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How I Own a Car for Less than $64 a Month
Examining the monthly “subscription” costs of a car.
I was scrolling through Twitter the other day when I came across the alarming little nugget that I’ve screenshotted above.
Those figures are pure insanity. Especially given that most people are not making anywhere near enough in income to justify buying a depreciating liability that costs $1,000+ a month. You make baller income or pay in cash, sure, okay. But when the average income in the U.S. is around $63,000, a monthly payment of $1,000 comes out to almost 20% of your annual income.
That’s ridiculously too much. Yet nearly an eighth of car-buying Americans are doing just that, according to the Tweet above.
Mind you, that $1,000 figure doesn’t include other ongoing vehicle expenses like gas, maintenance, or accessories. I mean, how can you live without a set of hand crafted custom crystallized wheels with genuine European crystals? I sure can’t.
And also mind you, that figure doesn’t include interest payments that can dramatically compound the costs of a vehicle over time. Especially if you miss a payment, or roll an auto loan over into another vehicle later on.
Bottom line: Americans pay WAY, WAY too much for blocks of metal, rubber, and plastic to get to…
