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re: Would you shiite your pants if you had a $700+ car note?
Posted on 11/25/17 at 3:56 pm to GaryMyMan
Posted on 11/25/17 at 3:56 pm to GaryMyMan
The problem with our collective views of borrowed money is that they mostly come from boomers, whose ideas were formed when money was EXPENSIVE. My dad is one of those “only pay cash for cars” types, because he grew up with expensive money. The house he bought in ‘83 was at 13% interest. Mine’s at 4 and I’m steamed about it.
I pay two car notes at 1.99% each. I have a stable job. It’s not that crazy of a financial decision.
I pay two car notes at 1.99% each. I have a stable job. It’s not that crazy of a financial decision.
This post was edited on 11/25/17 at 4:37 pm
1
Posted on 11/25/17 at 4:06 pm to lsu xman
Yes. My vehicles combined have 40 years of age and 350k miles pretty much split equally between the two. I hate spending money on something used to transport my arse and my stuff from place to place.
Posted on 11/25/17 at 4:10 pm to GaryMyMan
When my dad bought his house at 12% the bank told him how lucky he was because interest rates would never be that low again 
500k @12% is $5,150 a month
500k @ 4% is $2,400 a month
500k @12% is $5,150 a month
500k @ 4% is $2,400 a month
Posted on 11/25/17 at 4:40 pm to GEAUXT
quote:
I'll never buy a vehicle unless they're offering 0%
That's normally in lieu of rebates/incentives.
Posted on 11/25/17 at 4:40 pm to lsu xman
quote:
2.5% for 60months
That's about the inflation rate. You're really not losing any value with a rate that low, I'd seriously consider it even if I could pay off the whole thing in cash.
Posted on 11/25/17 at 4:45 pm to lsu xman
I’m not someone particularly interested in putting a lot of resources in vehicles. I just don’t get it. My wife and I have a system. Every few years, my wife gets a nice ride that’s a year or so old. She drives it 3 or 4 years until it’s paid off. We then go without a car note until she gets the itch. At that point, she hands me down hers and she gets another almost new ride. Rinse and repeat.
She always has a nice car, I always have a decent one and we don’t spend $1000+/m on car notes.
She always has a nice car, I always have a decent one and we don’t spend $1000+/m on car notes.
This post was edited on 11/25/17 at 4:47 pm
Posted on 11/25/17 at 4:47 pm to Scoop
quote:
I’m not someone particularly interested in putting a lot of resources in vehicles. I just don’t get it. My wife and I have a system. Every few years, my wife gets a nice ride that’s a year or so old. She drives it 3 or 4 years until it’s paid off. We then go without a car note until she gets the itch. At that point, she hands me down hers and she gets another almost new ride. Rinse and repeat.
She always has a nice car, I always have a decent one and we don’t $1000/m on car notes.
I'm the same way.
I could swing a $700 car note but I don't want to spend that kind of money on a vehicle.
Posted on 11/25/17 at 4:58 pm to Bestbank Tiger
Yeah, we slipped up once and jumped on a great deal on a decked out Expedition for a third vehicle that we thought we wanted because we have three kids and wanted something everybody could load up in comfortably.
Dragging that note around for a non-essential vehicle made us miserable and after 6 months we got rid of it, especially considering we didn’t end up using it as much as we thought we would.
That’s the only time we had two car notes and we hated it.
Dragging that note around for a non-essential vehicle made us miserable and after 6 months we got rid of it, especially considering we didn’t end up using it as much as we thought we would.
That’s the only time we had two car notes and we hated it.
Posted on 11/25/17 at 5:13 pm to lsu xman
710 dollars is a mortgage and a waste of money
Posted on 11/25/17 at 5:18 pm to Salt Lick
2200 in car notes and 550 for insurance / 800 and 600 will be paid off soon. New bay boat on the way
Posted on 11/25/17 at 5:21 pm to GEAUXT
quote:
I'll never buy a vehicle unless they're offering 0%
I always qualify for 1.5 percent or less, so I take the cash back every damn time.
That being said, my note finally went over 400 and I don't like it.
Posted on 11/25/17 at 5:23 pm to Salt Lick
At any rate, as far as some of this goes, where the middle class is concerned, I’ve learned over the years that the people that show money don’t have it. The ones with the the wife driving a $50,000 SUV and the husband has a $60,000 truck along with a $17,000 quad and a bass boat are shaking like the Mexican Space Shuttle making all those notes.
This post was edited on 11/25/17 at 5:25 pm
Posted on 11/25/17 at 5:30 pm to Salt Lick
In what world is $710 a mortgage?
Posted on 11/25/17 at 5:38 pm to eScott
quote:
Why pull money from an investment that you're making 20% on. Who cares how much the payment is, what's the % rate.
I pay cash because it doesn’t bother me one way or another but I want this guy to call me because I’ll take 20%- although I’m afraid at those returns he’s got a Madoff in his wealth advisor woodpile.
Posted on 11/25/17 at 5:39 pm to AbitaFan08
quote:
In what world is $710 a mortgage?
$150,000 @ 4% for 30 years,
In a lot of areas in the South that will buy a livable house in a reasonably safe area.
Posted on 11/25/17 at 5:41 pm to lsu xman
I saw a commercial today for a $700/month lease offer.
Whole lotta nope on that
Whole lotta nope on that
Posted on 11/25/17 at 5:41 pm to Martini
quote:
pay cash because it doesn’t bother me one way or another but I want this guy to call me because I’ll take 20%- although I’m afraid at those returns he’s got a Madoff in his wealth advisor woodpile.
Most large cap index funds have returned 20% over the last year.
Posted on 11/25/17 at 5:44 pm to lsu xman
My note for my Acura MDX was $863 for 4 years. However, we did pay it off a year early. Interest rate was less than 2% if I remember correctly.
This post was edited on 11/25/17 at 5:45 pm
Posted on 11/25/17 at 5:45 pm to EA6B
Yea, plus insurance and probbaly PMI would put it around 1,000 assuming they won’t put 20% down
Posted on 11/25/17 at 6:21 pm to lsu xman
My $1,200 car note only bothers me when I'm not driving the car.
And the $650 note on the car I bought my teenager doesn't bother me a bit.
Cars are one of life's great pleasures. With interest rates next to nothing, it makes no sense to pay cash for a car. There are other things you can do with that money. Have you checked the stock market lately?
And the $650 note on the car I bought my teenager doesn't bother me a bit.
Cars are one of life's great pleasures. With interest rates next to nothing, it makes no sense to pay cash for a car. There are other things you can do with that money. Have you checked the stock market lately?
This post was edited on 11/25/17 at 6:24 pm
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