Going Into Truck Debt Warning
If you have not bought a new truck the past few to several years and are thinking about buying a new one today, now is the time to do a reality check on what you can roughly expect in monthly payments before putting yourself and your family at risk of getting into some serious truck debt.
New Vehicle Payments Are on the Rise
Many of us have lived through new vehicle payments that went on for 36-72 months depending on the deal brokered with the dealership and the funding institution or bank. Payments were typically a few hundred a month and there was always the option of leasing a new vehicle for a little less per month.
Today, however, with new car prices still rising, that new vehicle purchase/payment plan is significantly higher. In fact, the average reported monthly payment for a new vehicle is $667!
While there are multiple factors behind car payments that include:
• The type of vehicle you buy and where
• The loan amount
• The length of the loan
• The interest rate
This is all fluid depending on your income, your total debt and your credit score. The crux of the matter is that the worse off you are financially, the more you will have to pay per month to own the vehicle you want…but not necessarily need.
Related article: Cheapest Pickup Trucks In 2022
And that is the underlying point of this recommended video posted by the Your Advocate Alliance YouTube channel that shows just how many new vehicle owners are overpaying on specific models of vehicles---as much as $1000 or more per month!
Before going to the dealership lot and getting caught up in the excitement of a new truck purchase, this is a must-watch video to help curb that shopping impulse and take the time to reconsider what you can afford to pay (or are willing to pay) for a new truck right now.
Related article: The Working Man’s Gas Guzzler Truck That Can Be a Great Deal Today
Please note: the timepoint for just trucks is from 6:20 to 7:00 of the video. If you are curious how sedans and SUVs stack up as well, then you will want to watch the entire 7-minute video.
Americans Are STUPID & Spend TOO MUCH On Cars
For additional articles about smart car and truck shopping, here are a few for your consideration:
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Timothy Boyer is a Torque News automotive reporter based in Cincinnati. Experienced with early car restorations, he regularly restores older vehicles with engine modifications for improved performance. Follow Tim on Twitter at @TimBoyerWrites for daily new and used vehicle news.
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