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Old 03-24-2008, 10:38 AM
 
Location: Oklahoma(formerly SoCalif) Originally Mich,
13,387 posts, read 16,749,657 times
Reputation: 4611

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Older vehicles can also save you money on insurance.
Before I left Ca. moving to Ok. last year, I bought a "93" 5sp Dodge 4x4 with 91,000 miles. I paid 2,500.00.
After doing some reseach I found that this truck had been registered in Colorado and Utah. Come to find out, this truck had been towed behind an RV more than it had been driven, so the full milage was not on the engine. The odometer's on all vehicles are connected to the transmission and are activated
I do all of the repairs on my own vehicles and only carry "Liabilty" insurance on them. I they happen to get demolished in an accident there's no money lost because they most likely pay for themselves the first few weeks after you buy them.
I expect to have this truck another 10 years.

Last edited by mkfarnam; 03-24-2008 at 11:11 AM..
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Old 03-24-2008, 01:21 PM
 
Location: Forests of Maine
30,693 posts, read 49,488,800 times
Reputation: 19136
Also older vehicles cost less to register.
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Old 03-25-2008, 04:07 AM
 
16,437 posts, read 19,152,562 times
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And are less likely to be stolen/vandalized.
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Old 03-28-2008, 02:26 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,590,635 times
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Unless you buy classic Mustangs and VW's, then they are often a target for theft.
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Old 03-31-2008, 09:20 AM
 
1,861 posts, read 3,025,711 times
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Quote:
Originally Posted by Kitty W. View Post
As we are passing judgement on our piers who may not fair as well as ourselves, let's not forget that the median income in this country is still somewhere around 40k a year. A lot of people are not going to be able to retire simply because it takes all they make for housing, transportation, food, medical care, etc. If an individual's nest egg is depleted by a layoff, divorce, illness, etc. and that compounding effect is lost, then how can they have enough to retire? I believe the main reason why most people will have a tougher time retiring is an overall decline in the American standard of living since the '70's. It is indisputable that our GINI index has been rising (greater gap between the rich and the rest) to a level that resembles Mexico, whereas European indexes have fallen since WWII. Maybe we should look and see what they are doing to provide retirement security, as well as healthcare, etc. for their populations.
Well-said, Kitty. A voice of reason!
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Old 03-31-2008, 09:30 AM
 
1,861 posts, read 3,025,711 times
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Quote:
Originally Posted by GregW View Post
The principal reason middle class folks are worse off than in the fifties is simply government economic policies and tax systems since the 1980’s have greatly favored the wealthy at the expense of the working and middle classes. IIRC a family could put their money in a Savings and Loan bank and actually earn interest faster than inflation could devalue the money. This is no longer true and has not been since the early 1970’s. Many homes were being built and the GI Bill was subsidizing mortgages as well as educations for people that would never before have had the opportunity to go to college. The economy was geared to industrial growth behind protective tariffs so labor unions could get really decent wages and benefits for their workers. The engineers educated with the GI bill provided the talent for the development of the electronics industry in this country among others. These are the people that engineered the space program and created a walk on the moon and all the technological spin-offs that led to cell phones and big screen TVs.

Since the “Regan Revolution” all these policies have changed. Now a college education is not supported, even for military veterans, to nearly the same extent. Students are expected to go into debt for their educations so they can graduate to a closed job market devalued by foreign workers and a dying industrial economy. Illegal immigrants have just about eliminated low skill jobs. For instance the Federal Forest service used to hire seasonal labor and pay them directly. They usually hired US citizens studying forestry or out of school teens. Now they use “labor contractors” (semi slavers) to provide the seasonal labor using illegal immigrants at greater costs to the government but with way fewer benefits and huge profits for the politically connected contractors. Our military hires mercenaries for embassy guards and truck drivers instead of using real soldiers for jobs that require using real weapons. This also costs the government far more but creates immense profit for politically connected companies like Halliburton and Brown & Root.

The Federal taxes have effectively increased to the point where a family just on the verge of making it to the point where they can live off their investments are taxed at nearly 40% while families already in the investor class are taxed at 15%. Property taxes have increased because federal aid to states and communities have decreased while Federal mandates have increased. The overall tax burdens have been shifted from the investor class to the working class.

These are a few of the reasons the working and middle classes of 2010 Are not doing as well as the same folks parents were doing in the 1950’s. This is not an accident but the result of carefully thought out and implemented government policies designed to enhance and protect upper class wealth and privilege.
Even my father, a WWII vet, who got the GI bill and the subsidized mortgage for our house after the war, said it was MUCH easier then. He said just about anyone, no matter what their job, could buy a house. He was a teacher and H.S. principal, our neighbors were busdrivers, factory workers, store managers, etc. None were what we see now as "professional", but they could afford a good lifestyle and be "middle-class" - not so today.

So, some of our friends here like to say that those of us who have struggled with the higher cost of living today and find it difficult to save for retirement, are to be personally blamed for their situation. Of course, that's true for SOME people. But, some of our friends here have blinders on (for what reason, I don't know) when it comes to economic REALITY. Didn't they study this in H.S. or college?

Or, are they just trying to feel "superior" to the rest of us?
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Old 03-31-2008, 03:44 PM
 
Location: Atlanta
738 posts, read 644,785 times
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Quote:
Originally Posted by cousinsal View Post
Even my father, a WWII vet, who got the GI bill and the subsidized mortgage for our house after the war, said it was MUCH easier then. He said just about anyone, no matter what their job, could buy a house. He was a teacher and H.S. principal, our neighbors were busdrivers, factory workers, store managers, etc. None were what we see now as "professional", but they could afford a good lifestyle and be "middle-class" - not so today.

So, some of our friends here like to say that those of us who have struggled with the higher cost of living today and find it difficult to save for retirement, are to be personally blamed for their situation. Of course, that's true for SOME people. But, some of our friends here have blinders on (for what reason, I don't know) when it comes to economic REALITY. Didn't they study this in H.S. or college?

Or, are they just trying to feel "superior" to the rest of us?
Al,

Many of the neighborhoods that were considered middle class back in those days would be considered poor today. People's expectations about what they need, or think they need, has risen dramatically. Many years ago, a 2-3 bedroom home with one bath was considered normal. Families may have had only one car and public schools were better. If people in today's society were willing to reduce their expectations to those post-war standards, I'm sure a lot more people would have no trouble buying, and keeping, a home.
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Old 03-31-2008, 04:14 PM
 
26,591 posts, read 52,352,650 times
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Quote:
Originally Posted by cousinsal View Post
Even my father, a WWII vet, who got the GI bill and the subsidized mortgage for our house after the war, said it was MUCH easier then. He said just about anyone, no matter what their job, could buy a house.
Sal... I'm usually with you... but, I do have to say that in no time in History has it been easier to buy a Home than it has in the last couple of years... A greater percentage of Americans are Homeowners than ever before.

In fact, the big problem some say is that it was TOO EASY to buy a home and that resulted in the problem we face today.

I live in California and never before could recent immigrants, with no income or work history, even have had the slightest chance to buy a home with a mortgage and virtually nothing down.

Some are loosing their homes and others are thriving and count it as a blessing that in America they had the opportunity to buy the roof over the head.

Another often overlooked fact is that today's homes are nothing like the homes of yesteryear... For generations, the standard was a 900 square foot home with 2 Bedrooms and 1 Bath and a little yard in back for a garden...
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Old 03-31-2008, 04:34 PM
 
Location: Forests of Maine
30,693 posts, read 49,488,800 times
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Today's economy would be GREAT for buying apartment buildings. No matter what is happening, some folks will do well and other folks will lose their shirts. Both happens at the same time, all the time.

When folks are losing their homes, the rental market is expanding. Every person who loses his home today, will be a renter next week.
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Old 03-31-2008, 04:45 PM
 
Location: Central CT, sometimes NH.
3,483 posts, read 5,152,024 times
Reputation: 3554
Having a low amount of debt is essential to building wealth and liberating. My wife and I always eliminated debt ahead of schedule no matter what our income level was. When we thought about an easy purchase at the mall or a new vehicle we re-evaluated our debt situation and put the money toward outstanding debt instead unless it was an essential item at the time.

Like one of the previous posters I too have always found great value in books like the Millionaire Next Door. When interest rates fell we squeezed our 15 year mortgage down to 10 and were able to get a 4.49% fixed rate. We accelerated the principal payments by taking a vacation every other year instead of each year. The 10 year mortgage will be paid off in 5.

We pay cash for cars on money presaved. We budget $20,000 and look to spend less by considering cars that have large incentives or rebates. 2 years ago we bought a $25,000 Dodge minivan for $16,500 with rebates and discounts. Friends and neighbors talked about the superiority of the Honda or Toyota but at $12,000 to $18,000 more similarly equipped I could care less. My contractor friends at the diner have Dodge minivans with 250,000 miles on them. At that rate I'm good for 20 years anyway.

Now is the time to think about buying a house. If you have cash and good credit there are many speculators and over-extended people who want out. Make a low ball offer and let it ride. I've purchased investment properties in the past during similar times and never regretted it.

Lastly, here's a simple way to save some cash. Keep a coffee can in your car. Every time you stop at that gas station and think about picking up a bag of chips, candy bar, cup of coffee, or soda look at the price and throw the money in the can instead. At the end of the week take the money from the can to the bank and pay down your credit card, mortgage or car loan. It makes a big difference!

Remember you can build wealth quicker without debt. Even the tax savings on mortgage interest is still costing you money.
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