Car loan question
- Thread starter cmjh10
- Start date
Well, option 1 is gone. Looks like I can really go through this thread and study the legit suggestions.
Please stop derailing the thread...we're all having fun here bashing each other while lauding our superior money handling skills. Please stop coming in and trying to talk about the original topic. SMMFH.
^^^^^this guy....this guy gets it. In fact, that'd be a good argument for a loan, there...it's not like hookers and dealers take credit cards...you gotta have cash.
My car ego is really low, and that has changed since my early 30s (it was near neutral then). I enjoy not having a car payment or having to shell out $10k or more for a new/newer car.
06 Town Country with 175k miles. I have some repairs coming up for $800-$1200 that will keep the vehicle moving along for another 4 years. Seems worth it. And if it dies, it dies and I go out and find a car. I have NO idea what I want, but probably a Taurus or similar as I am done with the hot minivan dad routine. :wink:
its easy to retire in your thirties. I just found my wife a second job. She was getting tired after a few years so when our oldest got to working age, we started charging him room and board and that forced him to get a job. Second kid is almost to working age. Will be cashing in big time then.
Besides, if your goal is to be a millionaire, you will have a rude awakening when you get there. You can't retire well on that amount, at least before Medicare hits.
Besides, if your goal is to be a millionaire, you will have a rude awakening when you get there. You can't retire well on that amount, at least before Medicare hits.
Going from a minivan to a Taurus, you're nuts! After the Taurus are you going to look at a crown victoria?
On a serious note, I envy people that keep cars for that long.
Is that wrong? I assumed you're a Principal 401k sales rep
If you're not paying cash for everything and contributing 50% to your retirement accounts, you're doomed for failure
In the past 3 years I have purchased a new car for myself and a new car for my wife. Both were used and in good condition. We paid approximately a combined $21k for them paying cash both times (counting the trade in on hers of about $5500). Mine is a 2009 Hyundai Sonata that had less than 40k miles on it and hers is a 2005 Nissan Altima that had around 85k on it when we purchased them.
You still can find good cars for good prices if you are diligent and patient.
He was wrong and now you are piling on.
1) a consumer advocate isn't a sales person and in fact are often lobbying on the opposite side of an issue that might be supported by the financial industry. e.g...AARP is well-known for their consumer advocacy for their demographic
2) since consumer advocate doesn't mean sales person, your conclusion is nonsensical. I will offer that I do work in the financial services industry, but in a compliance capacity.
3) Not going to waist keystrokes addressing your final strawman comment.
Option 1 was to never finance the purchase of a car. I would suggest it is legit, as well as related comments on the thread, that is different than being in a place where that might not be realistic.
My first job out of college was outside sales rep and the company didn't provide a company car. (yeah...crummy job, I know). I had to make the decision that if I wanted to take this job, I was going to have to upgrade my vehicle. I was broke coming out of college, so I financed this purchase.
That said, good financial decision making should mean that just because you may have had to finance a car when you were 22, doesn't mean you should still be financing cars at age 42.
And I agree but you're still talking about 13k a piece without a trade in. That's not a few grand. The point was that a lot of people in their mid to late twenties don't have that kind of money laying around to pay cash. The increased/expanded cost of living and especially if you decide to further your education is crippling for a lot of people. Only about 10% of people between 18-34 have 10k or more in their savings. Hopefully these people are able to dig themselves out but people are starting in a hole more then they ever have. Saying they can't wisely finance a needed reliable vehicle along the way is just wrong.
i buy this but also have a hard to believing this. do stock accounts count as savings?
So having too many payments and high cost of living is the problem. Your answer is to get more payments and buy a car that is higher priced than you otherwise would have afforded without the loan? That doesn't make any sense.
Not sure about general stock accounts but it does not include any retirement (401k, IRA, etc.), which it shouldn't.
What's the alternative? You need a reliable vehicle to get to work to dig yourself out of it.
Like I said earlier:
Only about 10% of people between 18-34 have 10k or more in their savings.
That is scary...OBVIOUSLY there are so many variables to all of this..18-23 probably get a break...but if you have a decent job...it isn't hard to build savings like this little chunks at a time. Maybe skip on direct tv, going out a couple nights a month, reducing your cell plan, etc....really, just critically looking at where money goes and have goals for your money.
I bought a used SUV 5 years ago for $8950 (Ford Escape) with about 68k miles. It was our "nice" family car that was used daily, locally and long trips. Just sold it last week with 110k miles on it for $4600. Obviously did maintenance on it that any car needs and had about $1000 in other expenses (new tie rods, a couple other small parts, fixed a small leak). Essentially, we drove for about $1000 a year....and it could have driven longer, we just chose to upgrade (and i paid cash) and essentially "upgraded" to a newer vehicle, far less miles with about a $4k difference when the dust settled.
BUT, for me, cars are not a "thing" to me and I don't want payments, but have not compromised on safety or comfort for me and the family.
That is scary...OBVIOUSLY there are so many variables to all of this..18-23 probably get a break...but if you have a decent job...it isn't hard to build savings like this little chunks at a time. Maybe skip on direct tv, going out a couple nights a month, reducing your cell plan, etc....really, just critically looking at where money goes and have goals for your money.
I bought a used SUV 5 years ago for $8950 (Ford Escape) with about 68k miles. It was our "nice" family car that was used daily, locally and long trips. Just sold it last week with 110k miles on it for $4600. Obviously did maintenance on it that any car needs and had about $1000 in other expenses (new tie rods, a couple other small parts, fixed a small leak). Essentially, we drove for about $1000 a year....and it could have driven longer, we just chose to upgrade (and i paid cash) and essentially "upgraded" to a newer vehicle, far less miles with about a $4k difference when the dust settled.
BUT, for me, cars are not a "thing" to me and I don't want payments, but have not compromised on safety or comfort for me and the family.
