[ceejayoz]

Most people do not make a car payment every month of their lives. They’re usually 3-5 year loans.

The average amount of a car payment and the average amount an American pays in car payments in an average month are vastly different stats.

Contrived example: I buy a $20k car. $500/month payments, 0% interest for simplicity of the math. I keep it for 20 years.

It cost me $83/month on average to purchase. My car payment was $500.

[nradov]

Loan terms have gotten longer. The average new car loan is now 68 months, and many go up to 84 months.

https://www.nerdwallet.com/article/loans/auto-loans/average-...

That might not be wise from a personal finance standpoint but buyers seem to prefer longer loans now.

[dangus]

On the one hand, I get what you’re saying and logically it makes sense. On the other hand, you’re seriously downplaying the increasing lack of affordability of modern vehicles.

What $20k car are you talking about exactly?

A new Toyota Camry base model costs nearly $30k.

And that is basically the most sensible no-frills vehicle you can buy.

In my area a $20,000 example of a Camry already has 80,000 miles on it and is a full 5 years old.

You are not keeping a $20k car for 20 years for a total lifespan of 25 years. That isn’t realistic at all.

[ceejayoz]

A new Corolla’s MSRP is $23k, and not every car payment is for a brand new car.

It’s a far more realistic example than the pricey BMW SUVs people are linking with five-year cost summaries here.

The point is “average monthly car payment” and “average money spent per month purchasing cars” aren’t the same stats, just like the cost of a heart transplant doesn’t translate to how much I pay this month for one.

[dangus]

How does a family with three kids fit into a Corolla?

If we just dive down the rabbit hole of cheaper economy cars all we are saying is that the standard of living is declining when we compare to the past.

A 1987 Dodge Caravan cost between $25k and $38k in today's money. You can't even get a base model Chrysler Pacifica for that much.

I agree on the fact that most people are buying used cars...but used car prices are based on the benchmark of new car prices, and they're higher APR loans as well. So really both categories are getting less and less affordable.

[ceejayoz]

> How does a family with three kids fit into a Corolla?

By getting in? It has five seats, just like the Camry. It's ~2" narrower.

[elevatedastalt]

A Corolla cannot accommodate 3 child seats.

[ceejayoz]

You can fit three Graco SlimFits in there, as a Corolla owner I've done it. One has to be rear-facing.

It wouldn't be my primary car of choice for triplets, but plenty of families of five don't have three in the bulky kind of car seats simultaneously.

https://www.deserttoyota.com/toyota-camry-vs-toyota-corolla/ says the Camry is 72.4 inches wide, the Corolla 70.1 inches.