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Thread: 2 Car Payments?

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    Re: 2 Car Payments?

    I thought everyone had two car payments


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    Re: 2 Car Payments?

    Quote Originally Posted by Clonefan32 View Post
    Slightly off topic, but I'm beginning to be convinced that a lease is the way to go for cars. I just cannot justify putting money towards the purchase of an asset that depreciates in value the way a car does. No one would buy a house if you knew it would be worth 1/10th of what you paid for it by the time you are ready to sell.

    Granted, you will always have a car payment and mileage is limited but by the time your lease term is up many people are looking for a new car anyway. I'm sure all you finance experts will show the flaws in my logic, but I just don't see an advantage to purchasing an asset that deprciates at the rate of a car, especially when you can get much more car for your money with a lease.
    The flaw would be that you're viewing a car as an asset to recoup value in.

    I buy vehicles with the expectation that I will be their last owner. Get the most use out of it for the least amount of money. I do not plan to ever sell my car or truck for any kind of reasonable value.


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    Re: 2 Car Payments?

    Quote Originally Posted by farminclone View Post
    This is a good post.

    And I don't think it makes someone a bad person if they want to spend more money on vehicles for their enjoyment or whatever. Just from a pure financial position it is pretty obvious that the less amount of $ you have tied up in cars, the better.
    Exactly. For a lot of people, car ownership is more than a financial decision, and that's just fine. For me, vehicles are an expense to be minimized, within the scope of the functions I want from them. For example, I could survive without a truck/4WD vehicle, but there are so many things I want to do that either require that type of vehicle, or are made easier by it, that it's worth it to me to own one.


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    Re: 2 Car Payments?

    Quit having kids and you won't need a new car. Problem solved.

    You can thank me with rep.


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    Re: 2 Car Payments?

    On a related note, I have a 2007 G6 with about 106,000 miles on it. It's been paid off for 3 years. I'll have to take out a loan on my next car and I am completely gun-shy about when to buy. The car is still running fairly well, but I don't want to drive it until it is dead because I'd like to get some trade in value on it. And I don't want to get to the point where I'm putting much more money into it.

    The last time I had to get a new car, I sold it to my parents for my little sisters. The decision was kind of made for me then. I just need someone to tell me when to buy a new one.



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    Re: 2 Car Payments?

    We went to minivan when kid #3 came along. Had a good finance rate on it so took the loan. My transmission went out on 14 year old car at time so I went and bought a taurus with cash for 4500. Whoever is taking 2 kids with them takes the van and whoever takes 1 takes the taurus.


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    Re: 2 Car Payments?

    Quote Originally Posted by jsb View Post
    On a related note, I have a 2007 G6 with about 106,000 miles on it. It's been paid off for 3 years. I'll have to take out a loan on my next car and I am completely gun-shy about when to buy. The car is still running fairly well, but I don't want to drive it until it is dead because I'd like to get some trade in value on it. And I don't want to get to the point where I'm putting much more money into it.

    The last time I had to get a new car, I sold it to my parents for my little sisters. The decision was kind of made for me then. I just need someone to tell me when to buy a new one.
    The money you will put into it will pale in comparison to a year's worth of car payments, in my experience.

    When my car was hitting 100,000, it went through a phase where about every 4 months something would go wrong. It got sick of taking it to the mechanic, and almost looked into buying something newer, but then I crunched the numbers and realized there was no way I would be spending less money on a newer car. I would just be paying a premium to avoid maintenance. Which can be quite worth it for a lot of folks. But if saving money is your primary concern, I'd run your car as long as possible.


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    Re: 2 Car Payments?

    Quote Originally Posted by Al_4_State View Post
    The money you will put into it will pale in comparison to a year's worth of car payments, in my experience.

    When my car was hitting 100,000, it went through a phase where about every 4 months something would go wrong. It got sick of taking it to the mechanic, and almost looked into buying something newer, but then I crunched the numbers and realized there was no way I would be spending less money on a newer car. I would just be paying a premium to avoid maintenance. Which can be quite worth it for a lot of folks. But if saving money is your primary concern, I'd run your car as long as possible.
    Every time something needs done on the taurus I just figure out how many months worth of car payment that would be to justify it getting done in my head. I've had it for 6 years now. Just over 200k on it.


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    Re: 2 Car Payments?

    Quote Originally Posted by wartknight View Post
    Every time something needs done on the taurus I just figure out how many months worth of car payment that would be to justify it getting done in my head. I've had it for 6 years now. Just over 200k on it.
    And there's no guarantee you won't be spending money on maintenance in the period you're making those payments too.


    In 1984, I was hospitalized for approaching perfection.

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    Re: 2 Car Payments?

    We just paid off one of our two cars. Hope to never have to carry two car payments again. That sucked.


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    Re: 2 Car Payments?

    There's in inherent problem with the comments on the thread related to being "able to afford it". The problem is, most American's equate "being able to afford it" with having enough money to make the monthly payments. There is so much more to your personal financial picture that must be considered.

    You really only know what you can really afford, if you're on top of all these things:

    * do you an emergency fund that could cover 6 months of expenses should you need it?
    * are you saving enough for retirement so your nest egg will generate a minimum 85% of your pre-retirement income (more importantly, have you even tried calculating this/)
    * do you have zero other consumer debt (i.e...all debt paid off except your mortgage)?
    * (if you plan to help pay for your children's higher ed) have you calculated what they'll need for tuition in the years they plan to be in college and are you saving at a rate that will provide the amount you wish to help them?

    If studies are to be trusted, most Americans that think they can afford 2 car payments really can't (or shouldn't).


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    Re: 2 Car Payments?

    Both of our car's are paid off. I am looking to replace my 17 year old civic late this spring or sometime this summer. However my wife now has a home day care and wouldn't mind having something that she can take the kids somewhere in, I am hoping to figure out some way to write part of that off though. We have some decisions to make since we need a bigger vehicle to get back and forth to Iowa when we want and with what we want.

    To me it all comes down to what you can/want to afford. If you have the money available and won't be upset about not being able to use that for something else than go for it.



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    Re: 2 Car Payments?

    Quote Originally Posted by jdoggivjc View Post
    We just paid off one of our two cars. Hope to never have to carry two car payments again. That sucked.
    Right after our escape from Nebraska, we had a couple years of double house payments and car payments. That was hideous.

    It's so much nicer watching those payments go away.


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    Re: 2 Car Payments?

    Quote Originally Posted by GWad View Post
    We buy cars with cash. No new cars until we have the cash. Hurts at times but helps to save for the future in the long run.
    Always easier said than done, but I'm in the same boat. I will never buy a new car again unless both the wife and I are retired and financially independent. This coming from a buy that bought a new SUV 10 years ago (and still drive it):

    1.SUVs are wastes of money. Unless you need the raised wheelbase for offroading, get a hatchback of some sort. I know they can be pretty dorky, but they are the most efficient form.
    2.Don't ever borrow money to buy a new car.

    I'm not saying this as a know-it-all, more as someone who has bought new vehicles and learned the hard way. I never carried two car payments, but having two outright owned vehicles for several years I see that cash can do amazing things toward home improvement, extra mortgage payments, in a basic Vanguard total stock fund, REITs or toward a rental property monthly payment.

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    Re: 2 Car Payments?

    Quote Originally Posted by agardini View Post
    That is the truest statement here. It all depends on how much each payment is and if you can afford it. My wife and I both have loans on our newer cars. I just had a buddy buy a little older car than mine and his payment is equal to the total of mine and my wife's monthly payment combined.
    I disagree. The real question is, if you were wildly rich would you continue to work at your job? If the answer is no, then you should not finance a new car and should put the money to work on something productive instead of a rapidly depreciating asset.



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