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Do I go get a new car or stick with my current ride which is paid off?
Posted on 3/9/15 at 9:49 pm
Posted on 3/9/15 at 9:49 pm
Currently driving a 2004 Honda CRV and it's fully paid off. However, after crunching the numbers, I could probably take on a new car. It's just nice not having a car note every month while I wrap up school. My question to you guys is what would you do?
Posted on 3/9/15 at 9:51 pm to xxKylexx
I'd drive into the ground, but that's me. Ymmv, quite literally.
Posted on 3/9/15 at 9:52 pm to xxKylexx
as far as I am concerned, a vehicle is the worst possible place to put money...it depreciates basically to $0 in a decade...
I typically keep my vehicles until they are 15 - 17 years old, as long as they are dependable...
I think you can probably see where I stand on this...
I typically keep my vehicles until they are 15 - 17 years old, as long as they are dependable...
I think you can probably see where I stand on this...
Posted on 3/9/15 at 9:53 pm to xxKylexx
Tis cheaper to drive, whats already paid for.
Posted on 3/9/15 at 9:54 pm to xxKylexx
How many years left of school?
Posted on 3/9/15 at 9:54 pm to xxKylexx
Keep older car. Wait until you are out of school and have a job and then you can look at your budget and see what you can realistically afford. Start saving now for a really good down payment.
Posted on 3/9/15 at 9:54 pm to Spankum
quote:
.it depreciates basically to $0 in a decade...
Then just keep driving it till it dies.
Posted on 3/9/15 at 9:56 pm to Spankum
quote:
I typically keep my vehicles until they are 15 - 17 years old, as long as they are dependable...
So you plan on having maybe 3 different vehicles in your entire lifetime?
Posted on 3/9/15 at 9:59 pm to southernelite
quote:
So you plan on having maybe 3 different vehicles in your entire lifetime?
my first couple were used, so I have already had 3....but that would be ideal....
Posted on 3/9/15 at 10:17 pm to Spankum
I'll drive my current one until it dies. Which will be a good long while since it is a straight 6 Wrangler. Then I'll throw a crate motor in it and keep driving it.
Posted on 3/9/15 at 10:30 pm to lsunurse
quote:down payment? Buy with cash. If you can't buy what you want with cash, buy something cheaper.
Start saving now for a really good down payment.
This post was edited on 3/9/15 at 10:30 pm
Posted on 3/9/15 at 10:31 pm to WDE24
quote:
down payment? Buy with cash. If you can't buy what you want with cash, buy something cheaper.
I see this all the time on here, but the fact is the EXTREME majority of people simply can not afford to do this.
Posted on 3/9/15 at 10:32 pm to SG_Geaux
Yes they can. If they plan, save and buy a cheap car.
Posted on 3/9/15 at 10:49 pm to WDE24
If you aren't having to use money for upkeep every month, just keep it.
Posted on 3/9/15 at 10:54 pm to WDE24
quote:
Yes they can. If they plan, save and buy a cheap car.
you also have to balance cheap with reliable. below a certain threshold it makes sense to borrow a bit and get something that will hold up for several years with a low probability of mechanical failure.
also worth considering that most people don't really know how to fix much of what goes wrong with a car, so everything that goes wrong is either going to cost them at the mechanic, or be ignored until it leads to a failure that can't be ignored.
the way i see it, if you have to borrow 15 grand to buy a car that won't be in the shop three times a year, make higher than minimum payments at a reasonably low interest rate, and keep the car for at least a couple years after paying it off, you're doing better than if you buy a 5k piece of crap that runs you 2k in annual maintenance and repairs, then has no value when you have to replace it five years later.
in the op's case, much better to keep what he has through college. crv's are pretty reliable and car payment money sitting in my bank account would've been a big deal while i was in college. keeping yourself from overextending is way more significant to me than the perils of borrowing. when budgeting, "probably" is a quick way to find yourself urging the calendar towards your next paycheck.
Posted on 3/9/15 at 10:56 pm to WDE24
Money Talk board.
If it's dependable and not costing you any upkeep/maintenance, keep it. The longer you own a vehicle the better the return. Just be weary of any upcoming maintenance costs (tires, timing belt, warranty expiration).
Advice for finacially irresponsible people only. With interest rates where they are, no reason to pay cash.
If it's dependable and not costing you any upkeep/maintenance, keep it. The longer you own a vehicle the better the return. Just be weary of any upcoming maintenance costs (tires, timing belt, warranty expiration).
quote:
down payment? Buy with cash. If you can't buy what you want with cash, buy something cheaper.
Advice for finacially irresponsible people only. With interest rates where they are, no reason to pay cash.
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