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1
Posted on 11/27/17 at 8:13 am to JudgeHolden
quote:
And according to you, I’m earning eight percent.
I’ve never said anything about that in this thread.
Posted on 11/27/17 at 8:14 am to DCtiger1
quote:
Having no cash because “you borrow” is an excuse for the weak minded and undisciplined.
FIFY
Posted on 11/27/17 at 8:14 am to northshorebamaman
quote:
Does that take into account that I don't need full coverage if it's paid off? Honest question.
Who the hell would have the financial ability to buy a new car paying cash and then either not be able to afford full coverage insurance on said vehicle or B choose not to? Talk about stupid decisions. Imagine buying a $70K truck and skimping on full coverage insurance to save $2K a year and then that truck gets wiped out by someone with no insurance, for example.
Posted on 11/27/17 at 8:14 am to NYNolaguy1
quote:
Leveraging debt is a bold strategy.
It's a car. Average car price is around what? 30k now?
Most cars finance at 0% nowadays if you are not a bum.
It's literally free money.
Let's just make it simple a three year ROI on 30k @ 3% is $32,354.
Source: ROI Calc
So in three years, you have actually made money on your car and it's free and clear after paying the 30k.
Maybe there's a micro element I am missing here?
Posted on 11/27/17 at 8:15 am to Street Hawk
It's not that I think I'm smart, its that I know I'm rich.
And while I agree with your premise, if hedging my vehicle payment vs purchase plays any meaningful factor in my net worth/passive income during retirement, I probably failed horribly somewhere along the way.
Edit - We typically buy 2 cars per decade and drive them until around 200k.
And while I agree with your premise, if hedging my vehicle payment vs purchase plays any meaningful factor in my net worth/passive income during retirement, I probably failed horribly somewhere along the way.
Edit - We typically buy 2 cars per decade and drive them until around 200k.
This post was edited on 11/27/17 at 8:19 am
Posted on 11/27/17 at 8:16 am to Janky
quote:
Nope
I forgot you have all the stats over those time periods to know better than what’s historically accurate
Posted on 11/27/17 at 8:17 am to Street Hawk
A car has the true utility of transporting you. I only spend 30-40 minutes a day in my car so I don't see the value of spending more than $200 a month on a vehicle. I'd rather put the extra money into my home since I spend 10+ hours a day in it. I want the more comfortable house than the flashier car.
Posted on 11/27/17 at 8:21 am to MontyFranklyn
quote:
A car has the true utility of transporting you. I only spend 30-40 minutes a day in my car so I don't see the value of spending more than $200 a month on a vehicle. I'd rather put the extra money into my home since I spend 10+ hours a day in it. I want the more comfortable house than the flashier car.
Agree to the utmost, but remember heavy car usually wins. Don't drive cars under 4700 lbs. as a rule.
Posted on 11/27/17 at 8:21 am to Street Hawk
pay 30k cash for the car.
when you drive off of the lot, car is worth 25k
next year.....car is worth 22k
next year......car is worth 19k
constant deprecation. you'd be better off financing the car and put 30k on your house. at least it won't depreciate like a shitty automobile investment.
hell........a four wheeler holds its value better than a car.
when you drive off of the lot, car is worth 25k
next year.....car is worth 22k
next year......car is worth 19k
constant deprecation. you'd be better off financing the car and put 30k on your house. at least it won't depreciate like a shitty automobile investment.
hell........a four wheeler holds its value better than a car.
Posted on 11/27/17 at 8:28 am to JudgeHolden
Short term doesnt really make a difference if you look at it as a lifetime financial game plan. If you average 5% over the life, you outpace lower interest rates and come out ahead in the long run, even if you take a hit during the life of one vehicle.
And capital gains tax is tiny. On a 5% gain, you are taxed .75%. So you net 4.25%, which Is still double any interest rate I have except for when right out of school (3.5% at that time). I have a 2% checking account up to 20k per account. That is guaranteed! And is more than any finance rate I have (by .1%
)
And capital gains tax is tiny. On a 5% gain, you are taxed .75%. So you net 4.25%, which Is still double any interest rate I have except for when right out of school (3.5% at that time). I have a 2% checking account up to 20k per account. That is guaranteed! And is more than any finance rate I have (by .1%
)
Posted on 11/27/17 at 8:29 am to Street Hawk
I will say this: if people didn't finance cars they don't need or can't afford, the price of cars would drop dramatically. Supply and demand, fellas. 80 month financing to some baw with a 610 credit score and $28k gross income so he can look COOL driving a brand new full-size, lifted truck five miles down the interstate to work means YOU are going to pay a lot more for that truck.
Posted on 11/27/17 at 8:29 am to dragginass
quote:
Nothing says OT baller like a 40 year mortgage and 0% financing on an F250 you paid sticker price for.
Tell me more, Oh wise one.
Wait what? Why do you assume that you have to pay sticker price to get zero % financing?
Some truly bizarre and stupid statements in this thread. Anyone with even a half a brain negotiates a selling price with a dealer long before financing is discussed. They are separate parts of the transaction.
Posted on 11/27/17 at 8:31 am to ItNeverRains
quote:
It's not that I think I'm smart, its that I know I'm rich.
quote:
Edit - We typically buy 2 cars per decade and drive them until around 200k.
One, or both, of these statements is a lie.
Posted on 11/27/17 at 8:35 am to DCtiger1
My bad. Apologies. I should have learned by now not to type before thinking.
“According to some in this thread. . . .”
This post was edited on 11/27/17 at 8:36 am
Posted on 11/27/17 at 8:37 am to KG6
quote:
Short term doesnt really make a difference if you look at it as a lifetime financial game plan. If you average 5% over the life, you outpace lower interest rates and come out ahead in the long run, even if you take a hit during the life of one vehicle.
That assumes you finance a new car every five years and that you always maintain debt. If you are buying new every five years, I’d say that is a bad strategy.
Posted on 11/27/17 at 8:41 am to HeyHeyHogsAllTheWay
quote:
One, or both, of these statements is a lie
You can make argument for the first I guess, perception is reality. I'm from White Castle. I couldn't be further from White Castle socioeconomically. Based on my 42 years on earth, I'd say i'm rich.
Bought Traverse in 2010 has 157k on the odometer, 3 years away from next purchase.
Bought Wife Tahoe LT about a month ago. Will probably give it to my now 7 year old.
Posted on 11/27/17 at 8:43 am to Street Hawk
The truly rich use other people’s money.
Posted on 11/27/17 at 8:44 am to HeyHeyHogsAllTheWay
quote:
Wait what? Why do you assume that you have to pay sticker price to get zero % financing?
Some truly bizarre and stupid statements in this thread. Anyone with even a half a brain negotiates a selling price with a dealer long before financing is discussed. They are separate parts of the transaction.
People here are retarded when it comes to vehicle purchases. And a lot of them are full of shite.
Posted on 11/27/17 at 8:45 am to LNCHBOX
quote:
People here are retarded when it comes to vehicle purchases. And a lot of them are full of shite.
Agreed!!!!!!!!
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