"Consumer auto debt is not a niche problem. Americans currently owe a record $1.66 trillion in auto loan debt, according to the Consumer Federation of America. The average monthly car payment is $750-$775."
"On a $55,000 household income, these car payments represent $12,000 per year before insurance, fuel, or maintenance. You signed up for it, but you're getting killed by your cars."
"If you took that car payment from today until age 61, so 40 years, that's $8 million, my man. That figure assumes consistently investing the $1,000 monthly payment over 40 years at a long-run stock market return rate."
"A boring car is one that doesn't have a lot of miles, that grandmother drove to church on Sundays only, and that your friends think you're a goober because you bought it."
Bridger and his wife face financial strain due to $1,000 monthly car payments on financed vehicles totaling $36,000. With a combined income of $55,000, these payments represent a substantial annual cost. Financial expert Dave Ramsey emphasizes the detrimental impact of auto debt, suggesting that selling their cars and purchasing reliable, low-cost vehicles could free up funds for investment. The opportunity cost of maintaining car payments over decades could amount to millions in lost wealth, highlighting the importance of financial decisions regarding auto loans.
Read at 24/7 Wall St.
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