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re: WSJ: The 7Yr Auto Loan: America’s Middle Class Can’t Afford Cars. BONUS: New Iberia HC???
Posted on 10/1/19 at 3:04 pm to KamaCausey_LSU
Posted on 10/1/19 at 3:04 pm to KamaCausey_LSU
quote:
$27k seems high for an Accord. MSRP for a 2020 Accord Sport starts at $26,500. Even without negotiating you should be below 27k after incentives. Goes to show that this guy paid for more car than he needed. That said, 1.9% interest is a solid deal.
He probably got the 1.9% in lieu of other incentives
0
Posted on 10/1/19 at 3:07 pm to LNCHBOX
quote:
You're comparing apples to oranges to try to make a point.
I’m comparing a guy who bought a new car at a rate they couldn’t afford to myself who passed on said deal. Are you trying to say you can’t find a used car at a note of $250?
Posted on 10/1/19 at 3:07 pm to KamaCausey_LSU
You can invest in a safe bond etf and get close to 3% APR
So 7 years at 1.9% isnt dumb
So 7 years at 1.9% isnt dumb
Posted on 10/1/19 at 3:10 pm to Hou_Lawyer
I like used cars. Pay cash up front. No worries.
Posted on 10/1/19 at 3:11 pm to Adam Banks
quote:
I’m comparing a guy who bought a new car at a rate they couldn’t afford to myself who passed on said deal. Are you trying to say you can’t find a used car at a note of $250?
No, I'm just saying that your mildly used car that you bought for significantly less than $500/mo didn't cost $500/mo new either. I think you're exaggerating how good of a deal you got, which is why you aren't going to say what you bought and what you paid for it. Like I said in the other post, unless you're talking full size German cars or similar, the depreciation just isn't there to make that significant of a difference in your note.
Posted on 10/1/19 at 3:15 pm to TigerstuckinMS
quote:
bullshite. America's middle class can't afford cars they can't afford. There are cars they wouldn't have to finance like that, but they'd rather drive a nice car that'll put them in a bind and then bitch and moan that it's someone else's fault.
Same as the student debt cry babies. Not everyone needs to go to college and especially not everyone needs to go to a private liberal arts college that has tuition 4x the local state school. Also, don’t use your student loan to finance spring break trips or a new LV purse or an off campus apartment with a doorman instead of an affordable apartment or spend the loan money on whatever else isn’t required to go to college. Or study your arse off in high school and get a scholly to your local state school or take advantage of a TOPS program if your state has it and stay in state instead of going out of state.
Posted on 10/1/19 at 3:15 pm to NYCAuburn
quote:
7 year loan 13.5% interest
Dr. Peter Venkman: You're never gonna regret this Ray.
Dr. Raymond Stantz: My parents left me that house. I was born there.
Dr. Peter Venkman: You're not gonna lose the house, everybody has three mortgages nowadays.
Dr. Raymond Stantz: But at 19%, you didn't even bargain with the guy...
LINK
Posted on 10/1/19 at 3:18 pm to helluvaday
quote:
jones is an idiot
Beat me to it
Posted on 10/1/19 at 3:18 pm to Hou_Lawyer
500/mo x 4 = 2000/mo
x 12mos 24000/year is about what ol boy makes...
that's not middle class, folks.
so then you bought a car that was $3000 more than your annual income, and rolled in two previous retarded purchases into the loan.
it's not his fault and I should feel bad.... why?
"...debt is dumb cash is king and the paid off home mortgage has taken the place of the BMW as the status symbol of choice...."
x 12mos 24000/year is about what ol boy makes...
that's not middle class, folks.
so then you bought a car that was $3000 more than your annual income, and rolled in two previous retarded purchases into the loan.
it's not his fault and I should feel bad.... why?
"...debt is dumb cash is king and the paid off home mortgage has taken the place of the BMW as the status symbol of choice...."
This post was edited on 10/1/19 at 3:21 pm
Posted on 10/1/19 at 3:20 pm to LNCHBOX
quote:
which is why you aren't going to say what you bought and what you paid for it.
Why should I? You are only going to call me a liar anyways and I can’t figure out why unless you convinced yourself into a bad financial decision due to “no used car will ever measure up” like this guy.
Posted on 10/1/19 at 3:27 pm to TheFlyingTiger
quote:
"...debt is dumb cash is king and the paid off home mortgage has taken the place of the BMW as the status symbol of choice...."
Not sure what this is from but it’s absolutely true.
Absolute freedom is being debt free.
If you are debt free then there is absolutely nothing that a boss, down turn whatever can do to you because you can quit/leave at anytime with any modicum of savings
Posted on 10/1/19 at 3:28 pm to Hou_Lawyer
quote:
He paid $27,000 for the car, less than the sticker price, but took out a $36,000 loan with an interest rate of 1.9% to cover the purchase price and unpaid debt on two vehicles he bought as a teenager.
Mr. Jones sounds like he's terrible with money and changes vehicles too often if he's financing $9000 in negative equity from prior vehicles.
quote:Probably should've skipped the leather heated seat upgrade if he's poor.
Mr. Jones, now 22 years old, walked out with a gray Accord sedan with heated leather seats
quote:$36k @ 84 months is $458, not "over $500" but the dumb arse probably got suckered into gap insurance and extended warranties.
He also took home an 84-month car loan that cost him and his then-girlfriend more than $500 a month.
ETA: the finance company probably forced him to buy the gap insurance because he was financing $9000 of negative equity from the prior vehicles.
This post was edited on 10/1/19 at 3:46 pm
Posted on 10/1/19 at 3:29 pm to Adam Banks
quote:
Why should I? You are only going to call me a liar anyways and I can’t figure out why unless you convinced yourself into a bad financial decision due to “no used car will ever measure up” like this guy.
Whatever you have to tell yourself. I drive a paid off 141k miles vehicle which I did buy new. Didn't cost $500 a month either. Posted on 10/1/19 at 3:30 pm to sodcutterjones
quote:
I know I'll get torched for this, but a lot of this happens because schools aren't (and haven't been for a while now) teaching teenagers how to be adults. How to write a check. How to budget. How to calculate taxes. What department of the county courthouse does what. Basic finance. Interest rates. Insurance. How to not live paycheck to paycheck.
Exactly.
They need a mandatory class in all middle schools, high schools, and colleges called "LIFE 101" that teaches taxes, mortgages/loans, financing, savings, 401ks/retirement, LLCs, insurance, etc.
We are destroying ourselves by not educating our youth in the things that matter.
Much more valuable than finding the tangent line to g(x)=16x - 4vx at x = 4
Posted on 10/1/19 at 3:32 pm to Adam Banks
quote:
Not sure what this is from but it’s absolutely true.
Absolute freedom is being debt free.
If you are debt free then there is absolutely nothing that a boss, down turn whatever can do to you because you can quit/leave at anytime with any modicum of savings
I wish I could somehow not have a mortgage and student loans
Posted on 10/1/19 at 3:44 pm to GreatLakesTiger24
quote:
the average American is a disaster in terms of finances, family, physical and mental health, and just about any other measure
But other than all those things we are the best at everything!
Posted on 10/1/19 at 3:44 pm to The Spleen
I'm mid 30's and remember having a class senior year called Financial Math. It was all about real world math everybody uses. Bank accounts, balancing check books, loans/credit, household budgeting, and stuff like that. It was a breeze for me because I had a job for 2 years by that point and my parents had shown me the basics of bank accounts and budgeting to pay my teenage expenses.
Posted on 10/1/19 at 3:45 pm to TheCaterpillar
quote:
I wish I could somehow not have a mortgage and student loans
Obviously I’m not there yet but when someone put it that way to me it just clicked and has influenced my financial habits. Debt is a self imposed prison.
I understand in theory investing and getting returns higher than lending interest but the variables that can occur before you get to that point takes away that appeal to me.
Posted on 10/1/19 at 3:46 pm to Adam Banks
A truth in life is that borrowed money comes in laughing, but leaves crying.
Posted on 10/1/19 at 3:47 pm to Adam Banks
quote:
Obviously I’m not there yet but when someone put it that way to me it just clicked and has influenced my financial habits. Debt is a self imposed prison.
I understand in theory investing and getting returns higher than lending interest but the variables that can occur before you get to that point takes away that appeal to me.
You're a Dave Ramseyian
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