Car salesmen share the steepest, most eye-wateringly high monthly payments they’ve ever sold
Premier Autos of Dallas is a used high-dollar car dealership in Addison, Texas, just north of Dallas. The pre-owned luxury vehicle sales team recently shared the steepest car payment they’ve ever sold to a customer. You’ll want to watch ’til the end, here. While the saying is, “Everything’s bigger in Texas,” I really didn’t think a car payment could get this high.
According to multiple sources, including LendingTree, NerdWallet, and Cox Automotive, the average American car payment is nearing $750 in 2024.
Just from my exposure to the automotive industry, when car payments get into the thousands, say, $2,800-plus, my first guess is usually Lamborghini.
Indeed, Premier currently has two pre-owned Lamborghini Urus SUVs listed between $191,000 and $219,000. The estimated payment with 20% down and a decent credit score is between $3,168 and $3,600.
Premier’s most expensive vehicle listing as of this writing is a 2022 Rolls Royce Ghost (base trim). The sedan has 5,320 miles on the odometer. The dealership is asking $308,000, with an estimated monthly payment of $5,060. Keep in mind that for this quick financing scenario, 20% down would mean shelling out $61,600 before the payments even start.
But a $10,712 car payment for a pre-owned vehicle? You might be asking what model on earth could cost that much a month. Well, I did, anyway.
It’s a bummer the staff member doesn’t reveal the make or model. However, it’s likely the buyer went for a slightly used Aston Martin, Bentley, Bugatti, Lamborghini, Rolls Royce, or other luxury make. To boot, they might have financed for a shorter-than-average term. It’s possible the buyer was even a business purchasing a luxury vehicle to impress clients.
For the ultra-wealthy, there are a variety of scenarios where financing might be “ideal.” While many of them could technically pay cash, they’re better off not tying up the full spend on these vehicles.
Instead, they opt for low down payments, low interest rates, and shorter terms. Why? Mostly to avoid a (not insignificant) crater in their personal or business portfolio. It’s possible that wherever else their money is sitting, it’s generating enough positive interest to pay off the loan (and more). In other words, it’s more of a financial play for folks or entities wanting a high-end car without moving a large chunk of cash.
For “the rest of us,” though, cars aren’t real estate and quickly depreciate unless they’re in rare – and in high-demand – categories. As such, typically, a car payment means ultimately paying more than the vehicle is worth by the end of the term.
