How can you afford the cost of a new SUV?

[Marky Dissod]

Why do so many people assume that folks buying these expensive SUVs is trying to keep up with the Joneses?

Because that is AMERICAN culture to a T.
If you need the latest clothes, shoes, TV subscriptions, computer, gaming console, etc because your friends or neighbors have it (directly or indirectly) you fall into that scenario. Basically ... if you can't live without feeling like less than others and buy stuff to impress yourself, or others, you fit the bill.

The vast majority of the so-called advancements in vehicle development over the past 25 years have NOT yielded proportionate or commensurate improvements in MpG, durability, longevity, drivability, or cost of ownership over the life of the vehicle.
Oh, and I very strongly doubt a 2022 Takonbalade will last 20 years as well as my very middling example of an '02 Tahoe.

 

[Geotrash]

The vast majority of the so-called advancements in vehicle development over the past 25 years have NOT yielded proportionate or commensurate improvements in MpG, durability, longevity, drivability, or cost of ownership over the life of the vehicle.
Oh, and I very strongly doubt a 2022 Takonbalade will last 20 years as well as my very middling example of an '02 Tahoe.

lol. Takonbalade.

 

[dwlow09]

Hi everyone,

Apologies for the sort of asinine question. It's on my mind and this might be more of a way to convince myself to pull the trigger.

I'm looking at an almost brand new Tahoe for my wife and I'm having a hard time pulling the trigger. Outside of it not having captain's chairs (just posted a question regarding that), something else is knawing at me. I've never spent more than $40,000 on a car, and that was for a sports car before I was married and had kids. I know hyper inflation has caused a good bit of the cost, but some of these SUVs are costing 6 figures and I can't pull the trigger for something that costs as much as some people's houses. I make a good wage and I'm well in the middle class area of my income (around 120k). My wife works as well, but it's a negligible amount since it's only once a week typically. I don't want to go into our finances and I suppose I'm getting distracted from the question at this point...

We can 100% afford the car. Sure we'll have to cut down on some other luxuries but I suppose the question is, should we? With the exception of things like old project cars, cars lose their value and it's a quick slope to worthless. I live in a city where morons rule the streets. My car has been hit 4 times and has gone from perfect and superb where I took it to car shows to now, I don't care about it, it gets me from A to B. So I'm asking is spending around $80,000 for a car I know is only going to depreciate over time worth the sticker price.

I don't want to buy used past '21 mostly because I want the 3.0L for economic and maintenance purposes. Plus the used market is insane right now and seems like buying new is a better idea.

If you can wait till after the first of the year I'd do that. Economy is getting worse not better, don't believe what you hear in the msm. Just look at all the banks closing branches, laying off thousands and the automobile market is no better, if you can wait till middle of Jan. The dam is about to burst.

 

[George B]

yep, i'm poor probably have to work until the bones pop out of my decript flesh

Same

 

[Stbentoak]

Why do so many people assume that folks buying these expensive SUVs is trying to keep up with the Joneses?

You should see the cars in my neighborhood.... Heck the Yukon looks like what the help should be driving. They drive Bentleys to Lowes here in SWFL. I asked a guy once at Lowes after seeing him put gallons of paint and Mulch in a brand-new Cayenne if that bothered him, He said nah, this is my weekend beater car.....

I ain't tryin to keep up with anyone, believe me...

 

[Polo08816]

If you can wait till after the first of the year I'd do that. Economy is getting worse not better, don't believe what you hear in the msm. Just look at all the banks closing branches, laying off thousands and the automobile market is no better, if you can wait till middle of Jan. The dam is about to burst.

+1.

We're not planning on buying GM products next, but the principle is the same.

The 1/2 ton pickup market will certainly be oversupplied by Jan 2024. We're looking to place an order for a 2024 F150 in January/February.

We've put off our purchase of a 1/2 ton based full size SUV purchase until 2025-2026 when both Ford and GM have refreshed Suburban/Yukon XL and Ford Expedition Maxs. Also, an additional 2 years should be enough time for GM and Ford to increase their 1/2 ton based full size SUV production.

 

[Geotrash]

If you can wait till after the first of the year I'd do that. Economy is getting worse not better, don't believe what you hear in the msm. Just look at all the banks closing branches, laying off thousands and the automobile market is no better, if you can wait till middle of Jan. The dam is about to burst.

Inflation is back down to 3.1%. The fed will likely start dropping interest rates again in 2024. Friends of mine who were laid off are getting jobs again. Gas prices are down again. Things are getting back to where they were before the pandemic. Remarkable, really.

That said, I agree with you that the price of these still has a long way to fall.

 

[steiny93]

The vast majority of the so-called advancements in vehicle development over the past 25 years have NOT yielded proportionate or commensurate improvements in MpG, durability, longevity, drivability, or cost of ownership over the life of the vehicle.
Oh, and I very strongly doubt a 2022 Takonbalade will last 20 years as well as my very middling example of an '02 Tahoe.

From an advancement perspective, I disagree

Considering Performance:
1998 chevy 1500 4x4 towing 5k - 6k
1998 chevy 1500 4x4 with the 5.7, 255hp, 12/17 mileage

2023 chevy 1500 4x4 towing 8800 - 9500
2023 chevy 1500 4x4 with the 5.3, 355hp, 16/20 mileage
2023 chevy 1500 4x4 with the 6.2, 420hp, 16/20 mileage
2023 chevy 1500 4x4 with the 3.0, 305hp, 24/29 mileage

The 2023's are significantly more drivable, auto 4x4 wasn't in the 1998 version. The brakes, traction control, stability systems are night and day different. When you drive them they aren't the same, the 1998 is loud, handles worse, brakes worse, hvac is worse, performs worse, less comfortable, it isn't on the same level as a 2023 flavor.

Durability / longevity; its a crap shoot. Lots of high mileage vehicles across all the years.
Getting high mileage out of a 255hp power train is a lot easier then out of a 420hp power train.

My ecoDiesel has had a significantly lower total cost of ownership then the gaser gmc it replaced. My wife's denali duramax is also cheaper to run then the 6.2 it replaced (double the empty mileage, triple the towing mileage), maintenance has been a wash.

 

[GMCnewbee]

Amen, yes some of those "newfangled gadgets" cause us to question the advancements in technology. But if you think the new stuff won't last as long as the old stuff you are just guessing. Are the new vehicles perfect? No. Are they very good? Yes. I have been driving large vehicles for a long time and they are much better than they ever were.

But back to the question about affordability, I have driven some real Pieces of Crap over the years because that was all we could afford. Hard work and saving has resulting in the ability today to buy something much nicer. Funny how that works.

 

[TollKeeper]

I honestly cant afford a new car.. Well placed finances from my grand parents have afforded me things I would not normally be able to afford.. Including my house, and my soon to be Rivian.

The only reason I am even buying a new truck is because I physically cant work on vehicles anymore. I am only 46 (turning 47 on X-Mas), but my body thinks its in its 70's. I purposely looked for a vehicle that had the longest warranty coverage. The results were Rivian, Kia/Hyundai/Genesis, and Mitsubishi being at the top of that list. Tesla is up there too... But I am not buying an egg.

Factory Warranty List | Automotive Manufacturer Warranties

Car warranties listed by brand, model year, term, & miles. New car warranty comparison. Used car factory warranty remainder. Check Warranty by VIN.

www.factorywarrantylist.com

That said, I started a poll on the Rivian forums, without asking specifics about the people, how much the made. The answer surprised me!!


I was the lowest income on that forum, at 66k.

I think the big difference there is that I would bet most of them are White Collar.. And here I would bet most are Blue Collar.
But thats just an opinion.