Looking back, perhaps I should have bought a smaller truck.
Posted on 03/23/2024 6:49:10 PM PDT by nickcarraway
With a $650 payment for 72 months, this is going to be one expensive Toyota Camry
Your twenties are the perfect time to screw up and try to get your xxxx figured out. Sometimes it takes getting to the rock bottom before you can dig yourself out of it. For the sake of everyone involved here, I hope this young woman on Caleb Hammer’s Financial Audit show has reached her bottom and will find a way to get her life turned around. Right now, it seems like the best first step would be to sell her car and find her way into something less expensive. At 23-years-old, there’s no reason to owe $31,000 on a Toyota Camry. Especially when you can’t afford it.
This young woman’s financial situation is a real mess, and she’s going through some rough stuff with a pending divorce from an abusive military man. Her short-lived marriage stuck her living with her parents, driving a car she can’t afford, and working part time. Unfortunately, this downward spiral came with a bunch of self-destructive coping mechanisms, including hundreds of dollars of in-app purchases, lots of fast food, vaping, and over-drafting her bank account.
It seems like she’ll be headed back to college, so she will definitely need some good solid reliable wheels. Living in Texas means public transit isn’t really an option, but spending 30 percent of your income on a car payment isn’t really an option either. This 2021 Camry came with a 72-month note at nearly 12 percent interest.
At the end of the day (er, month?) the payment runs her $646.33, despite only working 33 hours a week at $15 an hour. She has to work more than 43 hours at her retail job just to afford the car payment. No wonder she’s drawing too much on her accounts and racking up credit card debt!
To make matters worse, it doesn’t seem like she and her former paramour spent much money on the car’s down payment, as she still owes $30,656 (the equivalent of 2,044 hours at her current job) on the note.
Saving up for a couple of months, or borrowing from her parents, and buying a cheap-but-reliable beater would give her a lot of opportunities that this Camry just isn’t delivering. I hope she gets it turned around. This was a rough one to watch.
Unfortunately they don’t teach in school how to manage you money and what not to do, or proper history and the results are obvious.
Their insurance paid me out $4800 for that car.
64 years old, never spent more than $24K for a vehicle. Bought my last new one in 2000. Last year found a cherry Toyota Tacoma that should last until it’s confiscated by the green police.
I have found from experience that you stand a chance of getting a car that has never been driven, if you buy within two years, and you get a good discount as well.
At $15 per hour why the h311 is she buying a car with a $646 monthly payment?! Oh, yes, her “military man” was picking up the slack. Her grief is that he’s not going to pay with them being divorced. Sell the car! (Or find a new sugar daddy.)
Our son just bought a 2012 Mini Cooper for $3,500. The seller is letting him make $500 payments every two weeks with no interest! Not his ideal car, but it’s getting him around.
His 2014 Ford Escape went BLOOEY at 250,000 k and is sitting in the garage, dead.
>she’ll be headed back to college
On student loans no doubt.
Unfortunately they don’t teach in school how to manage you money and what not to do, or proper history and the results are obvious. I never bought a car I could’t pay cash for and for a good portion of my life I never had a high paying job.
At 23 I paid cash for my cars.
Same here. I didn’t own a new car until my 50’s. It lasted until 10 years after I retired. I lease my new car for 380/month for three years with option to buy at the end of that time when I will be 73.
At 23 I had a 73 Pinto.
Box of rocks...this brain dead female votes I bet ya.
I do not buy any vehicle I cannot pay cash for. Most are not very pretty. I still have to pay out for them but repairs which are not often have to be paid for but repair payments are on MY schedule, not a bank’s. If I can’t afford it right away the car can stay in the yard for a couple of weeks and I will get to work another way. I never have any worry that my ride is going to get repossessed.
Can you help me move?
She chose poorly.
I was her age,married, working summers, going to college when I walked onto a new car dealer used car lot and asked to see the cheapest car available. I left with a 73 Levi’s Hornet, 98000 miles and rusted for $300. Replaced it with a Malibu wagon for $500 two years later.
How much will an EV version of your truck put you back? ;-)
Video at the source.
Spoiler alert: She ain't.
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