Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Automotive
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-10-2020, 08:16 AM
 
1,380 posts, read 1,433,115 times
Reputation: 3471

Advertisements

Quote:
Originally Posted by LeavingMA View Post
Yup, I suck and know nothing about financing. I'm headed to the dealership to take one of these 0% loans for 150 months cause its such a great deal.

Do you run a car dealership or run the financing division at a bank.

I will gladly take your compliment of ignorance on dealing with cars as I sit here paid off car and not buying into this finance garbage.
Good answer! It seems like some people view being in debt as some kind of badge of honor and they are proud of their 30 year mortgages and 84 months long car notes.
Reply With Quote Quick reply to this message

 
Old 05-10-2020, 10:18 PM
 
3,075 posts, read 5,626,091 times
Reputation: 2698
Quote:
Originally Posted by leadfoot4 View Post
Kind of missed the sarcasm, eh??
I didn't realize being called ignorant when the poster knows nothing about me was sarcasm.
Reply With Quote Quick reply to this message
 
Old 05-10-2020, 10:20 PM
 
3,075 posts, read 5,626,091 times
Reputation: 2698
Quote:
Originally Posted by gtt99 View Post
Good answer! It seems like some people view being in debt as some kind of badge of honor and they are proud of their 30 year mortgages and 84 months long car notes.
Thanks. People are buying cars based on payments like having Netflix. They look at it as a monthly payment and not debt. They assume 0% is a great deal. I have friends that bought new vehicles that say, "I've lowered my monthly payment". I've responded, no you got rid of a loan you owed $12,000 on and now extended it to a loan you now owe $35,000 on. You just extended your loan on a depreciating piece of personal property. They think they got a deal, but I guess that is why they don't have any money.
Reply With Quote Quick reply to this message
 
Old 05-11-2020, 05:34 AM
 
Location: western NY
6,242 posts, read 3,003,275 times
Reputation: 9875
Quote:
Originally Posted by LeavingMA View Post
I didn't realize being called ignorant when the poster knows nothing about me was sarcasm.
Telling someone to buy a bunch of new cars, hold them for a couple of years, then sell them and see how much money you made on the deal, sure seemed like a sarcastic comment directed at "Captain NJ", at least to me.....
Reply With Quote Quick reply to this message
 
Old 05-11-2020, 07:43 AM
 
Location: NJ
31,771 posts, read 40,502,556 times
Reputation: 24590
Quote:
Originally Posted by leadfoot4 View Post
Telling someone to buy a bunch of new cars, hold them for a couple of years, then sell them and see how much money you made on the deal, sure seemed like a sarcastic comment directed at "Captain NJ", at least to me.....
it was sarcasm and poorly used sarcasm.
Reply With Quote Quick reply to this message
 
Old 05-11-2020, 07:48 AM
 
Location: NJ
31,771 posts, read 40,502,556 times
Reputation: 24590
Quote:
Originally Posted by LeavingMA View Post
Yup, I suck and know nothing about financing. I'm headed to the dealership to take one of these 0% loans for 150 months cause its such a great deal.

Do you run a car dealership or run the financing division at a bank.

I will gladly take your compliment of ignorance on dealing with cars as I sit here paid off car and not buying into this finance garbage.
i dont know if you suck, your personal life is none of my business. but when it comes to financing, you seem to be letting your religious anti-debt beliefs impact your better judgment. i am not employed anywhere in the automobile industry or related industries. i just can do simple math. when you arent paying any interest, the longer the financing term the better. this isnt a debatable matter. its a right and a wrong matter. when people start using their beliefs in finance instead of numbers, its a bad thing.

there are some assumptions people will make and those can be debated, like at what interest rate does it make sense to finance vs pay outright but it becomes really simple when the interest rate is 0% or even something like .9 or 1.9%.

its funny how these older guys think that their paid off car is something to be proud of. who cares? the most important thing is the price you paid, not whether or not it is paid off. then it would be interest. if the interest rate is too high, sure ill pay cash. im not sure why you think its so amazing that you have a paid off car (and i dont think its amazing to have a financed car). i think you do what is financially wise to do (and thats going to factor in your other preferences, it may be save me money to have a chevy spark but i dont want that).
Reply With Quote Quick reply to this message
 
Old 05-11-2020, 08:49 AM
 
1,380 posts, read 1,433,115 times
Reputation: 3471
Quote:
Originally Posted by CaptainNJ View Post
i dont know if you suck, your personal life is none of my business. but when it comes to financing, you seem to be letting your religious anti-debt beliefs impact your better judgment. i am not employed anywhere in the automobile industry or related industries. i just can do simple math. when you arent paying any interest, the longer the financing term the better. this isnt a debatable matter. its a right and a wrong matter. when people start using their beliefs in finance instead of numbers, its a bad thing.

there are some assumptions people will make and those can be debated, like at what interest rate does it make sense to finance vs pay outright but it becomes really simple when the interest rate is 0% or even something like .9 or 1.9%.

its funny how these older guys think that their paid off car is something to be proud of. who cares? the most important thing is the price you paid, not whether or not it is paid off. then it would be interest. if the interest rate is too high, sure ill pay cash. im not sure why you think its so amazing that you have a paid off car (and i dont think its amazing to have a financed car). i think you do what is financially wise to do (and thats going to factor in your other preferences, it may be save me money to have a chevy spark but i dont want that).
How do you equate being debt-free with religious beliefs?
Reply With Quote Quick reply to this message
 
Old 05-11-2020, 08:57 AM
 
Location: NJ
31,771 posts, read 40,502,556 times
Reputation: 24590
Quote:
Originally Posted by gtt99 View Post
How do you equate being debt-free with religious beliefs?
because some people have anti-debt beliefs that doesnt match reality. its not based on numbers or facts; just a hatred for debt. so i view it as a religious like belief.

its perfectly fine to be anti-debt. there is a mental benefit that can come with it. mental benefits are real benefits so i dont want to discount that. however, numbers arent subject to people's opinions or feelings. so you cant just say "a long loan term is bad no matter what" because the numbers dont say that.
Reply With Quote Quick reply to this message
 
Old 05-11-2020, 08:23 PM
 
3,154 posts, read 2,036,902 times
Reputation: 9288
Quote:
Originally Posted by CaptainNJ View Post
because some people have anti-debt beliefs that doesnt match reality. its not based on numbers or facts; just a hatred for debt. so i view it as a religious like belief.

its perfectly fine to be anti-debt. there is a mental benefit that can come with it. mental benefits are real benefits so i dont want to discount that. however, numbers arent subject to people's opinions or feelings. so you cant just say "a long loan term is bad no matter what" because the numbers dont say that.
I sure do wish somebody would lend me money at 0% interest rate. I'll take ten million for a hundred years, please. So yeah, you're absolutely correct. Unless of course, I was required to spend that money on a depreciating asset, like a car. So gtt99 has a point, as well; with 0% car loans, the more you borrow, the more it costs you, because of depreciation.

However, if forced to choose between taking a loan at 0% or taking a loan at something greater than 0%, I'll take the former over the latter every time, math is hard but it ain't that hard. The Captain is correct.
Reply With Quote Quick reply to this message
 
Old 05-11-2020, 08:48 PM
 
Location: NJ
31,771 posts, read 40,502,556 times
Reputation: 24590
A car is a depreciating asset because it's a tool. It loses value primarily with usage. The best move financially is to get the car that meets your needs for the lowest price (then get a 100 year 0% interest loan to pay for it). But we like nice things so we don't settle for the least necessary to solve the need.

A meal depreciates 100% soon after it's produced but hey I'll finance it over 100 years for 0% interest.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Automotive
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top