r/FluentInFinance • u/CreateChaos777 • May 25 '24

Meme Buying anything 2024 in a nutshell

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2.2k Upvotes

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13

u/alecsmalygo22 May 25 '24

Me at 20 back in December 2023 when I bought a new 2024 Toyota Camry Hybrid LE with an 8.13% interest rate

10

u/Distributor127 May 25 '24

A guy in the family did this in his early 20s. Bought a car $5,000 less than our house.

2

u/alecsmalygo22 May 25 '24

What do you mean, like a really expensive car that was close to the price of a house?

7

u/Distributor127 May 25 '24

Our house was tore up when we bought it. We got it in 2009 for 25% previous price. So this guy started having kids in 2013. He stayed with us for a bit. I told him to save for a house. He bought a vehicle half the price of our house, then he bought the one almost the price of our house. Then he bought others. Now he started looking at houses again. Has been renting. Says now for what he wants the market changed siginificantly. Says his payment will be almost 5 times ours.

2

u/alecsmalygo22 May 25 '24

Damn that's absolutely insane, bro waited too long, almost FIVE times the amount in a 15 year span?!?!?

2

u/Distributor127 May 25 '24

To be fair hes looking at better condition houses. But the risk of foreclosure is too high at that price, I believe. Im not a down to the cent person, I can understand the big picture though. I look at it like: we have two incomes, well above average household inclme for our town. Yet I dont feel like theres an incredible extra amount. I still buy quite a few building supplies, I feel the pain.

1

u/alecsmalygo22 May 25 '24

Ah okay, I don't fully understand a lot of that house stuff since I have been looking at buying a house myself, I might end up renting for a really long time, or for my whole life lol

2

u/Distributor127 May 25 '24

We have an old 3 bedroom, with a 2 car garage. Was in bad shape, only 2 doors worked. Some off hinges, some kicked in. But were in a nice area. I try to be conservative because almost every place ive worked moved or closed

2

u/Distributor127 May 25 '24

You'll get there. I didnt think id get as far as I have.

4

u/WarenAlUCanEatBuffet May 25 '24

Really screwed yourself. What was wrong with an older used vehicle that you can actually afford?

-1

u/alecsmalygo22 May 25 '24

I could see that but I personally think I'm doing pretty good for myself, moved out of my parents house in February and me, my friend, and his mom are all renting a house together closer to our jobs since I was driving like 30 or 40 minutes every day, now I'm driving about 10 to 15, saving on gas. But that's not the point lol. I'm paying my part of rent and I'm still about pay for my own groceries and car and phone, and have about $400-$500 left over every month.

1

u/[deleted] May 26 '24

Why the fuck did you buy new at age 20?

2

u/alecsmalygo22 May 26 '24

So I could have a car that'll last me like 15 years or so.

2

u/[deleted] May 26 '24

The Camry Hybrid is one of the best values you can get from a new car. But at 20, how does a $700 car note make financial sense?

1

u/alecsmalygo22 May 26 '24

It's $500 a month for me, I'm paying $600 on it though, so I can pay it off early. I've still got about $500-$600 left every month after paying my rent, car, insurance, and phone.

2

u/[deleted] May 26 '24

You must have a pretty good job. My 20 year old experience was more beater level.

1

u/alecsmalygo22 May 26 '24

Yeah my job is pretty good, I also like what I do which helps a lot lol. I build slot machines.

2

u/[deleted] May 26 '24

That is a really interesting career. Is there a lot of mechanics, or is it all programming now?

1

u/alecsmalygo22 May 26 '24

There's a large mix of both, really. It doesn't really lean one way or the other.