6 ms·

Why is it we can spend 10k/year on our car, but not 10k/year on ourself. We have to ask our government/insurance to pay. Makes no sense.

38 2y ago
You're in a bubble man. Not everyone is paying $800 a month for a car. Millions of people buy a cheap crappy car outright, and drive it for years.
- itsoktocry 2y ago
  >Not everyone is paying $800 a month for a car. Millions of people buy a cheap crappy car outright, and drive it for years. Not sure where you get "everyone" from, but look at the average car cost, plus insurance and fuel and maintenance; $800 is nothing.
  - twojacobtwo 2y ago
    Show me the data with the average and median of all car purchases, not just new, and I'll show you that $800/mo is far from 'nothing'. Hell, my first 3 cars were under $4,000, with each lasting 5 years or better and I damnwell didn't spend anywhere close to enough on fuel and maintenance to bring my costs to even half that number. Maybe I'm an outlier, but in my bubble of poor folks, I'm certainly not.
    - jrmg 2y ago
      https://www.nerdwallet.com/article/loans/auto-loans/average-monthly-car-payment https://www.nerdwallet.com/article/loans/auto-loans/average-... The average monthly car payment is $738 for new cars and $532 for used. Several factors determine your payment. The data source is Experian, so I give it some credence. If you think it’s high, consider that all the low payments you know of need an ‘equivalently’ high payment to balance out the average. People spend huge amounts of money on cars.
      - ceejayoz 2y ago
        Most people do not make a car payment every month of their lives. They’re usually 3-5 year loans. The average amount of a car payment and the average amount an American pays in car payments in an average month are vastly different stats. Contrived example: I buy a $20k car. $500/month payments, 0% interest for simplicity of the math. I keep it for 20 years. It cost me $83/month on average to purchase. My car payment was $500.
        nradov 2y ago
        Loan terms have gotten longer. The average new car loan is now 68 months, and many go up to 84 months. https://www.nerdwallet.com/article/loans/auto-loans/average-car-loan-length https://www.nerdwallet.com/article/loans/auto-loans/average-... That might not be wise from a personal finance standpoint but buyers seem to prefer longer loans now.
        dangus 2y ago
        On the one hand, I get what you’re saying and logically it makes sense. On the other hand, you’re seriously downplaying the increasing lack of affordability of modern vehicles. What $20k car are you talking about exactly? A new Toyota Camry base model costs nearly $30k. And that is basically the most sensible no-frills vehicle you can buy. In my area a $20,000 example of a Camry already has 80,000 miles on it and is a full 5 years old. You are not keeping a $20k car for 20 years for a total lifespan of 25 years. That isn’t realistic at all.
        ceejayoz 2y ago
        A new Corolla’s MSRP is $23k, and not every car payment is for a brand new car. It’s a far more realistic example than the pricey BMW SUVs people are linking with five-year cost summaries here. The point is “average monthly car payment” and “average money spent per month purchasing cars” aren’t the same stats, just like the cost of a heart transplant doesn’t translate to how much I pay this month for one.
        2y ago
nwienert 2y ago
Who spends 10k/year on a car, that seems incredibly high. Also I'd say most people spend more than 10k/year indirectly on upgrading their health, but I'd count things like "not eating cheap food all the time" as one of those, or for example, moving to a places in less crime-ridden areas. And people rationally will spend money like that before they try experimental drugs. Also - you can't really go buy this OTC anyway so it's not really a substitutable good. A bit aside, I am bullish on these compounds. Tirzepatide is a discovery on the same order of magnitude as any - even potentially bigger than all the recent ML stuff. It's not even close to it's full potential. The data shows it's the only thing we have that really squashes diabetes and obesity with minimal side effects, but also has big positive effects on addiction, heart, bones, liver, brain, and immune system. The addiction effects alone could change the world tremendously for the better if it's made easier to get and easier to ingest. I gave one of my Mounjaro shots I wasn't going to use to someone who had been trying to quit cigarettes for a decade and they were basically in tears a few days later telling me they went two full days without smoking, the first time they'd ever even gone a few hours since they were young.
- chrsw 2y ago
  $10k/yr on a car is not incredibly high https://www.edmunds.com/bmw/x3/2022/cost-to-own/ https://www.edmunds.com/bmw/x3/2022/cost-to-own/
  - nwienert 2y ago
    Did you just link a high end SUV as proof?
    - nradov 2y ago
      It's not far off. The average new car transaction price is now $47K. I can't understand how so many people are able to afford such expensive cars but somehow they're making it work. https://www.coxautoinc.com/market-insights/kbb-atp-january-2024/ https://www.coxautoinc.com/market-insights/kbb-atp-january-2...
downrightmike 2y ago
This is just whataboutism, and is bullshit
twojacobtwo 2y ago
You clearly don't know a lot of people who aren't wealthy. The majority of people I know couldn't spend 10k on anything except absolute necessities, let alone a car. Of those who do have vehicles, none of them spend $10k/year and if they did it would damn near break them. Seriously, I don't mean to be rude, but god damn this is out of touch for people who are struggling.
- jandrewrogers 2y ago
  They were clearly talking about the average American, not "people who are struggling". Ignoring whether or not it is wise, the majority of American households can technically afford to spend this much on a car and a large percentage do.
  - fbdab103 2y ago
    A car directly impacts the ability of many to work/live. Not having transportation can leave you cut off from society if you are in an area without alternatives.
  - twojacobtwo 2y ago
    OP said 'we'. Perhaps my psychic abilities are malfunctioning, but how do you see that this is a case for using clearly? The OP can't understand the inability for people to pay for things without government assistance, as if there aren't vast swaths of people who can't afford the very thing he is presupposing. People who are struggling should be considered and the very fact that the use of 'we' somehow excludes them in those considerations is kind of the point.
- nradov 2y ago
  Before you accuse someone of being out of touch, take a look at the average new car transaction price. It's now up to $47K. When you factor in loan payments, insurance, maintenance, and fuel then a huge number of people are spending $1K/month or more on their vehicles. These are literally average people, not wealthy. https://www.coxautoinc.com/market-insights/kbb-atp-january-2024/ https://www.coxautoinc.com/market-insights/kbb-atp-january-2...

38 2y ago

You're in a bubble man. Not everyone is paying $800 a month for a car. Millions of people buy a cheap crappy car outright, and drive it for years.

itsoktocry 2y ago
>Not everyone is paying $800 a month for a car. Millions of people buy a cheap crappy car outright, and drive it for years. Not sure where you get "everyone" from, but look at the average car cost, plus insurance and fuel and maintenance; $800 is nothing.
- twojacobtwo 2y ago
  Show me the data with the average and median of all car purchases, not just new, and I'll show you that $800/mo is far from 'nothing'. Hell, my first 3 cars were under $4,000, with each lasting 5 years or better and I damnwell didn't spend anywhere close to enough on fuel and maintenance to bring my costs to even half that number. Maybe I'm an outlier, but in my bubble of poor folks, I'm certainly not.
  - jrmg 2y ago
    https://www.nerdwallet.com/article/loans/auto-loans/average-monthly-car-payment https://www.nerdwallet.com/article/loans/auto-loans/average-... The average monthly car payment is $738 for new cars and $532 for used. Several factors determine your payment. The data source is Experian, so I give it some credence. If you think it’s high, consider that all the low payments you know of need an ‘equivalently’ high payment to balance out the average. People spend huge amounts of money on cars.
    - ceejayoz 2y ago
      Most people do not make a car payment every month of their lives. They’re usually 3-5 year loans. The average amount of a car payment and the average amount an American pays in car payments in an average month are vastly different stats. Contrived example: I buy a $20k car. $500/month payments, 0% interest for simplicity of the math. I keep it for 20 years. It cost me $83/month on average to purchase. My car payment was $500.
      - nradov 2y ago
        Loan terms have gotten longer. The average new car loan is now 68 months, and many go up to 84 months. https://www.nerdwallet.com/article/loans/auto-loans/average-car-loan-length https://www.nerdwallet.com/article/loans/auto-loans/average-... That might not be wise from a personal finance standpoint but buyers seem to prefer longer loans now.
      - dangus 2y ago
        On the one hand, I get what you’re saying and logically it makes sense. On the other hand, you’re seriously downplaying the increasing lack of affordability of modern vehicles. What $20k car are you talking about exactly? A new Toyota Camry base model costs nearly $30k. And that is basically the most sensible no-frills vehicle you can buy. In my area a $20,000 example of a Camry already has 80,000 miles on it and is a full 5 years old. You are not keeping a $20k car for 20 years for a total lifespan of 25 years. That isn’t realistic at all.
        ceejayoz 2y ago
        A new Corolla’s MSRP is $23k, and not every car payment is for a brand new car. It’s a far more realistic example than the pricey BMW SUVs people are linking with five-year cost summaries here. The point is “average monthly car payment” and “average money spent per month purchasing cars” aren’t the same stats, just like the cost of a heart transplant doesn’t translate to how much I pay this month for one.
        2y ago

nwienert 2y ago

Who spends 10k/year on a car, that seems incredibly high. Also I'd say most people spend more than 10k/year indirectly on upgrading their health, but I'd count things like "not eating cheap food all the time" as one of those, or for example, moving to a places in less crime-ridden areas. And people rationally will spend money like that before they try experimental drugs. Also - you can't really go buy this OTC anyway so it's not really a substitutable good. A bit aside, I am bullish on these compounds. Tirzepatide is a discovery on the same order of magnitude as any - even potentially bigger than all the recent ML stuff. It's not even close to it's full potential. The data shows it's the only thing we have that really squashes diabetes and obesity with minimal side effects, but also has big positive effects on addiction, heart, bones, liver, brain, and immune system. The addiction effects alone could change the world tremendously for the better if it's made easier to get and easier to ingest. I gave one of my Mounjaro shots I wasn't going to use to someone who had been trying to quit cigarettes for a decade and they were basically in tears a few days later telling me they went two full days without smoking, the first time they'd ever even gone a few hours since they were young.

chrsw 2y ago
$10k/yr on a car is not incredibly high https://www.edmunds.com/bmw/x3/2022/cost-to-own/ https://www.edmunds.com/bmw/x3/2022/cost-to-own/
- nwienert 2y ago
  Did you just link a high end SUV as proof?
  - nradov 2y ago
    It's not far off. The average new car transaction price is now $47K. I can't understand how so many people are able to afford such expensive cars but somehow they're making it work. https://www.coxautoinc.com/market-insights/kbb-atp-january-2024/ https://www.coxautoinc.com/market-insights/kbb-atp-january-2...

downrightmike 2y ago

This is just whataboutism, and is bullshit

twojacobtwo 2y ago

You clearly don't know a lot of people who aren't wealthy. The majority of people I know couldn't spend 10k on anything except absolute necessities, let alone a car. Of those who do have vehicles, none of them spend $10k/year and if they did it would damn near break them. Seriously, I don't mean to be rude, but god damn this is out of touch for people who are struggling.

jandrewrogers 2y ago
They were clearly talking about the average American, not "people who are struggling". Ignoring whether or not it is wise, the majority of American households can technically afford to spend this much on a car and a large percentage do.
- fbdab103 2y ago
  A car directly impacts the ability of many to work/live. Not having transportation can leave you cut off from society if you are in an area without alternatives.
- twojacobtwo 2y ago
  OP said 'we'. Perhaps my psychic abilities are malfunctioning, but how do you see that this is a case for using clearly? The OP can't understand the inability for people to pay for things without government assistance, as if there aren't vast swaths of people who can't afford the very thing he is presupposing. People who are struggling should be considered and the very fact that the use of 'we' somehow excludes them in those considerations is kind of the point.
nradov 2y ago
Before you accuse someone of being out of touch, take a look at the average new car transaction price. It's now up to $47K. When you factor in loan payments, insurance, maintenance, and fuel then a huge number of people are spending $1K/month or more on their vehicles. These are literally average people, not wealthy. https://www.coxautoinc.com/market-insights/kbb-atp-january-2024/ https://www.coxautoinc.com/market-insights/kbb-atp-january-2...