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re: Would a $500+ car note break the bank for you?
Posted on 7/20/19 at 6:52 pm to GeorgeTheGreek
Posted on 7/20/19 at 6:52 pm to GeorgeTheGreek
quote:
Or you could pay it off in 5 years and invest the next 25 without owing the bank anything.
And miss out on 5 years of growth? You know what that adds up to after 30 years?
1
Posted on 7/20/19 at 6:52 pm to GeorgeTheGreek
quote:
Or you could pay it off in 5 years and invest the next 25 without owing the bank anything. Short term hit but if you can handle it - I think it’s best.
Well you're just mathematically incorrect.
Posted on 7/20/19 at 6:53 pm to Mingo Was His NameO
Well frick guys. :(
Posted on 7/20/19 at 6:53 pm to iAmBatman
You win. 
Posted on 7/20/19 at 6:56 pm to GeorgeTheGreek
quote:
I’d finance a car for 30 years if they’d let me.
Or you could pay it off in 5 years and invest the next 25 without owing the bank anything. Short term hit but if you can handle it - I think it’s best.
It really depends what the interest rate is. If it’s low enough, it makes sense to stretch the term longer.
The only thing is these really long terms are mostly used for people that just look at payment only, and buy more car than they can afford.
However, if you have the option to finance at say 1%, and you can choose the length of the term, makes sense to go as long as possible.
Posted on 7/20/19 at 6:57 pm to Mingo Was His NameO
quote:
So you only worked a couple of months in 2017 because you were doing fun stuff? Again, not adding up.
I made $125k in 6 months, 102 alone between April and September. I'm single, don't have a lot of bills, and know how to be frugal and stretch pennies.
It's what I do. Work a whole lot like now, 6 or 7 10s or 12s for long stretch and then take a long stretch off. I'm going to take the last three months off this year and maybe January too. I'm going to say 'Lay me off, please', and not look back.
Hell, I got right at 24 grand back in taxes combined from the states and the Fed in 2018 If someone in my situation can't take time off and still live decently, that'd be pretty screwed.
I can bank up to a year on my health insurance, and living in East Feliciana Parish, my property taxes are cheap with homestead exemption.
This post was edited on 7/20/19 at 7:15 pm
Posted on 7/20/19 at 7:01 pm to Sayre
Sounds like my work schedule
Posted on 7/20/19 at 7:05 pm to 632627
quote:
It really depends what the interest rate is. If it’s low enough, it makes sense to stretch the term longer
Correct. As long as the interest rate is lower than the return you could get if you invested it, it’s in your best interest to finance and keep your cash invested. However most people aren’t disciplined enough to actually make it work without getting themselves in trouble quickly.
Posted on 7/20/19 at 7:08 pm to iAmBatman
quote:
However most people aren’t disciplined enough to actually make it work without getting themselves in trouble quickly.
I've seen so many people make bad decisions it's made me very cautious and probably too risk averse for my own good. But man, people can really blow through some dough quick with bad investments. Before I ever made decent money, I watched so many people waste windfalls on dumb shite, thinking all the time how I wasn't going to make the same mistakes if I could help it.
This post was edited on 7/20/19 at 7:13 pm
Posted on 7/20/19 at 7:12 pm to Sayre
quote:
I can bank up to a year on my health insurance, and living in East Feliciana Parish, my property taxes are cheap with homestead exemption.
I thought you lived in California, guess I have you mixed up with someone else
Posted on 7/20/19 at 7:14 pm to iAmBatman
quote:the people getting 84 months note aren't getting 0-2.5% interest rates.
can only imagine the idiots in this thread that don’t understand the opportunity cost of money.
I’d finance a car for 30 years if they’d let me. Much rather have the money and invest it that have it sitting in a car, depreciating in my drivew
Posted on 7/20/19 at 7:14 pm to Mingo Was His NameO
Cot damn, you are insufferable.
Posted on 7/20/19 at 7:15 pm to fightin tigers
quote:
no bank
Dealer financing baw. Dealer does it to sell the cars, which they make money on
Posted on 7/20/19 at 7:16 pm to castorinho
quote:
the people getting 84 months note aren't getting 0-2.5% interest rates.
They don’t have the money to pay cash either that’s invested earning a higher percentage than their loan
Posted on 7/20/19 at 7:16 pm to yellowfin
quote:
I thought you lived in California, guess I have you mixed up with someone else
I work in California, and when I'm off I go back and forth. I'm still a Louisiana resident technically. I had to spend a lot of time in Louisiana last year. Mom fell, broke her hip, had to put her in assisted living and all that. Put her place on the market. Busy year. Glad I had the time off.
Last year, I was in Louisiana most of the time. This year, the opposite.
Next year, who knows. My lease is up in late September here in Santa Clara. Going to take my time and try and find somewhere in Sunnyvale or Mountain View. September is a bad time to lease a place. I'll get a better rate in January or February.
This post was edited on 7/20/19 at 7:22 pm
Posted on 7/20/19 at 7:18 pm to lsu xman
No but it would be incredibly stupid for me.
Posted on 7/20/19 at 7:18 pm to tide06
quote:
you aren’t going to invest the money I agree the note is a bad decision if you can avoid it.
That’s the point. This isn’t a solid financial decision for most people. This is “how can I get my monthly payment down so I can afford this truck I want (but can’t actually afford)”
Posted on 7/20/19 at 7:18 pm to Upperdecker
quote:
Dealer financing baw. Dealer does it to sell the cars, which they make money on
Um, I think that is why I was saying there is no such things as 0% financing.
People with 0% just paid their interest up front.
This post was edited on 7/20/19 at 7:19 pm
Posted on 7/20/19 at 7:22 pm to Janky
quote:
Cot damn, you are insufferable.
I don't ask anyone to make shite up.
Posted on 7/20/19 at 7:22 pm to fightin tigers
quote:
People with 0% just paid their interest up front.
No they didn't.
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