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I just look at things a little different, like what if I could not work tomorrow or for the next year? The last thing I'd want is large car payment.
Well I think most people would have difficulty car payment or not if they were out of work for an extended period... not everyone has a year's worth of savings built up. I actually was laid off (when I worked for a Boeing contractor LOL) back in 2012... and I drew almost $600 weekly unemployment for the few weeks I was out of work. I switched from aerospace to the fishing industry (instead of making airplane parts I make parts for boats and for fish processing plants) and it's been nice so far.
I don't live my life in fear of the next economic crash and/or layoff. I spent some money and bought a nice car that I make payments on... you enjoy not having a car payment... and I enjoy a kick ass ride.
I'm actually 42 and my work is related to the fishing industry out of Seattle... Alaska...
People gotta eat right?
Only as long as they can afford the fish! LOL
My 2005 car was bought for only $4800 in 2012. It had 103,000 miles on the odometer, but I expect it to go to 300,000 miles or more. Now it's not the style of car a lot of people want, but it came with enough goodies for me: sun roof, turbo charged, heated seats, CD player and air conditioning, to name a few. It doesn't get the best gas mileage and it was used, but it was also affordable and the insurance is dirt cheap. It was also paid for in one lump sum and there's no payments. What's not to love?
Thirty thousand for a lousy car and a ton more after you finish making the payments for 7 years? Not in this lifetime.
My 2005 car was bought for only $4800 in 2012. It had 103,000 miles on the odometer, but I expect it to go to 300,000 miles or more. Now it's not the style of car a lot of people want, but it came with enough goodies for me: sun roof, turbo charged, heated seats, CD player and air conditioning, to name a few. It doesn't get the best gas mileage and it was used, but it was also affordable and the insurance is dirt cheap. It was also paid for in one lump sum and there's no payments. What's not to love?
Thirty thousand for a lousy car and a ton more after you finish making the payments for 7 years? Not in this lifetime.
Hahaha... yeah I can totally see where you are coming from. As I said upthread the Challenger was my first new car... and it's also my last new car. I consider it my "dream car"... I'm keeping it until I die or it dies. When it does I'll put a new engine in her.
I most certainly didn't drop $40k on something I plan on trading in after 3 years... and I also have a commuter vehicle with 152k.
You're lots smarter than my brother, who took out a mortgage on his condo to buy a $40,000 car - before 2008.
Yikes. At the beginning of 2008 my friend's adult unemployed son asked her to mortgage the house to bail him out of jail and pay his many delinquent moving violations and parking tickets. I'd assumed she told him to go fish but I found out later she actually did what he asked. However, what you said tops even that.
You must be young, Boeing and Microsoft have had some of the largest layoffs in history, which ripped through Seattle like a bowling ball.
They did, yes. I live there. Times were lean for a bit, then fat again. The takeaway was to undestand how to self-market and realize nothing is forever in terms of employment anymore.
Thus, to theme of the thread, don't over-leverage without some sort of backup plan.
LOL: look, it's C-D. Some find a $1K monthly payment incomprehensible. To others, it's beer money. "Affordable" is pretty subjective. I think the topic is more general.
Over-leveraging on non-secured debt (or are car loans considered secured?) doesn't seem too swift to me, but I'm conservative in terms of the finances (not in my purchases: rather as in, crystal-clear visibility to myself and my own goals, plus nature of my personal financial parachute). Most others aren't, or rather "refuse to be" financially literate.
I made about 80 K every year, and had a car I paid 1100 dollars for. It lasted 11 years.. Now I got a 1300 dollar car, and theoraticly it should last 13 years.....
Insurance on an old car, 165 dollars for 6 months....
House is paid. No bils is just the way to go folks...... But if you wanna drive a car you of your dreams, go ahead, it is a free country.
I sure love a challenger, but they are so expensive...
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You're lots smarter than my brother, who took out a mortgage on his condo to buy a $40,000 car - before 2008.
