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lysolmax t1_jees0t1 wrote

Reply to comment by Praxician94 in Is a $500 car payment too much by [deleted]

Just curious what do you make? By mid-high do you mean 150-180k or 500-800k? Cause technically 999k is still 6 figures.

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Schiendelman t1_jeevfd3 wrote

For the record, I make 300K, and I would never get a car loan at today’s rates. Right now it’s time to use a bicycle and wait for the repo rate to increase.

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kkiran t1_jeeyb0n wrote

If I make 300K, since I value my health and time I would take a loan at the least rate possible (5% right now). A bicycle in the rain and sun is a no-no for me.

In the grand scheme of things, is $500 a month too much for a car when someone makes so much money? When do we start living life and stop penny-pinching?

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Old_Birthday2583 t1_jeezhd2 wrote

Yea this guy claiming to make 300k but $500 a month is too much for reliable, safe transportation Lol. He is either lying or a very strange person that basically no one would want to deal with.

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Schiendelman t1_jef109m wrote

What if you asked questions instead of making assumptions? See my other comment.

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Praxician94 t1_jef44y6 wrote

Novel idea. Thanks for not being crazy lol. I’m road tripping with my family right now so Reddit does not have my full attention.

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Schiendelman t1_jef6jol wrote

Oh yeah, no worries! There are just plenty of sane reasons that higher earners don’t need to own cars. :)

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Praxician94 t1_jef76vz wrote

We just bought a brand new van and made sure to do the finances with trade in and down payment to make it around $300/mo. Not opposed to car payments but man do I hate tying up income in rigid expenses. Something about that $500 mark (or half of one thousand in my eyes) is just so unappealing haha

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Schiendelman t1_jef7bpd wrote

Absolutely. And here in Seattle that probably means $1000 total cost for a $500 payment.

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Schiendelman t1_jef0rra wrote

That’s a whole lot of assumptions.

If you care about your health, it’s definitely better to bike. If you care about your time, combining your commute with your cardio is hard to beat.

$6000 a year is an awful lot to give up, especially considering the total cost of car ownership is another couple hundred a month on top of that, and more in my area, where a parking spot is $200 a month or more.

As you make more money, you start to get flexibility - you can reasonably do things like spending that additional money for a house near a train, where you don’t need a car. Then that $500 is an investment rather than depreciation. Rather than penny pinching, it’s strategy that can pay dividends for the rest of your life.

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OkMarsupial t1_jegsaxo wrote

"I value my health, therefore refuse to do cardio." -you, basically.

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kkiran t1_jeguogp wrote

out of context much?! It rains a lot here. No car and only bike means making dangerous choices.

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OkMarsupial t1_jegw40l wrote

Rains a lot here too. I bike commuted for three or four years in all weather and only got hit by one bus and not on a day it was raining. Cars are dangerous too.

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kkiran t1_jegwrip wrote

My co-worker broke his hip last month, ardent biker. Any means of transportation can be dangerous, bikes lot more in my area.

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Praxician94 t1_jef25fr wrote

Whoops, yeah. My bad. Meant mid to high 100s. Corrected that.

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