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re: Bad Time to Invest in a New Vehicle
Posted on 2/25/09 at 8:51 am to igoringa
Posted on 2/25/09 at 8:51 am to igoringa
Lesson learned....
Never ask a question on the Money Talk Board again unless you can pay in cash full, because if you are not enough of a baller to do so they will cease to give you sound advice and only ensure that you know that they are far more rich than you are....got it.
Never ask a question on the Money Talk Board again unless you can pay in cash full, because if you are not enough of a baller to do so they will cease to give you sound advice and only ensure that you know that they are far more rich than you are....got it.
5
Posted on 2/25/09 at 8:52 am to Colonel Hapablap
quote:
I love levering up to buy things that have a 100% chance of losing 50% of their value in 5 years.
What scares me is the fact that MANY people truly think like this poster. That it is a "pipe dream" to have a vehicle without a loan.
Its become just an accepted part of life.
Posted on 2/25/09 at 8:53 am to Klark Kent
quote:
I'm looking to get a new vehicle sometime in the near future, have a substantial down payment saved up, a vehicle to trade in, won't have any trouble making a $500 a month payment, and work in the oil/gas industry so I don't have all that much to worry as far as losing my job.
Don't buy a new car and certainly don't buy one that carries a $500 a month note. Bad purchase. It is losing value the minute you drive it off the lot.
And there are plenty of oil and gas companies laying people off, implementing hiring freezes, etc... right now.
I would buy a dependable used car (1-2 years old with reasonable miles) pay as much as you can in cash down and keep the payment low.
Posted on 2/25/09 at 8:53 am to Klark Kent
dude, it has nothing to do with being a baller, it has to do with buying a car you can afford instead of a car that you can't.
Posted on 2/25/09 at 8:54 am to Klark Kent
quote:
Lesson learned....
Never ask a question on the Money Talk Board again unless you can pay in cash full, because if you are not enough of a baller to do so they will cease to give you sound advice and only ensure that you know that they are far more rich than you are....got it.
WTF does "baller" have to do with anything?
I was a moron like you at one time and bought a new car with a 5 year loan. I then decided never again to make payments for a vehicle. So I drove it until I'd saved enough for my next one. And from then on I just continue to save money and buy a car when I need another one.
It's not complicated. My families "car fund" is funded by 300 bucks a month. That means we have about 18000 to spend on cars every 5 years. Nothing "baller" about that.
Posted on 2/25/09 at 8:55 am to Klark Kent
quote:
Never ask a question on the Money Talk Board again unless you can pay in cash full, because if you are not enough of a baller to do so they will cease to give you sound advice and only ensure that you know that they are far more rich than you are....got it.
No we are given you sound advice, just not the advice you want... big difference. Ofcourse I can oblige:
No dont hesitate, go buy your car and take on more debt in a down economy.
There, are you happy now?
Also not sure how you think I am necessarily 'richer' then you.
Posted on 2/25/09 at 8:55 am to Klark Kent
'Never ask a question on the Money Talk Board again unless you can pay in cash full, because if you are not enough of a baller to do so they will cease to give you sound advice and only ensure that you know that they are far more rich than you are....got it.'
You are taking away the wrong lesson. What really happened is exactly what I said in an earlier post. No one was willing to give you the answer you wanted to hear so you became frustrated and angry. We were giving you good advice that you didn't want to hear.
You are taking away the wrong lesson. What really happened is exactly what I said in an earlier post. No one was willing to give you the answer you wanted to hear so you became frustrated and angry. We were giving you good advice that you didn't want to hear.
Posted on 2/25/09 at 8:56 am to Klark Kent
quote:
Who "realistically" pays cash for the total amount of a vehicle that they want?
"Rich Dads" who view our current economy as full of opportunities to take advantage of "Poor Dads" thought they deserved a new $30,000 vehicle two years ago.
quote:
Does a high school student pay full out $15,000 for a Toyota Sedan?
Does a young professional straight out of college pay full out for a BMW or Lexus?
Does an average middle class family pay full out for a new Suburban?
Your three examples are very common, but still foolish. If everybody jumped off a bridge, would you also?
quote:
No, minus the small percentage of super wealthy, athletes, rock stars, and rappers? Ohh wait, I forgot everyone on TD makes $250,000+ per year....
Now you are acting like a little brat. We are trying to help you. In my case, I am trying to help you not make the mistake I made two years after college. My 12 year old Honda Accord rolled down a hill and wrapped itself around a tree. I went out and bought a brand new Tacoma. Big mistake. I though I was better than all my friends who bought new vehicles right out of college. At least I waited two years.
ETA:
In the interest of full disclosure, I bought a six-year old Tahoe three years ago and financed it. I could have sold stock and paid cash, but I borrowed the money at <7% and left that money in the stock market, because the stock market historically returns better than 7%.
Oh well. It was still a good idea.
This post was edited on 2/25/09 at 9:00 am
Posted on 2/25/09 at 8:56 am to Klark Kent
quote:
they will cease to give you sound advice
you got sound advice.
quote:
only ensure that you know that they are far more rich than you are.
Dude,
I drove used Camrys instead of New BMWs. That's not being "richer" than you....just "smarter".
I suspect I have more wealth than you NOW (because I've lived that way and am older / further in my career), but I've always practiced what I am preaching now. Just the value of the vehicle has increased. When I purchase a vehicle, I immediately start funding the REPLACEMENT one. As the vehicle ages and I need to replace it, I already have my funds to buy for cash.
Posted on 2/25/09 at 8:58 am to Rivers
alright, alright, you all make good points...
I can see I obviously need to save up more and be patient, especially with what is going on with the economy.
I can see I obviously need to save up more and be patient, especially with what is going on with the economy.
This post was edited on 2/25/09 at 9:01 am
Posted on 2/25/09 at 8:58 am to Colonel Hapablap
Scary thing is this is what the TALF will fund.
Posted on 2/25/09 at 9:00 am to igoringa
Maybe he's just angling for bailout money.Posted on 2/25/09 at 9:01 am to Colonel Hapablap
quote:
none of those people can afford those cars. THEY are the reason that we're in the economic morass that we're in. Please don't be part of that problem.
+ 10,000,00000
Americans have bought into the lie that they "deserve" the nice car, the big house, whatever toys to keep up with a status they think they should live up to. Reality is that they are living on too much credit and multiply that way of thinking across 6 billion people and you get the disaster we have now.
Posted on 2/25/09 at 9:04 am to Colonel Hapablap
ok let me ask this question. and Im not looking for a specific answer, just your opinions. I just got a new job and I have to commute quite a distance. I worked for a used car company before and they provided a vehicle for me to drive. Since I left, I had to purchase a vehicle. I hadnt saved up enough to buy full cash. What should I have done? I needed a vehicle that would last about 100,000 miles in the first year.
This post was edited on 2/25/09 at 9:05 am
Posted on 2/25/09 at 9:09 am to fenderacoustic85
quote:
ok let me ask this question. and Im not looking for a specific answer, just your opinions. I just got a new job and I have to commute quite a distance. I worked for a used car company before and they provided a vehicle for me to drive. Since I left, I had to purchase a vehicle. I hadnt saved up enough to buy full cash. What should I have done? I needed a vehicle that would last about 100,000 miles in the first year.
Sounds like a 5-6K vehicle (I'd look for a small jap car about 4-6 years old). Pay it off in one year..try and drive it 2. Pay cash for next 5-6K vehicle.
Posted on 2/25/09 at 9:10 am to Colonel Hapablap
Last year, 2008, I bought my wife an 05 with 20,000 miles on it for 24,000 less than what the sticker was when it was new. The car is a CPO, meaning it had a 100,000 mile warranty, and is completely loaded with premium sound and navigation. We shopped around for a while and actually flew to Birmingham to pick it up. The only thing we would have changed is that we would have preferred tan leather as opposed to grey. But for a 24 k savings on a new one I think we can manage.
If you are looking for a nice car buy a relatively new one with low miles that is a CPO. You won’t regret it
If you are looking for a nice car buy a relatively new one with low miles that is a CPO. You won’t regret it
Posted on 2/25/09 at 9:10 am to fenderacoustic85
100,000 miles in the first year? Holy crapola.
Look if you honestly feel it is a requirement of your livelihood, then some financing may be required... it may for your very limited situation be a necessity (in relation to other opportunity costs you have)
A thought may be though when paying it... if your new employer pays you for miles... allocate all those funds to the debt immediately and you will pay it off quickly with that level of mileage
Look if you honestly feel it is a requirement of your livelihood, then some financing may be required... it may for your very limited situation be a necessity (in relation to other opportunity costs you have)
A thought may be though when paying it... if your new employer pays you for miles... allocate all those funds to the debt immediately and you will pay it off quickly with that level of mileage
Posted on 2/25/09 at 9:14 am to igoringa
quote:
A thought may be though when paying it... if your new employer pays you for miles... allocate all those funds to the debt immediately and you will pay it off quickly with that level of mileage
thanks, i didnt think of that.
Posted on 2/25/09 at 9:18 am to Klark Kent
quote:
So you all are proposing that before the next time I want to buy a vehicle I need to save up and have in hand cash for the total amount of the sticker price plus fees of the vehicle I want?
You're finally getting it.
quote:
wow, you all are really on your high horses this week. I guess all of you are ballers enough to sling complete cash payments for the vehicles you have bought or plan to buy.
It's about being smart with your money. Let your money work for you instead of you working for your money. It's a hard concept to grasp, but you'll get there, maybe.
Posted on 2/25/09 at 9:20 am to Klark Kent
quote:
alright, alright, you all make good points...
I can see I obviously need to save up more and be patient, especially with what is going on with the economy.
Now you're thinking Superman!
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