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Started By
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re: Any baws with a $600+/month car note
Posted on 6/25/18 at 1:51 pm to TH03
Posted on 6/25/18 at 1:51 pm to TH03
quote:
Yeah who doesn’t want a super long note on a constantly depreciating asset that could be totaled for less than what you owe.
What does this change about the decision to finance or not? Do cars stop depreciating if you pay for them in cash? Is insurance cheaper?
0
Posted on 6/25/18 at 1:52 pm to NaturalBeam
I wouldn’t have bought it without enough cash/trade to make a 36 month note affordable. $900 is absurd IMO for 5 years. I mean it ain’t my money though. 
Posted on 6/25/18 at 1:53 pm to slackster
quote:
Why does it matter whether you're paying interest on a car or a home or any other type of asset?
you can deduct the interest you pay on you home, not on cars; is the asset appreciating or depreciating in value
Posted on 6/25/18 at 1:53 pm to TH03
quote:
I mean it ain’t my money though.
Then should have been said on page 1 and ended this dumbass thread.
Posted on 6/25/18 at 1:54 pm to TH03
quote:A vehicle is a necessary commodity in our world, not to be compared with other depreciating assets. That’s an amateurish understanding of the basis for financing a vehicle.
Yeah who doesn’t want a super long note on a constantly depreciating asset that could be totaled for less than what you owe.
Posted on 6/25/18 at 1:55 pm to TH03
Let me give you a hypothetical. You have $40k in the bank. You want to buy a car or that will cost $40k all in. They offer you 1.6% interest, wdyd?
Posted on 6/25/18 at 1:55 pm to CorporateTiger
quote:
If anyone wants to offer me a loan at 1.6% hit me the frick up. I will take as much as you will give me.
This. I mean 1.6% is a negative real rate and people still think it's better to pay in full.
Posted on 6/25/18 at 1:56 pm to NaturalBeam
quote:
A vehicle is a necessary commodity in our world,
$54k car isn’t a necessary commodity.
Posted on 6/25/18 at 1:58 pm to TigerintheNO
quote:
you can deduct the interest you pay on you home, not on cars; is the asset appreciating or depreciating in value
I'll give you the deduction, but the underlying asset doesn't matter outside of that. If you're going to spend $50k on an item, whether you pay cash or finance it should depend on the terms of the financing, not the underlying asset.
Posted on 6/25/18 at 1:58 pm to TH03
quote:So you would’ve taken money out of play, which should be making more than 1.6 in order to avoid paying 1.6?
I wouldn’t have bought it without enough cash/trade to make a 36 month note affordable. $900 is absurd IMO for 5 years. I mean it ain’t my money though.
Posted on 6/25/18 at 1:59 pm to CorporateTiger
I’m not advocating buying it outright. I’m talking about financing a car for a grand a month for damn near the average life cycle of a new car which is 8 years. It’s just my opinion. I wouldn’t want to pay a car note for that long for a variety of reasons.
Posted on 6/25/18 at 2:01 pm to TH03
quote:
I’m talking about financing a car for a grand a month for damn near the average life cycle of a new car which is 8 years
If you are getting 1.6%, the longer you can get that the better.
Posted on 6/25/18 at 2:01 pm to TH03
quote:A vehicle is, so the fact that is depreciates is irrelevant. And the price is a purchasing decision, not a financing one. You're moving the goalposts.
$54k car isn’t a necessary commodity
The vehicle was what my wife wanted and we can afford it. As much as I spend on golf, I can't complain.
Posted on 6/25/18 at 2:01 pm to NaturalBeam
No I just wouldn’t gotten something else or not got a new car.
Posted on 6/25/18 at 2:01 pm to NaturalBeam
quote:
So you would’ve taken money out of play, which should be making more than 1.6 in order to avoid paying 1.6?
I always like to flip the script on financing discussions. This isn't perfect logic, but it's worth discussing:
Would you currently accept 1.6% interest on a 5-year CD? Would you tie up your money for 30 years at 4.5%?
If you answer no, maybe you should reconsider paying cash for that car or home.
Posted on 6/25/18 at 2:02 pm to NaturalBeam
quote:
The vehicle was what my wife wanted and we can afford it. As much as I spend on golf, I can't complain.
Fair enough
This post was edited on 6/25/18 at 2:02 pm
Posted on 6/25/18 at 2:02 pm to CorporateTiger
quote:
I’m talking about financing a car for a grand a month for damn near the average life cycle of a new car which is 8 years
If you are getting 1.6%, the longer you can get that the better.
Yep. If I could finance a car at sub-2% for 720 months, I would.
Posted on 6/25/18 at 2:02 pm to TH03
quote:
that could be totaled for less than what you owe.
Gap insurance is less than $50 a year on my vehicle. Not much of a concern.
Posted on 6/25/18 at 2:03 pm to slackster
Nah I can get 100% throwing it all on black, baw.
Posted on 6/25/18 at 2:03 pm to TH03
quote:
I wouldn’t want to pay a car note for that long for a variety of reasons.
That is your choice but your argument is financially flawed.
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