Woman Sheds Light on Financial Stress Caused by Monthly Payments for Cars in Viral Video
Car ownership is essential for people even as the costs of buying and maintaining vehicles are going up, along with rising prices for almost everything. In certain states, the number of cars exceeds that of licensed drivers, which indicates a trend where individuals are driving multiple vehicles. As a majority of Americans are opting to finance their car purchases via easy credit, they borrowed a staggering $165 billion for this purpose in the fourth quarter of 2023 alone.
As this trend takes shape, TikToker @jesgragghampton shared a video advising followers against making impulsive decisions regarding car purchases. She emphasizes the financial strain of monthly payments associated with buying a car in her video, cautioning viewers against acting out of envy towards others' acquisitions.
According to her, acquiring a new car typically translates to at least a $500 monthly payment. The video has garnered significant attention, amassing 2.1 million views, with other TikTok user chiming in with their perspectives on the matter.
@Nick R commented, "You don't have a car payment instead you have a mechanic payment, a tow payment, a repair payment." @dennisjohnston36 wrote, "Fact 2014 Kia Soul in great shape had a 2023 Nissan for a rental recently the backup cam was distracting been paid off over three years."
"Yes! I have sobbed bc I make way more than my friends who are buying new but bc we have financial goals, bought a used car that’s now paid off," shared @Wesley B. @Bry Cox wrote, "I’m in my early 30s with my first car payment ever. It’s low because I put a LOT down. But once it’s paid I will be keeping it till the wheels fall."
@Sarah Ryan commented, "Girl they are probably paying closer to $1000 a month these days, no joke." "2006 Chevy Equinox. She has 355,000 miles still going strong. NO CAR PAYMENT!!" @CubbieGirl66 chimed in. @bex expressed, "I miss not having a car payment, but my transmission went out. not paying $2500+ to fix a car worth 1k at best."
@Bobby Chap commented, "Just paid off my second car! Thanks for the motivation to not be ashamed of my 2010 Malibu." @Colleen Upshaw said, "I’ve never had a car payment in my life and that’s my biggest accomplishment."
According to Forbes, 91.7% of households in the United States own at least one vehicle in 2022. For every individual who has a valid driver's license in states such as Wyoming, South Dakota, and North Dakota, there exist an average of two registered vehicles.
Looking at a national picture, the prevalence of households with two vehicles in 2022 stood at a substantial 37%. Furthermore, the number of registered vehicles in the nation increased by 3.5% between 2018 and 2022, from 269,417,884 registered vehicles to 278,870,463 registered vehicles, indicating an upward trend in car ownership. This advice is essential at a time when the cost of car insurance and repairs has also surged.
For more such content, you can follow (@jesgragghampton) on TikTok.