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Posted on 1/6/24 at 4:12 pm to DarthRebel
quote:do tell? Unless finances have changed, I'm interested to see how it's knowledgeable to knowingly and willingly take on depreciating assets and call that a sound, knowledgeable financial decision? knowledgeable? for middle class americans circa 2023 when credit card debit is now in the trillions? really?
They do, if they have any financial knowledge.
make no mistake, a car loan is pretty much a given, especially with bidenomics in play, but millionaires do not finance vehicles. as a matter of fact, most millionaires don't drive new vehicles for their daily driver.
Braxton and Brentleigh, with their overleveraged home, boat payment, hunting club membership (gotta finance the new can-am!), and golf club membership have no business calling it knowledgeable to take on more debt just so he can drive that new f250 and she the new suburban, and take on one hundred thousand + dollar's worth of debt on vehicles and the risks that it entails.
that's not knowledgeable in any shape, form or fashion.
Posted on 1/6/24 at 4:22 pm to PetroBabich
quote:
How the hell do you have a <$750 mortgage payment?
I think he meant his car note is probably more than his mortgage.
My mortgage is less than $900. Bought my house in 2006 for $127K. Plan on staying there until I die.
Posted on 1/6/24 at 4:23 pm to lsu xman
That’s about what I pay in before / after care
Posted on 1/6/24 at 4:23 pm to auggie
quote:
A real Baw doesn't have car payments.
A real Baw drives a fleet vehicle and reallocates that money to a boat and ATV
Posted on 1/6/24 at 4:29 pm to lsu xman
You can pry my 2005 Camry with 140,000 miles from my cold dead hands 
Posted on 1/6/24 at 4:32 pm to cheobode
quote:
My mortgage is less than $900. Bought my house in 2006 for $127K. Plan on staying there until I die.
Our first mortgage was $850/mo after we refinanced it during the 08 recession.
Posted on 1/6/24 at 4:35 pm to lsu xman
People paying $1K a month for a vehicle are full blown retards.
Posted on 1/6/24 at 4:36 pm to BayouBaw84
quote:
People paying $1K a month for a vehicle are full blown retards.
Well I can afford it easily, sorry you can't.
Posted on 1/6/24 at 4:37 pm to lsu xman
Got a new vehicle in August. Payments are close to $800/month, but I usually pay $1,000/month so I can pay it off faster.
Posted on 1/6/24 at 4:39 pm to jfw3535
$450/mos w/ 11 mos left 
Posted on 1/6/24 at 4:39 pm to lsu xman
We just bought a second vehicle for my son (we’re not rich, his first truck got totaled) and the buying process was a kick in the arse compared to my last few.
Most places tried to force in-house financing and either wanted 50 month terms with 20% down ORRRRR 10% down and bi-weekly for 2 years.
The places that were bi-weekly had nice vehicles but they were greatly overpriced.
Most places tried to force in-house financing and either wanted 50 month terms with 20% down ORRRRR 10% down and bi-weekly for 2 years.
The places that were bi-weekly had nice vehicles but they were greatly overpriced.
Posted on 1/6/24 at 4:39 pm to mudshuvl05
quote:
do tell? Unless finances have changed,
This was in reference to the "baws", being really wealthy and buying very expensive things. This is not about people who think they are wealthy (the OT).
If you are a multi-millionaire and want to purchase a sub $65,000 automobile, go ahead and use cash. It would not be sound for the millionaire to pay cash on the $300,000 ride.
Really rich baws have financial advisors that would guide them to leasing the really nice things, or minimum not taking a sizable chunk out of the market to spend on a depreciating object.
quote:
bidenomics
If you paid cash to avoid 6%-8% interest, in 2023 your money missed out on
S&P 500 - 24% gain.
The Dow Jones Industrial Average 13% gain
Nasdaq 43% gain
Posted on 1/6/24 at 4:40 pm to lsu xman
These monthly note threads get started a lot, but the real thing that matters is the price of the vehicle
Posted on 1/6/24 at 4:43 pm to notiger1997
Yeah - trade in, cash down, loan term etc. Some people might be paying $250/mo on a 60k truck, others might be paying $800/mo on a 33k Camry.
This post was edited on 1/6/24 at 4:44 pm
Posted on 1/6/24 at 4:45 pm to BayouBaw84
quote:
People paying $1K a month for a vehicle are full blown retards.
I can easily afford a $2000 a month car note.
I’m still driving the 2010 Acura TSX my parents gave me however.
Posted on 1/6/24 at 4:54 pm to notiger1997
quote:
These monthly note threads get started a lot, but the real thing that matters is the price of the vehicle
I’d argue that the real thing that matters is how financially stable you are, your income, and the interest rate are what matters.
If one makes $300k year, borrows $60k for the vehicle, and pay 0-2% interest, one would be perfectly within reason to pay $1k month on a 5 year loan for a vehicle they like. It makes more sense to use the banks money to purchase the vehicle, allow yours to be invested elsewhere, and you’re definitely within a reasonable income amount to afford a vehicle like that…typically.
This post was edited on 1/6/24 at 4:57 pm
Posted on 1/6/24 at 5:06 pm to JTBrett
quote:
If one makes $300k year, borrows $60k for the vehicle, and pay 0-2% interest, one would be perfectly within reason to pay $1k month on a 5 year loan for a vehicle they like. It makes more sense to use the banks money to purchase the vehicle, allow yours to be invested elsewhere, and you’re definitely within a reasonable income amount to afford a vehicle like that…typically.
This is beyond the scope of the OT, money board would agree with you though.
Posted on 1/6/24 at 5:08 pm to T Lasso
quote:
I buy high-quality used vehicles for cash. frick a car payment. I don’t need a pick up truck for work. I have a Lexus ES, and I’ll drive that for probably 15 years.
Same route I’m taking for my next car. Going back to a Lexus. Loved my old IS 350 f sport. Nice car and reliable and pretty cheap to maintain.
Posted on 1/6/24 at 5:10 pm to lsu xman
frick no. We have a paid off 2015 explorer and I paid 10k cash for a high mileage gx470.
Point a to point b. Excessive car notes are fine for the independently wealthy or the fricking idiots.
Point a to point b. Excessive car notes are fine for the independently wealthy or the fricking idiots.
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