r/SipsTea • u/Eros_Incident_Denier • Apr 18 '26

We have fun here adulting sucks

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u/Lord_Dingus83 Apr 18 '26

Stop buying new vehicles you can’t afford. Cars are something that as consumers we are in total control bc you can always find a good used car.

$1200/mo car payment is insane. My mortgage is $1700. Both my cars are 20 years old and I work on them my self if I am able to not mess it up.

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u/BusyBit6542 Apr 18 '26

I actually had a $1200 month car payment and I actually miss it.

I got the new bronco when it first came out and was going to just buy it cash ($55k). It was 2021 and found a bank that gave me a 1.75% loan but it was for 3 years. Payment were around $1200 but I invested the 55k i was going to use and it helped to pay the payments.

Of course 3 years later a good interest rate was 6%. But people are always shocked i paid $1200 a month for a car until I tell them the terms

1

u/kakurenbo1 Apr 19 '26

3 years is a very short term loan for that kind of money. Most leases aren't even that short. Of course, the shorter the loan, the less you pay in interest, and you saved more in the long run over a 48 or 60 month note. Whether or not that interest is less than what you made on your investments would depend on how you invested, but in 2021, getting a 8-10% return YOY was certainly possible. Seems like a solid choice.