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Message
1
Posted on 1/24/17 at 10:36 pm to Honky Lips
I bought a used truck in 2006, paid it off in 2009 and am still driving it today. 8 years of no car payment has been nice. I'm hoping it gets me another 2 years.
Posted on 1/24/17 at 10:38 pm to slackster
2010, 11, 15, 16.
I don't pay interest. I make interest.
I don't pay interest. I make interest.
Posted on 1/24/17 at 10:44 pm to Martini
quote:
I don't pay interest. I make interest.
Would you tie up your money for 5 years @ 2% or less? If not, why not take their money for 5 years @ 2% or less?
Posted on 1/24/17 at 10:45 pm to baseballmind1212
quote:
Got one more year of car payments. Bought my car sophomore year of college. Drove to LSU and back for school, downtown and back for work.
Gonna have around 35,000 miles when I pay it off
quote:
Projected to be worth around what I paid for it
Lol like ilovebama's 99 camry being worth $3500.
Posted on 1/24/17 at 10:46 pm to Honky Lips
a
Posted on 1/24/17 at 10:51 pm to slackster
You know nothing about my money nor will you except that I don't borrow. I don't trade in either but I'd say when it becomes a money pit for repairs would be the time.
Posted on 1/24/17 at 10:56 pm to Martini
quote:
You know nothing about my money nor will you except that I don't borrow.
I know enough to know that you think paying cash for a vehicle is a better financial decision than financing that vehicle, which means you either:
A) Don't make shite on your money and think a note @ 2% or less is going to cost you money
-OR-
B) Don't understand how interest works at all
A guy like you pops up in these threads all the time. You're so proud of the ability to pay cash for a vehicle that you don't realize it is actually a poor decision given the alternatives. Just think about how much money you'd have if you understood how it works.
Posted on 1/24/17 at 11:18 pm to Martini
My wife looked at the Lexus LS 570. I had no idea these things were that expensive.
Told her to keep looking.
Told her to keep looking.
Posted on 1/25/17 at 7:34 am to baseballmind1212
You Chose Well 
Posted on 1/25/17 at 7:40 am to Honky Lips
I usually trade it in sometime between the first oil change and needing the first set of tires. Cars really start depreciating fast once they require that kind of maintenance.
Posted on 1/25/17 at 7:48 am to Honky Lips
quote:
when's the best time to trade in your vehicle?
Before you have to call a tow truck
Posted on 1/25/17 at 7:51 am to baseballmind1212
quote:
Got one more year of car payments. Bought my car sophomore year of college. Drove to LSU and back for school, downtown and back for work. Gonna have around 35,000 miles when I pay it off. Projected to be worth around what I paid for it
Kind of the same thing usually happens to me. Most cars I've had have actually appreciated in value. 5 or 6 years into it and the car is worth about 5k more than what I paid. Problem is these damned dealerships lowball you for a trade in and I don't have the patience to look for a private party sale, so I end up taking less.
For those who can't read into it, that is complete sarcasm.
Posted on 1/25/17 at 7:52 am to Honky Lips
quote:
when's the best time to trade in your vehicle?
3 scenarios:
Never.
Sell it private seller. A little more work, but probably $2K in your pocket.
Posted on 1/25/17 at 8:43 am to Mulat
quote:
I am on 8 years
18 years without a note here.
Posted on 1/25/17 at 9:00 am to Ash Williams
quote:
I drove my trailblazer til it finally died at 180,000 miles The seven years of not having a note were awesome
But the sticker shock is harder to get over, at least it was for me. I typically buy a new one, drive it for 7 - 10 years and then trade. Going from a $0 pmt to a $500 pmt freakin sucks, but for some reason going from $450 to $550 doesn't seem as bad.
Posted on 1/25/17 at 9:27 am to Bushmaster
Just keep it, vehicles aren't assets. They go down in value. I haven't had a note in about 4 years. The $400 I was paying automatically goes into my savings account for my emergency fund
This post was edited on 1/25/17 at 9:42 am
Posted on 1/25/17 at 9:28 am to ConfusedHawgInMO
I'm never going to have more than one note again. We were young and stupid right out of college and traded our perfectly fine vehicles for something a little newer. Two payments a month sucked. Finally got them paid off and drove them a few more years. I bought my wife a new one and ended up selling both the old ones private party and made enough to pay cash for mine. I could probably sell it today for not much less than I paid 4.5 years ago. Hers will be paid off within a year and I'll bank that money for at least 3 more before we consider getting another.
Posted on 1/25/17 at 9:28 am to KG6
quote:
Kind of the same thing usually happens to me. Most cars I've had have actually appreciated in value. 5 or 6 years into it and the car is worth about 5k more than what I paid. Problem is these damned dealerships lowball you for a trade in and I don't have the patience to look for a private party sale, so I end up taking less.
For those who can't read into it, that is complete sarcasm.
I almost didn't make it to that last line and was about to go off
Posted on 1/25/17 at 9:33 am to Honky Lips
The longer you hold on to the vehicle the more it depreciates in value (in most cases) through out the life of the loan.
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