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.
“abusive military man”. Nice cop out. If anything he probably got pissed at her for spending money they don’t have.
Total payments of $46,800, not counting the down payment.
For a Camry.
None of that is her fault! </sarcasm>
23 years old = MORON
She is going to learn a lesson in personal financial responsibility GOOD AND HARD!!!!
All will be forgiven if she is hot.
She has no common sense. Why would you buy a car that requires that big of a monthly payment? And then to cry about it afterwards? I was never able to afford a new car until I was in my late 30’s. And even after that, I still bought used cars because it was cheaper than buying a brand new one. I’m 77 and lease now, and would never buy another car. I won’t be alive if Joe’s EV mandate kicks in, so I’ll drive what I want while I still can.
Student Loan Debt has been forgiven. Auto Loan is next, voters can always be purchased.
A Corolla would cost less for starters.
My lease for one involves a three-year deal that involves a lot less than that not much more than 20,000 bucks.
When I was 23, I drove a rattletrap and damn glad to have it.
Every ten to fifteen years a $3000 used Toyota or Honda served my family well. $50 a month to insure. My children, now well into adulthood do the same.
I bought a $4000CDN vehicle that has lasted me 5 years. Although, I think it’s on its last legs now. It works out to be less than $70/month.
Transportation Equity Justice.
When I was her age I bought a Toyota Camry for 650 bucks. It was definitely not brand new.
She lives in Texas. The good news is that in 2025, Texas wisely eliminates annual “safety” inspections. Those are designed to discriminate against people like her.
She is stuck now but needs to sell the car yesterday. Private sale to earn as much as possible. She’s going to be upside down for a long time.
Buy a dirt cheap jalopy. Even if it needs repairs it won’t cost $650 a month. Limit driving to necessary trips. Look for a better job than retail or try to get into management.
Eliminate all subscriptions. Listen to the radio for free instead of paying for streaming.
Change the phone to Pure Talk or Patriot Mobile. They are cheap and work great. I have Pure Talk.
Zero restaurant meals. Lots of black beans, peanut butter etc.
Cut the cable. Shop at goodwill and Aldi.
Get the income up and the expenses down.
Most of that advice was our lifestyle for years. We lived at or below our means.
Now, we don’t need to but it’s pretty much a lifestyle.
Just wait a little while kid, and you won’t even be allowed to own a car... Because?.. Govt.
I wonder how much student loan debt she has?
No wonder her spouse gave up up.
She could get a decent and reliable Civic or Accord for $4-8k. Start with Facebook marketplace and AutoTrader. This is an easy one for this girl’s father to help her with. Where is he?
I can’t imagine that. I bought a car for cash in 2011 for 20K. Coincidentally it was a Toyota. It’s now 13 years old but works great. Always get the oil changed!!!!
It hangs over a lot of folks both my daughters did vocational schools related to medical assistant jobs and took out loans.
My oldest is over the hurdle by about 40 the youngest is making headway but was given cash by my father so she could notch up her earning potential with a nursing degree.
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