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Location: Huntersville/Charlotte, NC and Washington, DC
26,699 posts, read 41,733,093 times
Reputation: 41381
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Quote:
Originally Posted by Lowexpectations
Holy ***** you shouldn't even have purchased a new Kia. Christ compounding poor financial decisions with more poor decisions
So that poster bought a car she really wanted and apparently had the means to do so? Not the end of the world.
I could have just gotten along just fine with a nice '08 Accord that I had (yes it had a note on it) but I was bored of the thing. I traded it in for a '15 Nissan Rogue I fell in love with. I pay more for the note but it actually get better mileage than Accord I had and probably won't have to do any major maintainence to it for a couple of years, so it is paying for itself in some fashion.
Location: Huntersville/Charlotte, NC and Washington, DC
26,699 posts, read 41,733,093 times
Reputation: 41381
Quote:
Originally Posted by blisterpeanuts
I'm dying to replace my old lemon of a Corolla with something larger and more fun. Got this crate used and have put thousands into it, and now it needs a couple thousand more. But to leverage myself for $30K+ for the next 36-48 months? That just sounds foolhardy in these uncertain times.
Anything can happen; you can become injured and unable to work, you could be sued and have crushing legal bills, have to care for a sick relative, etc. The stock market could crash and take your livelihood and your retirement fund with it.
Not a good idea to be in debt. Folks, don't listen to some voice on a chatboard telling you how great life is with a $600/month car payment. Hold onto that clunker for another year or two and at least save up for a larger down payment. Work a second job if you have to. Your future self will thank you for your sudden onset of common sense.
Um you know you can just replace the Corolla with a sensible used car like a newer Corolla right? You definitely don't have to spend $30k just to replace something.
Also, far as the sick and unemployed excuse, most financers (I know credit unions for sure) offer payment protection that will kick in and pay the payments for you if that happens.
So that poster bought a car she really wanted and apparently had the means to do so? Not the end of the world.
I could have just gotten along just fine with a nice '08 Accord that I had (yes it had a note on it) but I was bored of the thing. I traded it in for a '15 Nissan Rogue I fell in love with. I pay more for the note but it actually get better mileage than Accord I had and probably won't have to do any major maintainence to it for a couple of years, so it is paying for itself in some fashion.
The new car actually isn't paying for itself in some fashion. That's a terribly ignorant way of ignoring reality to justify a decision
LOL at Chloe who is contemptuous of someone for deferring gratification. This in a nutshell is what's wrong with Americans today--no self-control, gotta have it all now, preferably on credit. This is much like the mentality of the late 1920s, and we all know how that turned out.
The difference today is a president and Congress full of politicians who enable this behavior by bailing people out of their own stupid mistakes. Obama is actually talking about "forgiving" (i.e., making the taxpayers pay for) student loans. Those of us who worked hard to pay off our own loans now have to pay for others'.
But all would be OK had I bought the $20k KIA right? I did want it now... and there's nothing wrong with that. Like the article says... $30k is what it takes to get into a decent vehicle nowadays. Not all of us want to drive KIAs and smart cars. Can I quote you from the other thread?
Pretty interesting eh?
Like I just said, not all of us want to drive KIAs and smart cars. It's not about being "better" but i assure you the resale value on this car is MUCH HIGHER than any Kia.
For the record, my FICO at time of purchase was 713... so you're right... my "bad credit" got me the "outrageous" 4%...
You're right, I'm not putting aside this money for a house. Do you know the housing market in Seattle metro? Of course you don't... you live in Illinois. So let me clue you in. Median house price in Seattle... $550k. The guy down the street bought a 1970's home recently... 2 BR 1 BA... 850 sq ft... $225k.
Or I can look at the cheaper 1950's homes in Bellevue with the flat roof that are better off torn down that are going for upwards of $300k...
Quit lecturing me when you haven't a clue. And no... I don't need a CD troll to validate my big expenditures.
For now yes. I have $27k at age 42... it's not much I know but that's what I get for waiting till I was in my late 30's.
I know, I know... I should have paid cash for the car or bought a home.... oh wait, $27k isn't enough to put down on a shack in the ghetto in this
state.
... and as I said upthread... both are fine. I can respect your decision not to buy a new car... and won't bash you because you chose to go that route.
It's unfortunate that others can't do the same.
Holy moly, 42 years old and only $27k to your name????? You should not buy any car that loses more than $1k in value per year.
You can lease a 60k car for $500 a month. Much funner, always drive a car under warranty.
I don't get this obsession with warranties, honestly. It is extremely rare for a well-maintained modest car to be running up $6k in repair bills in a year.
So that poster bought a car she really wanted and apparently had the means to do so? Not the end of the world.
I could have just gotten along just fine with a nice '08 Accord that I had (yes it had a note on it) but I was bored of the thing. I traded it in for a '15 Nissan Rogue I fell in love with. I pay more for the note but it actually get better mileage than Accord I had and probably won't have to do any major maintainence to it for a couple of years, so it is paying for itself in some fashion.
"Having the means" does NOT entail being 42 years old with only 6 months' pay of retirement savings.
Why lease a $60k in the first place? Some people wonder why they're running towards retirement with a pantry full of Alpo.
There may be - for some people - a good answer to that question.
If you are fairly well off, and if you have the desire to drive a new car, and if you don't really drive much it may come out cheaper to lease a car if you use a prepaid lease. Or maybe just more convenient.
A prepaid lease is paid off completely up front.
(1) Negotiate a sale price. 60K
(2) Determine what the car will be worth to the dealer at the end of the lease. (50K)
(3) Pay up the difference (10K)
(4) Drive off.
Oversimplified, yes, but there are some people who simply prefer to do business like that. Use the car, take care of it, and turn it in when you are done.
When you look at the figures you will be surprised how much is saved when you compare a prepaid lease with a traditional lease, where all sorts of nonsensical items are tacked on.
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