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Old 12-18-2018, 06:51 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,350 posts, read 8,567,170 times
Reputation: 16693

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Quote:
Originally Posted by Ultrarunner View Post
I've never had a car payment... a waste of money spent on a depreciating "Asset"

My $800 car served me well for 20 years... we don't have rust issues were I live.

Only once was it towed home... $40 in parts and couple of hours and back on the road...

A new car in the land of cars makes a statement...

Not saying the case couldn't be made... someone that makes money with their car... has to commute long distances... a gas mpg car with full warranty could pencil out...

My tenants all drive better cars than I do...
Well an $800 car, I would imagine 95% of people drive a better car.
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Old 12-18-2018, 08:56 AM
 
Location: Sunnyvale, CA
6,288 posts, read 11,779,504 times
Reputation: 3369
Quote:
Originally Posted by aslowdodge View Post
I see your point, but it seems if they can afford the higher car payments you could afford to pay part of your own rent.
Correct. I agree they shouldn't be driving expensive cars.
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Old 12-18-2018, 12:24 PM
 
117 posts, read 155,140 times
Reputation: 110
This reminded me of how I felt when I used to visit Sausalito. People used to negatively react to me based out how I "might" act because of what I wore as a teenager. Then when they spoke to me and realized I had a "good" demeanor, they treated me as if I was an outlier from Richmond.
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Old 12-20-2018, 11:12 PM
 
28,115 posts, read 63,666,290 times
Reputation: 23268
Quote:
Originally Posted by aslowdodge View Post
Well an $800 car, I would imagine 95% of people drive a better car.
But my car appreciated significantly and my tenants still drive much more expensive cars on the whole... in general... almost all of my tenants own cars less than 3 years old... and they are depreciating.

I drive my 1985 service van for Prop Work... when I retired the Valiant after 20 years of faithful service.

As a property manager... it still strikes me how many people earning good money often have most of it spent...

Just had a young couple apply with $1900 in car notes... they asked if they could pay the security in installments... said that defeats the purpose of security.

The sales tax on one of their cars could have paid cash for my car many times over... not to mention the $900 newish car tag fees...

Car related issues have put a lot of otherwise good tenants under... typically they buy way more car than they can afford which means high payments, negative equity, expensive insurance and poor gas mileage...

My first Section 8 new car tenant bought a new Corolla XR... the higher hp model at a premium... it was a nice car but her car expenses where a lot more than her S8 rent portion...

A little over a year her car was hit and she had let the insurance lapse... so she just walked away and then had creditors after her... she had a decent car but said she was tired of it... and bought the new one.

Receiving Assistance is no bar to buying a brand new car.
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Old 12-23-2018, 02:27 PM
 
Location: Sunnyvale, CA
6,288 posts, read 11,779,504 times
Reputation: 3369
Quote:
Originally Posted by Ultrarunner View Post
As a property manager... it still strikes me how many people earning good money often have most of it spent...

Just had a young couple apply with $1900 in car notes
If you're taking out a loan to buy a car, then in my opinion it's too much car for you. So I mostly agree with you on this. But here in Silicon Valley, the're a lot of people driving fancy cars who paid cash for them and whose finances were most definitely unaffected by the 80k+ they spent on their vehicle.

So, the main thing is: whether you're going into debt or not by making a purchase.
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Old 12-23-2018, 02:52 PM
 
Location: Living rent free in your head
42,850 posts, read 26,268,189 times
Reputation: 34058
Quote:
Originally Posted by 80skeys View Post
If you're taking out a loan to buy a car, then in my opinion it's too much car for you. So I mostly agree with you on this. But here in Silicon Valley, the're a lot of people driving fancy cars who paid cash for them and whose finances were most definitely unaffected by the 80k+ they spent on their vehicle.

So, the main thing is: whether you're going into debt or not by making a purchase.
I disagree, we bought our last two cars on credit, 0% for 5 years. Why? Because we are earning interest on our money so why pull it out and lose the interest? In both cases there were no equivalent rebates that would have offset the interest.
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Old 12-24-2018, 10:00 AM
 
28,115 posts, read 63,666,290 times
Reputation: 23268
Easy to spend money on cars or not...

The lure of something new with a warranty is enticing even when you will be paying for it 5 to 7 years...

I grew up around the car business and the desire to have new can be very strong.

One of our recent new hires is 22... she and her boyfriend who is 24 just bought 150k in new pickup trucks... his and hers.

Buying wisely can be learned... but often through the school of hard knocks...

One of the church friends of Mom can no longer drive... she had a bought new 2001 Corolla S with 37,000 miles and show room new and garage kept... paid 15 for it new and got nearly half of that used to a very happy Dad buying for his daughter.

I have a friend that bought a 90k Range Rover new 10 years ago... immaculate with all service records... he was going to buy a 80k+ King Ranch Truck and was offered $4500 trade in... put it for sale by owner and didn't do a lot better.

The lowly Corolla retained 45% of value in 15 years... the expensive Rover retained 5% of value over 10 years...
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Old 12-24-2018, 11:12 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,350 posts, read 8,567,170 times
Reputation: 16693
Quote:
Originally Posted by 80skeys View Post
If you're taking out a loan to buy a car, then in my opinion it's too much car for you. So I mostly agree with you on this. But here in Silicon Valley, the're a lot of people driving fancy cars who paid cash for them and whose finances were most definitely unaffected by the 80k+ they spent on their vehicle.

So, the main thing is: whether you're going into debt or not by making a purchase.
You could be right. A few of us look at what you can do with your money. Pay 4% on a car note and earn 10% with that cash might make more sense for some.
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Old 02-19-2019, 10:54 AM
 
2 posts, read 879 times
Reputation: 15
The average school teacher salary in Marin is right around 70k. Without some subsidy the housing prices in Marin makes it unaffordable for teachers to live there. These aren't people that are too lazy to work, they work everyday to serve the community and educate our kids (many times providing extra supplies for the benefit of their students out of their own pocket). Should they not be able to live in the places that they teach and work in? Yeah raising a family in a place where there are no teachers seems like a great place to do that...
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Old 02-19-2019, 11:20 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,350 posts, read 8,567,170 times
Reputation: 16693
Quote:
Originally Posted by rks221 View Post
The average school teacher salary in Marin is right around 70k. Without some subsidy the housing prices in Marin makes it unaffordable for teachers to live there. These aren't people that are too lazy to work, they work everyday to serve the community and educate our kids (many times providing extra supplies for the benefit of their students out of their own pocket). Should they not be able to live in the places that they teach and work in? Yeah raising a family in a place where there are no teachers seems like a great place to do that...
I have no problems giving teachers a subsidy to live where they work. But should a subsidy be given to someone who isn't hard working and taking the place a teacher could have?
Someone working at Mcdonalds in Marin, should they be subsidized to live in an affluent area because they want to live there. If so I would stop trying to kill myself to live in a better area and take the less demanding job.
I have a friend who is a teacher in Fremont and can't afford to live there. He lives in San Lorenzo and is fine with that. His two brothers chose higher paying careers and live in affluent areas. They all chose their careers and lifestyles.
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