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Posted on 4/1/11 at 3:35 pm to Golfer
quote:
Contrary to popular belief, debt is not always bad.
I couldn't agree more. I just don't think it is wise for a 22 year old to finance a 30k vehicle and I don't think you believe it is a good financial move either.
Good debt can be a great thing. I borrowed 45k last week for an investment property.
I think we can agree that this isn't "good" debt.
Posted on 4/1/11 at 3:37 pm to RBWilliams8
Well, how much can you afford to put down (cash do you have saved), and how much do you make a year?
Just saying, that's is an expensive arse car for a 22 year old to finance. Consider looking at used cars about 3 years old you can get for 15k. Not knowing anything about your financial situation (but seeing you have a kiddo), I'd say keep your monthly income as liquid as possible (keeping your monthly payment liability as small as you can). You can get a really nice used car for 15k that will get you and the kid around just fine.
Just my 2 cents.
Just saying, that's is an expensive arse car for a 22 year old to finance. Consider looking at used cars about 3 years old you can get for 15k. Not knowing anything about your financial situation (but seeing you have a kiddo), I'd say keep your monthly income as liquid as possible (keeping your monthly payment liability as small as you can). You can get a really nice used car for 15k that will get you and the kid around just fine.
Just my 2 cents.
Posted on 4/1/11 at 3:37 pm to Korkstand
quote:
Why throw $30k straight into a vehicle where it's guaranteed to lose value, and fast?
The vehicle will do this whether you're paying interest on it or not
Posted on 4/1/11 at 3:40 pm to yellowfin
The more disturbing aspect of this is that the OP is talking about a jeep cherokee or z 71... dude got shitty taste in vehicles Imho.
Posted on 4/1/11 at 3:43 pm to yellowfin
quote:
The vehicle will do this whether you're paying interest on it or not
I understand that, but if you can get returns on the money that are higher than the interest rate, isn't it in your favor to finance?
Posted on 4/1/11 at 3:45 pm to aupsh
I was thinking 10k cash, and financing the rest.
Posted on 4/1/11 at 3:46 pm to Korkstand
Plus depreciation...
Posted on 4/1/11 at 3:49 pm to RBWilliams8
quote:
I was thinking 10k cash, and financing the rest.
Pocket 7k of that and find a pre-owned/ low miles vehicle.
Posted on 4/1/11 at 3:51 pm to RBWilliams8
Not to pry too much, but how much are you leaving yourself with if you put down 10k? If you don't have enough of a "shite happens" account, then shite WILL happen 
Posted on 4/1/11 at 3:52 pm to Chad504boy
quote:
Posted by Chad504boy The more disturbing aspect of this is that the OP is talking about a jeep cherokee or z 71... dude got shitty taste in vehicles Imho.
Though it still may not be your taste, it's got a pretty high safety and gas mpg rating. And it's not the same charokee from the past.
As far as the Z-71 it was my first truck I bought after high school. And it was a 2500 4x4 not a Z-71. That's just easier to type. Regardless. What's wrong with a teenager wanting a z-71?
Posted on 4/1/11 at 3:53 pm to Korkstand
quote:
I understand that, but if you can get returns on the money that are higher than the interest rate, isn't it in your favor to finance?
Sure but that doesn't have anything to do with the vehicle going down in value. The other thing is most people are just going to leave that money in a saving so the return will be shite.
Posted on 4/1/11 at 3:54 pm to RBWilliams8
quote:
Though it still may not be your taste, it's got a pretty high safety and gas mpg rating. And it's not the same charokee from the past.
Not bad, i've quickly become a huge fan of pre-owned luxury.
Posted on 4/1/11 at 3:54 pm to RBWilliams8
I have to say I haven't liked most of the Grand Cherokees, but I drove the 2011 one recently and it's pretty nice. Much better than the shite they made in the early 2000's
Posted on 4/1/11 at 3:54 pm to Brageous
I got around 6k tax refund today (I know I'm poor) along with what I've been saving over the years... I'm young and ignorant on the subject but I'm not going empty my bank account on just one fancy record player.
Posted on 4/1/11 at 3:54 pm to Chad504boy
How long did you finance that boat for Chad?
Posted on 4/1/11 at 3:55 pm to yellowfin
quote:
How long did you finance that boat for Chad?
what boat?
Posted on 4/1/11 at 3:56 pm to RBWilliams8
quote:
Fwiw it's a 2011 charokee
Actually, the smart thing to do would be to get a used vehicle regardless of how you pay for it.
Posted on 4/1/11 at 4:00 pm to RBWilliams8
yeah I'm not trying to come off as assuming you don't know shite...I'm just curious. Everybody has preferences, but I wouldn't go that expensive or new. There are plenty of solid vehicles you can get for 15-20k IMO. You could put down a solid downpayment and not pay a ton in interest.
Posted on 4/1/11 at 4:00 pm to Chad504boy
The boat you posted that you bought on the outdoor board
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