Couple Spends $3000 A Month For 2 Car Payments & Realize They've Barely Paid Off Any Of The Balance After Several Years

"Why did I do this to myself?"

couple shaking hands with car salesman next to SUV Harbucks / Shutterstock

It’s not easy to make big purchases these days. Although something like a house or car is technically a necessity, it’s starting to feel more like a luxury.

One couple learned this the hard way after spending $3,000 a month on their two car payments and hardly making any headway on the balances.

A couple had two car payments that added up to $3,000 but had barely made a dent in the balance after three years.

TikToker Blaisey Arnold, who posts lifestyle content, shared the situation she and her husband were in with their car payments, and what it led them to do.


“Well, after three years with my Tahoe, I am finally getting rid of it,” she announced.



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Arnold then explained how they got to this point. “So, I bought my car, and I financed it for $84,000,” she said. 


“I have been making $1,400 a month payments for the past three years,” she continued. “And, if you do the math, you will see that $1,400 a month payments for three years should be around $50,000 worth of payments. Yeah, well, I’ve only paid off $10,000 of the balance.”

People were shocked by her high car payment and asked if she had any idea what the interest rate was. Several commenters recommended she listen to Dave Ramsey.

“My car payment is $1,400 a month. My interest is 10% … I have an 84-month term,” she stated in another video. But the insanity of it all didn’t stop there. Arnold also shared information about her husband’s car and car payments.



“My husband drives a 2020 GMC AT4 Sierra 1500,” she said. “His payments are $1,600 a month.”


This means that, combined, Arnold and her husband were spending $3,000 a month on car payments. However, due to interest, they had barely touched the balance.

Interest rates on cars have been high for years, although that may be changing.

Just like inflation and interest rates on other things, interest rates on car payments have been high for years. In fact, according to Market Watch, "the average auto loan rate for a 48-month new car loan jumped from 4.87% in January 2022 to 8.30% in September 2023, an increase of 70%.”

However, this upward trend may be cooling in 2024, according to the publication.

As inflation decreases, it is expected that interest rates will as well.




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Arnold learned an important lesson from the unfortunate situation with her car payments.

Despite going through a rough patch with such high car payments and having no end in sight, Arnold said she has learned more about herself.

“Materialistic things used to be, like, so important to me,” she said. “Like, I had to have the best of the best of everything, and, honestly, I am nowhere near that person anymore … And I’m really happy for myself because that is growth.”


Arnold had an important warning for her viewers. “Do not pay so much for something that is so irrelevant,” she said. “Having a nice car is awesome, but it’s not necessary to keep up with the trends anymore.”



However, some questions remain about how much of a financial hardship this was for the Arnolds. Their plan to solve the situation was to get a new car.

“I bought a new car in cash with no car payment,” she said. “We got the Audi Q7.”


According to Audi’s website, the Q7 “[starts] at” $59,500.

Arnold said they might just allow the Tahoe and truck, or at least one of them, to be repossessed.

As one person stated in a comment, “Make it make sense, please.” And we couldn't agree more.

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Mary-Faith Martinez is a writer for YourTango who covers entertainment, news and human interest topics.