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re: People who think they are smart because they pay cash for their cars
Posted on 11/26/17 at 9:15 pm to fightin tigers
Posted on 11/26/17 at 9:15 pm to fightin tigers
quote:
Ramsey is a multitime bankrupt millionaire that lectures people on how they should save money.
He made his millions off selling books to people who are bad with money.
Basically a con man getting rich off selling his method to get rich.
100% incorrect
0
Posted on 11/26/17 at 9:16 pm to Will Cover
quote:
You're assuming that most people know how to invest, which they don't.
You could literally just put your 401k on cruise control with some moderate risk prepackaged portfolio and average 5% over your lifetime. Saving cash for a car takes away from that contribution, therefore, you miss out on 5%. You don't have to daytrade people.
Posted on 11/26/17 at 9:16 pm to lsu1919
quote:
You can be damn sure he takes credit cards to buy his shitty books
Not at his own online store. He only accepts debit cards.
Posted on 11/26/17 at 9:20 pm to dcrews
quote:
If we are talking 3%-5% auto loan interest versus someone who can yield 10% on their money, you're foregoing 5%-7% of earnings by paying cash up front.
The fallacy of the above is the assumption that current conditions remain the same.
Every a-hole with a 401k has been
quote:it has not taken any skill whatsoever, things can change in an instant.
someone who can yield 10%
Peoples financial situations are somewhat fluid as well, cash makes sense for lots of folks.
I do both depending on rates, new car for wife at 0.9% was a no brainer, 3 year old truck for me was cash.
Posted on 11/26/17 at 9:28 pm to cave canem
I really hope most of you aren't responsible for anyone else's money. People on both sides of the arguement in this thread have no idea what the hell they're talking about.
Posted on 11/26/17 at 9:28 pm to Street Hawk
This is especially true with the low interests rates
Posted on 11/26/17 at 9:40 pm to cave canem
quote:
The fallacy of the above is the assumption that current conditions remain the same.
That's....thats not a fallacy.
He is SAYING what the conditions are when it is a smart call.
The same conditions which have been there for years.
You need to point that logic to the other side of the fence, who do it because that's how pappy raised him, back when interest rates on cars were +10%.
No one here is saying its ALWAYS a good idea to finance cars. Just that under the conditions present in the past 10 years or so, and will persist for the foreseeable future, yes, it is stupid to hand over that large volume of liquid cash.
This post was edited on 11/26/17 at 9:49 pm
Posted on 11/26/17 at 9:44 pm to Mingo Was His NameO
quote:
I really hope most of you aren't responsible for anyone else's money. People on both sides of the arguement in this thread have no idea what the hell they're talking about.
Ahh yes the ever special EVERYBODY is wrong but me, bet you are a blast a parties.
I guess your vehicles are free as you neither pay cash nor finance.
Posted on 11/26/17 at 9:46 pm to cave canem
quote:
I guess your vehicles are free as you neither pay cash nor finance.
Posted on 11/26/17 at 9:49 pm to guttata
quote:
Dave Ramsey would probably say it’s a bad idea, financially, to purchase a new car.
This. The key is to purchase a used car at the time where the big value drop has happened, but the heavy maintenance cycle hasn’t started.
Posted on 11/26/17 at 9:49 pm to Volvagia
quote:
yes, it is stupid to hand over that large volume of liquid cash.
Maybe for you and on a new vehicle, for Joe 9-5 with meh credit who is buying a 6 year old car it is not, very different rates.
The correct answer to this is not always the same.
quote:
Just that under the conditions present in the past 10 years or so,
Assuming they will continue for another 10 is asinine, by the way not many did real well in 08-09, you may want to rethink that a bit.
Posted on 11/26/17 at 9:50 pm to Street Hawk
If you really want to save money or be financially responsible, just buy a Honda Civic or Corolla and drive it for 10 years.
Posted on 11/26/17 at 9:50 pm to cave canem
quote:
Ahh yes the ever special EVERYBODY is wrong but me, bet you are a blast a parties.
quote:
I really hope most
You may or may not be good with money, but one thing is for sure, your reading comprehension could use some work.
Posted on 11/26/17 at 9:56 pm to JudgeHolden
quote:
Except that I don't have to carry collision insurance, dumbass. That means I save thousands of dollars a year by bearing my own physical risk of loss.
So what happens when you drive off the dealer lot in your new $35,000 car and it is totaled by an uninsured driver or your own negligence? Congratulations on saving $50.00 per month in physical damage premiums while seeing your $35,000 investment hauled away to the salvage yard.
Posted on 11/26/17 at 9:57 pm to Street Hawk
What a bunch of suckers in here. I lease my car like a boss. 
Posted on 11/26/17 at 10:07 pm to cave canem
quote:
Maybe for you and on a new vehicle, for Joe 9-5 with meh credit who is buying a 6 year old car it is not, very different rates.
The correct answer to this is not always the same.
I'll submit it is still stupid that hand over that large volume of liquid cash on a six year old used car.
quote:
Assuming they will continue for another 10 is asinine, by the way not many did real well in 08-09, you may want to rethink that a bit.
What are you talking about, almost everyone did excellently then if they just stayed the course.
Putting money in the SP500 RIGHT before the crash and feeling the full blow still would have had you doubling your original investment. But yes, acknowledgement of a short term risk exposure if you need money in the rebuilding phase is why I am not 100% in stocks. 
Posted on 11/26/17 at 10:08 pm to Street Hawk
quote:
If you can finance the car at a rate that's lower than what you typically make out of your investments,
Ok. Now considering that almost half of American adults have zero investments; how does this play out?
Posted on 11/26/17 at 10:10 pm to CaptainBrannigan
quote:these people aren't even considering paying cash for a car
Ok. Now considering that almost half of American adults have zero investments; how does this play out?
this debate obviously isn't about "average" americans
Posted on 11/26/17 at 10:16 pm to Street Hawk
Jealous much?
Posted on 11/26/17 at 10:21 pm to Street Hawk
(no message)
This post was edited on 11/26/17 at 10:22 pm
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