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re: What is the ratio of the price you paid for your car to your annual salary?
Posted on 3/16/15 at 1:21 pm to yellowfin
Posted on 3/16/15 at 1:21 pm to yellowfin
quote:
Motorboats ratio was 1/60
I knew I was missing something (or you are really bad at math
) I was going by the OP ratio of 1/10.......
ETA: Which is ridiculous. I drive a $40K Acura and don't make $400,000 a year.......(I paid it off in a year and a half BTW)
This post was edited on 3/16/15 at 1:25 pm
0
Posted on 3/16/15 at 1:36 pm to hikingfan
17%
Paid cash.
Refuse to make payments on a car. I just can't see the point.
Paid cash.
Refuse to make payments on a car. I just can't see the point.
Posted on 3/16/15 at 1:38 pm to BayouBlue386
quote:
Refuse to make payments on a car. I just can't see the point.
APR under the rate of inflation. Invest cash into something that makes money. You come out ahead.
Not that anyone actually does this, but it's a pretty easy example of why someone might rather carry a note while APRs are at the level they're at.
Posted on 3/16/15 at 1:43 pm to KG6
I really like how the "source" he cites is ... his own blog post.
Posted on 3/16/15 at 1:44 pm to BayouBlue386
quote:
Refuse to make payments on a car. I just can't see the point.
0% interest in payments...
or take that $25k and invest it at 8% return...
which one seems smarter to you?
Posted on 3/16/15 at 1:47 pm to Salmon
But but...no car note baw
Posted on 3/16/15 at 1:50 pm to hikingfan
You can't be serious. I can't drive a $36,000 car...
Posted on 3/16/15 at 1:56 pm to Bmath
quote:
Most financial guru's recommend buying a quality used car for cash, and then driving it until the wheels fall off.
This is one of those "no shite sherlock" things which people that like to flaunt how much they think they know about money will tell you. It's the easiest advice someone could give with regards to vehicles and "good financial decisions". I might as well tell you to brush your teeth then strut around like I'm a dentist for giving you such sage like advice.
As to the OP, my current vehicle stickers for 1/4 of what I made last year.
Posted on 3/16/15 at 1:56 pm to Salmon
quote:
or take that $25k and invest it at 8% return...
which one seems smarter to you?
Buying from a private party in a non notary state and cheating the government out of a helluva lot more than 8% sounds like a hypothetically better idea.
Posted on 3/16/15 at 1:58 pm to BayouBlue386
quote:
Buying from a private party in a non notary state and cheating the government out of a helluva lot more than 8% sounds like a hypothetically better idea.
How are you registering your vehicle and cheating the government out of the taxes again?
Posted on 3/16/15 at 2:00 pm to hikingfan
whoever wrote that is stupid.
Posted on 3/16/15 at 2:01 pm to BayouBlue386
quote:
Buying from a private party in a non notary state and cheating the government out of a helluva lot more than 8% sounds like a hypothetically better idea.
uh...Posted on 3/16/15 at 2:01 pm to LNCHBOX
I suppose you could do it by misrepresenting the cash price... Seeing as how only you and the seller know what changed hands. If a trade was included in the sale, this wouldn't even be illegal.
Of course, no one would ever do such a thing.
Of course, no one would ever do such a thing.
Posted on 3/16/15 at 2:02 pm to BayouBlue386
So instead of being smart with your money, you'd rather break the law. Great strategy. And all just to save at most 9% of your purchase price. Congrats.
Posted on 3/16/15 at 2:02 pm to BayouBlue386
your scenario still isn't the better deal
Posted on 3/16/15 at 2:05 pm to Salmon
quote:
My in laws just spent $65k on a new SUV. They drive a whole lot of miles each year with the their 3 daughters that all have sport tournaments, so my FIL wants his family is something reliable, safe, and comfortable. They kept their last one for 200k miles and almost 10 years. I see no issue with that, this rule would.
In other words...there are no safe, comfortable, reliable vehicles under $65,000 on the market. Is that what you're telling me?
Posted on 3/16/15 at 2:05 pm to Salmon
quote:
0% interest in payments...
or take that $25k and invest it at 8% return...
which one seems smarter to you?
I understand that having a note does have a few advantages, but I've never had one in my life and if I can at all help it I would just prefer not to. I realize that in the larger grand scheme of things it might be more beneficial to have one, but if I have the option of not paying a few hundred bucks a month I would like to do that.
Posted on 3/16/15 at 2:06 pm to hikingfan
Mine is 5:1 if I am following this correctly. I make $75k gross and have a car I bought for $15k. Making payments for about six more months before I own.
Posted on 3/16/15 at 2:06 pm to Salmon
That depends on the degree of the misrepresentation. Auditors go by book value. The book value on a classic car is typically a tenth.
These are just general non sequiturs I'm spouting.
These are just general non sequiturs I'm spouting.
Posted on 3/16/15 at 2:06 pm to hikingfan
This rule is beyond ridiculous. I regret giving that website page views.
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