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re: Rains it pours. Ramsey debt snowball and a dead air conditioner. Updated page 3
Posted on 2/17/15 at 4:18 pm to LSU0358
Posted on 2/17/15 at 4:18 pm to LSU0358
quote:
and the total loan principle will likely be more than the auto is worth for the life of the loan.
I do think this happens sometimes but I've bought several new vehicles, some with near 100% financing and never really had that problem
After the first initial depreciation, it will flatten out for quite a while and you will catch up quickly and surpass the loan balance
Now I'm not buying 100K sports cars and I'm not buying kias that have no resale
0
Posted on 2/17/15 at 4:22 pm to Moustache
quote:
So you were 1 missed paycheck away from missing your mortgage payment? Who picks up the tab when you miss? Do you think money just appears out of thin air?
LOL
No Never.
The difference between me and you is that no matter what, I will have the means to make money. shite, I can cut grass and make any payment I need. Paint homes. ETC.
The best insurance anyone can have is belief in their self and not be a lazy turd.
shite, I know a guy that makes 50K during Christmas seasons on hanging lights ALONE....
Money is out there. People just always make an excuse not to go get it.
Posted on 2/17/15 at 4:49 pm to LSU0358
quote:
the second a person drives the car off the lot, it loses 20 to 30% of its value.
People that say this haven't bought/shopped for new cars lately. I bought a 2013 F-150 this past May and paid a little over $40K out the door. If I had to trade it in right now, I could easily get $35K for it, probably a little more if I shopped around. If I sold it private party, I could get $37K easily. That value will probably hold pretty steady for the next year or so, then start a slow decline.
The difference between new and used isn't what it used to be. I know that's not what this thread was originally about, but people that still believe this about normal, every day cars are oblivious.
quote:
don't get me started on the 7 year loans I'm starting to see pop up for cars.
This is just ridiculous- 6 is too long, too, but 7 is just outrageous.
Posted on 2/17/15 at 5:09 pm to LSUGUMBO
quote:
People that say this haven't bought/shopped for new cars lately. I bought a 2013 F-150 this past May and paid a little over $40K out the door. If I had to trade it in right now, I could easily get $35K for it, probably a little more if I shopped around. If I sold it private party, I could get $37K easily. That value will probably hold pretty steady for the next year or so, then start a slow decline.
I got my wife a 2012 4Runner last year and it only had 16K miles on it. Paid 28K for it. She drives it so little, up to 22K miles, it is still listed as the same value on KBB.
I get why they have 7 year notes now lol. Trucks are SOOO expensive right now. Its crazy.
Posted on 2/17/15 at 5:11 pm to LSUGUMBO
quote:
the second a person drives the car off the lot, it loses 20 to 30% of its value.
It is not near this severe, and buying a car is not an investment, if you want to invest look elsewhere, but buying a vehicle is in most cases a need. As with almost everything else you buy new it looses a significant amount of value after you take possession of. For instance go buy a pair of designer jeans, wear them once or twice then try and sell them on Craigslist, you will not get anywhere near what you paid for them
Posted on 2/17/15 at 5:16 pm to Tigerpaw123
quote:
It is not near this severe, and buying a car is not an investment, if you want to invest look elsewhere, but buying a vehicle is in most cases a need. As with almost everything else you buy new it looses a significant amount of value after you take possession of. For instance go buy a pair of designer jeans, wear them once or twice then try and sell them on Craigslist, you will not get anywhere near what you paid for them
Well, some cars do go up in value after some years...
But yea, most cars are a waste of money but we need them. :/
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