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Message
1
Posted on 6/25/18 at 1:30 pm to TigerstuckinMS
quote:
Real talk anyone borrow from 401k for cars?
quote:
DeNiro just called me. He was wrong. THIS is just about the dumbest thing he ever heard.
I did...
... to buy a mint 1970 Hemi Cuda for $217,000.....
which I then turned around and sold eight months later at auction for $338,000
so who's the dumbass now chief?
This post was edited on 6/25/18 at 1:34 pm
Posted on 6/25/18 at 1:31 pm to TH03
quote:
To avoid this: quote:$900/month.quote:1.6% interest 60 months.
If you've got a down payment under a mattress, sure, but the source of the down payment matters.
Posted on 6/25/18 at 1:31 pm to NaturalBeam
5 years.
Posted on 6/25/18 at 1:33 pm to lsu xman
In 5-10 years this thread will show its age.
In other words, when its common to be paying $1000 a month for a car, $600 will seem cheap.
Not that spending that on a car is a good idea if you can’t afford it, I’m just saying that inflation happens.
In other words, when its common to be paying $1000 a month for a car, $600 will seem cheap.
Not that spending that on a car is a good idea if you can’t afford it, I’m just saying that inflation happens.
Posted on 6/25/18 at 1:34 pm to TH03
I could have put money down, sure - but why take, say, 20k cash and take it out of other money-making vehicles, just to avoid 1.6% interest?
If it’s the length of he loan, sure I could’ve gone 66 or 72 months for a lower note but it didn’t matter to me.
If it’s the length of he loan, sure I could’ve gone 66 or 72 months for a lower note but it didn’t matter to me.
Posted on 6/25/18 at 1:37 pm to member12
quote:
Ask yourself if you really need the big 4 door cab, the higher level engine, the bigger wheels, leather seats, or 4x4. Do you really need a full sized pickup truck at all? Hell, could you make due with an old beater work truck and keep a well equipped crossover or sedan as a main vehicle, or perhaps get a utility trailer to tow behind a cheaper RAV4 or Equinox in those cases when you need to move an ATV around.
I just went through this. I got rid of my truck several years back due to not absolutely needing it. And I 100% believe most don't need one, myself included. Had been driving a car to commute. Car got totaled. I started shopping around. I ultimately decided on the F150 with the Ecoboost engine hoping to get around 22 mpg (a lot of interstate). I was getting around 25.5 in my car. I've got no frills in this truck. It's not a work truck, but nothing fancy at all. Did need 4 doors as I'm in sales and do drive people around some times. Sticker was 41.6k. Trucks are in fact over priced. But with rebates, it was on the same level as a car I'd be willing to drive (actually pocketed money from the totaled car), and the mileage isn't super far off.
Posted on 6/25/18 at 1:38 pm to AUTimbo
quote:
I did... ... to buy a mint 1970 Hemi Cuda for $217,000..... which I then turned around and sold eight months later at auction for $338,000
How did you borrow $217k from a 401k?
Posted on 6/25/18 at 1:39 pm to NaturalBeam
quote:
If it’s the length of he loan, sure I could’ve gone 66 or 72 months for a lower note but it didn’t matter to me.
Longer?
Posted on 6/25/18 at 1:41 pm to TH03
quote:
Longer
He wants to be sure it's properly broken in when it's finally paid off.
Posted on 6/25/18 at 1:42 pm to lsu xman
I'm paying 380 a month for 5 years and I absolutely hate it. Way too much.
All this zero percent financing has done is inflate the cost of the car. That's why the auto companies are doing this.
Saying 500 a month with 0 percent interest for 60 months, is better than saying the car costs $30,000.
The last time I bought a car, multiple salespeople just about refused to discuss the actual price of the car, it was all about "how much do you want to spend per month" and "this is how much it costs per month"
All this zero percent financing has done is inflate the cost of the car. That's why the auto companies are doing this.
Saying 500 a month with 0 percent interest for 60 months, is better than saying the car costs $30,000.
The last time I bought a car, multiple salespeople just about refused to discuss the actual price of the car, it was all about "how much do you want to spend per month" and "this is how much it costs per month"
Posted on 6/25/18 at 1:44 pm to TH03
Well shorter certainly wouldn’t have decreased the note that you seem concerned with. What precisely are you advocating as a better alternative?
Posted on 6/25/18 at 1:47 pm to NaturalBeam
It screams $30k millionaire.
What’s the contingency plan if it gets totaled and you still owe $40k on it?
What’s the contingency plan if it gets totaled and you still owe $40k on it?
Posted on 6/25/18 at 1:48 pm to TH03
quote:
Longer?
, why does this matter? I don't understand why people get so caught up on the specifics of car loans. The two things that matter are the interest rate and the purchase price of the vehicle. Financing it for 84 months or 36 months really doesn't matter.
Posted on 6/25/18 at 1:48 pm to TH03
So let’s assume the car costs $52k. How would you have financed it differently?
Posted on 6/25/18 at 1:49 pm to slackster
quote:
Financing it for 84 months or 36 months really doesn't matter.
Yeah who doesn’t want a super long note on a constantly depreciating asset that could be totaled for less than what you owe.
Posted on 6/25/18 at 1:49 pm to TH03
If anyone wants to offer me a loan at 1.6% hit me the frick up. I will take as much as you will give me.
frick online savings accounts are paying 1.8%.
frick online savings accounts are paying 1.8%.
Posted on 6/25/18 at 1:49 pm to TH03
quote:
What’s the contingency plan if it gets totaled and you still owe $40k on it?
Your comprehensive coverage kicks in and you're out of your deductible. If you're underwater you'll have to make up the difference too.
What's the plan if you total it and you owe nothing on it but you're $36k shorter in your savings account because you paid cash for it? Are you still carrying comprehensive coverage since you have no note?
Posted on 6/25/18 at 1:50 pm to slackster
quote:Exactly what I’m getting at. Not many math majors in this thread.
I don't understand why people get so caught up on the specifics of car loans. The two things that matter are the interest rate and the purchase price of the vehicle. Financing it for 84 months or 36 months really doesn't matter.
Posted on 6/25/18 at 1:51 pm to TH03
quote:
Yeah who doesn’t want a super long note on a constantly depreciating asset that could be totaled for less than what you owe.
Worst case scenario is you take the money you didn’t spend on buying the car (which should have earned you money in the interim) and pay off the difference.
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