quote:
Probably a new car purchase? I mean, that’s fine if you have the money, but roger was alluding to having a 21% interest car loan as if it were unavoidable. I should change what I said to “most people should buy cars in cash.” Especially if rates are high

Well shite. That isn't a car thing, it's a EVERY thing.

But of course, if you NEEDED a car back then and you couldn't pay cash............

quote:
I’m talking 98% of the time.

You’re trying to nab me on technicalities.

It's not exactly a technicality to say that there are people who know that it's possible they will move within the first several years of their mortgage and that a lower initial rate means they will pay more towards principle than otherwise(meaning selling will be a better deal for them too).

Yeah. That's a real "technicality"!

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Posted by cahoots

Member since Jan 2009

9134 posts

Posted on 5/25/18 at 1:55 pm to ShortyRob

quote:
Well shite. That isn't a car thing, it's a EVERY thing.

But of course, if you NEEDED a car back then and you couldn't pay cash............

Then you should pay cash. Or ride a bike. Never take out a 5 year loan at 21%.

quote:
It's not exactly a technicality to say that there are people who know that it's possible they will move within the first several years of their mortgage and that a lower initial rate means they will pay more towards principle than otherwise(meaning selling will be a better deal for them too). Yeah. That's a real "technicality"!

You are outlining a high risk scenario. Even if you only want to own a home for 5 years, it’s hard to time it like that. You don’t know what the housing market will look like in 5 years. You don’t know if your A/C Unit will blow. And you’ve got to consider all of the sunk costs and fees when buying/selling.

5 year ownership is inadvisable for MOST people

This post was edited on 5/25/18 at 1:58 pm

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