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Message
re: .
Posted on 5/24/15 at 9:42 pm to I B Freeman
Posted on 5/24/15 at 9:42 pm to I B Freeman
quote:
You have the luxury to make the decision you describe but you do not such a luxury when you don't have the cash. I promise you there is no "zero" interest. It is in the price and 99 times out of 100 you can get a good cash discount with cash you can't get with 0 interest deals. (I never buy furniture for what the retailer is asking. I start at 50% off in my cash offers.)
This isn't a zero sum game like you're trying to make it sound with the cash. Not having the cash doesn't mean you have zero cash.
0
Posted on 5/24/15 at 9:44 pm to I B Freeman
quote:
send me a link to where one might get a five figure 0% interest loan. I think everyone would be interested in that. There is more to that than you are telling.
A link?
Do you not get offers in the mail from Chase and others? Do you have a high income and excellent credit? OK. Well... If you understand basic (perfectly legal) banking practices, then I shouldn't have to explain much more than that.
Take money. Invest money. Make money. Pay money back prior to the term expiration. Mo money. Mo money. Mo money! Easy squeezy.
But you still need to tell me how those offers are not offering free/0% money on loan.
This post was edited on 5/24/15 at 9:47 pm
Posted on 5/24/15 at 9:54 pm to I B Freeman
Posted on 5/24/15 at 9:56 pm to Jag_Warrior
His argument is if they are offering zero percent interest, they probably will lower the price for cash in hand transactions. Obviously that could be beneficial.
That being said, lets say they go down 200.00 (5% discount). An intelligent person could take that zero percent interest deal and make more than 200 by investing the monies not spent while maintaining some liquidity if wanted.
That being said, lets say they go down 200.00 (5% discount). An intelligent person could take that zero percent interest deal and make more than 200 by investing the monies not spent while maintaining some liquidity if wanted.
Posted on 5/24/15 at 10:07 pm to I B Freeman
Haha. I like the way you changed your numbers once I pointed out that they made no sense. You originally said $4,000 for three years.
ETA: I read it differently than you meant it. I see now. Spending only $1,350 a year on repairs on a $5,000 car is a remarkably conservative assumption, which is why I didn't think that is what you meant. That would be an air conditioning compressor, one minor transmission problem, replacing the used set of tires on the car, and the necessary tune ups and maintenance on an old car. That is basically a best case scenario for a $5,000 car. If you have a major engine problem or a major transmission problem, your $5,000 car is now worth the $650 scrap value. Now you need to go into debt to buy another beater car and you better hope it doesn't happen again.
If we are going to go with these best case scenarios, I'll change my assumption to selling the vehicle for $25,000 3 years later, which isn't that crazy for a durable vehicle like a pickup or a high quality import. Depreciation is now $1,350 per year. Now it's a lower cost to own than the beater once again. My original assumptions were insanely conservative because I thought it was fair to do so when countering your aggressive repair bills of $4,000 per year.
I assume better mileage because virtually every 2015 model vehicle makes much better mileage than the comparable 2005 model. I don't know if you are actually this dense or you think I'm dumb enough to back down if you sound confident enough in your idiotic assertions.
"Let's not even mention the years he has stayed out of debt"
I know your reading comprehension is horrible, but I did factor that in. It's called interest. I included it in the note. Your elementary calculations are the ones that missed out on that.
As far as your comment about sales tax, congrats on moving the bar. Additionally, your comprehension of tax law is just sad. You only pay money on the net transaction. I'm sure that is lost on you, but it doesn't really affect the numbers much anyway, so don't worry about this one.
You can make fun of Clemson all you want, but you are the buffoon here and everyone but you can see it.
ETA: I read it differently than you meant it. I see now. Spending only $1,350 a year on repairs on a $5,000 car is a remarkably conservative assumption, which is why I didn't think that is what you meant. That would be an air conditioning compressor, one minor transmission problem, replacing the used set of tires on the car, and the necessary tune ups and maintenance on an old car. That is basically a best case scenario for a $5,000 car. If you have a major engine problem or a major transmission problem, your $5,000 car is now worth the $650 scrap value. Now you need to go into debt to buy another beater car and you better hope it doesn't happen again.
If we are going to go with these best case scenarios, I'll change my assumption to selling the vehicle for $25,000 3 years later, which isn't that crazy for a durable vehicle like a pickup or a high quality import. Depreciation is now $1,350 per year. Now it's a lower cost to own than the beater once again. My original assumptions were insanely conservative because I thought it was fair to do so when countering your aggressive repair bills of $4,000 per year.
I assume better mileage because virtually every 2015 model vehicle makes much better mileage than the comparable 2005 model. I don't know if you are actually this dense or you think I'm dumb enough to back down if you sound confident enough in your idiotic assertions.
"Let's not even mention the years he has stayed out of debt"
I know your reading comprehension is horrible, but I did factor that in. It's called interest. I included it in the note. Your elementary calculations are the ones that missed out on that.
As far as your comment about sales tax, congrats on moving the bar. Additionally, your comprehension of tax law is just sad. You only pay money on the net transaction. I'm sure that is lost on you, but it doesn't really affect the numbers much anyway, so don't worry about this one.
You can make fun of Clemson all you want, but you are the buffoon here and everyone but you can see it.
This post was edited on 5/24/15 at 10:37 pm
Posted on 5/24/15 at 10:09 pm to yellowfin
quote:
Plenty out there
Good list. You just need one which offers 0% interest and no balance transfer fee. Several used to. But now, Chase seems to be the most liberal in that regard. The Citi, BofA and Discover programs I am aware of hit you with a transfer fee.
Posted on 5/24/15 at 10:12 pm to I B Freeman
As far as your reply about zero percent interest, you did a really good job talking about zero interest deals. There is only one problem. Nowhere in the post you were replying to did he talk about zero percent interest loans. You just relentlessly attacked a sttement that no one made. Do you not see why no one on this entire site looks at any of your comments with a shred of respect? You just spent several minutes replying to a one sentence post and you completely and totally whiffed on writing anything relevant to what he said. Let me remind you that this wasn't a long winded post. IT WAS ONE SENTENCE. Your reading comprehension can't even allow you to wrap your brain around a single sentence. Congratulations.
Posted on 5/24/15 at 11:27 pm to I B Freeman
quote:
You have the luxury to make the decision you describe but you do not such a luxury when you don't have the cash. I promise you there is no "zero" interest. It is in the price and 99 times out of 100 you can get a good cash discount with cash you can't get with 0 interest deals. (I never buy furniture for what the retailer is asking. I start at 50% off in my cash offers.)
Yeah, I'd like to see the look on the cashiers face at crate and barrel, pottery barn, west elm, restoration hardware, ect. when you ask what the "cash price" is.
Look, sometimes cash is superior, but your 99% figure is total BS.
Posted on 5/25/15 at 4:11 am to TheHiddenFlask
quote:
ETA: I read it differently than you meant it. I see now.
quote:
I know your reading comprehension is horrible
quote:
I'll change my assumption to selling the vehicle for $25,000 3 years later, which isn't that crazy for a durable vehicle like a pickup or a high quality import. Depreciation is now $1,350 per year. Now it's a lower cost to own than the beater once again. My original assumptions were insanely conservative because I thought it was fair to do so when countering your aggressive repair bills of $4,000 per year.
Whatever to make you feel better. Next post you will probably say there is a car that doesn't depreciate at all.
quote:
"Let's not even mention the years he has stayed out of debt"
I know your reading comprehension is horrible, but I did factor that in. It's called interest. I included it in the note. Your elementary calculations are the ones that missed out on that.
It is pretty elementary but it is obviously above your head. I know you probably have never been out of debt but it's a good thing. Trust me on that.
quote:
Additionally, your comprehension of tax law is just sad. You only pay money on the net transaction. I
What is this so called "net transaction" when you pay $30000 for a car??? if not $30000?
It's probably best if you give up posting on this topic.
This post was edited on 5/25/15 at 4:13 am
Posted on 5/25/15 at 4:21 am to TigerDeBaiter
quote:
Yeah, I'd like to see the look on the cashiers face at crate and barrel, pottery barn, west elm, restoration hardware, ect. when you ask what the "cash price" is.
Look, sometimes cash is superior, but your 99% figure is total BS.
It is when it comes to furniture and cars and most other retail too. You can almost always find the same stuff they offer for 0% interest on sale latter for a cheaper price.
Look there is no reason to argue. You boys load up on those 0% sucker deals for crap from pottery barn and Ashley furniture. Get you some consumer debt. It will make you rich. IT IS FOR SUCKERS but all of you guys are smarter than that.
So many posters here are making fortunes loading up 0% credit cards that they will soon surpass Buffet in terms of total wealth.
Cash is always superior to debt when you are buying these highly depreciable items.
Posted on 5/25/15 at 8:54 am to I B Freeman
quote:
Cash is always superior to debt when you are buying these highly depreciable items.
It's blanket statements like this that bother most of us.
Posted on 5/25/15 at 10:05 am to Jcorye1
Financing furniture means you're poor
Posted on 5/25/15 at 10:19 am to Jcorye1
quote:
Cash is always superior to debt when you are buying these highly depreciable items.
It's blanket statements like this that bother most of us.
It is a blanket statement that if you follow you will be better off.
If nothing else consider that debt is debt and if you use your borrowing ability for such foolish purchases you may very well find yourself having to pass the opportunity to invest in appreciable assets.
The more likely thing is many will have so much consumer debt for foolish purchases they will have to forego things like changing jobs or buying the house they want things like that because they have debt to pay.
But you boys obviously know more than me. The OP who doesn't have the cash to buy bedroom furniture-- should follow your advice and a year from now when he is still paying for the stuff perhaps you boys can throw in some money to help him out.
Heaven forbid he follows ole IB's advice and saves up his money before he buys the furniture. What kind of fool would do that?
Posted on 5/25/15 at 10:21 am to SDVTiger
quote:
Financing furniture means you're poor
Exactly and you will remain so if you do not develop saving habits and work habits that keep you out of debt.
Posted on 5/25/15 at 11:15 am to I B Freeman
Pottery barn =\= Ashley furniture
Please visit each of the stores I listed and ask what the "cash price" is and report back.
Video would be nice too.
Please visit each of the stores I listed and ask what the "cash price" is and report back.
Video would be nice too.
Posted on 5/25/15 at 11:17 am to I B Freeman
I love this board. I can't think of anywhere else people would get into a fistfight over financing furniture
Posted on 5/25/15 at 9:41 pm to I B Freeman
I drove my last car for less than $1,000 per year in depreciation. It was a pickup.
your dimissals don't do you any good. Just keep thinking you're right.
your dimissals don't do you any good. Just keep thinking you're right.
Posted on 5/25/15 at 11:20 pm to CQQ
quote:The money is not free. You are just borrowing less than the stated amount of principle, and the interest you are actually paying is just part of the purchase price to make it seem like a great offer. What should you deduce from the terms about the mark up on the furniture?
Is it irresponsible or just using free money?
Hint: the interest is included in the sales price.
Posted on 5/26/15 at 2:07 am to TheHiddenFlask
quote:
you are the buffoon here and everyone but you can see it.
Wrong on both counts.
He is correct that borrowing money to buy furniture or cars is a terrible idea. Yes, there are times and circumstances when it is a sound financial decision, but you're arguing the exception rather than a very good rule. I'm wondering why you're beating this dead horse of taking up valuable space on my board.
The only thing more ridiculous than attacking Freeman for advising people that it's a bad idea to borrow for depreciable assets is attacking him for his 100% correct stance on the movie credit fiasco. Both are sound financial views.
Posted on 5/26/15 at 8:33 am to Ole War Skule
quote:
. I'm wondering why you're beating this dead horse of taking up valuable space on my board.
Chicken?
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