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re: I did the financially responsible thing for once with vehicles.
Posted on 5/29/23 at 3:22 pm to notsince98
Posted on 5/29/23 at 3:22 pm to notsince98
quote:
Everyone has a car payment. It just varies how you execute it.
My 2007 Honda Accord is worth about $2k and isn't depreciating any longer.
It's been paid off for well over 10 years.
I get what you are saying. But I politely disagree.
2
Posted on 5/29/23 at 5:22 pm to meansonny
quote:
My 2007 Honda Accord is worth about $2k and isn't depreciating any longer.
It's been paid off for well over 10 years.
I get what you are saying. But I politely disagree.
And you will have to pay something for the next one. Whether you are making the payments to yourself now or a bank later, you will have to make a car payment at sometime.
Posted on 5/29/23 at 5:28 pm to DiamondDog
I traded in my sports car for payoff (which was generous) and got my wife a modest Grand Cherokee for the family. I’m now driving her old car as my commuter.
My car used to be my identify but now an extra $600 in my savings account feels like a better identify.
My car used to be my identify but now an extra $600 in my savings account feels like a better identify.
Posted on 5/29/23 at 5:33 pm to I Love Bama
quote:
Cars are an ego trap for most people. Point A to Point B SAFELY is all that matters.
Yes.
at any moment some uninsured dip shite or texting teenager can run into you and total your ride…so having a car that can protect you AND you don’t really GAF about is key. people that have nice cars cost more to insure, and mods, lifts, and other upgrades you do generally don’t get covered if your car gets totaled
I can understand if you’re a “car guy” and your vehicle is part of your hobby and joy of life…but other than that, meh.
I still drive my 1997 four runner which runs great, but had to upgrade to a 2014 SUV with the kids because I wanted the newer safety of airbags, car seat clips, blind spot and brake assist yada yada
This post was edited on 5/29/23 at 5:35 pm
Posted on 5/29/23 at 7:23 pm to DiamondDog
I don't drive as much as I used to and my wife wanted a camper, so I bought a Tundra. I absolutely love it.
During my high mileage years, I had a '91 Civic, then a 2002 Civic.
When you are putting high mileage, there is no shame in getting a car that gets good mileage, with low maintenance/breakdown needs.
During my high mileage years, I had a '91 Civic, then a 2002 Civic.
When you are putting high mileage, there is no shame in getting a car that gets good mileage, with low maintenance/breakdown needs.
Posted on 5/29/23 at 7:31 pm to meansonny
quote:
My 2007 Honda Accord
Have you done anything special maintenance related to help keep it on the road? My Accord will be paid off next month and I want to get 10 years out of it.
Took a little road trip this weekend and even though it’s five years old it was getting 40mpg.
Posted on 5/29/23 at 8:14 pm to notsince98
quote:
quote:
My 2007 Honda Accord is worth about $2k and isn't depreciating any longer.
It's been paid off for well over 10 years.
I get what you are saying. But I politely disagree.
And you will have to pay something for the next one.
Yeah. The accord has been paid off for 10 years. That next vehicle has already been "saved" in addition to the one after that one. I didn't pay off my accord and then head to the pony races for the past 10 years.
quote:
Whether you are making the payments to yourself now or a bank later, you will have to make a car payment at sometime.
You are correct that I will need another car eventually (10 years from now?). But you are incorrect that I never get out of paying for that next vehicle. 2 cars for 35 years? Yeah... I'm thinking there were years that I wasn't putting any money away for that next vehicle.
Posted on 5/29/23 at 8:28 pm to notiger1997
quote:
Have you done anything special maintenance related to help keep it on the road? My Accord will be paid off next month and I want to get 10 years out of it.
Took a little road trip this weekend and even though it’s five years old it was getting 40mpg.
Just find a mechanic you trust and stick to the maintenance plan.
It isn't about trying to get every mile out of the timing belt or water pump. It is about maintaining the schedule.
Take care of it and it takes care of you.
Posted on 5/29/23 at 11:36 pm to DiamondDog
You should be really proud of yourself. Seriously!
Most people aren't willing to take that step. Great job!
I haven't had a note for my own vehicle my entire adult life. Have one for my wife when our 2003 Yukon shite the bed last fall and it was time to put her and the kids in something safer. I'll be done with that one in 2 years.
My 2001 Toyota 4-Runner I paid $4600 cash still runs like a beaut at 235k. Bought it at 170k.
Most people aren't willing to take that step. Great job!
I haven't had a note for my own vehicle my entire adult life. Have one for my wife when our 2003 Yukon shite the bed last fall and it was time to put her and the kids in something safer. I'll be done with that one in 2 years.
My 2001 Toyota 4-Runner I paid $4600 cash still runs like a beaut at 235k. Bought it at 170k.
Posted on 5/30/23 at 7:41 am to DiamondDog
Before the pandemic, I would commute 45 min each way to the office.
I've always enjoyed cars, so for years I'd driven various Audis. I didn't mind splurging as I spent alot of time in my vehicle and I enjoyed the luxury, comfort and tech.
Since the pandemic, I am 100% remote and likely will never step foot in an office again. I now only drive a few miles per day, taking my young kids to school and going to the gym. Everything within a 4 mile radius.
I traded in my Audi for a Nissan Pathfinder and plan to drive it til the wheels fall off.
I've always enjoyed cars, so for years I'd driven various Audis. I didn't mind splurging as I spent alot of time in my vehicle and I enjoyed the luxury, comfort and tech.
Since the pandemic, I am 100% remote and likely will never step foot in an office again. I now only drive a few miles per day, taking my young kids to school and going to the gym. Everything within a 4 mile radius.
I traded in my Audi for a Nissan Pathfinder and plan to drive it til the wheels fall off.
Posted on 5/30/23 at 9:24 am to meansonny
quote:
You are correct that I will need another car eventually (10 years from now?). But you are incorrect that I never get out of paying for that next vehicle. 2 cars for 35 years? Yeah... I'm thinking there were years that I wasn't putting any money away for that next vehicle.
it is just semantics, really. But that money you have to pay for the vehicle didn't just magically appear. You saved it. Whether you want to define saving some tiny amount from every paycheck over all those years or the bulk of it out of most recent paychecks, doesn't matter. To have saved the money for any car purchase in cash, you made car payments to yourself.
Cars cost money. The only person who doesn't have a car payment of some kind is the one who can trade vehicles without paying in for perpetuity. Maybe those folks who can turn a hotwheel car into a mansion by bartering could accomplish this regularly.
I
Posted on 5/31/23 at 7:12 am to notsince98
quote:
it is just semantics, really. But that money you have to pay for the vehicle didn't just magically appear. You saved it. Whether you want to define saving some tiny amount from every paycheck over all those years or the bulk of it out of most recent paychecks, doesn't matter. To have saved the money for any car purchase in cash, you made car payments to yourself.
Cars cost money. The only person who doesn't have a car payment of some kind is the one who can trade vehicles without paying in for perpetuity. Maybe those folks who can turn a hotwheel car into a mansion by bartering could accomplish this regularly.
I couldnt disagree with this line of thinking more. What an oversimplification that doesnt take into account interest, the different costs of luxury vs used cars, etc.
And yes if you are frugal enough you can get to where you are no longer "paying yourself the car payment" at some point in your life because you have saved plenty enough to cover cars for the rest of your life.
Posted on 5/31/23 at 7:48 am to notsince98
quote:
To have saved the money for any car purchase in cash, you made car payments to yourself.
Ok so we have 2 scenarios:
Scenario 1:
Guy trades in 5 year old vehicle soon as it is paid off and jumps into a new car note where he is paying x amount interest on a depreciating asset.
Scenario 2:
Guy drives original vehicle another 10 years. Invests $300/mo for a new vehicle. His $36k car fund is worth $55k after 10 years because he earns an average return on his investment.
That’s the same thing to you because… “semantics”?
Posted on 5/31/23 at 9:14 am to bbap
quote:
I couldnt disagree with this line of thinking more. What an oversimplification that doesnt take into account interest, the different costs of luxury vs used cars, etc.
And yes if you are frugal enough you can get to where you are no longer "paying yourself the car payment" at some point in your life because you have saved plenty enough to cover cars for the rest of your life.
and that savings was accomplished by "paying yourself." Still a car payment.
Posted on 5/31/23 at 9:16 am to PhiTiger1764
quote:
Ok so we have 2 scenarios:
Scenario 1:
Guy trades in 5 year old vehicle soon as it is paid off and jumps into a new car note where he is paying x amount interest on a depreciating asset.
Scenario 2:
Guy drives original vehicle another 10 years. Invests $300/mo for a new vehicle. His $36k car fund is worth $55k after 10 years because he earns an average return on his investment.
That’s the same thing to you because… “semantics”?
Yes. A car payment is a car payment. No matter how big or small the payment is or who it goes to. You can't buy a car without having had a car payment. I dont know why this offends so many folks.
Everyone will have one. The more financially savvy folks will pay much less, obviously, over time. The topic should be more of a discussion of how much to spend on a car by some measurement than to say "car payment."
Posted on 5/31/23 at 9:56 am to notsince98
i dont think anyone has a problem following what you are trying to say, its just silly.
Posted on 5/31/23 at 10:09 am to notsince98
quote:
You can't buy a car without having had a car payment. I dont know why this offends so many folks.
What if I don’t have a car? What is that invested money now considered?
Is it house payment money? Is it all considered Grocery bills? I do have to eat now and in the future..
Posted on 5/31/23 at 11:21 am to notsince98
quote:
that savings was accomplished by "paying yourself." Still a car payment.
Put "Rich Dad Poor Dad" down for awhile and take a breath.
Posted on 5/31/23 at 2:21 pm to DiamondDog
We buy new cars, but we drive them into the ground. My wife’s 2011 Acura MDX has almost 250,000 miles. Going to pick up her new Volvo XC 60 in an hour. She saved money from her check to pay cash for it.
Posted on 5/31/23 at 2:29 pm to auwaterfowler
quote:
She saved money from her check to pay cash for it.
yOu MeAn ShE pAiD a CaR nOtE?
-notsince98
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