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Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,569,440 times
Reputation: 16693
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Quote:
Originally Posted by Lowexpectations
He’s retired but very young. Outlaying such a large amount of cash is a massive amount of risk #1 because the funds aren’t earning money and #2 the possibly loss in value(this would happen even if financed)
This is where a lease wins in that you lock in all terms, you could still do a one pay lease and sometimes get better deals but either way the cash outlay is less and cost is predetermined
He’s not working, but living relatively lean. His income is such where getting loans for a 70k car like he is asking for in another thread may not be possible.
We do know the income he claims is low enough where he doesn’t pay for health insurance but relies on the government to pay for his medical expenses, so I can’t imagine it being enough to get a larger car loan.
Great suggestion that the OP get a part or full time job at CarMax, that will ensure his estimated budget comes to fruition❗️
Not so much pushing the job. I am pushing the idea of flipping cars. The OP wants to drive cool cars. I live in an area with lots of cool cars. One co-worker drives around neighborhoods with wealthy people. He looks for a car that appears to have been sitting for some time. When he is ready he makes an offer on the car. Over a 3 or 4 year period he had acquired 6 awesome cars. He cleaned them up, drove them for a while and then flipped them.
Not so much pushing the job. I am pushing the idea of flipping cars. The OP wants to drive cool cars. I live in an area with lots of cool cars. One co-worker drives around neighborhoods with wealthy people. He looks for a car that appears to have been sitting for some time. When he is ready he makes an offer on the car. Over a 3 or 4 year period he had acquired 6 awesome cars. He cleaned them up, drove them for a while and then flipped them.
Not so much pushing the job. I am pushing the idea of flipping cars. The OP wants to drive cool cars. I live in an area with lots of cool cars. One co-worker drives around neighborhoods with wealthy people. He looks for a car that appears to have been sitting for some time. When he is ready he makes an offer on the car. Over a 3 or 4 year period he had acquired 6 awesome cars. He cleaned them up, drove them for a while and then flipped them.
Your co worker could be losing boatloads on his car flipping and you wouldn’t know either way
I was expecting Ferrari, Lamborghini, McLaren, Bugatti, Rolls Royce, etc...but then people rarely would have those sitting outside, they’d be parked in garages.
He’s not working, but living relatively lean. His income is such where getting loans for a 70k car like he is asking for in another thread may not be possible.
We do know the income he claims is low enough where he doesn’t pay for health insurance but relies on the government to pay for his medical expenses, so I can’t imagine it being enough to get a larger car loan.
That's based on income. If he has 5 million in assets and but low income from annuities or distributions he'd still qualify for welfare medical coverage.
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