612
As a bike rider, I forget this is a thing. Asked my neighbor, he pays $350/month in insurance alone ๐
(slrpnk.net)
this post was submitted on 29 Oct 2024
612 points (93.6% liked)
Fuck Cars
9627 readers
316 users here now
A place to discuss problems of car centric infrastructure or how it hurts us all. Let's explore the bad world of Cars!
Rules
1. Be Civil
You may not agree on ideas, but please do not be needlessly rude or insulting to other people in this community.
2. No hate speech
Don't discriminate or disparage people on the basis of sex, gender, race, ethnicity, nationality, religion, or sexuality.
3. Don't harass people
Don't follow people you disagree with into multiple threads or into PMs to insult, disparage, or otherwise attack them. And certainly don't doxx any non-public figures.
4. Stay on topic
This community is about cars, their externalities in society, car-dependency, and solutions to these.
5. No reposts
Do not repost content that has already been posted in this community.
Moderator discretion will be used to judge reports with regard to the above rules.
Posting Guidelines
In the absence of a flair system on lemmy yet, letโs try to make it easier to scan through posts by type in here by using tags:
- [meta] for discussions/suggestions about this community itself
- [article] for news articles
- [blog] for any blog-style content
- [video] for video resources
- [academic] for academic studies and sources
- [discussion] for text post questions, rants, and/or discussions
- [meme] for memes
- [image] for any non-meme images
- [misc] for anything that doesnโt fall cleanly into any of the other categories
Recommended communities:
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
With the $554 average new car payment in the original post, you can afford that $10k new-to-you used car outright in cash every 18 months.
Average price of a used car in the US, right now, is $29,000. Which means that for a $554 payment, it's going to be 5.4 years rather than 1.5. From there, you need to figure out how many miles you put on a car in a year, make some rough guesses about how many miles the average car has left before the cost to repair exceeds the cost of replacing, etc. Obvs. a high mileage used car is going to require significantly more maintenance than a new car will (...in most cases, as long as you aren't buying a new Land Rover or Jaguar), so you'll need to figure that in as well. You'll probably want good insurance, even if you're only required to carry minimal liability insurance, because any accident could be catastrophic for your finances if you can't afford to repair your car.
It's a bit of a death spiral; wages are still too low, car prices are too high.
Sure, but in 2023, someone could already be selling a 2022 as used. That $29k number is going to be skewed by those who sell younger cars. You can still find used cars much cheaper than this.
For that $554 payment, you would need $6648 in additional yearly maintenance costs on an older vehicle to compare. That's like a new engine or transmission, every year!
Anecdotally, I drive a 32-year-old car that I purchased, coincidentally, for $3200 around 7 years ago. I haven't spent even close to $6648 in maintenance that entire time (probably not even another $3200).
To my original claim - finding something that's reasonable mileage, and in good mechanical condition, for under $10k, is quite a challenge at this point. I sold a 2008 Honda Civic Si with >200,000 miles last year that was not running, had rust, and generally needed a fair amount of work, and had an asking price of $4k. I got fifty offers in under 12 hours. It was crazy.