Car loan question

[IcSyU]

Absolutly, why take unnecessary risk? On top of that I think it establishes discipline with your spending which generally leads to more savings and having more money to invest. I thinks it's think it's the best and safest way to go but that's just my opinion.

You aren't seeming to understand that what you determine isn't worthwhile just might be worthwhile to someone else.

 

[00clone]

Have you seen the rates on the high budget ones?!?!? I'm not going into debt for that hat.

Well, technically, that was a reference to the overall janky production quality of the hats themselves, but your post is a good reminder that there probably are versions that are available 'for a small donation' of several thousand dollars...

<shudders and goes to take a shower after thinking about the state of politics today>

 

[00clone]

You aren't seeming to understand that what you determine isn't worthwhile just might be worthwhile to someone else.

What the hell good is the internet if we can't blindly judge others' decisions? I didn't grow up in america to not be allowed to blindly judge others' decisions.

 

[CycloneErik]

What the hell good is the internet if we can't blindly judge others' decisions? I didn't grow up in america to not be allowed to blindly judge others' decisions.

This jerk gets it.

 

[00clone]

This jerk gets it.

MAKING CYCLONEFANATIC GREAT AGAIN

 

[MNCYWX]

Apparently since I dont have the cash to pay for it up front, I shouldnt. The first few replies were helpful, after that, should have not read.

Hey... I had a serious reply tucked away on page 6!

 

[cyrocksmypants]

I paid for my Rolls Royce with hand crafted diamonds, wrapped in an embroidered silk kerchief.

 

[00clone]

I paid for my Rolls Royce with hand crafted diamonds, wrapped in an embroidered silk kerchief.

I've seen your posts in other forums, I know what you probably did with that silk kerchief....

 

[cyrocksmypants]

I've seen your posts in other forums, I know what you probably did with that silk kerchief....

It just feels so much softer.

 

[00clone]

It just feels so much softer.

 

[capitalcityguy]

I do actually study history without the bias of consumer advocates telling me what to think. That helps.

Consumer advocates? That is an odd take.

I assume your vast reading of history doesn't include reading accounts of the habits of individuals who have created wealth by being smart with their money? That is all the several of us are commenting on here. This basic stuff if you've ever read books like The Millionaire Next Door or follow bloggers like Mr Money Mustache. Accounts of average Americans creating wealth will rarely find stories endorsing using debit to purchase depreciable items like cars.

Finally, having people share opinions does not equate to "telling people what to think".

 

[cyrocksmypants]

Consumer advocates? That is an odd take.

I assume your vast reading of history doesn't include reading accounts of the habits of individuals who have created wealth by being smart with their money? That is all the several of us are commenting on here. This basic stuff if you've ever read books like The Millionaire Next Door or follow bloggers like Mr Money Mustache. Accounts of average Americans creating wealth will rarely find stories endorsing using debit to purchase depreciable items like cars.

Finally, having people share opinions does not equate to "telling people what to think".

I mean, Erik has like a doctorate in history, so I'd assume he's truly done his fair share of studying.

 

[CycloneErik]

Consumer advocates? That is an odd take.

I assume your vast reading of history doesn't include reading accounts of the habits of individuals who have created wealth by being smart with their money? That is all the several of us are commenting on here. This basic stuff if you've ever read books like The Millionaire Next Door or follow bloggers like Mr Money Mustache. Accounts of average Americans creating wealth will rarely find stories endorsing using debit to purchase depreciable items like cars.

Finally, having people share opinions does not equate to "telling people what to think".

Do you mean a****iographical books written by people with an extremely vested self-interest that don't offer any sort of context that actually explains how these things happen or why outliers are outliers?
No, I don't read stuff like that. It's a waste of my time.

It very much, though, is telling people what to think. It's an echo chamber that demands agreement while offering shame for the reader that they don't measure up or make bad decisions.

 

[capitalcityguy]

I mean, Erik has like a doctorate in history, so I'd assume he's truly done his fair share of studying.

...and someone with a Dr in biology has studied a lot too. Probably not going to take financial advice from that person either.

 

[Doc]

This.

Mr Money Mustache would be a great example. Retired by the time he was 30. Yes 30. His take on car loans:

Rule #1: You NEVER, EVER borrow money to buy a car.
Ouch, that might **** some people off, since something like 73 percent of new cars in the US are financed. But if you look at that 73 percent of buyers, you’ll see that they are usually underwater on a lot of loans, quite nervous about losing their jobs, and have a net worth of close to zero. And if you look at the average self-made millionaire, you’ll find they do not buy new cars at all and they never buy on credit.

http://www.mrmoneymustache.com/2011/05/02/car-strategies-to-cut-your-costs-in-four-or-more/

Is this the guy that bikes his kid to preschool in the winter?

 

[capitalcityguy]

Is this the guy that bikes his kid to preschool in the winter?

Maybe. I actually just heard of him for the first time a couple weeks ago. I recall from the interview he'd only filled his car up a couple times the year before. Here's a short 4 min video when he was featured on Nightline: https://youtu.be/vvJ4bwnAHnE

 

[CYme]

Is this the guy that bikes his kid to preschool in the winter?

That's snowcraigs hippie brother.

 

[Doc]

Maybe. I actually just heard of him for the first time a couple weeks ago. I recall from the interview he'd only filled his car up a couple times the year before. Here's a short 4 min video when he was featured on Nightline: https://youtu.be/vvJ4bwnAHnE

I think it is the guy that bikes his kid to preschool in the winter. That kid is either going to hard as **** or crazy as ****.

 

[Psyclone]

I don't like having loans and owing money. I never wanted to owe (long term basis) on anything other than a mortgage (which is 3 1/8% with a "refigure" coming later this summer when our 5-yr ARM comes due. Our two previous vehicle purchases were fleet vehicles at least a year old both times and paid for almost immediately. But early this year we traded in our 13-year old minivan on a "new vehicle" purchase for a 0% loan over five years. Made me cringe to do it, but hey, this allows me to keep more money earning interest (almost anything is higher than 0%) and I pay ahead on both my mortgage and vehicle loan. I'd still rather owe nothing, but I'm getting there.

My financial advisor authored 2 books regarding debt.

 

[Cydaddy]

Haven't read the whole thread, but each to their own. I would rather live life to the fullest and skid into the grave than save the nickels you are. Debt is a fine instrument if used wisely.