I don't get all these people that take on massive car loans and then 6, 12 or 18 months later want to dramatically reduce their payments. Honestly, if they need to find a few hundred a month, maybe there's some other way without getting screwed so badly? I was looking at our monthly bills, and some of them are hella expensive and I'm sure we could either trim them, or lose them.
One is the cell bill. We shell out $200/month for three phones on a family share plan. If we dropped the smart phones and got cheap pay-as-you-go phones we could save at least $100/month, maybe more.
Cable/internet is $180/month. I'm sure we could trim $100/month from that too.
Insurance is $556/month - ouch because the kid's insurance is in that bill, but that's for FOUR cars. We could make the kid pay her own bill, I could sell the Miata, and we'd trim that down to well under $300/month. There's at least $250/month.
Without much effort, I've found $500/month.
We could trim more if we sold the house and moved into Edmonton, the property tax savings would be $200/month at least. That's a much more drastic move - costly too - and would make sense only if we wanted to cut a mortgage payment as well through downsizing. As we have no mortgage, that's not really way for use to trim monthly costs effectively. But, with some effort on selling the house ourselves and so on, it could be done.
Do people really sit down and try to see where they can save money? Realistically, do we think someone that would take on $62K on a Jeep that he wants out of in in a year thinks things through? Guess not.
What amazes me is that you have to have a pretty good job and earn a pretty good living to borrow $62,000 for a car. Shouldn't someone capable of making that much money be smarter? I get when really poor people get themselves going down the drain on payday loans and crap like that - but people earning six figures?
