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1000+ a month? I think they'll be ok.
car notes bout to be da new housing bubble VOL. NTers paying BMWs off in 73 months
mike hunt
Banned
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Drive a 13 year old E430. Purchased used with 70k miles (off eBay) back in 2006 for $15k with a 60 month (credit union) loan. Paid off in 48. Still going, invested in a Benzworld and MBWorld membership, tools for DIY small jobs (oil change, spark plugs), and developed a relationship with local dealership service advisor for bigger jobs. Now at 170k and still getting from a to b. Last visit to dealership saw a dude getting out of a 2007 S550. Dude checked my car and gave me the "deal with it" face - nevermind it was now 2012. Was behind him in line to pay for service and heard him crying about a 1K brake service...on a car that was originally 100K LOL LOL!!!! Cars depreicate but parts and service dont. Hopefully my car keeps going (knock on wood) but in the meantime I'm saving up the money I would have been spending on car payments for future repairs and the rest is going to the new(er) car fund...with interest. Now is an excellent time to take out a loan if you have good credit. Just be smart and live below your means. These longer term loans come with higher interest rates to cover the "banks risk" - banks dont care...they charge interest up front and very little of these initial payments is going to principle. Banks love bubbles...its the American public who ultimately suffers.
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indeed
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With the help of my folks, I bought my Chevy Aveo straight cash. My next car will be bought straight cash as well
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Slave to the lender. Mortgage, car note, student loans, you name it. Terrible system.
If you're going to do a long loan contract. You should at least have a plan to pay off sooner.
If you're going to do a long loan contract. You should at least have a plan to pay off sooner.
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my dude told me his school loan had penalties if he paid it off sooner
I wouldn't be surprised if car loans have those too nowadays
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yea word. in NYC for example, i can see absolutely no use for a supercar with low *** ground clearance. its a waste of money and you'll never hit top speed, not to mention driving a really low car with low profile tires is no bueno in NYC. i get the desire for a sports car tho but i feel there are more affordable options that as you say get you to point a to b.
like a wrx
And when you have a nice car in a city something is bound to happen to it. Mirror knocked off, small dings and dents, its a pain to worry about.
I understand the need for speed...i own a motorcycle. When i want an adrenaline rush I hop on my bike. But again bought a used Suzuki Katana 600(flamesuit on first bike ok) for 2k cash...thing had 1.5k miles on it its a 2006. I will ride it until i save up for a nicer bike.
this. bought my wrx last august. hit and run in jan/feb. car was parked on the street and someone side swiped it and dipped, leaving no info or anything. driver side mirror, fender, side panel, and bumper need work and/or replacement along with paint.
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No point in having a luxury whip in NYC unless you got a garage parking. If there's a city where people have ZERO respect for others property, it's NYC.
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philly too. if you got change, tissues, or a paperclip in your car, you are getting your windows punched in and car violated. seen it wayyy to many times.
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- Dec 28, 2004
this,
I always wonder why people get big rims in neighborhoods where the roads are absolute trash.
even Hoboken, Nj
my dude was getting mail from Sallie Mae in Solitary
DAMN!
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I went to school at drexel....got my 1990 ford tempo driver side window knocked out 2 times in a month. Once for $3.13 cents in change ( i will never forget that number
) the other time they stole my head unit and my damn floor mats. The car was so old that it had a lock for the car and a seperate one for the trunk. There was no truck pop button....you had to use the trunk key....so i would put everything in the trunk when i went anywhere. Dude tried to break into the trunk too, the key hole was all messed up and part of it was popped off. But never got in.I remember calling safellite to get a new window, talked to the same guy both times he cut me a $10 discount the second time because he felt bad for me. he was like "the same window you had fixed 2 weeks ago?!?!"
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putting in work
Supporter
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- Nov 10, 2007
The stories of my friend that used to work at Major World
Car salesmen are the grimest people on earth.
Car salesmen are the grimest people on earth.
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- Nov 7, 2002
I went to school at drexel....got my 1990 ford tempo driver side window knocked out 2 times in a month. Once for $3.13 cents in change ( i will never forget that number
I remember calling safellite to get a new window, talked to the same guy both times he cut me a $10 discount the second time because he felt bad for me. he was like "the same window you had fixed 2 weeks ago?!?!"
I went to Drexel too and had my beater busted into so many times. Super frustrating since I kept NOTHING in the car at all, wasn't even change to steal. *****in' Philly...
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Do Tell...Do Tell!!The stories of my friend that used to work at Major World
Car salesmen are the grimest people on earth.
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- Jul 18, 2012
I went to school at drexel....got my 1990 ford tempo driver side window knocked out 2 times in a month. Once for $3.13 cents in change ( i will never forget that number
I remember calling safellite to get a new window, talked to the same guy both times he cut me a $10 discount the second time because he felt bad for me. he was like "the same window you had fixed 2 weeks ago?!?!"
Fiends don't care.... they gotta fix that itch. *I was up on Drexel's campus a few weeks back (ate at Sabrina's), not surprised at the break-ins
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- May 5, 2011
Haha!
1. You targeted a niche market in the upper echelon of finances/wealth. I was referencing the average consumer...
2. My main point was in relation to automobiles as investments. Not homes...
3. These people/groups that purchase these homes have a thing called, capital. The average citizen sadly does not have multiple forms of liquid assets...
4. To build on #3, people of said wealth tend to already have high credit scores. Your point on being able to pay 30% with perfect credit yet still not beat out 'Mr. Cash' comes down to how fast a house/property/etc. can be sold & closed at. There are still opportunities to buy houses via fixed financing. Your local MLS can dictate that. (Again. You referenced a niche market.) Yes, money talks. However, there are limitations & educated decisions that also come into play...
5. Many 'heavy-hitters' don't put all their eggs in one basket. You want to pay for your car in-full in an average economy? Go ahead. You now just broke your piggy bank and have zero debt in terms of a car note with very little savings left. With that said, I wish you success on starting that saving process all over again. Money is made through expansion. Not through one singular entity. The goal is to accumulate wealth. Not relinquish it...
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I had some ideas on dropping a new(er) car, but I realized, that my current vehicle still serves me well. I got about 111k miles on it, but it's still running fairly smoothly. I see too many people around me getting swamped in car payments. It's simply not worth it.
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- Mar 11, 2002
This isn't new.
I was an auto credit analyst for 5 years. I was a subprime lender. 72-84 months was the norm. People went shopping for a "payment" rather than a car.
The auto finance industry already collapsed. I saw 4 major companies on the east coast go out of business. I worked for 2 of them.
Its a totally F'd up system, but the customers are ultimately to blame. You don't NEED a new car. If you're shopping for a payment you shouldn't be shopping for a new car.
I was an auto credit analyst for 5 years. I was a subprime lender. 72-84 months was the norm. People went shopping for a "payment" rather than a car.
The auto finance industry already collapsed. I saw 4 major companies on the east coast go out of business. I worked for 2 of them.
Its a totally F'd up system, but the customers are ultimately to blame. You don't NEED a new car. If you're shopping for a payment you shouldn't be shopping for a new car.
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The worst deal I ever did to this day was flipping a guy driving an Excursion @ $1500 a month into a Taurus at $900 p/m.
$900 PER MONTH FOR A TAURUS.
Worst part, dude was happier than a pig in a puddle since I saved him $600 bucks a month.
I had to call him a few times just to make sure he really wanted to do it.
$900 PER MONTH FOR A TAURUS.
Worst part, dude was happier than a pig in a puddle since I saved him $600 bucks a month.
I had to call him a few times just to make sure he really wanted to do it.
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- Mar 11, 2002
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That is the American Way!
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I think y'all are not really seeing his view...
Copping things cash is cool... but with credit scores, some entities like the interest accumulated on assets...
Depreciating assets lose their value regardless ... and like I said before... a dollar today is worth more than a dollar tomorrow...
As a consumer, analyze the net present value of purchasing a car cash as opposed to a car note and you night be surprised.
Its all relative though. I throw asset purchase arguments right in there with credit, gun control, and religious arguments when it comes to NT...
Because everyone has a wrong opinion when they dont see it from you're perspective.
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Credit is def king if you don't have the cash. Even if u do, having payments looks good on your credit score. That's the thing that sucks the most. My wife and I needed a reliable car so we financed for 5yrs just to get the payments reasonable. We figured we'd get the payments low as a fallback but pay more on it, but then we live in Pittsburgh where getting a decent paying job is harder than catchin an STD.
