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re: What’s your car payment?
Posted on 2/27/19 at 1:28 pm to Tempratt
Posted on 2/27/19 at 1:28 pm to Tempratt
quote:
$523/month is disturbing? How?
I do think $523 average is high when you realize the average income of the country. But I'd love to hear what is acceptable to this board if a household has an in come of say 100k, 150k, or 200k? Let's say all of them have 100k in the bank, and can all get sub 3% interest rates on a loan. What is an acceptable note then? In any of those scenarios, $523 a month really doesn't sting all that bad.
2
Posted on 2/27/19 at 5:29 pm to KG6
quote:
But I'd love to hear what is acceptable to this board
Paying cash for 20 year old Toyotas. Anything more that $2000 is frowned upon.
Posted on 2/27/19 at 6:24 pm to Eli Goldfinger
I honestly couldn’t tell you what my truck note is. I believe it’s 700 something. Who knows
Posted on 2/27/19 at 7:48 pm to DavidTheGnome
quote:
0
I can’t imagine paying $500 + insurance for something to drive
Same here man...
Posted on 2/27/19 at 7:53 pm to LSUbase13
quote:
This. If you can get a really low interest rate, why would you fork out a hefty sum of money when you can pay it off in 3-5 years ? Save that cash to invest or for an emergency. Am I wrong in thinking this way?
Pay cash for it...you're not factoring in RISK. My goal in life is to be debt free. There's really no stress if you only have a house note.
Posted on 2/27/19 at 7:57 pm to Eli Goldfinger
$214 a month for a 2017 Honda. Bought my wife a UTV and pay $226 a month for it. (Til I pay it off next month)
Posted on 2/27/19 at 8:00 pm to Supermoto Tiger
quote:
Pay cash for it...you're not factoring in RISK.
Market risk is not the only risk involved in either decision.
If your interest is running below inflation, financing is very attractive.
Posted on 2/27/19 at 8:04 pm to Supermoto Tiger
quote:
you're not factoring in RISK
It's much riskier to have all your money sunk into an item that you might wrap around a telephone pole at any time. What's the risk of a loan? Bad credit if you fail to pay? Then what.... you are back to paying for everything in cash??? So worst case scenario, you are forced to do something you are advocating to do?
Posted on 2/27/19 at 8:08 pm to Eli Goldfinger
(no message)
This post was edited on 2/27/19 at 8:10 pm
Posted on 2/28/19 at 12:39 pm to BigB0882
quote:
That is fine and dandy but I got my vehicle financed at 0% interest. Why would I give them all the money up front when I can keep it and let it make me money and just pay them $500 a month? In this scenario, it wouldn't be wise to pay it all in cash.
That's assuming you make money. Borrower is slave to the lender. A car should be a small portion of your world, not an expense worth going into debt for.
Posted on 2/28/19 at 12:40 pm to Eli Goldfinger
$574 @ 0% interest.
Posted on 2/28/19 at 12:40 pm to 9Fiddy
$0. 2014 F150 is paid off.
Posted on 2/28/19 at 12:47 pm to slackster
You could always invest a “monthly payment” to have on hand to pay for a vehicle in cash once you need it 
Posted on 2/28/19 at 12:51 pm to hehateme2285
wife ride = $589
only put $4,000 down and we gave our daughter the wife's car so we lost out on about $8,000 to $10,000 for a trade-in.
only put $4,000 down and we gave our daughter the wife's car so we lost out on about $8,000 to $10,000 for a trade-in.
Posted on 2/28/19 at 12:52 pm to ctiger69
quote:I don't think you understand how loans work
I have no idea because I have never payed it. 72 month loan with zero interest. I put down 20k for a down payment when I bought it. I have not paid anything on it since and that was 14 months ago. I have no idea what it will be.
Posted on 2/28/19 at 12:52 pm to Eli Goldfinger
Far less - payment on both our last two cars has been sub $300.
Posted on 2/28/19 at 1:06 pm to Eli Goldfinger
$1100
Paying on 4 cars at same time.
Paying on 4 cars at same time.
Posted on 2/28/19 at 1:10 pm to Ostrich
quote:
Borrower is slave to the lender
Maybe if you are buying out of your means. That's a different argument. No one should buy a car that's beyond their means. No one should be living paycheck to paycheck to sweating it to payoff their car note. Not knocking if you have to do that just to drive to work or something, but obviously get the lowest note possible.
If you have more than enough on hand to payoff the car at any time, you are in no way a "slave to the lender". You control that situation. You can pay off at any time you want and walk away. You are merely using that debt to your best interest, which is increasing your net worth and being prepared for emergencies.
Posted on 2/28/19 at 1:19 pm to KG6
quote:
Let's say all of them have 100k in the bank, and can all get sub 3% interest rates on a loan. What is an acceptable note then? In any of those scenarios, $523 a month really doesn't sting all that bad.
Exactly. Every situation is different. What if you drive 30k-40k miles a year? You would want a nice car. What if you get a hefty car allowance at work? What if work requires you to have a car with certain specs or less than 4 years old?
Posted on 2/28/19 at 1:30 pm to Eli Goldfinger
Both cars are paid off. Going to purchase the wife a ford expedition max xlt fx4 in the coming months. Will be around $800 a month. It sucks but we need more room and it will fit in the budget and be a tax write off.
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