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

[redman]

Originally Posted by 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.

Im on your side and i'm calling ducktales on the person who said they had to paid 22K in medical bills. What job pays 15/ hr and provides no health insurance? 10K to 15K for a single person should be enough for one person to last a couple of months or atleast long enough for them to get back on their feet.

 

[bangdak]

Originally Posted by jthagreat

Originally Posted by Dirtylicious

not 6 months of income... 6 to 9 months of expenses

i guess youre right, but your expenses really shouldnt exceed your income...right?

Never. And to be on the safe side, i'd say 12 months of expenses makes a lot more sense financially.


And North Dude, its all about priorities. Some would never drop more then $50 on a pair of shoes, while some may dig deep into their pockets and drop 1k on a pair of LVs. shrugs.

Its the same concept with cars.

 

[bangdak]

Originally Posted by jthagreat

Originally Posted by Dirtylicious

not 6 months of income... 6 to 9 months of expenses

i guess youre right, but your expenses really shouldnt exceed your income...right?

Never. And to be on the safe side, i'd say 12 months of expenses makes a lot more sense financially.


And North Dude, its all about priorities. Some would never drop more then $50 on a pair of shoes, while some may dig deep into their pockets and drop 1k on a pair of LVs. shrugs.

Its the same concept with cars.

 

[3onpar5]

Originally Posted by North Dade Represent

If another person brings up the "depreciating asset" argument, I swear I'm going to blow my head off. Do you eat? Do you have gas, electric, cable and internet service? Do you travel, spend money on dates, go clubbing, etc? All those purchases aren't depreciating assets, because they're not even assets to begin with. They're worthless as soon as they are consumed. At least a car has salvage value.

Nobody says there's something wrong with spending $3500 on a trip to Paris, but if I spend $3500 in payments per year for a nice whip that I'm going to be driving every day, that's being wasteful?

%#$%!

I believe the challenge with this is when you take the vacation it is worth 3500. When you are paying 3500 for the car in the 4th or 5th year it is not worth that. Thats why I prefer to pay the cash. I pay 12,000 for the car thats what its worth at that time. I have got my value for it. Think of it this way, at the end of 5 years you could possibly pay 20,000 for a 16,000 car that is now worth 8,000. I just pulled these numbers out of the air I have not done the math on it and I know financing is different for everyone but I hope you see what I am getting at.

 

[3onpar5]

Originally Posted by North Dade Represent

If another person brings up the "depreciating asset" argument, I swear I'm going to blow my head off. Do you eat? Do you have gas, electric, cable and internet service? Do you travel, spend money on dates, go clubbing, etc? All those purchases aren't depreciating assets, because they're not even assets to begin with. They're worthless as soon as they are consumed. At least a car has salvage value.

Nobody says there's something wrong with spending $3500 on a trip to Paris, but if I spend $3500 in payments per year for a nice whip that I'm going to be driving every day, that's being wasteful?

%#$%!

I believe the challenge with this is when you take the vacation it is worth 3500. When you are paying 3500 for the car in the 4th or 5th year it is not worth that. Thats why I prefer to pay the cash. I pay 12,000 for the car thats what its worth at that time. I have got my value for it. Think of it this way, at the end of 5 years you could possibly pay 20,000 for a 16,000 car that is now worth 8,000. I just pulled these numbers out of the air I have not done the math on it and I know financing is different for everyone but I hope you see what I am getting at.

 

[moneyisthemotive]

no %@%%@@%$ i've been paying 278.16 for what seems like 15 years now ... i got a good %#% deal on my car back when i got it but damn i was dumb as hell ... i have payments until october 2011 but im paying that %@%% off by this december ... next time, im saving up and paying straight cash homie ...

 

[bijald0331]

^What about utility derived from using the car that they couldn't have experienced without being on a payment plan? Not anybody wants to have life pass them by and wait. Just a thought.

 

[moneyisthemotive]

no %@%%@@%$ i've been paying 278.16 for what seems like 15 years now ... i got a good %#% deal on my car back when i got it but damn i was dumb as hell ... i have payments until october 2011 but im paying that %@%% off by this december ... next time, im saving up and paying straight cash homie ...

 

[bijald0331]

^What about utility derived from using the car that they couldn't have experienced without being on a payment plan? Not anybody wants to have life pass them by and wait. Just a thought.

 

[eight2one]

07 Grand Prix

$220/month

 

[eight2one]

07 Grand Prix

$220/month

 

[heliumclinton]

Originally Posted by recycledpaper

Originally Posted by heLiumcLinton

I'm confused, are these payments for leasing or financing?

370/60 months? no thanks

you do realize that $370 over 60 months is only $22k?

for a car, considering that the price includes tax + interest, $22k is not bad

when its for a 06 altima it's bad to me, especially when I can cop one right now for 10k

 

[heliumclinton]

Originally Posted by recycledpaper

Originally Posted by heLiumcLinton

I'm confused, are these payments for leasing or financing?

370/60 months? no thanks

you do realize that $370 over 60 months is only $22k?

for a car, considering that the price includes tax + interest, $22k is not bad

when its for a 06 altima it's bad to me, especially when I can cop one right now for 10k

 

[recycledpaper]

Originally Posted by heLiumcLinton

Originally Posted by recycledpaper

Originally Posted by heLiumcLinton

I'm confused, are these payments for leasing or financing?

370/60 months? no thanks

you do realize that $370 over 60 months is only $22k?

for a car, considering that the price includes tax + interest, $22k is not bad

when its for a 06 altima it's bad to me, especially when I can cop one right now for 10k

yeah maybe you could, but then how the #%@@ would you get around the past 4 years? oh that's right if you had the altima you'd be driving that, but instead you don't have a car... cuz you can cop... for 10k.... 4 years later....

 

[recycledpaper]

Originally Posted by heLiumcLinton

Originally Posted by recycledpaper

Originally Posted by heLiumcLinton

I'm confused, are these payments for leasing or financing?

370/60 months? no thanks

you do realize that $370 over 60 months is only $22k?

for a car, considering that the price includes tax + interest, $22k is not bad

when its for a 06 altima it's bad to me, especially when I can cop one right now for 10k

yeah maybe you could, but then how the #%@@ would you get around the past 4 years? oh that's right if you had the altima you'd be driving that, but instead you don't have a car... cuz you can cop... for 10k.... 4 years later....

 

[runningofthecarmines]

Originally Posted by 3onPar5

Originally Posted by North Dade Represent

If another person brings up the "depreciating asset" argument, I swear I'm going to blow my head off. Do you eat? Do you have gas, electric, cable and internet service? Do you travel, spend money on dates, go clubbing, etc? All those purchases aren't depreciating assets, because they're not even assets to begin with. They're worthless as soon as they are consumed. At least a car has salvage value.

Nobody says there's something wrong with spending $3500 on a trip to Paris, but if I spend $3500 in payments per year for a nice whip that I'm going to be driving every day, that's being wasteful?

%#$%!

I believe the challenge with this is when you take the vacation it is worth 3500. When you are paying 3500 for the car in the 4th or 5th year it is not worth that. Thats why I prefer to pay the cash. I pay 12,000 for the car thats what its worth at that time. I have got my value for it. Think of it this way, at the end of 5 years you could possibly pay 20,000 for a 16,000 car that is now worth 8,000. I just pulled these numbers out of the air I have not done the math on it and I know financing is different for everyone but I hope you see what I am getting at.

I understand your argument 3onPar5.  So what you are saying as well as most people in this thread is that "used" cars don't depreciate?  Ok, so you are paying 12,000 now in cash for whatever vehicle but that vehicle is not worth that amount in 3 years either.  If I walk into a dealership and buy and brand new car, the amount that I agreed to pay IS the amount that the car is worth during the time the deal is made.  Let's say if I get a good interest on my deal, so should I pulled out 20,000 in cash and pay it off on the spot or should I finance it and end up paying lets say a little over 20,000 after interest?  I'm still paying 20,000 anyway.  So what if it depreciates,  all vehicles depreciate.

 

[runningofthecarmines]

Originally Posted by 3onPar5

Originally Posted by North Dade Represent

If another person brings up the "depreciating asset" argument, I swear I'm going to blow my head off. Do you eat? Do you have gas, electric, cable and internet service? Do you travel, spend money on dates, go clubbing, etc? All those purchases aren't depreciating assets, because they're not even assets to begin with. They're worthless as soon as they are consumed. At least a car has salvage value.

Nobody says there's something wrong with spending $3500 on a trip to Paris, but if I spend $3500 in payments per year for a nice whip that I'm going to be driving every day, that's being wasteful?

%#$%!

I believe the challenge with this is when you take the vacation it is worth 3500. When you are paying 3500 for the car in the 4th or 5th year it is not worth that. Thats why I prefer to pay the cash. I pay 12,000 for the car thats what its worth at that time. I have got my value for it. Think of it this way, at the end of 5 years you could possibly pay 20,000 for a 16,000 car that is now worth 8,000. I just pulled these numbers out of the air I have not done the math on it and I know financing is different for everyone but I hope you see what I am getting at.

I understand your argument 3onPar5.  So what you are saying as well as most people in this thread is that "used" cars don't depreciate?  Ok, so you are paying 12,000 now in cash for whatever vehicle but that vehicle is not worth that amount in 3 years either.  If I walk into a dealership and buy and brand new car, the amount that I agreed to pay IS the amount that the car is worth during the time the deal is made.  Let's say if I get a good interest on my deal, so should I pulled out 20,000 in cash and pay it off on the spot or should I finance it and end up paying lets say a little over 20,000 after interest?  I'm still paying 20,000 anyway.  So what if it depreciates,  all vehicles depreciate.

 

[lunchbox]

lol dudes acting like new cars get paid off in just a couple months +*$$ takes years, if u can afford it then whats the problem

 

[lunchbox]

lol dudes acting like new cars get paid off in just a couple months +*$$ takes years, if u can afford it then whats the problem

 

[al audi]

Originally Posted by heLiumcLinton

Originally Posted by recycledpaper

Originally Posted by heLiumcLinton

I'm confused, are these payments for leasing or financing?

370/60 months? no thanks

you do realize that $370 over 60 months is only $22k?

for a car, considering that the price includes tax + interest, $22k is not bad

when its for a 06 altima it's bad to me, especially when I can cop one right now for 10k

yep

to each their own

thats why i said a page or 2 back i would NEVER buy a generic car like camry, altima, accord brand new.

 

[al audi]

Originally Posted by heLiumcLinton

Originally Posted by recycledpaper

Originally Posted by heLiumcLinton

I'm confused, are these payments for leasing or financing?

370/60 months? no thanks

you do realize that $370 over 60 months is only $22k?

for a car, considering that the price includes tax + interest, $22k is not bad

when its for a 06 altima it's bad to me, especially when I can cop one right now for 10k

yep

to each their own

thats why i said a page or 2 back i would NEVER buy a generic car like camry, altima, accord brand new.

 

[Betonblck]

Originally Posted by Al Audi

Originally Posted by heLiumcLinton

Originally Posted by recycledpaper

Originally Posted by heLiumcLinton

I'm confused, are these payments for leasing or financing?

370/60 months? no thanks

you do realize that $370 over 60 months is only $22k?

for a car, considering that the price includes tax + interest, $22k is not bad

when its for a 06 altima it's bad to me, especially when I can cop one right now for 10k

yep

to each their own

thats why i said a page or 2 back i would NEVER buy a generic car like camry, altima, accord brand new.

So, instead you would buy a luxury car brand new?   [Morgan Freeman in Batman Dark Knight] Good Luck [Morgan Freeman in Batman Dark Knight]

 

[Betonblck]

Originally Posted by Al Audi

Originally Posted by heLiumcLinton

Originally Posted by recycledpaper

Originally Posted by heLiumcLinton

I'm confused, are these payments for leasing or financing?

370/60 months? no thanks

you do realize that $370 over 60 months is only $22k?

for a car, considering that the price includes tax + interest, $22k is not bad

when its for a 06 altima it's bad to me, especially when I can cop one right now for 10k

yep

to each their own

thats why i said a page or 2 back i would NEVER buy a generic car like camry, altima, accord brand new.

So, instead you would buy a luxury car brand new?   [Morgan Freeman in Batman Dark Knight] Good Luck [Morgan Freeman in Batman Dark Knight]

 

[al audi]

Originally Posted by cguy610

Originally Posted by Al Audi

Originally Posted by heLiumcLinton

Originally Posted by recycledpaper

Originally Posted by heLiumcLinton

I'm confused, are these payments for leasing or financing?

370/60 months? no thanks

you do realize that $370 over 60 months is only $22k?

for a car, considering that the price includes tax + interest, $22k is not bad

when its for a 06 altima it's bad to me, especially when I can cop one right now for 10k

yep

to each their own

thats why i said a page or 2 back i would NEVER buy a generic car like camry, altima, accord brand new.

So, instead you would buy a luxury car brand new?   [Morgan Freeman in Batman Dark Knight] Good Luck [Morgan Freeman in Batman Dark Knight]

no,

im just against brand new car buying i guess period

example my mom just got a 07 lexus GS this month fully loaded......................msrp on that thing was 52k in 07

its now a CPO (certified pre owned) with an even better warranty than if you bought it new..........now its like 6 years 100k.........car only has 30k on it an she got it for 20k cheaper.

idc if you make 50k or 500k............................i would just buy something a lil used or a year late...........cars depreciate like crazy

 

[al audi]

Originally Posted by cguy610

Originally Posted by Al Audi

Originally Posted by heLiumcLinton

Originally Posted by recycledpaper

Originally Posted by heLiumcLinton

I'm confused, are these payments for leasing or financing?

370/60 months? no thanks

you do realize that $370 over 60 months is only $22k?

for a car, considering that the price includes tax + interest, $22k is not bad

when its for a 06 altima it's bad to me, especially when I can cop one right now for 10k

yep

to each their own

thats why i said a page or 2 back i would NEVER buy a generic car like camry, altima, accord brand new.

So, instead you would buy a luxury car brand new?   [Morgan Freeman in Batman Dark Knight] Good Luck [Morgan Freeman in Batman Dark Knight]

no,

im just against brand new car buying i guess period

example my mom just got a 07 lexus GS this month fully loaded......................msrp on that thing was 52k in 07

its now a CPO (certified pre owned) with an even better warranty than if you bought it new..........now its like 6 years 100k.........car only has 30k on it an she got it for 20k cheaper.

idc if you make 50k or 500k............................i would just buy something a lil used or a year late...........cars depreciate like crazy