10-06-2019, 11:33 AM | #67 | |
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10-06-2019, 11:35 AM | #68 | |
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10-06-2019, 12:16 PM | #69 | |
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As for the thread in general, I could care less what someone does with their money. They can have the car of their dreams, or they could end up getting it repossessed. Only they know how responsible they are with money....and what their personal finances look like.
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10-06-2019, 01:57 PM | #70 |
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Yeah, I did, but ridiculously overstating it at 50 years, trying to make a point about buying new vs. used was self-defeating. It is perfectly reasonable to buy a new car and keep it 10 to 15 years; and it is quite financially responsible.
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10-06-2019, 08:13 PM | #71 | |
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10-07-2019, 07:50 PM | #72 |
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They should help us idiots and give lower rates for longer terms. I used to need a 120 month loan to buy my dream car.
Now I think I would need like 240 months. Do you guys think sports cars could be written off as an RV for loan writing purposes? |
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10-08-2019, 02:20 AM | #73 |
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I currently have my 458 for sale (169k)
This nutsack texts me for the last few days. Wants a ppi. I spend my entire lunch break sourcing an enclosed transport service while he talks to his bank. He drives an R8 so I assume he has some kinda money. Lmao dude wants to try and finance the whole car and his bank said no.
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10-08-2019, 09:38 AM | #74 | |
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10-08-2019, 09:57 AM | #75 | ||
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What about those that buy used but are constantly flipping those cars? Are you applying the same financial yard stick to those people? |
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10-08-2019, 10:05 AM | #76 | |
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10-08-2019, 10:20 AM | #77 | |
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Or lease and not worry about it. Or buy that extended warranty if you plan to keep it that long and fear the upkeep costs.
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10-08-2019, 11:25 AM | #79 |
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Speaking for myself, my rolodex (showing my age) is full of racing buddies who own repair shops. My breakdowns give them something to talk about, like how I drove 7 miles on the interstate with a broken tie rod and front wheel floating free, or how I made one of their mechanics crap his pants in less than 100 feet on a test drive when he didn't believe my diagnosis that the steering box in my pickup suffered a catastrophic failure and was un-drivable. No freebie repairs from any of them, but I know that the work is being performed competently and don't mind supporting local small businesses.....
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10-08-2019, 11:41 AM | #80 | |
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10-08-2019, 11:45 AM | #81 | |
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10-08-2019, 12:13 PM | #82 | |
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2) the amount of money I've lost in depreciation/service work is the same as someone who leased a new M3CS for 3 years. 3) My sales tax was under 10k. in Missouri you are only taxed on the difference. (sell car A for 60k, buy car B for 150k a few months later, you are only taxed on 90k)
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10-08-2019, 12:19 PM | #83 |
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LOL. Most people with good credit and a personal 401K at a bank can get 2% money from their bank on any given day, and that goes for a used cars as well. 2% is basically free financing.
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10-08-2019, 12:26 PM | #84 |
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just depends on the person I guess. Putting the whole car on a loan with a low rate isn't bad, and will reduce your exposure. But at the same time, for me at least, it tricks me into thinking I have money because I see a large bank account. When in reality that money isn't mine and owed to the bank.
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10-08-2019, 02:59 PM | #85 | |
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10-10-2019, 11:29 AM | #86 | |
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I always consider my savings + investments and then subtract my outstanding debt. Of course I am always aiming to be positive (besides my mortgage). Anyway, I got 72 months at 0.9% so I couldn't say no. Why would I? It's free money, basically. If anything they'll lose some cash b/c of inflation. |
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10-11-2019, 09:35 AM | #87 |
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I bought my car in June and took a 5-year loan only because my investments are doing so well. It wasn’t smart to pull all that earning potential out of savings, and I haven’t had a car loan since the late 1970s.
I looked at the actual dollar cost of every option, including the balloon loan and lease. The five-year note was the least-cost option with the best trade-in value after four or five years. If the stock market tanks, I always have the option to pay it off. We have kids in their 20s, and when they got out of college we helped them buy cars. We ended up going with new cars, five-year notes, because the interest rates were so low and the warranty offers a smattering of protection. But they didn’t buy fancy cars. Both ended up with base model Honda CRVs. Those little buggers hold their value like crazy. So when they are able to trade up for a nicer car - without our help- they will have something to work with. My daughter just moved to Germany and sold her five-Year-old CRV for $14k. She paid $21k for it. We were amazed. Now, that was a cheap car to drive for five years! |
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10-11-2019, 10:30 AM | #88 |
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