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re: Who is the national market for $80k suv's?
Posted on 10/24/21 at 8:45 pm to Wasting Time
Posted on 10/24/21 at 8:45 pm to Wasting Time
quote:
But you people are financial idiots.
quote:
I'm paying for a horse and horse jumping training
Yeah pal we're the idiots. Owning a horse and paying for "horse jumping" lessons makes a ton of sense. Your daughter probably won't have any desire to jump or likely own a horse after high school.
I doubt you actually are paying for these types of activities because I'm sure it has a lot ritzier name than "horse jumping".
1
Posted on 10/24/21 at 8:46 pm to Zachary
That’s about average these days. A new Navigator is 100k.
Posted on 10/24/21 at 8:50 pm to Saskwatch
quote:
Yeah pal we're the idiots. Owning a horse and paying for "horse jumping" lessons makes a ton of sense.
It makes zero financial sense
Then again, so does nearly everything people spend elective money on.
quote:Very possibly correct.
Your daughter probably won't have any desire to jump or likely own a horse after high school.
quote:
I doubt you actually are paying for these types of activities because I'm sure it has a lot ritzier name than "horse jumping".
It does. She's a Hunter Jumper and a member of the AHJA in Alabama.
But yes. Owning a horse is about like owning a boat. You don't do it because it makes financial sense. You do it because you can and it makes you happy.
Do you only spend money on shite that makes sense? If so, congrats. I have kids.........LOL
But let's not get out of sorts here. We are no threat to be high end. There are people that do this who own horses that are 50K or more. Sometimes 6 figures. We ain't in that class.
This post was edited on 10/24/21 at 8:51 pm
Posted on 10/24/21 at 8:53 pm to Wasting Time
quote:
Funny you should mention 2008.
My step mother was absolutely allergic to debt of any kind. Which, frankly, served her and my father very well for most of their lives.
Then, in 2007, they moved to a community that was beautiful in Florida and paid a shade over 500K cash for a home. By the end of 2008, that exact model was selling on their street for $250K. The developer went bankrupt and the golf course fell into disrepair. The upgraded club house never materialized and in the end, they sold that home for just under $240K
A greater than 260K bath in their mid-60s.
I wanted to be mad at her but at the same time, I knew my dad was shite with money and the only reason they even had the 500K ish cash in the 1st place was her.
But still. It was stupid as frick
Not sure I understand your point here - if they had financed the home with a traditional mortgage, they'd still be 260k underwater on the home.
Also, philosophically I follow your point about not paying up front even if you could afford it when you could finance for 0%, but I goddam guarantee you that if you were a buyer, and negotiated a sales price to purchase the vehicle at 80k for 0% financing over 4-5 years, you could then go back to the dealer and say "actually, I can pay all cash upfront, but I'd like to negotiate a lower purchasing price," the dealer would listen. They have the same basic understanding of the time value of money as you do.
There's no free lunch; the folks financing at 0% are paying a higher price for the car, if the cash buyer negotiates properly.
Posted on 10/24/21 at 9:01 pm to tigerfan4120
quote:
but I goddam guarantee you that if you were a buyer, and negotiated a sales price to purchase the vehicle at 80k for 0% financing over 4-5 years, you could then go back to the dealer and say "actually, I can pay all cash upfront, but I'd like to negotiate a lower purchasing price," the dealer would listen. They have the same basic understanding of the time value of money as you do.
Um. No
Oddly enough, dealers are rewarded by the manufacturer for financing, even at 0%.(keep in mind, the dealer isn't issuing the financing". Many people think being a cash buyer makes you more attractive to new car dealers. This is false. Yes. I'm aware this goes against what most people have been told. Like so many things, most people have been told wrong.
quote:Well, if you HAVE the 500K cash, it can still work for you. If the seller has your 500K, it cannot.
Not sure I understand your point here - if they had financed the home with a traditional mortgage, they'd still be 260k underwater on the home.
Yeah, you're underwater in the home, but you still have $260K you can deploy.
Posted on 10/24/21 at 9:02 pm to Wasting Time
quote:
My point though is that the reality is, there's nothing unique about $80K SUV drivers and that the reality is, contrary to what this thread thinks, those who drive them are almost certainly better able to do so than 90% of the people bitching about it are able to do whatever it is they are doing at whatever price mark.
Understood…everyone chooses where to direct their income.
However, I do know several people driving in high end SUVs that don’t have shite for retirement and a washer going out is a major financial crisis.
Posted on 10/24/21 at 9:05 pm to SquatchDawg
quote:Me too.
However, I do know several people driving in high end SUVs that don’t have shite for retirement and a washer going out is a major financial crisis.
I guess to summarize me in this thread.
1. Why SUVs? I mean, if you want to talk "dumb" in this light, buying a Corvette is probably dumber. At least the SUV has a theoretical family purpose.
2. Stretching happens at all levels of car buying and, truthfully, it's MORE common in the middle tiers. Say, 30-50K
3. Most of the dislike for the Suburban drivers has to do with the dislike for the type of person who drives one.
4. A whole lot of the hate has to do with envy. People who are literally stretching their arse of to pay for their 35K car that are then mocking someone doing the same for an 80K vehicle.
Posted on 10/24/21 at 9:07 pm to Zachary
GX 460 for $60k seems like a steal these days
Posted on 10/24/21 at 9:20 pm to tiger626
Hell…my job changed and I don’t have to drive as much so I was looking to trade my ES350 (fricking road warrior) for a truck late last year. Yeah…timing is everything.
I’d need three Lexus to buy an F150.
I’d need three Lexus to buy an F150.
Posted on 10/24/21 at 9:47 pm to Wasting Time
quote:
Well, if you HAVE the 500K cash, it can still work for you. If the seller has your 500K, it cannot.
Yeah, you're underwater in the home, but you still have $260K you can deploy.
Deploy on what, an equity market that at the time had fallen into the shitter? So they would have been both underwater 240k on the financed home and the 260k they had "deployed" would have taken a >20% loss as well?
I think the main issue people ITT are having with you is you've taken the most basic concept of the time-value of money from Finance 101 and are talking down to everybody like you're the smartest guy in the room, while also rationalizing how you blow your cash on horse riding lessons for your little princess...
Posted on 10/24/21 at 10:15 pm to tigerfan4120
It’s funny that the horse guy is telling everyone else how to spend money. I have friends in the horse game, and the bills are out of control.
As far as paying cash vs financing, I understand the argument being made about taking the 0% financing, but I still choose the paying cash option. If you have $80K in cash and spend $80K on a car, that’s stupid and you are not good with money. If you have $500K in cash and spend $80K on a car, I think it’s a good decision.
The habits of saving and paying cash for this purchase makes more sense to me. And I don’t like having payments.
As far as paying cash vs financing, I understand the argument being made about taking the 0% financing, but I still choose the paying cash option. If you have $80K in cash and spend $80K on a car, that’s stupid and you are not good with money. If you have $500K in cash and spend $80K on a car, I think it’s a good decision.
The habits of saving and paying cash for this purchase makes more sense to me. And I don’t like having payments.
Posted on 10/24/21 at 10:18 pm to Grinder
My guess is that most people that are buying an $80k car don’t have that in the bank trying to make a financial decision. They’re trying to figure out if they can cover $1,000/mth for the next 7 years.
Posted on 10/24/21 at 10:18 pm to tigerfan4120
quote:Well, I am smarter than quite a few people in this thread, clearly. Alas, I'm not really talking about any of that. My summary a few posts above spells out my reasons for my points in this thread.
I think the main issue people ITT are having with you is you've taken the most basic concept of the time-value of money from Finance 101 and are talking down to everybody like you're the smartest guy in the room, while also rationalizing how you blow your cash on horse riding lessons for your little princess...
And, I don't "rationalize" anything about my spending. I, like everyone else in this thread, spend my discretionary income on things I enjoy or, that my children enjoy. Mine happens to be horses, someone else's might be travel ball, some else's might be hitting the Caribbean every summer. But, we ALL do it. At least, those who have discretionary income.
Sure. I suppose we "should" all use every dollar 100% wisely and never blow it on something we just enjoy, but yeah, that's kinda silly to most. I'm not saying the people who buy the 80K SUV are smart or dumb. I'm saying they're no dumber than 90% of the people in her throwing shade while stretching to buy whatever car they own.
Posted on 10/30/21 at 11:33 pm to SuperSaint
quote:
maybe because he wants to move out of the hood with a bunch of Poors and into something nicer
True fricking story, his shite is now in the back yard behind fence and gate with a padlock while his house is on the market.
Repo man is on the hunt. I'll take a pic for you tomorrow dick bag and for the OT to enjoy.
Posted on 10/30/21 at 11:37 pm to Zachary
Everybody I see at carpool in the mornings.
Posted on 10/31/21 at 1:49 am to AUbagman
Odd bump... But SS makes poor money so don't let it bother you
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