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Spending 30-40k on a wedding is much worse than spending the same amount on a car, financially speaking
Agreed, I won't sit here and try and justify the costs. We got married, it was beautiful, it's done. I'm merely speaking from the perspective that weddings, no matter how much you try to keep costs down, will always turn out to be more expensive than you intended. So I'm just giving the OP a heads up, there's a ton of moving parts here: upcoming wedding, potentially new house, kids. All of that is $$$, why use your cash savings...save it for when he needs it...especially for a down payment on a home.
BTW, if OP took out a 10K car loan, and let's say the rate was at 2%, over 5 years he would pay an additional $490 per Bank Rate. That's $98 per year. We make it seem like he's paying an additional 10 grand in interest alone if he financed. I'd rather pay that additional $500 than to plunk 80% of my savings on a car.
Agreed, I won't sit here and try and justify the costs. We got married, it was beautiful, it's done. I'm merely speaking from the perspective that weddings, no matter how much you try to keep costs down, will always turn out to be more expensive than you intended. So I'm just giving the OP a heads up, there's a ton of moving parts here: upcoming wedding, potentially new house, kids. All of that is $$$, why use your cash savings...save it for when he needs it...especially for a down payment on a home.
the home thing i get. 100%. but my cash isn't really going anywhere. it's still going to be in my account and usable. hence taking out the loan and not paying for the vehicle outright. also the home is at least ~3 years out given the high COL and RE prices in this area.
additionally, i think we're planning on having a casual, potentially backyard wedding. and, if not, the wedding will most likely be fully paid for through each family.
You buying way too much car. Sure you can afford it. but that how losers think.................lol.
Transparcy- I did put a $160 smart phone on the payment plan. They could be charging me 16% interest...............lol. Im rich therefore i can afford it..........................hahahahahaha.
Last edited by ChinkChink; 10-18-2016 at 08:43 PM..
There is nothing wrong with a 72 month car loan if you drive that car into the ground and don't sell it or trade it in after 2-3 years.
You can always make extra principal payments to accelerate the loan and pay it off early. I am doing that with my current car and it will be paid off a year early. The 72 month loan gives you a lower monthly payment obligation and gives you a lot more wiggle room in your budget. If you just make the minimum payments on a 72 month loan yes you will be upside down but the way cars depreciate you should be keeping your cars for at least a decade anyway.
Bingo! This is the only post in the thread I've read. A long time ago, I couldn't really afford to buy the Subaru Legacy Outback wagon, but I bought it. I drove it for 15 years. My kid totaled it a few years ago. Oh my darling Clementine. I think she was 16 when she died.
Bingo! This is the only post in the thread I've read. A long time ago, I couldn't really afford to buy the Subaru Legacy Outback wagon, but I bought it. I drove it for 15 years. My kid totaled it a few years ago. Oh my darling Clementine. I think she was 16 when she died.
after trade i do have the cash to pay for the vehicle in full. that said, why not take advantage of the 0% financing?
Check to see if a cash rebate is available from the manufacturer. If it is not, then of course, take the 0% financing. If we ever go to negative interest rates like portions of Europe, you can always withdraw your cash and pay the car off.
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