A $100,000 car is undoubtedly an expensive vehicle, but there are some situations when you either want one or need one (such as if you have a large family and need a large SUV with three rows of seating and tons of towing capacity).
If you have the money in your bank account and can pay cash for such an expensive vehicle, then there’s nothing wrong with buying one as long as you aren’t compromising other important financial goals to do it. But, most people don’t just have that much sitting around in a savings account to pay cash for a car.
So, if you buy a $100,000 car, just how much would you spend on it if you took out a loan to make the purchase? Here’s what the monthly payments on a $100,000 car would look like.
This is what you’d spend on a $100,000 car
At the end of 2022, the average APR on a new financed car was 6.5%, per Edmunds. But the interest rate you would pay now might differ from this amount. Both the interest rate and the length of your auto loan repayment term determine what your monthly payments would be.
The table below shows what the monthly payments and total interest costs would be on a $100,000 vehicle, assuming you put 10% down ($10,000) and borrowed $90,000 to buy it.
| Loan term | 5.00% interest rate | 6.5% interest rate | 8.00% interest rate |
|---|---|---|---|
| 4 years | Per month: $2,072.64 Total interest: $9,486.55 |
Per month: $2,134.35 Total interest: $12,448.60 |
Per month: $2,197.16 Total interest: $15,463.82 |
| 5 years | Per month: $1,698.41 Total interest: $11,904.66 |
Per month: $1,760.95 Total interest: $15,657.20 |
Per month: $1,824.88 Total interest: $19,492.53 |
| 6 years | Per month: $1,449.44 Total interest: $14,359.96 |
Per month: $1,512.89 Total interest: $18,928.34 |
Per month: $1,577.99 Total interest: $23,615.40 |
| 7 years | Per month: $1,272.05 Total interest: $16,852.35 |
Per month: $1,336.45 Total interest: $22,261.74 |
Per month: $1,402.76 Total interest: $27,831.78 |
