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Americans Are Falling Behind on Their Car Payments
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this post was submitted on 20 Nov 2023
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My current car is 14 years old and fully paid off, but likely won't survive for much longer. I really want an electric car, but the prices on these are beyond what I can afford. So I looked at hybrid cars and even these were going to be extremely pricey. Finally, I looked at some regular gas cars, but even those would stretch my budget to the breaking point.
If my current car goes, I'll need to buy another one, but I'm not sure how I'll afford it.
Yeah, we're going to invest in electric bikes at some point. Eventually drop down to one vehicle paired with two electric bikes. It's just too expensive to buy a car any more.
If my car dies my job is gonna be in for a hell of a surprise when I can’t travel to events around the state anymore. I’ve been asking for a raise and trying to get them to understand that I’m struggling to survive even with working a second job.
Your situation is your own, but I was able to lease a phev for less than what I was paying for gas + maintenance on a car I had paid off. It may not be exactly what you want, but lease deals still come around occasionally.
Chevy Equinox EV will have a Trim under 35k 2024 Equinox The money you save from gas would help with the car payment, plus GM has a deal with getting a L2 charger installed in your home.
A $35,000 car (with what I could afford for a down payment, what I think I'd get for my trade-in, and at 8% interest), would be $655 a month. That's budget busting for me.
Even ignoring costs to install a charger, I spend about $80 in gas a month, so that wouldn't be a huge savings. I'd still be spending an additional $575 a month which would be enough to put me in the red every month.
The hybrids I was looking at cost $21K to $29K and even those would stress my budget out.
If this thing is anything like the ICE Equinox, you're better off buying literally any other vehicle.