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Posted: 1/10/2023 7:59:56 AM EST
[#1]
I guess it depends on what you think you have to have.
I have not had a car payment in 20 years. Had a motorcycle payment a few years ago but I doubt I will ever have one again. Same for a mortgage. |
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Posted: 1/10/2023 8:05:38 AM EST
[#2]
Quote HistoryQuoted: The last time we were car shopping a young couple were trying to buy a car. No money, no credit. Salesman told them to call parents to co-signed. First set of parents arrive. No money, no credit. Next set of parents arrive. Same story. Eventually looked like a family reunion at the dealership. I asked our salesman what will happen to them. They said they would eventually find a bank to give them credit. Eventually. Pay cash for your car then start making payments to yourself. It’s not that hard. Could have done that, but at 1% interest it’s cheaper to let my money keep working while I make payments. |
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Posted: 1/10/2023 8:12:57 AM EST
[#3]
Quote HistoryI settled for a boring truck, but I have a 10 acre farm and live off the grid except for electricity, which will soon be solar. To each their own. Raise my own meat, grow my own veggies. Guys are paying $12 for a dozen eggs and have an $800 vehicle payment. I have 1000 pounds of prime beef in the freezer and more eggs more than enough eggs for 6 families. To each their own |
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Posted: 1/10/2023 8:15:22 AM EST
[#4]
People use the word “need” a lot. I don’t need a couple hundred grand worth of vehicles in the driveway, and a boat to fish in, but I like it. I don’t need a safe full of nice guns, but I like them. I don’t need to go see my son play at Carnegie Hall, but I’m going to do so because I want to. I carry some debt, but the money I’ve saved makes more than I pay on interest.
I’ve worked my ass off for a long time to be able to afford to do stuff that I want, rather than subsist on what I need. I’ve already done the subsistence thing plenty… I have decided that I enjoy doing stuff and having stuff just because it’s what I want. |
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Posted: 1/10/2023 8:16:47 AM EST
[#5]
So when reparations then
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Posted: 1/10/2023 8:25:17 AM EST
[#6]
Quote HistoryQuoted: My only car payment is a couple hundred bucks at 0% APR. That's free money. So….how much money are you going to make investing that whopping $2,400 a year? |
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Posted: 1/10/2023 8:27:21 AM EST
[#7]
Hoping to have my 2020 Tacoma paid off by the
end of the year. March '24 latest. I agree. |
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Posted: 1/10/2023 8:27:40 AM EST
[#8]
Turned in a 2020 Tacoma lease last month and now drive a 2001 S10.
To tell you the truth I don't miss much. Biggest is the rear view camera I have found out. I can add that later. Will probably buy a fun newer but not very new vehicle here in the Summer . Got this truck mainly to haul the GSD and not get hair and work mess in a nicer vehicle. I usually have 3 or 4 vehicles at one time. |
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Posted: 1/10/2023 8:29:14 AM EST
[#9]
Quote HistoryQuoted: So….how much money are you going to make investing that whopping $2,400 a year? Quote HistoryQuoted: Quoted: My only car payment is a couple hundred bucks at 0% APR. That's free money. So….how much money are you going to make investing that whopping $2,400 a year? 2400 X .08 = 192 2400 X .1 = 240 |
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Posted: 1/10/2023 8:33:37 AM EST
[#10]
Hindsight being 20/20 I should have bought a new Camry and a new Rav4 in 2019. We wouldn't be looking at another vehicle until 2035 or so if I had done that. Instead I'm trying to find what vehicles are actually going to be delivered for MSRP if I order months out.
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Posted: 1/10/2023 8:36:35 AM EST
[#11]
Quote HistoryQuoted: Free money? No such thing as a free lunch.  Quote HistoryQuoted: Quoted: Quoted: Quoted: 0% Sorry about your credit rating  This doesn’t sound good, it sounds like slavery. Also, you over paid, by at least $1500 You know what is also 0%? Being debt free.   Someone doesn't understand the concept of free money. Free money? No such thing as a free lunch. The Federal Reserve exists to occasionally hand out free lunches. "Oh no! The economy is going into recession. Hurry up and get those free lunches shipped out boys!" Don't fight the FED when they are handing out free lunches. Of course, they aren't handing out free lunches today but one day again soon they will be. |
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Posted: 1/10/2023 8:40:50 AM EST
[#12]
Vehicles are expensive. With current production issues and the lack of production over the last two years, I expect used prices to remain high for several years.
Cars can last a long time if you work on them yourself. For years we drove older high mileage vehicles until they weren't worth repairing. Now I keep an old high mileage vehicle as a spare and my wife drives a fancy new truck. It's expensive but provides a lot of capabilities I wanted. I plan to use it for 20 years, so I decided the expense was worth it. It's far from slavery as I could walk away and go back to my old vehicle anytime. But we like the new vehicle and I don't feel bad about letting the bank hold the note as it's below todays inflation rate. |
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Posted: 1/10/2023 8:50:38 AM EST
[#13]
Meh. 2013 ram 1500 4x4 quad cab. Got it in 2018 with 37k miles. Has lots of extras, paid 18.5 for it. ??????? financed.
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Posted: 1/10/2023 8:53:32 AM EST
[#14]
A good rule in life is to not be average. There are tons of solid used cars for fuck loads less than 30k. Hell, while it might take longer to find one there are plenty of new cars available for less than 30k.
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Posted: 1/10/2023 8:59:45 AM EST
[#15]
There is no free lunch op....I learned this the hard way over the years.
My wife especially cant keep a car for long and I get bored with cars quickly. So I opened up a small independant dealer so I can make some money and also not lose my ass on cars. |
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Posted: 1/10/2023 9:02:37 AM EST
[#16]
We all die, plan accordingly
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Posted: 1/10/2023 9:05:47 AM EST
[#17]
Part of me 100% agrees and would never have a car payment again.
The retarded side of my brain says fuck that I want to use a company vehicle allowance to get a GT3. |
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Posted: 1/10/2023 9:17:07 AM EST
[#18]
Quote HistoryQuoted: Old people color lol Well, I am 65! Gotta problem skippy? |
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Posted: 1/10/2023 9:21:59 AM EST
[#19]
Why are people fascinated with what people spend or don’t spent? It’s looking at the wrong side of the equation. One should be more interested in what one makes and how they do. You can only save so much. You aren’t limited to what you can make, past time in the day.
Your health is the most valuable thing you have. |
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Posted: 1/10/2023 9:30:50 AM EST
[#20]
Quote HistoryQuoted: Youre not wrong, but Im forced into a market with a system I didnt have a say in creating. Im not a GD baller, so payments it is. really... well, let me ask I didn't buy a car with less than 100,000 miles until I was pushing 45 when I crested the "millionaire" status mark, we went out to celebrate in my pickup which had 245,000 plus miles on it and fenders held on by zip ties so, what kinda cars have you had that you HAD to make payments on |
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Posted: 1/10/2023 9:32:29 AM EST
[#21]
Quote HistoryQuoted: Part of me 100% agrees and would never have a car payment again. The retarded side of my brain says fuck that I want to use a company vehicle allowance to get a GT3.  Attached File |
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Posted: 1/10/2023 9:32:46 AM EST
[#22]
Quote HistoryQuoted: Why are people fascinated with what people spend or don’t spent? It’s looking at the wrong side of the equation. One should be more interested in what one makes and how they do. You can only save so much. You aren’t limited to what you can make, past time in the day. Your health is the most valuable thing you have. Yep, this gets left out of the conversation all of the time despite the fact that we live in a country where people make anywhere between $0 and $1 Billion per year. There is no homogeneous wage or salary that that the majority of people make and there is not law limiting how much you can make, how many hours you can work, how many jobs you can hold, or how many income generating assets you may own. |
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Posted: 1/10/2023 9:37:19 AM EST
[#23]
Quote HistoryQuoted: Yep, this gets left out of the conversation all of the time despite the fact that we live in a country where people make anywhere between $0 and $1 Billion per year. There is no homogeneous wage or salary that that the majority of people make and there is not law limiting how much you can make, how many hours you can work, how many jobs you can hold, or how many income generating assets you may own. Quote HistoryQuoted: Quoted: Why are people fascinated with what people spend or don’t spent? It’s looking at the wrong side of the equation. One should be more interested in what one makes and how they do. You can only save so much. You aren’t limited to what you can make, past time in the day. Your health is the most valuable thing you have. Yep, this gets left out of the conversation all of the time despite the fact that we live in a country where people make anywhere between $0 and $1 Billion per year. There is no homogeneous wage or salary that that the majority of people make and there is not law limiting how much you can make, how many hours you can work, how many jobs you can hold, or how many income generating assets you may own. I learned from my dad at a young age that you should have at least two sources of income. Plus your wife having an income. My dad worked 7n7 and then worked on his days off. I own two businesses and in the past have owned a business and worked for someone. Same with my dads, dad, gramps would work 7n7 then days off commercial fish. Both retired at 55 |
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Posted: 1/10/2023 9:55:18 AM EST
[#24]
Quote HistoryA 20 year old Ford. What could possibly go wrong 
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Posted: 1/10/2023 10:05:37 AM EST
[#25]
I tell my kids' (12 and 16) these kind of stories all the time. They are part of the larger lesson of financial responsibility and sacrifice for a comfortable future. One thing my father in law said to me a few months back was that some young people in their 20's want to live the comfortable life of their parents without making those sacrifices. I'm sure it's true for a lot of people.
 Attached File |
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Posted: 1/10/2023 10:09:07 AM EST
[#26]
Quote HistoryQuoted: Debt is a lien against your wages/salary. You decide how much and how long you want to be a slave to payments.  https://www.youtube.com/watch?v=F39GyXtHt38Debt is also a wealth management tool the wealthy use to get more wealthy. Cash only folks need not apply. |
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Posted: 1/10/2023 10:09:50 AM EST
[#27]
It's cheaper to buy new now. I bought a new at 1.9% for 3 years. I get over twice that rate on my savings so no reason to pay it off.
Base 2023 Corolla LE TOTAL PRICE (MSRP) (AS BUILT)$22,645 |
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Posted: 1/10/2023 10:10:38 AM EST
[#28]
Quote HistoryQuoted: I settled for a boring truck, but I have a 10 acre farm and live off the grid except for electricity, which will soon be solar. To each their own. Raise my own meat, grow my own veggies. Guys are paying $12 for a dozen eggs and have an $800 vehicle payment. I have 1000 pounds of prime beef in the freezer and more eggs more than enough eggs for 6 families. To each their own Quote HistoryQuoted: I settled for a boring truck, but I have a 10 acre farm and live off the grid except for electricity, which will soon be solar. To each their own. Raise my own meat, grow my own veggies. Guys are paying $12 for a dozen eggs and have an $800 vehicle payment. I have 1000 pounds of prime beef in the freezer and more eggs more than enough eggs for 6 families. To each their own Whatever floats your boat!  I could not live that life. |
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Posted: 1/10/2023 10:16:03 AM EST
[#29]
Quote HistoryQuoted: People use the word "need" a lot. I don't need a couple hundred grand worth of vehicles in the driveway, and a boat to fish in, but I like it. I don't need a safe full of nice guns, but I like them. I don't need to go see my son play at Carnegie Hall, but I'm going to do so because I want to. I carry some debt, but the money I've saved makes more than I pay on interest. I've worked my ass off for a long time to be able to afford to do stuff that I want, rather than subsist on what I need. I've already done the subsistence thing plenty I have decided that I enjoy doing stuff and having stuff just because it's what I want.  |
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Posted: 1/10/2023 10:27:40 AM EST
[#30]
Quoted: A lifetime of auto payments each month. Used vehicles with over 50k miles for over $30k?! Don’t even get me started on affordable housing that’s not in the ghetto! I’ve got 5 years till my youngest is out of high school and I’m going to live down by the city dump in an abandoned boxcar….. FREEDOM!!!! I haven't made a car payment since I got out of college 20 years ago. With a little bit of common sense, and some mechanical knowledge.....nice used cars are easy to find, and will last you years. Why people go out and spend $50K++ on new vehicles every couple of years blows my mind. |
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Posted: 1/10/2023 10:37:14 AM EST
[#31]
Quote HistoryQuoted: 84 month $75k borrowed master race  Yeah, F all that… |
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Posted: 1/10/2023 10:50:33 AM EST
[#32]
Here is one to mess with your head. Soviet Union, what did that name actually mean. You might see something like a Soviet being like a village group of elders, or a local communist committee. Here is another definition. When serfdom was abolished in Russia it was done like a sick joke. Your free now with a catch. Former serfs were in debt for more then they were ever expected to be able to pay forever as a cost for buying their freedom. You die, doesn't matter your children still pay. The Soviets were the local committees set up by the Tsar to enforce payment. All this freedom stuff didn't apply to the Soviets since they had authority to do whatever it took or make any rule as long as it was vaguely under the idea of getting the money.
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Posted: 1/10/2023 10:50:44 AM EST
[#33]
Quoted: A lifetime of auto payments each month. Used vehicles with over 50k miles for over $30k?! Don’t even get me started on affordable housing that’s not in the ghetto! I’ve got 5 years till my youngest is out of high school and I’m going to live down by the city dump in an abandoned boxcar….. FREEDOM!!!! Awhile boxcar to yourself? Lucky.
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Posted: 1/10/2023 11:39:44 AM EST
[#34]
Quote HistoryQuoted: Free money? No such thing as a free lunch. Quote HistoryQuoted: Quoted: Quoted: Quoted: 0% Sorry about your credit rating This doesn’t sound good, it sounds like slavery. Also, you over paid, by at least $1500 You know what is also 0%? Being debt free. Someone doesn't understand the concept of free money. Free money? No such thing as a free lunch. And yet there is. You buy a new car with a 0 interest loan just before an inflationary period, you get an interest free loan and your car is under warranty for 3-5 years. That's free money. |
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Posted: 1/10/2023 11:44:36 AM EST
[#35]
Quote HistoryQuoted: I tell my kids' (12 and 16) these kind of stories all the time. They are part of the larger lesson of financial responsibility and sacrifice for a comfortable future. One thing my father in law said to me a few months back was that some young people in their 20's want to live the comfortable life of their parents without making those sacrifices. I'm sure it's true for a lot of people. https://www.ar15.com/media/mediaFiles/171305/how-teens-can-become-millionaires-graphi-2667259.JPG |
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Posted: 1/10/2023 11:52:46 AM EST
[#36]
Quote HistoryQuoted: There is no free lunch op....I learned this the hard way over the years. My wife especially cant keep a car for long and I get bored with cars quickly. So I opened up a small independant dealer so I can make some money and also not lose my ass on cars. I thought you were a fan of scooters ;) |
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Posted: 1/10/2023 11:54:36 AM EST
[#37]
Quote HistoryQuoted: Free money? No such thing as a free lunch. Quote HistoryQuoted: Quoted: Quoted: Quoted: 0% Sorry about your credit rating This doesn’t sound good, it sounds like slavery. Also, you over paid, by at least $1500 You know what is also 0%? Being debt free. Someone doesn't understand the concept of free money. Free money? No such thing as a free lunch. The principle of "free money" is just an expression that describes 0% interest loans. Basically, the interest rate on a loan is the "price" of the money, and so if someone is willing to lend you money at 0% then you are not paying anything to borrow the money - you can think about it as getting the money "at cost." If you have opportunities to invest money to make a positive return (say 2%) and someone is willing to lend you money at 0% interest - then that is in fact "free money" - because you can borrow at no cost, and then invest the "free" money to earn interest. The interest earned is revenue, and you had no cost. Thus: free money (which you can use to buy lunch with  ).Obviously, it get a little more complicated when the 0% loan is used to buy a depreciating asset, which is what is being discussed here. But the logic is the same. By using 0% interest money to finance a car, that frees up money you otherwise might have had to use, and you can use that money to invest. |
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Posted: 1/10/2023 11:56:01 AM EST
[#38]
Quote HistoryQuoted: The principle of "free money" is just an expression that describes 0% interest loans. Basically, the interest rate on a loan is the "price" of the money, and so if someone is willing to lend you money at 0% then you are not paying anything to borrow the money - you can think about it as getting the money "at cost." If you have opportunities to invest money to make a positive return (say 2%) and someone is willing to lend you money at 0% interest - then that is in fact "free money" - because you can borrow at no cost, and then invest the "free" money to earn interest. The interest earned is revenue, and you had no cost. Thus: free money (which you can use to buy lunch with ).Obviously, it get a little more complicated when the 0% loan is used to buy a depreciating asset, which is what is being discussed here. But the logic is the same. By using 0% interest money to finance a car, that frees up money you otherwise might have had to use, and you can use that money to invest. Are you an MBA or a CPA? You are also very eloquent. |
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Posted: 1/10/2023 12:00:30 PM EST
[#39]
Quote HistoryQuoted: Some people crave and need the feel of a harness and some don't. Neither group can really explain themselves to the other. Attached File |
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Posted: 1/10/2023 12:01:48 PM EST
[#40]
Quote HistoryQuoted: Are you an MBA or a CPA? You are also very eloquent. What an interesting limit on what he or she could be... |
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Posted: 1/10/2023 12:04:07 PM EST
[#41]
Quote HistoryQuoted: What an interesting limit on what he or she could be... I mean that is fair and I am making an assumption but it seemed like the person explained this before because they did a very good job of it. |
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Posted: 1/10/2023 12:05:04 PM EST
[#42]
Quote HistoryQuoted: The principle of "free money" is just an expression that describes 0% interest loans. Basically, the interest rate on a loan is the "price" of the money, and so if someone is willing to lend you money at 0% then you are not paying anything to borrow the money - you can think about it as getting the money "at cost." If you have opportunities to invest money to make a positive return (say 2%) and someone is willing to lend you money at 0% interest - then that is in fact "free money" - because you can borrow at no cost, and then invest the "free" money to earn interest. The interest earned is revenue, and you had no cost. Thus: free money (which you can use to buy lunch with ).Obviously, it get a little more complicated when the 0% loan is used to buy a depreciating asset, which is what is being discussed here. But the logic is the same. By using 0% interest money to finance a car, that frees up money you otherwise might have had to use, and you can use that money to invest. No one seems to factor in the cost of the free money, as one poster pointed out. How many thousands of dollars is the dealership tacting onto the final price to give you the luxury of borrowing their money at 0%? |
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Posted: 1/10/2023 12:12:07 PM EST
[#43]
Lol.
My wife bought another vehicle in May, she was just going to buy it outright but I asked her to see what the financing looked like. 60mo at 3.1% that = free money not slavery when the same credit union now has a jumbo CD paying 4.5% |
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Posted: 1/10/2023 12:15:09 PM EST
[#44]
Quote HistoryQuoted: Part of me 100% agrees and would never have a car payment again. The retarded side of my brain says fuck that I want to use a company vehicle allowance to get a GT3. How much is your company allowance 
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Posted: 1/10/2023 12:20:55 PM EST
[#45]
My vehicles are paid for. I do have a loan on my golf cart.
I could pay it off, but it’d wipe out my emergency fund, and I have a very low interest rate. |
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Posted: 1/10/2023 12:21:03 PM EST
[#46]
Quote HistoryQuoted: These threads crack me up. No way OP knows everyone’s situation. Many people have car payments that easily fit in their salary/budget. I'm driving a 95, wife drives a 96. Our "good car" is a 2011. We avoid car payments by driving a vehicle as long as possible. When the inevitable breakdown occurs, I do the math and feel better about paying for repairs instead of interest on a loan... Paladin |
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Posted: 1/10/2023 12:39:11 PM EST
[#47]
Quote HistoryQuoted: The principle of "free money" is just an expression that describes 0% interest loans. Basically, the interest rate on a loan is the "price" of the money, and so if someone is willing to lend you money at 0% then you are not paying anything to borrow the money - you can think about it as getting the money "at cost." If you have opportunities to invest money to make a positive return (say 2%) and someone is willing to lend you money at 0% interest - then that is in fact "free money" - because you can borrow at no cost, and then invest the "free" money to earn interest. The interest earned is revenue, and you had no cost. Thus: free money (which you can use to buy lunch with ).Obviously, it get a little more complicated when the 0% loan is used to buy a depreciating asset, which is what is being discussed here. But the logic is the same. By using 0% interest money to finance a car, that frees up money you otherwise might have had to use, and you can use that money to invest. And thanks to inflation, the asset isn't depreciating as quickly as usual. |
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Posted: 1/10/2023 12:40:31 PM EST
[#48]
Quote HistoryQuoted: No one seems to factor in the cost of the free money, as one poster pointed out. How many thousands of dollars is the dealership tacting onto the final price to give you the luxury of borrowing their money at 0%? And you aren't factoring in the benefits of a full warranty for 3-5 years. Without it, you pay for everything that goes wrong. |
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Posted: 1/10/2023 12:41:21 PM EST
[#49]
I don't know about that. I have a couple years left on a note and the interest rate is lower than inflation.
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Posted: 1/10/2023 12:42:27 PM EST
[#50]
Quote HistoryQuoted: Find a used yellow school bus. Convert to home. Hope it's a short bus to go with that retarded idea
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