The Car Payment Thread Vol. Next time I'm buying Used..

[runningofthecarmines]

Originally Posted by tvanterpool

at some of the responses, one person said 565 a month for a altima

were is that mase laughing gif when i need it.

smh @ people still looking at the monthly payments as oppose to the overall total.

Go to Yahoo and look for some car shopping advice my friend.

 

[runningofthecarmines]

Originally Posted by tvanterpool

at some of the responses, one person said 565 a month for a altima

were is that mase laughing gif when i need it.

smh @ people still looking at the monthly payments as oppose to the overall total.

Go to Yahoo and look for some car shopping advice my friend.

 

[ham city]

Originally Posted by wawaweewa

Originally Posted by ooIRON MANoo

Originally Posted by cguy610

Originally Posted by ooIRON MANoo

If you don't have your car paid off what are the chances you will have a house paid off?

Chances are if you have the money to pay a car cash, then that person should have a decent "rainy day" fund.

When I say "own", I don't mean the house is paid off.  So if something were to happen, you can use that extra cash to protect your asset(your home) and stop making payments on the car.  I doubt many people have money to buy a car in cash and have a decent "rainy day" fund.  Unless you mean buying a car for like $5 grand or something.  I'm thinking along the lines of the average price of a new car, which is between $20,000-$30,000. I personally like the idea of having extra cash just in case. 

Unless they came up with the cash through a different circumstance other than saving (settlement, lottery, gambling, bonus, etc.), then a person can most certainly have a rainy day fund and still have enough cash accumulated to buy a car without financing a dime.The price for new cars range from $12,000-$18,000, anything above that you are buying a luxury car or a fully loaded entry level vehicle.  Even with the price range you listed, it is still attainable.

People are just awful at saving and budgeting.  I like having extra cash around as well, but it's capped at $10k (Savings account + cash in a secured safe).  The rest of my savings are in seperate accounts (Savings/Investments/Retirement/House fund/Car fund/Vacation fund).

If you can't set aside a "rainy day" fund then you don't have any business buying a $20,000-$30,000 import.

It depends what you view as a rainy day fund.  I certainly don't view 10k as a rainy day fund. @$%!, 50k isn't even a rainy day fund. Considering a rainy day fund is when @$%! hits the fan in your life, then it's better to have more than less.

If you're going to buy a car cash, then it's prob better that it not be more than a quarter of your liquid assets.

btw, this thread reminded me of this article that I read today.

Americans Buy IPads While Broke in New Abnormal Economy

@ 10K 50K not being enough for a "rainy day" fund

i swear some of you be on one

 

[ham city]

Originally Posted by wawaweewa

Originally Posted by ooIRON MANoo

Originally Posted by cguy610

Originally Posted by ooIRON MANoo

If you don't have your car paid off what are the chances you will have a house paid off?

Chances are if you have the money to pay a car cash, then that person should have a decent "rainy day" fund.

When I say "own", I don't mean the house is paid off.  So if something were to happen, you can use that extra cash to protect your asset(your home) and stop making payments on the car.  I doubt many people have money to buy a car in cash and have a decent "rainy day" fund.  Unless you mean buying a car for like $5 grand or something.  I'm thinking along the lines of the average price of a new car, which is between $20,000-$30,000. I personally like the idea of having extra cash just in case. 

Unless they came up with the cash through a different circumstance other than saving (settlement, lottery, gambling, bonus, etc.), then a person can most certainly have a rainy day fund and still have enough cash accumulated to buy a car without financing a dime.The price for new cars range from $12,000-$18,000, anything above that you are buying a luxury car or a fully loaded entry level vehicle.  Even with the price range you listed, it is still attainable.

People are just awful at saving and budgeting.  I like having extra cash around as well, but it's capped at $10k (Savings account + cash in a secured safe).  The rest of my savings are in seperate accounts (Savings/Investments/Retirement/House fund/Car fund/Vacation fund).

If you can't set aside a "rainy day" fund then you don't have any business buying a $20,000-$30,000 import.

It depends what you view as a rainy day fund.  I certainly don't view 10k as a rainy day fund. @$%!, 50k isn't even a rainy day fund. Considering a rainy day fund is when @$%! hits the fan in your life, then it's better to have more than less.

If you're going to buy a car cash, then it's prob better that it not be more than a quarter of your liquid assets.

btw, this thread reminded me of this article that I read today.

Americans Buy IPads While Broke in New Abnormal Economy

@ 10K 50K not being enough for a "rainy day" fund

i swear some of you be on one

 

[juve9ile18]

2006 Infiniti m35x
430/month

 

[juve9ile18]

2006 Infiniti m35x
430/month

 

[hankzilla]

Car payments? I am not about that life.

 

[hankzilla]

Car payments? I am not about that life.

 

[wawaweewa]

Originally Posted by HAM CITY

@ 10K 50K not being enough for a "rainy day" fund

i swear some of you be on one

Again, it depends what you consider a rainy day fund.Most Americans think like children when it comes to finances so a 'rainy day fund" would be for holding them over for a few months if they lose their job or some other short sighted mishap. While that's all well and good, thinking longer term is the key.

10k is literally trivial today. You have to protect yourself and I'm telling you 10k won't protect you much.

My friends have always told me that I always think of the worst scenarios possible.
I just call it being prepared.

A few months after I finished college in '07, I was still looking for work in my field. I was working a job to hold me over and give me something to do. I fell sick and spent 5 days in the hospital. 22k bill.  I had no insurance and I was making " too much" (15/hr

) at my job so I wasn't eligible for any state program. 22k down the drain (well spent though) just like that.  Before I fell sick I'd say that I was healthier than 99 % of the US popualtion. Life's unpredictable. No one is a prophet. %%$$%* up things do happen in life . 10k is trivial. End of story.

 

 

[wawaweewa]

Originally Posted by HAM CITY

@ 10K 50K not being enough for a "rainy day" fund

i swear some of you be on one

Again, it depends what you consider a rainy day fund.Most Americans think like children when it comes to finances so a 'rainy day fund" would be for holding them over for a few months if they lose their job or some other short sighted mishap. While that's all well and good, thinking longer term is the key.

10k is literally trivial today. You have to protect yourself and I'm telling you 10k won't protect you much.

My friends have always told me that I always think of the worst scenarios possible.
I just call it being prepared.

A few months after I finished college in '07, I was still looking for work in my field. I was working a job to hold me over and give me something to do. I fell sick and spent 5 days in the hospital. 22k bill.  I had no insurance and I was making " too much" (15/hr

) at my job so I wasn't eligible for any state program. 22k down the drain (well spent though) just like that.  Before I fell sick I'd say that I was healthier than 99 % of the US popualtion. Life's unpredictable. No one is a prophet. %%$$%* up things do happen in life . 10k is trivial. End of story.

 

 

[ex carrabba fan]

$350 for 2006 Merc C230

Yes I know it's a 230

Is that terrible? I didn't put anything down and the loan is for 5 years

, bought it in October 09.

 

[ex carrabba fan]

$350 for 2006 Merc C230

Yes I know it's a 230

Is that terrible? I didn't put anything down and the loan is for 5 years

, bought it in October 09.

 

[recycledpaper]

Originally Posted by ex carrabba fan

$350 for 2006 Merc C230

Yes I know it's a 230

Is that terrible? I didn't put anything down and the loan is for 5 years

, bought it in October 09.

not bad, what was the price out the door (after taxes + delivery + interest)?

as long as the interest is low and the price is as close to invoice as possible, you did everything you could to get the price low.

 

[recycledpaper]

Originally Posted by ex carrabba fan

$350 for 2006 Merc C230

Yes I know it's a 230

Is that terrible? I didn't put anything down and the loan is for 5 years

, bought it in October 09.

not bad, what was the price out the door (after taxes + delivery + interest)?

as long as the interest is low and the price is as close to invoice as possible, you did everything you could to get the price low.

 

[ex carrabba fan]

Originally Posted by recycledpaper

Originally Posted by ex carrabba fan

$350 for 2006 Merc C230

Yes I know it's a 230

Is that terrible? I didn't put anything down and the loan is for 5 years

, bought it in October 09.

not bad, what was the price out the door (after taxes + delivery + interest)?

as long as the interest is low and the price is as close to invoice as possible, you did everything you could to get the price low.

Out the door was $19, 525

I have never been quite sure if I'm grossly overpaying or not since I know nothing about cars or car payments etc.

 

[ex carrabba fan]

Originally Posted by recycledpaper

Originally Posted by ex carrabba fan

$350 for 2006 Merc C230

Yes I know it's a 230

Is that terrible? I didn't put anything down and the loan is for 5 years

, bought it in October 09.

not bad, what was the price out the door (after taxes + delivery + interest)?

as long as the interest is low and the price is as close to invoice as possible, you did everything you could to get the price low.

Out the door was $19, 525

I have never been quite sure if I'm grossly overpaying or not since I know nothing about cars or car payments etc.

 

[bijald0331]

50K for a "rainy day" fund is laughable. Just call it a "Tornado and Hurricane during an Earthquake" fund.

How is the hospital thing relevant? You really think someone who can put aside 50k wouldn't have great insurance? You're living life way too scared after one unique situation.

I mean if you are making that much money to put at least 50k away for a special emergency fund, you should have investments, entertainment expenditures that you could curb back, etc.

I don't know how you are living but 50k is completely unreasonable for 98% of the American public. You just don't need that much for an emergency for most realities. 10-20k is more reasonable to me.

 

[bijald0331]

50K for a "rainy day" fund is laughable. Just call it a "Tornado and Hurricane during an Earthquake" fund.

How is the hospital thing relevant? You really think someone who can put aside 50k wouldn't have great insurance? You're living life way too scared after one unique situation.

I mean if you are making that much money to put at least 50k away for a special emergency fund, you should have investments, entertainment expenditures that you could curb back, etc.

I don't know how you are living but 50k is completely unreasonable for 98% of the American public. You just don't need that much for an emergency for most realities. 10-20k is more reasonable to me.

 

[diplomat007]

yea next time im leasing and thinking of hitting leasetrader.com , anyone ever use them

 

[bangdak]

Well this "rainy day" fund really depends on your age, and how much you're making.


for some people, 50k is more then half their salary per year. Different people have different standards. I'd say for the average person though, 10-20k would be fair.

 

[diplomat007]

yea next time im leasing and thinking of hitting leasetrader.com , anyone ever use them

 

[bangdak]

Well this "rainy day" fund really depends on your age, and how much you're making.


for some people, 50k is more then half their salary per year. Different people have different standards. I'd say for the average person though, 10-20k would be fair.

 

[recycledpaper]

Originally Posted by wawaweewa

Originally Posted by HAM CITY

@ 10K 50K not being enough for a "rainy day" fund

i swear some of you be on one

Again, it depends what you consider a rainy day fund.Most Americans think like children when it comes to finances so a 'rainy day fund" would be for holding them over for a few months if they lose their job or some other short sighted mishap. While that's all well and good, thinking longer term is the key.

10k is literally trivial today. You have to protect yourself and I'm telling you 10k won't protect you much.

My friends have always told me that I always think of the worst scenarios possible.
I just call it being prepared.

A few months after I finished college in '07, I was still looking for work in my field. I was working a job to hold me over and give me something to do. I fell sick and spent 5 days in the hospital. 22k bill.  I had no insurance and I was making " too much" (15/hr

) at my job so I wasn't eligible for any state program. 22k down the drain (well spent though) just like that.  Before I fell sick I'd say that I was healthier than 99 % of the US popualtion. Life's unpredictable. No one is a prophet. %%$$%* up things do happen in life . 10k is trivial. End of story.

 

i agree. 10k for a "rainy day fund" in this day and age is not enough. at least it's not enough to make me feel safe anyway. when you factor in the payments/bills you have as an adult, 10k will blow by really quickly.

put 50k away and you can rest assure that even if you lose your job, you have enough to tide you over while you try to find a new job.

 

[recycledpaper]

Originally Posted by wawaweewa

Originally Posted by HAM CITY

@ 10K 50K not being enough for a "rainy day" fund

i swear some of you be on one

Again, it depends what you consider a rainy day fund.Most Americans think like children when it comes to finances so a 'rainy day fund" would be for holding them over for a few months if they lose their job or some other short sighted mishap. While that's all well and good, thinking longer term is the key.

10k is literally trivial today. You have to protect yourself and I'm telling you 10k won't protect you much.

My friends have always told me that I always think of the worst scenarios possible.
I just call it being prepared.

A few months after I finished college in '07, I was still looking for work in my field. I was working a job to hold me over and give me something to do. I fell sick and spent 5 days in the hospital. 22k bill.  I had no insurance and I was making " too much" (15/hr

) at my job so I wasn't eligible for any state program. 22k down the drain (well spent though) just like that.  Before I fell sick I'd say that I was healthier than 99 % of the US popualtion. Life's unpredictable. No one is a prophet. %%$$%* up things do happen in life . 10k is trivial. End of story.

 

i agree. 10k for a "rainy day fund" in this day and age is not enough. at least it's not enough to make me feel safe anyway. when you factor in the payments/bills you have as an adult, 10k will blow by really quickly.

put 50k away and you can rest assure that even if you lose your job, you have enough to tide you over while you try to find a new job.

 

[wawaweewa]

Originally Posted by bijald0331

50K for a "rainy day" fund is laughable. Just call it a "Tornado and Hurricane during an Earthquake" fund.

How is the hospital thing relevant? You really think someone who can put aside 50k wouldn't have great insurance? You're living life way too scared after one unique situation.

I mean if you are making that much money to put at least 50k away for a special emergency fund, you should have investments, entertainment expenditures that you could curb back, etc.

I don't know how you are living but 50k is completely unreasonable for 98% of the American public. You just don't need that much for an emergency for most realities. 10-20k is more reasonable to me.

See this is the problem.
Someone who makes 50k a year can easily save 50k in 5 years. Even living in NYC. I'm not speculating either.

So people who make 50k/year are now so well off to only have 10-20k in reserve? 10k won't even pay rent for a full year for a 1 bedroom in most of NYC.

Some of the diff ion thinking prob stems  from cost of living in NYC compared to other parts of the US. I'm telling you 10 or even 20k in reserve in a place like NYC will leave you naked in the middle of the street holding  your #$%! in your hand if something unforeseen happens.