Are $1,000 Car Payments Becoming the New Norm?!

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 16 August 2023

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

New data shows more Americans than ever have car payments over $1,000. Is this becoming the new normal? How much could having a car payment of $1,000 be costing you for retirement? Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Say it isn't so.
0:01.6	We really at the point that $1,000 is the normal car payment.
0:12.3	Brian, I am excited to talk about this one
0:14.7	because this is mind blowing to me.
0:17.5	Like I cannot get my head wrapped around it
0:20.1	because I remember, I still think $1,000 is a ton of money.
0:24.0	So to hear the new norm for a car payment
0:27.8	is now in four-digit territory, absolutely blows my mind.
0:31.0	Well, I mean, this reminds me of my childhood.
0:32.9	I can remember my parents talking about,
0:34.3	do you hear that the neighbors have a $1,000 mortgage payment?
0:37.7	You know, so I know things get more expensive.
0:40.2	And then there was this trend all over TikTok
0:42.5	where people were walking around
0:44.0	sharing primarily at car dealerships
0:46.9	that they had $1,000 car payments.
0:48.8	And then we couldn't help but notice
0:51.0	that there was an article that came through on money
0:53.3	that said, why $1,000 car payments
0:55.7	are becoming the new norm?
0:57.8	Well, let's talk about this because every decision you make,
1:02.2	especially on cars, because these are big decisions.
	...

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