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1
Posted on 4/1/11 at 4:05 pm to I Love Bama
quote:
busted
dick tracy, is that you?
Posted on 4/1/11 at 4:06 pm to yellowfin
why is he actively avoiding answering you?
hmmmm
hmmmm
Posted on 4/1/11 at 4:09 pm to Brageous
Yeah but see I got a 4 year old vehicle in 2006 and by the time it came to get a new one the truck is almost 10 years old. That's kind of turned me off of buying and older one. I wouldn't mind a year or two bc I'm looking for a solid 5 year vehicle but I don't want it to be TOO old after that. And we just don't care for the 2010 body style. I'll definitely look around some more but as of now that's what we like. The other the Volvo midsuv so that would probably be the only thing id get that's a few years old. That charokee gets better gas than her 2008 altima. (if we get the V-6)
Posted on 4/1/11 at 4:27 pm to RBWilliams8
Honestly, no one on this board knows your financial situation so we can't accurately answer your question.
Posted on 4/1/11 at 4:29 pm to yellowfin
I'm just asking what is a solid down payment. I wouldn't pay for something I can't afford.
Posted on 4/1/11 at 4:33 pm to RBWilliams8
quote:
I'm just asking what is a solid down payment. I wouldn't pay for something I can't afford.
Question isn't that simple. Solid down payment depends on your savings level after you write the check, your monthly take-home pay, and how much payment you're taking on. Many variables. If you're about a good down payment, I'd prefer to put money down on a home if you don't already have one. Keep this purchase in perspective as it'll follow you around ($400/month for a few years) and your goals may change in the near future (home ownership). Again, I'd recommend staying as liquid as possible so you can pile up cash for purchases that will be better long term investments.
Posted on 4/1/11 at 5:01 pm to Golfer
quote:
We get it. You're 27, pay cash for everything and will have your house paid off before you're 30.
I am 56 and wish that at age 22 I would have the good sense to learn more about building wealth and not a credit score, over the long term the two seem to become almost mutually exclusive.
Posted on 4/1/11 at 5:52 pm to JWS3
quote:
I am 56 and wish that at age 22 I would have the good sense to learn more about building wealth and not a credit score
most people don't realize this until it's too late
buy a 15k car, put 15k into your 401k and in 40 years when you're ready to retire it's turned into 150k
Posted on 4/1/11 at 6:08 pm to yellowfin
If you really love the 2011 body style jeep, wait 6 months. I bought an '06 Jeep GC in '06 that had 13,000 miles on it and i paid right under $20,000 for it. It was a rental car for about a year, then they turned it in. Almost 5 years later, I'm about to roll over to 105,000 miles and have had no problems with it so far. If you're dead set on buying new, I'd try and put down $10,000, but like others have said, put down whatever you feel comfortable with and keep enough on savings in case something happens where you need that savings.
Posted on 4/1/11 at 6:10 pm to RBWilliams8
Unless you are buying a truck and you need a truck for work or because you do a lot of hauling, then I find it impossible to formulate an answer that = smart.
Posted on 4/1/11 at 6:19 pm to RBWilliams8
I have never borrowed money to buy a car.
Bought my first one at age 16.
Paid 900 bucks for a used Dodge 440.
Then paid 1500 for a used Ford Galaxie 500.
After age 22 paid cash for new cars. No finance.
Cheap cars at first...Chevy Nova, Honda Civic.
I cannot relate to the concept of having a car note.
Currently drive a Lexus and a Z.
Bought my first one at age 16.
Paid 900 bucks for a used Dodge 440.
Then paid 1500 for a used Ford Galaxie 500.
After age 22 paid cash for new cars. No finance.
Cheap cars at first...Chevy Nova, Honda Civic.
I cannot relate to the concept of having a car note.
Currently drive a Lexus and a Z.
Posted on 4/1/11 at 6:34 pm to Zach
quote:
I have never borrowed money to buy a car.
Bought my first one at age 16.
Paid 900 bucks for a used Dodge 440.
Then paid 1500 for a used Ford Galaxie 500.
After age 22 paid cash for new cars. No finance.
Cheap cars at first...Chevy Nova, Honda Civic.
I cannot relate to the concept of having a car note.
Currently drive a Lexus and a Z.
The EXTREME majority of people simply can not pay cash for a car.
Posted on 4/1/11 at 6:37 pm to SG_Geaux
quote:
The EXTREME majority of people simply can not pay cash for a car.
That's simply not true. The extreme majority just choose not to buy cars that are older and not fashionable. Most people could extend the life of their cars an extra 3-4 years (the average car lasts about 12 now before it becomes too expensive to repair), and save that cash towards a used car rather than financing for another one.
Posted on 4/1/11 at 6:52 pm to SG_Geaux
quote:
The EXTREME majority of people simply can not pay cash for a car.
Not true, they choose to buy cars that they cannot pay for with cash.
Posted on 4/1/11 at 7:33 pm to SG_Geaux
quote:
The EXTREME majority of people simply choose to purchase cars they cannot afford instead of one they can.
FTFY
Posted on 4/1/11 at 8:32 pm to aupsh
At 22, I would have never imagined paying $30k for a vehicle. If you aren't worried about the note and can get 0% for 5 yrs, go with 0 down and take the money you were going to put down and invest it.
Posted on 4/1/11 at 8:39 pm to Korkstand
I suggest a really good used vehicle for around $15k or less, pay it off as quickly as you can...there is no advantage to having a car note...you can't write off the interest and it depreciates everyday
Posted on 4/1/11 at 11:28 pm to yellowfin
quote:
most people don't realize this until it's too late
luckily my F-I-L has given me some pretty good advice (at least I hope it was), and so my wife and I are both driving cars that are 7+ years old but are both paid off so we can pump cash into our IRAs and savings for a future house
Posted on 4/1/11 at 11:52 pm to RBWilliams8
I just bought a pre-owned low mileage Acura (2008, 40k mi) and was able to finance at 3.7%. Did it through the dealer's financing.
Buying a 30k vehicle at 22 is probably a poor idea. You obviously need something safe for your child but you can find plenty nice, safe pre-owned cars in the 15-20k range.
Buying a 30k vehicle at 22 is probably a poor idea. You obviously need something safe for your child but you can find plenty nice, safe pre-owned cars in the 15-20k range.
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