Re:Many Americans who live paycheck to paycheck blame debt
by laurencerowe on Saturday July 20, 2019 @04:56PM
(#20488321)
In the Bay Area more realistic numbers seem to be around $2000 for a beater and $2000/year for fixing things that go wrong with it (mostly labour costs, $120-150/hour at independent shops here.)
Had my commute been a little less (bringing me under 15K miles a year) the overall cost was remarkably similar to a lease on a modest car.
Not everyone in America needs or wants a car (NYC, etc). But everyone needs a roof over their head, and so I would vouch that the most ruinous financial baggage is....rent.
In my area minimum rent starts around $700/mo, but I have friends in the Bay paying $2000+/mo. $2000 a month! You could buy 2 beaters every month with that! Your first car broke down because it cost $900? Don't worry, just buy another for $900 and still have $200 left over...
I recognize repairs are expensive for cars that are $30k or even $20k, but there is nothing mandating you to keep that car or to not trade it in for a sub-$5k beater. The only counterargument here would be safety, and if you have kids, I guess that justifies the price tag.
Kids or not, though, you still need to pay rent, and if you're lucky enough to own a house, you still need to pay a mortgage.