CAN-USA Tariff Strife (split from various pol threads)

[Czech_pivo]

Things are not all roses and sunshine south of the border.

More monthly auto loan payments are above $1,000, and most are not for luxury models​

More monthly auto loan payments are above $1,000, and most are not for luxury models

The top five models for the $1,000-plus payments were popular pickup trucks including the Ford F-150, Chevrolet Silverado 1500 and Ram 1500.

www.cnbc.com

• Experian Automotive’s analysis of more than 5 million open auto loans and leases in the first quarter shows nearly 19% of new vehicle loans include a monthly payment of at least $1,000
• 
  
• Almost 74% of the auto loans requiring owners to pay $1,000 or more every month are for non-luxury models.
• 
  
• The top five models for the $1,000-plus payments were popular pickup trucks including the Ford F-150, Chevrolet Silverado 1500 and Ram 1500, according to Experian. @Halifax Tar - Does a CDN F150 translate to a 1k/month payment?

Just five years ago, auto loans with monthly payments over $1,000 accounted for just 5.4% of the market.
The average amount borrowed is now at an all-time high of $43,952, and the average monthly payment has also climbed to an all-time high of $770,

All amounts are in USD - so the average borrowed amount would be 43,952 * 1.38 = 60,652 CAD - that's the total amount borrowed, not the purchase price.

 

[Halifax Tar]

Things are not all roses and sunshine south of the border.

More monthly auto loan payments are above $1,000, and most are not for luxury models​

More monthly auto loan payments are above $1,000, and most are not for luxury models

The top five models for the $1,000-plus payments were popular pickup trucks including the Ford F-150, Chevrolet Silverado 1500 and Ram 1500.

www.cnbc.com

• Experian Automotive’s analysis of more than 5 million open auto loans and leases in the first quarter shows nearly 19% of new vehicle loans include a monthly payment of at least $1,000
• 
  
• Almost 74% of the auto loans requiring owners to pay $1,000 or more every month are for non-luxury models.
• 
  
• The top five models for the $1,000-plus payments were popular pickup trucks including the Ford F-150, Chevrolet Silverado 1500 and Ram 1500, according to Experian. @Halifax Tar - Does a CDN F150 translate to a 1k/month payment?

Just five years ago, auto loans with monthly payments over $1,000 accounted for just 5.4% of the market.
The average amount borrowed is now at an all-time high of $43,952, and the average monthly payment has also climbed to an all-time high of $770,

All amounts are in USD - so the average borrowed amount would be 43,952 * 1.38 = 60,652 CAD - that's the total amount borrowed, not the purchase price.

That would depend what trim level you get I think. Right now I'm looking 250s and 350s with the Godzilla engine and I'm prepared to pay that.

 

[Eaglelord17]

Considering the cheapest new car in Canada is around 18k, it goes up quickly from there.

When I bought a SUV for the wife/child the base model was 45k.

 

[Altair]

This is why the wife and I just buy cars in full. Although we financed our last one for 3 months as we waited for an insurance payout, and it was 550 a month with I wasn't a huge fan of.

 

[Eaglelord17]

This is why the wife and I just buy cars in full. Although we financed our last one for 3 months as we waited for an insurance payout, and it was 550 a month with I wasn't a huge fan of.

That is not a option for most.

Take a house. Paying a mortgage for 25 years basically doubles the cost (ex. you buy house for 100k you pay 200kish by time it is all said and done).

Buying outright saves money, especially in the long term. Unfortunately most can’t afford to do so.