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Started By
Message
re: how much would u finance a vehicle for and for how long
Posted on 7/1/21 at 11:11 am to Lincoln Dawson
Posted on 7/1/21 at 11:11 am to Lincoln Dawson
Does it come with truck nuts?
0
Posted on 7/1/21 at 11:36 am to AUFANATL
quote:
Paying $50k cash for a brand new truck when the dealer is offering 0% financing is dumb.
Paying $10k cash in a private sale for an older Camry that some old lady kept in a garage and only drove to the beauty parlor, church and grocery store is not.
Depends on the rate
Posted on 7/1/21 at 11:56 am to Lincoln Dawson
I bought a 19 F-150.
Not going to lie I splurged. I save well, I make good money, and it was my first real ‘high end’ purchase since I got my real job 8 years prior. It was a treat yourself moment.
The best part is that I bought nearly the exact truck my dad did, and I got it cheaper.
I was amazed that they gave 0% APR for 72 months with 0 down. I will never not ‘finance’ something for 0% interest as long as my financial situation is stable. Its basically giving away money.
Not going to lie I splurged. I save well, I make good money, and it was my first real ‘high end’ purchase since I got my real job 8 years prior. It was a treat yourself moment.
The best part is that I bought nearly the exact truck my dad did, and I got it cheaper.
I was amazed that they gave 0% APR for 72 months with 0 down. I will never not ‘finance’ something for 0% interest as long as my financial situation is stable. Its basically giving away money.
Posted on 7/1/21 at 12:25 pm to Mingo Was His NameO
quote:The problem is that when you push payments out at low rates, you justify spending more on the purchase. Financial people argue and analyze to the nth degree paying cash v. financing. The real issue is the total cost of the vehicle. The primary reason financing a vehicle can be a poor financial decision is that it causes the buyer to spend more than they otherwise would on auto expenses.
Even still, pushing the payments to the longest term possible at a low interest rate just increases your cash flow. Paying something off early at a low interest rate makes no sense, even if you aren't truly investing the rest.
This post was edited on 7/1/21 at 12:26 pm
Posted on 7/1/21 at 12:44 pm to pioneerbasketball
quote:
If you can't buy it in cash, you can't afford it
This
Posted on 7/1/21 at 12:52 pm to WDE24
quote:
The primary reason financing a vehicle can be a poor financial decision is that it causes the buyer to spend more than they otherwise would on auto expenses.
Totally agree. A lot of people out there making $80-$90k driving $40k rides. Making $130k driving $60k rides.
“But muh 0%…”
Someone referenced it earlier in the thread but it’s just crazy how much these decisions inhibit long term wealth building. And it all stems from the availability of the 60-96 month vehicle loan.
To each their own though. You only live once. Live your life.
Posted on 7/1/21 at 1:11 pm to AUFANATL
quote:
AUFANATL
This guy fricks.
Posted on 7/1/21 at 2:57 pm to Lincoln Dawson
Your credit must be terrible if they gave you that ridiculous rate.
Posted on 7/1/21 at 3:09 pm to PhiTiger1764
quote:
Someone referenced it earlier in the thread but it’s just crazy how much these decisions inhibit long term wealth building
You know what else inhibits long term wealth building? Having 100k in your checking account earning .1% interest because you get a hard on for paying cash for a car.
Posted on 7/1/21 at 3:31 pm to Lincoln Dawson
quote:
Lincoln Dawson
Reading through this thread I'm thinking a lot of people are not being truthful or the OT has a much higher percentage of fairly intelligent cars buyers as way back when I was selling the vast majority of loans were for 5 years. Few cash buyers.
And they bought the payment. Not the price at the bottom of the contract.
Posted on 7/1/21 at 3:58 pm to USMEagles
quote:
People actually pay that for a vehicle? WTF?
Just remember that the folks buying that Tahoe on a 36-48 month note are paying MUCH more per month. It's nuts what people spend money on.
Posted on 7/1/21 at 4:00 pm to bnb9433
quote:
Trucks are expensive as shite though.
No lie!! I was going to buy a new truck this year, but what they are asking for them is ridiculous. I could buy the new vette for less then what they are asking for on trucks.
Trying to convince my wife(no pics) to let me keep my truck, and get the vette.
Posted on 7/1/21 at 4:15 pm to Mingo Was His NameO
quote:
You know what else inhibits long term wealth building? Having 100k in your checking account earning .1% interest because you get a hard on for paying cash for a car.
I think you missed the point. People should definitely finance vehicles at low rates vs. paying cash. But the 60-94 month terms have given many people the illusion of affordability.
I keep under $1000 combined in my checking and savings accounts at all times fwiw.
Posted on 7/1/21 at 4:19 pm to PhiTiger1764
quote:
I think you missed the point. People should definitely finance vehicles at low rates vs. paying cash. But the 60-94 month terms have given many people the illusion of affordability.
I agree, but there's no reason to teach to the lower common denominator.
It's like the Dave Ramsey debates, yes his method is better than being a total retard, but instead of teaching them how to not do the worst thing, let's teach them how to do the correct thing.
Posted on 7/1/21 at 5:01 pm to AUFANATL
Totally understand your point and 100% agree with you. I was mainly talking about buying from dealerships when purchasing a newer vehicle
Posted on 7/1/21 at 5:02 pm to Lincoln Dawson
Zero because I'm not in need of a newer vehicle for business or personal use. Any road trips are done with a company vehicle. My wife has a later model used car that is reliable and comfortable for our personal needs.
Posted on 7/1/21 at 5:34 pm to Lincoln Dawson
I'll go 72-84 months if they give me 0%, for sure.
I pay $822/month for my wife's car. Ridiculous payment obv, but 0% for 48 months and I put zero down. Put the insurance check from her totaled car (not her fault) into our IRA instead since they were giving 0%. Will probably pay it off a few month early (insert gasp from the 0% guys here) depending on when my new vehicle order finally gets built, so that I can avoid 2 notes.
Finance guy kept trying to push GAP because I "would always be upside down." Checked the other day and I'm currently about 14k to the positive lol. He just couldn't fathom how I would rather self-insure against GAP to cover those 12-18 months I could be vulnerable.
I pay $822/month for my wife's car. Ridiculous payment obv, but 0% for 48 months and I put zero down. Put the insurance check from her totaled car (not her fault) into our IRA instead since they were giving 0%. Will probably pay it off a few month early (insert gasp from the 0% guys here) depending on when my new vehicle order finally gets built, so that I can avoid 2 notes.
Finance guy kept trying to push GAP because I "would always be upside down." Checked the other day and I'm currently about 14k to the positive lol. He just couldn't fathom how I would rather self-insure against GAP to cover those 12-18 months I could be vulnerable.
Posted on 7/1/21 at 5:41 pm to mglsu21
Baw financing bass boats for 120months 60K+.
Posted on 7/1/21 at 5:53 pm to harmonics
quote:. Sorry boss, but you not gonna get a drivable Blazer for $1500.
I'll just buy a 1986 Blazer that can get get a few years out of for $1,500
Posted on 7/2/21 at 10:21 am to The Third Leg
quote:
When people are handing out free money, you don’t turn it down. Auto loans are negligible expenses for anyone with good credit. I lol at people making down payments on rapidly depreciating assets when banks and auto dealers will give you super low cost loans. It’s dumb financial practice.
In a perfect world that would be correct but you would have to explain that to the millions out there who up to their neck in depth and end up not being able to pay it back.
I will stick to writing checks for things. It has worked out pretty well for me over my many years. I will leave the "owing" to some of you younger guys. Im too old to owe anyone at this point
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