Question

Hello everyone.  So, I am adding a car payment into my budget.Hello everyone. So, I am adding a car payment into my budget. It is something I have been planning and expecting for over a year now. I saved up my down payment of $3k and I'm very excited for it. My monthly car payment is $347 and my insurance is $61. Are these pretty average payments? It's a 2016 with under 40k miles, in perfect condition. What are your monthly car payments and insurance payments? I want to see if mine are pretty average.  

Answer 1

We pay $256 for a Chevy Equinox. That was with nothing down. Our insurance is over $500 a month because of 2 car accidents in the same year.  

Comments

Ours is a lease though so basically renting the vehicle)

Answer 2

I have two right now. 2014 Dodge Journey that will be paid off next month that payment is $380 per week. I also pay my daughters who is in college. 2019 Ford Fusion. $383 per month. we have progressive with 4 cars on it. Pay 180 per month.  

Answer 3

I have a 2016 equinox and payments are 342 that’s after I refinanced after the first year. It was about 50$ more. Insurance is now 116 as of today

Answer 4

I think mine is $386 (I pay more) - brand new when I bought it. Less than $9k to go!  

Answer 5

I pay $449 a month for a 2015 Dodge Durango limited. I bought it in 2018 with 23k miles on it. My insurance is $125/month

Answer 6

$432 dodge caravan 2017 insurance is $116 hubby takes the train dt so its way cheaper insurance wise

Answer 7

My car payments for the next 3 months are 266 and 260 and insurance is 115. In three months they will both be paid off

Answer 8

550 2019 Subaru Forester $100 insurance 67 insurance for our Kia Sorento

Comments

Alexandria, do you love your Forester? It’s my next car I want but I’ve yet to drive one.  

Answer 9

2017 Subaru Crosstrek $360 payment & 2018 Subaru Forester $370 payment - $220 a month for insurance in Colorado

Answer 10

When we financed our car back in 2017 we bought a 2015 Chrysler 200 with 40k miles. Our trade in was 800 with another 800 cash. We pay 291 a month and around 100 in insurance. Our financed amount was 18k (rolled over a loan)

Answer 11

What is everyone’s limits for their full coverage? Your prices for insurance are super cheap. I just purchased a 2020 corolla with 11, 900 miles today. I have to call insurance tomorrow morning I’m hoping I get numbers like you

Comments

@esqueda219 depends where you live too. Country vs city. that one shocked me. But I do mean which city/ province/state

Answer 12

$305 car payment, $95 insurance

Answer 13

I bought a 2014 Nissan car brand new. 5500 down 0 interest 6 yr loan. It was 317. 85/month for the payment.  

Answer 14

Pretty embarrassed by our car payment. Bought a brand new 2016 Sentra in 2017, no down payment and had to tack on negative equity from a truck we couldn’t afford at that time. Our payments are 514. 24 a month and pay 125 a month insurance(husband has a ticket). We’re trading it in within the next week or so for something older and cheaper to save money quicker for a home. Not to mention when we bought this car we only had two kids. Found out I was pregnant a month later with our third and had since grown out of the car!  

Answer 15

Wow! We got a brand new Dodge Journey in 2015 - 657. 00 a month! We had no money down. . Our ins is 125. 00 it covers the Journey and a 2005 Durango. I am blown away at how high our car payment is compared to these! I want to start paying extra on it to try to get it paid off early. .  

Comments

@sibilant I have a 2015 Dodge Journey and pay $338 a month! I would look into refinancing and getting a lower interest rate. I put nothing down and my trade was a break even.  

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@sibilant yes it’s due to the interest rate.  

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@sibilant on a 60 month loan, that’s $40, 000 Msrp is $24k brand new so probably 20-22 in 2015. You are playing close to double the price of the vehicle.  

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@aerogram what are the pros and cons of refinancing? I heard if you refinance it will change your car payment but the loan in general will become a little higher by the time you’re ready to pay it off. As far as interest rate, what does that cover?  

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@featherbrain in some ocasions you can refi at the same amount of months you have left and lower your apr and payment, other times they have to extend the months and lower Apr and payment. (Used to work at Toyota so we did refi’s through Kinecta credit union).  

Answer 16

I hate our car payments I have a 2012 Ford Edge I traded in a truck and whatever was left on that was put into the new loan  $441 a month My hubs leased a 2017 Chevy Colorado for $412 and thankfully that is up in May! We pay $204 for ins

Answer 17

No car payment. But it was 347. Car insurance is 96. One driver one car in so cal.  

Answer 18

$295 car payment $120 insurance but that’s full coverage on 2 cars.  

Answer 19

2019 Kia forte 450 and insurance 130

Answer 20

Mine is 359 a month it a 16 i believe i pay a little over 700 for 6 months. michigan insurance is high and worthless

Answer 21

I bought a brand new Sonata 2013 with 0 down and 3 percent interest. My payments were 328 for 6 years. Insurance was around 110 then I switched to progressive and pay around 86.  

Answer 22

Mines $431 a month and $241 insurance. How come everyone insurance is really low? I got in my first accident last year and it shot up compared to where it was at last year. Plus, In a different state.  

Answer 23

I have a $399 payment for a 5 year loan. And my insurance is $92 in Southern California.  

Answer 24

I pay $200 a month for my 2014 Chevy Cruze and $90 a month for progressive auto insurance. I had to shop around a bit to bring my insurance down and eventually I’ll be able to refinance my car!  

Answer 25

My 2018 rav4 is $375 a month. bought it brand new. Full coverage on our 2 vehicles is $170/mo

Answer 26

2014 Ford Edge payment 350 a month. My insurance is crazy each month at 456. 00. However, It includes my husband and 20 year old on the policy with 5 vehicles full coverage on 3 and liability on 2.  

Answer 27

2016 kia sportage for $267 for me, 2016 Nissan Sentra at 356 for my husband, our insurance is high at 302 per month  

Answer 28

I got a 2018 chevy cruze 4 year lease $311 monthly. I pay my car insurance for the full year came to 2, 800.  

Answer 29

16, 226 loan for a 2019 Toyota Corolla (no down payment) @ $359 a month insurance - 150 month - our goal is to have it paid off in 2 years.  

Answer 30

298 on 1 and 340 on the other. Insurance is 280 but we have a teen driver.  

Answer 31

61 a month for insurance? Is that with full coverage?  

Answer 32

That sounds like a high car payment. What the purchase price out the door? That’s what you should look at more than monthly payment. My payment on a 2015 that I bought in 2017 is $216. Purchase price just under 12, 000.