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Deadbeat welfare recipient spending $25k a year on cars, and you people think any part of this thread is real? Come on, this thread needs to be locked or we all need to stop reading and let it die.
I am not a deadbeat welfare recipient. I am low income, however I might possibly have a higher net worth than you do. I invested in real estate at a young age. I also spend on average $6k a year on car payments and maintenance, not $25k.
I have always had really good credit and the bulk of my household income does not come from my actual job. I also am frugal in a lot of other ways, so I can afford trips, the beach and driving a nicer car.
I am not a deadbeat welfare recipient. I am low income, however I might possibly have a higher net worth than you do. I invested in real estate at a young age. I also spend on average $6k a year on car payments and maintenance, not $25k.
As soon as someone starts crowing about how their net worth is more than others around them I roll my eyes. The more a person brags about it, the less I tend to believe them. Maybe it helps the person feel superior, I don't know, but it seems so disingenuous and, well, braggy for no other purpose than to put others down and prop that person up.
If your net worth is so great, how come you're always on C-D complaining about how you don't have money, how you wish you had a man that would pay for stuff. How your friend had her groceries paid by someone once and why that never happens to you (long history from you on this sort of stuff). I find it hard to find much sympathy for your plight when you make statements like the above and about your car indulgences on this thread.
Anyway, as I posted upthread, you posted very recently about being in a very dicey employment situation and worried about how to supplement your income enough to make ends meet with an upcoming very rough financial patch. You've stated in the past that you don't receive child support from your ex and that you are very low income, even when fully employed. You don't want to look for work outside your area, so you are extremely limited in available jobs and earning potential. You have taken food stamps in the past and currently do get heat subsidies. Not sure what other state entitlement programs you've used. Yet, you blithely state that, not only did you spend 45K on a car a few years ago, but you've trashed said car and are considering another. You also state that you tend to do this regularly and want opinions on how to set yourself up to continue on this path. A little self-reflection at this stage might be helpful. One can always hope anyway.
I do see that you've stated that you managed to find a warranty for your current car, so that's good. But you should try to get out of this mentality of needing a 50K car because that's what you want to drive, or it has the upscale features that you want. Especially as you need to replace it so often. Let me ask you this, are you funding a 401K/IRA and do you have college funds for your kids? Don't answer if you don't want to, but these are things that you should be thinking about anyway. Regardless of whether you tell people about it on the forum.
I've leased since it was available. However, when my Lexus lease is up 9/18 I may go to buying a CPO either cash or paying it off early. As much as I love my luxury cars, I'm done with the high pymts. I'm looking to buy a house next year
For years every financial adviser has said that it is a waste of money to lease a vehicle. But does it every make sense in every situation?
I purchased a $45k SUV 30 months ago. It now has 60k miles on it and the engine just went up. I wish I could say this is uncommon for me, but it is not. The last 5 or 6 cars I have owned, have had something major go up at the 60k /3 year mark. Usually head gasket, or transmission. I do not like keeping cars past the point of getting in, turning the key and driving. When they start to fail, I want them gone.
So for someone like me that is hard on cars, is leasing a smarter, less costly decision?
If all your cars ended up need major repairs at 60k miles, the problem isn't the cars, it's owner.
Or maybe you are just trying to give us a reason to convince that leasing is a better option. It's NOT financially speaking, hate to give you that since you are on the money board.
Leasing is good for lifestyle, but not for the pocket, because you paying for the initial depreciation of the car.
As soon as someone starts crowing about how their net worth is more than others around them I roll my eyes. The more a person brags about it, the less I tend to believe them. Maybe it helps the person feel superior, I don't know, but it seems so disingenuous and, well, braggy for no other purpose than to put others down and prop that person up.
If your net worth is so great, how come you're always on C-D complaining about how you don't have money, how you wish you had a man that would pay for stuff. How your friend had her groceries paid by someone once and why that never happens to you (long history from you on this sort of stuff). I find it hard to find much sympathy for your plight when you make statements like the above and about your car indulgences on this thread.
Anyway, as I posted upthread, you posted very recently about being in a very dicey employment situation and worried about how to supplement your income enough to make ends meet with an upcoming very rough financial patch. You've stated in the past that you don't receive child support from your ex and that you are very low income, even when fully employed. You don't want to look for work outside your area, so you are extremely limited in available jobs and earning potential. You have taken food stamps in the past and currently do get heat subsidies. Not sure what other state entitlement programs you've used. Yet, you blithely state that, not only did you spend 45K on a car a few years ago, but you've trashed said car and are considering another. You also state that you tend to do this regularly and want opinions on how to set yourself up to continue on this path. A little self-reflection at this stage might be helpful. One can always hope anyway.
I do see that you've stated that you managed to find a warranty for your current car, so that's good. But you should try to get out of this mentality of needing a 50K car because that's what you want to drive, or it has the upscale features that you want. Especially as you need to replace it so often. Let me ask you this, are you funding a 401K/IRA and do you have college funds for your kids? Don't answer if you don't want to, but these are things that you should be thinking about anyway. Regardless of whether you tell people about it on the forum.
Believe what you want. I really do not care, but it does irk me when people get all uppity on me and they have less money in the bank than I do. I could pay cash for a brand new car.
I do not see an issue with me taking every available program that I qualify for and buying whatever car I want to drive. I already know how my income is going to be supplemented while I am on a temporary furlough. It will either be a combination of working the two days a week and collecting unemployment, or asking to just taking unemployment all week. Unemployment is not a huge amount less a week than my net income from this job. As I have said before the bulk of my household money, comes from sources outside of my actual employment.
I do fund both an IRA and a 401k and have since I was 18. My kids will most like qualify for programs for college and my parents will cover what ever is not free. I also own a pretty large house, by American middle class standards that has almost 50% equity. Surely I have done something right with my limited income over the years.
...Let's all be civil, aren't we all trying to help each other here?
But, when you see someone who admits to taking advantage of the system and using resources that are meant for those who are really poor/destitute, it's hard not to pass judgment.
To get back on topic... What is the best long term option?
Option A- Keep current car, payment is $382 for another 2 years. It has almost 60k miles, will be out of the extended warranty and already having big ticket repairs. Can trade it in for $23k.(I do love this car)
Option B - Trade current car in on brand new model. I think the payment was $540 per month, balance was $34k.
Option C- Sell current car for $20-$23k and lease new car for around $450 per month.
Am I reading this right, that you owe 34K, but the car is worth 23K at best? This is an absolute recipe for disaster. If you even get approved to roll this up in a lease, you will have staggeringly high payments. Do not do this.
For years every financial adviser has said that it is a waste of money to lease a vehicle. But does it every make sense in every situation?
I purchased a $45k SUV 30 months ago. It now has 60k miles on it and the engine just went up. I wish I could say this is uncommon for me, but it is not. The last 5 or 6 cars I have owned, have had something major go up at the 60k /3 year mark. Usually head gasket, or transmission. I do not like keeping cars past the point of getting in, turning the key and driving. When they start to fail, I want them gone.
So for someone like me that is hard on cars, is leasing a smarter, less costly decision?
A 45k vehicle is far too expensive for someone who doesn't earn that in a year, has a huge mortgage, and two minor children to support. Just sayin'.
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