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[Mention your income (single or joint) Not enough, joint
Car payment(s) monthly - way too much, 3 cars right now, mine, wife's and son's (got by with only one payment for 18 yrs and 2 cars)
Total car payment(s) including insurance - way too much + $365 for insurance on 4 cars - teen daughter and college age son
Loan or Lease[/quote] Loans
Mention your income (single or joint) - just me, compensated enough to have everything I need and some of what I want
Car payment(s) monthly - $0
Total car payment(s) including insurance - no car pmt, insurance approx $500 per six months for two cars and a bike
Loan or Lease - neither - have never, nor ever will lease, that's just stupid and not a wise use of financial resources
Two Mercedes, a Lexus, a Vespa and a Piaggio. I usually keep my cars until the turn over 250,000-300,000 miles, so I rarely have monthly payments. (Of course, the scooters don't approach that kind of mileage.)
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Being in my early 60s, I've had a lot of cars in my life. Over that time, I have only purchased two of those brand new. A 1979 VW Rabbit diesel and the 1995 Ford Ranger. Everything else has been used, either from a dealership or a private party. The Lexus hybrid SUV was a lease return from a dealership. Even though it was three years old, it was "certified" and was about half price of a brand new one.
Shop around for a used car that is known to be mechanically reliable, and you will find good deals out there if you take your time.
Last edited by volosong; 10-04-2013 at 06:24 PM..
Reason: add'l info
Tell your pregnant wife that she has to suck it up for a few more years continue to wrassle the kids into the backseat of the paid for Honda Coupe (that really is a great car, except not for someone with a bunch of kids) while you save up for a more appropriate family vehicle.
Also, many people find themselves in situations where they NEED a car, and don't have the time or know-how to get a good cheap used car...
Earlier this year, I gave away my old tent trailer to a young family. It needed some work, and I showed him exactly what needed to be done to it before he could use it The price was right, so he took it.
He spied my old Mercedes coupe in the garage, half covered up, and wanted to buy it from me for his wife. I wouldn't sell it to him, but he kept bugging me for months to do so. It was for his wife, and they have two small children. Besides, I know that this particular model needs frequent preventative maintenance. I baby the thing and have it serviced by the book, and knew that he would not be able to afford to maintain the vehicle properly. It would be a money-sink for him, and I couldn't sell it to him. It's a near-classic and not a car for a young family. I told them that they needed a honda/toyota/etc instead.
Took me awhile, but I finally told him flat out that this was not the car for his wife and it would be too expensive to drive. Guess he finally understood and hasn't asked since.
I'm fascinated that everyone's insurance is so cheap. When I first bought my car (a 3 year old '99 Cavalier at the time), my full coverage was $200 a month. When I paid it off, I switched to liability because I couldn't afford full coverage anymore and my liability was between $80-$90 per month.
Now granted I was a new driver when I got the car, but still. Is $90 a month for liability normal?
I'm fascinated that everyone's insurance is so cheap. When I first bought my car (a 3 year old '99 Cavalier at the time), my full coverage was $200 a month. When I paid it off, I switched to liability because I couldn't afford full coverage anymore and my liability was between $80-$90 per month.
Now granted I was a new driver when I got the car, but still. Is $90 a month for liability normal?
I pay $95 a month to fully insure a 2007 Dodge Durango 4X4 5.7 and a 2012 Sonata Turbo. $250 comp and $500 collision deductibles. Married 32/31 in small town in Colorado.
$90 a month for just liability seems like a rip off but it depends where you are.
Now don't get me started on my home insurance which is $1,500 a year! Freackn' fires and floods..
I'm fascinated that everyone's insurance is so cheap. When I first bought my car (a 3 year old '99 Cavalier at the time), my full coverage was $200 a month. When I paid it off, I switched to liability because I couldn't afford full coverage anymore and my liability was between $80-$90 per month.
Now granted I was a new driver when I got the car, but still. Is $90 a month for liability normal?
It often depends in your age, driving record, the state you live in, and the safety features present on your vehicle or lack thereof.
I'm fascinated that everyone's insurance is so cheap. When I first bought my car (a 3 year old '99 Cavalier at the time), my full coverage was $200 a month. When I paid it off, I switched to liability because I couldn't afford full coverage anymore and my liability was between $80-$90 per month.
Now granted I was a new driver when I got the car, but still. Is $90 a month for liability normal?
Mine was $130/month for full coverage, 1000k/500k coverage, $500 deductibles. I have liability and UI now and it's about $65/mo.
retired
0
$60
owned the last three and paid cash for them
I love seeing people out and about in their $800 month cars. WTF? It doesn't make you more valuable to the world.
Meh, paying cash doesn't mean anything. That car still cost you a monthly amount when you break down the math.
1. Person leases $25,000 car for $350/month ($0 down). Person puts the $20,000 in investment and make 10%, $2,000 a year. Maybe less, maybe more.
2. Person pays $25,000 cash for car and drive it for 10 years. Now person wants another $25,000 car. Person gets $5,000 for trade in, so new car costs $20,000. Person is out $45,000 after 10 years (on 2nd car). Cost $200/month o drive the car for 10 years.
3. The person leasing is now out $40,000 after 10 years and on 4th car. Potentially making over $10,000 on investing the original $20,000 capital.
It's like the example of buying an investment property. Are you better off buying a $100,000 rental with cash or buying 4 properties with 25% down? Math shows buying 4 properties is the better option and the way to generate wealth faster. Paying with cash is not always the right thing to do.
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