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That's assuming your are dumb enough to give your money to the market. Remember the market is useless paper that you can only value in your mind unless it gets cashed in.
No, that is real value, no matter what you want to think.
You build wealth by investing, not working and tucking your money under a mattress, or leaving it in a savings account pulling 0.99% interest.
Just curious cause I have friends and many people who talk about saving "money" cause they got a lower car payment but all they did is extend their loan and are always negative equity. Don't get me wrong I like vehicles, but I'm not playing that game.
So does anyone pay off their loan and later get a good deal and buy? Not buy upside down.
I don't even understand the question. Of course people pay off their loans.
Many years ago I used to wonder why people take huge loans to buy expensive cars. Like you said, not everyone with a new car has a car note.
We have 3 relatively new cars and a motorcycle, all which are paid off. My last purchase last year would have been a cash purchase but financing it with the dealer got me an additional discount. It didn't take me 1 week to pay off the car note because I had already budgeted for the $$$$.
As I have come to find out, there is no one size fits all when it comes to dealing with finances. It all depends on what stage of life one is in and how deep their pockets are. The key is buying what one can comfortably afford.
Quote:
Originally Posted by Retriever
None of my friends, relatives, or associates take loans to buy their cars. Assuming that everyone takes a loan or finances a car is just not a valid assumption.
I always pay off my loans because I drive my cars till they die. If I don't get at least 5 years after the last payment it wasn't a good deal IMO. My last car I bought 5 years old, paid off a 5 year loan, and drove it for another 8 years after the last payment. My current car (used as well) might not be as good as that one was (died at 315,000 miles) but I wouldn't even consider getting rid of it until the loan is paid and I get at least a couple of years more out of it.
Don't know about you but I am not going to drive a Chrysler K car in 2019 just because it hasn't died yet and I have no payment on it.
I used to but I’ve come to hate vehicle ownership. I’ve been leasing my cars for close to 20 years and I love it. The way I look at it I get the best years of the cars life and then it’s someone else’s headache.
I don't even understand the question. Of course people pay off their loans.
A lot of people trade the car in before the term is up and start a new loan term, and then trade that in before the term is up, and therefore never pay off the loan.
He didn't ask if people made their loan payments. that would be the "of course they do" question.
Don't know about you but I am not going to drive a Chrysler K car in 2019 just because it hasn't died yet and I have no payment on it.
Well that's a crappy car. I buy nice used higher end cars, and drive them forever. I still miss my Acura and would still be happily driving her were she still with us. I never buy any car I don't love, you have to start with that rule.
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