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Not having a car loan has saved me in the past when times got really, really tight.
But think of what having the cash price of a car in savings would have done when times got tight. Using up all your cash on a car is silly when you can use someone else's money to buy it. I'd rather have a minimal car payment monthly and the cash in either my savings or in an easily accessed investment account.
The 80s and 90s V8 Mustangs and Camaros are now collectors items and are sitting inside people's garages only brought out now during car shows and the weekends. Especially the Saleen Mustangs like the 1995 S351R.
That said, the 90s V8 Mustangs and Camaros are not in the same category as Gremlins and Shadows. V8 Mustangs and Camaros were built tough to hande racing abuse so they were reliable cars but the owners who bought these cars either raced them into the ground or totaled the car which is probably the primary reason V8 Mustangs and Camaros ended up in the junkyard.
Most of the 80/90s model camaros and mustangs are crap and nowhere near collectors items
How long is the factory warranty ?
Once that expires you will not be able to afford to maintain it in running condition.
I paid $2K for a car that sold for $46K, owners can't afford to keep these cars up if they can't DIY.
5 yrs is about as long as it makes sense to finance, after that there is no tax advantage,
and shorter is better.
Sorry I did't see this earlier. We bought a CPO '12 MDX Advanced for $24k OTD with 45k miles (Originally $55k + MSRP).
We got a 3 year 100k miles extended warranty and service plan thrown in by the dealer. Only maintenance charge we had was changing of the timing belt and no other problems.
We did a 7 year loan through a credit union at 1.75% apr. I figured the delta in payment savings we would both max out our Roth IRA contributions and get a much better long term return than savings on term and apr of a shorter term loan or paying cash.
Our plan is to drive the MDx another 10 years and should get 250k miles out of it no probs so the depreciation curve is of no concern to me.
Last edited by SWFL_Native; 06-18-2017 at 03:22 PM..
It's apparent that most Americans' expenses are the house and car (or multiple cars) and this is at most income levels. People like to get the biggest house they can and the biggest car they can (when talking about those big 50k+ Tahoes or more) or the best badge car they can (Audi, BMW, etc)
Therefore, no one has any money to save for retirement, kids' college, vacations, etc.
Most of the 80/90s model camaros and mustangs are crap and nowhere near collectors items
If that's your personal opinion that's fine, but your statement isn't true. 1980s and 90s V8 Mustangs and Camaros are collectors items and they have retained their value if in good condition.
Mint 1993 Mustang Cobra Rs are selling around 30k+; same price it was in 1993. 1993 Mustang Cobras are selling from minimum of 6-8k to 25k at the high end. Notch back Mustangs from 1987 to 1993 are selling from 5k to as high as 15k. Then you have the 1985 Turbo Mustang SVO where mint condition prices range from 8k to 15k+.
It's apparent that most Americans' expenses are the house and car (or multiple cars) and this is at most income levels. People like to get the biggest house they can and the biggest car they can (when talking about those big 50k+ Tahoes or more) or the best badge car they can (Audi, BMW, etc)
Therefore, no one has any money to save for retirement, kids' college, vacations, etc.
Yeah, I see this is the common thing in America. After college there is a race to buy the biggest house and the most fancy cars to prove and brag to others that they're successful and that "you made it".
I know a person right now who fresh out of college bought a house they shouldn't and a new luxury car and after 6 years the house is now underwater and the luxury car was just unnecessary and a major blunder for her income level.
It's full of people who don't know any better.
They have had "being debt free" drilled into their heads for so long they don't realize money in the bank could be used for something other than squashing low interest loans.
If that's your personal opinion that's fine, but your statement isn't true. 1980s and 90s V8 Mustangs and Camaros are collectors items and they have retained their value if in good condition.
Mint 1993 Mustang Cobra Rs are selling around 30k+; same price it was in 1993. 1993 Mustang Cobras are selling from minimum of 6-8k to 25k at the high end. Notch back Mustangs from 1987 to 1993 are selling from 5k to as high as 15k. Then you have the 1985 Turbo Mustang SVO where mint condition prices range from 8k to 15k+.
Lol. 1985 Turbo Mustangs were garbage. That's why they only made them 1 year. They made 250k Mustangs a year yet none of them seem to be on the road anymore. I'm sure there's 20 million of them sitting in garages waiting for the market to appreciate.
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