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Message
re: How are people affording these vehicles?
Posted on 12/27/17 at 2:14 pm to HailToTheChiz
Posted on 12/27/17 at 2:14 pm to HailToTheChiz
quote:
That's a mortgage payment.
I wish
1
Posted on 12/27/17 at 2:16 pm to YoungManOldMan
I don't come from the student loan generation but I don't think I'd buy a house if I had almost a quarter million in debt. Especially with no assets tied to that debt.
Posted on 12/27/17 at 2:24 pm to YoungManOldMan
quote:
We have 225K in student loan debt combined. $1,587 a month for hers. $560 for mine.
Posted on 12/27/17 at 2:38 pm to yellowfin
quote:
I don't come from the student loan generation but I don't think I'd buy a house if I had almost a quarter million in debt. Especially with no assets tied to that debt.
So in your eyes, we just rent for 10 years until it's paid off?
Posted on 12/27/17 at 3:33 pm to yellowfin
quote:
no assets tied to that debt
I agree with the idea.....but judging from what he’s able to save, and that terrifyin amount of student loan debt, the ‘asset’ tied to that debt is the fact that they can generate serious income as doctors....
Posted on 12/27/17 at 4:10 pm to YoungManOldMan
When look for a vehicle don’t look at the sticker price especially on a GMC, Chevy, or Ford. They will knock 10k off the sticker just by saying hello. You can easily get them to come down even more if you’re simply okay at negotiating. You can also get more for your trade in with a little negotiation. If a salesman thinks he is losing a sale he will pull rebates out of his arse.
Also to get a lower note most people will finance for 6 or 7 years. 6 years isn’t bad, most vehicles last longer these days (ford excluded).
I actually know someone who finances their suburban for 8 years. (These people are dumb. A family of 3 financing a suburban for 8 years and they make roughly $125k/year.)
Also to get a lower note most people will finance for 6 or 7 years. 6 years isn’t bad, most vehicles last longer these days (ford excluded).
I actually know someone who finances their suburban for 8 years. (These people are dumb. A family of 3 financing a suburban for 8 years and they make roughly $125k/year.)
Posted on 12/27/17 at 4:20 pm to YoungManOldMan
With 225k in combined income and no kids you should be able to knock that out in way less than 10 years. I'm thinking 4
Posted on 12/27/17 at 4:22 pm to JOJO Hammer
quote:
I actually know someone who finances their suburban for 8 years. (These people are dumb. A family of 3 financing a suburban for 8 years and they make roughly $125k/year.)
While you could say it’s dumb for a family of three to drive a big ‘ol Suburban, the “dumb” only applies to the financing if the interest rate is “high”. If you give me 0% interest I’ll finance that sucker until I die.
Posted on 12/27/17 at 4:32 pm to AUjim
quote:
I agree with the idea.....but judging from what he’s able to save, and that terrifyin amount of student loan debt, the ‘asset’ tied to that debt is the fact that they can generate serious income as doctors....
Should have used collateral instead of assets. I can sell my truck or house if I can't afford the note, can't sell an education
Posted on 12/27/17 at 7:50 pm to yellowfin
The car price bubble has to burst soon. We bought a new Murano in 2016 under the VPP program. The sticker price on a non luxury mid-size crossover like the Murano was $46k. We paid $35k under VPP, but I talked to the salesman while everything was finalizing.
1. You'd be surprised at the number of people that don't care what they pay for the vehicle. Just the monthly note.
2. The 72- and 84- month car note is the new norm. I can remember when the new 48 month loan caused my dad angst.
3. There is a market for aftermarket stuff that Ive never been into, and a whole new level of financing. That $800 truck payment has an extra $200 payment attached to it for aftermarket items.
1. You'd be surprised at the number of people that don't care what they pay for the vehicle. Just the monthly note.
2. The 72- and 84- month car note is the new norm. I can remember when the new 48 month loan caused my dad angst.
3. There is a market for aftermarket stuff that Ive never been into, and a whole new level of financing. That $800 truck payment has an extra $200 payment attached to it for aftermarket items.
Posted on 12/27/17 at 9:11 pm to BlastOff
quote:
the “dumb” only applies to the financing if the interest rate is “high”. If you give me 0% interest I’ll finance that sucker until I die.
Yeah, no interest is great... but you are still dramatically overpaying for more car than you need. Whether or not that is "dumb" I guess is personal opinion... but I'm not sure it's smart, either.
Posted on 12/28/17 at 1:24 am to Mingo Was His NameO
quote:
10% is not low interest. If you pay it off that increases your cash flow on what you pay monthly. 0% of the time having consumer debt is a good idea. You can disagree all you want, but there is no reason to save over $5000 a month and have 12k of CC debt. That's dumb and it's not a debate.
There is a great reason to keep the debt, he said he needs to raise his credit score, that will more than get him a better interest rate on a mortgage when he buys a house, will lower his insurance premiums, and if he decides to buy a car will give him a better rate on financing, all of which over the long run will save him many times the $$1500 bucks in interest he pays to carry the debt for a couple of years.
Posted on 12/28/17 at 5:46 am to yellowfin
quote:
I don't come from the student loan generation but I don't think I'd buy a house if I had almost a quarter million in debt. Especially with no assets tied to that debt.
Agreed and I didn't either. I'd live like a pauper until I had that paid back.
Posted on 12/28/17 at 9:00 am to jdeval1
I bought a new 2016 Rogue for my wife last year. Bought it for $23,500. It was the first car I ever bought (I'm 4 years out of college and lucky enough to still have my first car from my parents), I sometimes kick myself for buying new. We didn't have any money to put down on it, we could only trade in her Versa with 200k miles for like $300.
The monthly note at 3% and 60 months is $400. I sometimes wish we would have bought a used car, but we fell in love with the new cars. The payment is manageable but would be nice if we could save more money.
The monthly note at 3% and 60 months is $400. I sometimes wish we would have bought a used car, but we fell in love with the new cars. The payment is manageable but would be nice if we could save more money.
Posted on 12/28/17 at 9:42 am to EA6B
quote:I wonder why he or his wife can't get a CC that is interest free for a year and keep rolling it over until it's paid off?
There is a great reason to keep the debt, he said he needs to raise his credit score, that will more than get him a better interest rate on a mortgage when he buys a house, will lower his insurance premiums, and if he decides to buy a car will give him a better rate on financing
Posted on 12/28/17 at 8:48 pm to YoungManOldMan
Don't be like most people. My wife and I are solid middle class, and we pay cash for used or base model vehicles. There is 0% chance I'll pay $50-75k for a nice truck or SUV, people are stupid. I don't care how low the interest rates are, luxurious depreciation is still depreciation.
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