Car payments exceeding $1,000 a month used to be rare. Now they are everywhere. And many people have stopped being polite about it.
CNN recently highlighted Americans like Orting, a Washington paralegal Melissa Dickerson who ended up with a $1,100 monthly payment for a used Acura RDX after his previous car was totaled. He called the 15% interest rate a shock and said, “I almost shit my pants.”
But many people were not understanding. Instead, they saw their situation as self-inflicted. “Financial education in this country is just pathetic,” said one Reddit user, commenting on the article on r/MiddleClassFinance.
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Others agreed and criticized the choice of purchasing expensive vehicles when cheaper, more reliable options are available. “You can buy a new Honda Civic for half the cost of a used Acura RDX,” one commenter wrote. “Stop buying vehicles you can’t afford,” chimed in another. “We pay ours in cash.”
Criticism extended to other people featured in the article, including a man who took a $1,019 monthly loan for a Ram 2500 pickup truck. For many, this type of expense defies logic. “My car payments have been $0 a month for most of my life,” one person said. “I don’t buy new cars.”
Others pointed out the long-term impact of treating cars as status symbols rather than basic transportation. “Cars are the biggest destroyer of wealth in America,” one person said. “Honestly, I feel bad for these kinds of people.”
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Commentators didn’t just talk about the cultural obsession with big, expensive pickup trucks and SUVs. “People are stupid when it comes to cars, always chasing brands and overdoing things they can’t afford,” said one. “My $2,000 Camry is one of the best decisions I have ever made financially.”
Even those with high incomes weighed in. “My wife and I make over $200k a year,” one person shared. “I had a $700 a month car payment and I hated it. Never again.”
“I make $200,000 a year. I drive a 10-year-old F-150,” another added. “I haven’t gotten my car payment in 7 years.”