7k vehicle for another friend and charged no interest assuming either a very long repayment, or no repayment. During the WuFlu she paid it all off from the overtime she worked.

I spoke with a guy recently who drives busses for his steady income, and has his own janitorial business on the side that is doing well. I'd say this is the right economy to try side-hustles that become the main revenue source. When new Taco Bell workers are earning $18/hr, you know there's money to be made for any independent service.

[Joggernot]

Originally Posted by Isaac Zachary

Why is it when I do the 20/4/10 rule it seems the only cars I can afford are $5,000?

Math: [list][*]Over $50K/year[*]Less than $4k/month after taxes[*]That's less than $400/month for transportation costs[*]$100 for insurance, $150-$200 for fuel, $0-$50 for other costs[*]That leaves $100/month for car payments[*]After fees, taxes and everything, but with a 20% down payment, the cost of the loan itself will need to be around $5k.

2013 Nissan Versa, Here I come!

I bought a 2024 Nissan Kicks and am getting 32 mpg for the first 1000 miles. Price was affordable for this old retired guy on SS and $550/mo "pension".

[Isaac Zachary]

Originally Posted by redpoint5

Why is insurance so high? I can get 6 months of liability insurance for $200. My full coverage for a brand new expensive Tesla is $84. Always switch insurance every year or so because they give the good rates to disloyal customers and the bad rates to "loyal" ones.

I'm not entirely sure, but I do think that area has something to do with it. As I've said before, I've gone from nearly $200/mo for full coverage on the Avalon down to $130/mo. It is what it is unless I move somewhere else or drop full coverage. I might do that, the Avalon is worth $6,000 right now.

Originally Posted by redpoint5

$200 in fuel should get you 2000 miles or so, which is more than the average person drives. I'd prioritize fuel economy or seek EV/PHEV if doing 2,000/mo.

I did 30k the first year I bought the Avalon. I had tried an EV, and they don't go as far and charging is a pain. If I could drop that price down $100/mo for fuel then I could afford perhaps a $10,000 vehicle. I don't see any EVs or PHEVs that would fit that bill.

Originally Posted by redpoint5

Good friends would provide a low/zero interest loan. I loaned 1 friend $50k for years with a low simple interest (his proposal). Purchased a $7k vehicle for another friend and charged no interest assuming either a very long repayment, or no repayment. During the WuFlu she paid it all off from the overtime she worked.

I've been there, done that, and am never loaning from friends again. That's what banks are for.

Originally Posted by redpoint5

I spoke with a guy recently who drives busses for his steady income, and has his own janitorial business on the side that is doing well. I'd say this is the right economy to try side-hustles that become the main revenue source. When new Taco Bell workers are earning $18/hr, you know there's money to be made for any independent service.

I just started a new job as a heavy machine operator. We'll see how it goes. So far it doesn't pay more than the janitorial job, but at least it comes with benefits.

At any rate, I come to Ecomodder to find out how to pay less for vehicles, not to learn how to make as much money as possible just for the sake of owning a more expensive vehicle.

Also, even if insurance were $30/mo and I only paid $100/mo in fuel, that wouldn't necessarilly land me in the +$20k car region. And even if it did, a +$20k doesn't necessarily get a person from point A to point B any better than a $5k one.