I need a new car

ESP47 said:
Spending money on something that has cheaper upfront/short term costs only leads to losing more money in the long run. That's half the reason why most of America is in debt and why financially savvy people are against it. If you can't afford it, then you don't deserve a nicer/more reliable vehicle, you don't deserve upgrades every few years and you're kicking yourself in the ass by over paying to own that vehicle after you've already dropped a bunch of money into it. People that make $30k a year think they should be allowed to own the same kind of vehicle someone making $70k owns. It's that kind of thinking that gets people enslaved into debt for half their lives. Yeah people want to be happy in their new comfortable vehicle, but at what cost? Their ride to work is comfortable but now they have to stress over having credit card debt and pinching pennies just to stay afloat each month.

People think they're too good to own a 10+ year old car these days and financing has allowed them to get that new car while mortgaging part of their future. No one wants to bite the bullet and drive that ****ty 1998 Cavalier around for 5 years. Little do they know that they could have saved enough money to buy a real nice newer used car in that time. Then while driving that newer used car they could save up enough money for a down payment on a house. Instead, they buy the new car when they can't afford it and then they can't save anything. Once that new car is paid off, it's not so new anymore and now they go out and get themselves back into the same situation.
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I'm doing just fine financially. Thanks
 
BRule said:
No, we are both poor
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It's funny because when I bought my car, I put myself $17K in debt. When I leased, I put myself in much less debt

Also, I came out of school with $30K in college loans debt. 2 years later, I have that number down to $7K. But I'm stupid and lazy bc I want to be comfortable in ym car everyday of my life. I suppose I should also find a box to live in as well.
 
sturg33 said:
It's funny because when I bought my car, I put myself $17K in debt. When I leased, I put myself in much less debt

Also, I came out of school with $30K in college loans debt. 2 years later, I have that number down to $7K. But I'm stupid and lazy bc I want to be comfortable in ym car everyday of my life. I suppose I should also find a box to live in as well.
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Yup....I put nothing down and my lease is 100$ less than my financed car, much nicer, more equipment, etc, etc.....

Clearly I should've put 10k down and had a 400$ car payment and blew threw my savings just so "say" I "own" my car and then trade it back in, in 5 years when I get tired of it.

But I realize now that it's that thinking that has made me REALLY poor.
 
BRule said:
Yup....I put nothing down and my lease is 100$ less than my financed car, much nicer, more equipment, etc, etc.....

Clearly I should've put 10k down and had a 400$ car payment and blew threw my savings just so "say" I "own" my car and then trade it back in, in 5 years when I get tired of it.

But I realize now that it's that thinking that has made me REALLY poor.
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Just thought that was because you're African-American.
 
BRule said:
Yup....I put nothing down and my lease is 100$ less than my financed car, much nicer, more equipment, etc, etc.....

Clearly I should've put 10k down and had a 400$ car payment and blew threw my savings just so "say" I "own" my car and then trade it back in, in 5 years when I get tired of it.

But I realize now that it's that thinking that has made me REALLY poor.
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I'm pretty sure ESP didn't say that at all. I'm pretty sure he made the same point that most sound economists make. Something the depreciates in value as steeply as a car you shouldn't pay interest on.
 
ESP47 said:
Like what? Because you seem to disagree with BlackwaterPark's investment numbers.
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His numbers are exaggerated, but the idea is not wrong. If you start investing early, the compound interest will set you up pretty well in the long haul.
 
Metaphysicist said:
As stated in this thread, your financial plan depends on getting much richer in the near future. I applaud your confidence, but I have my doubts as to your planning skills.
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Well - I'm certainly not rich today, but I'm well over the median income in the most affluent county in the US. Still have lots of work to do though! Maybe I should stop spending so much time on braves message boards
 
sturg33 said:
I'm doing just fine financially. Thanks
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That's great but where did I mention your name in that post?

sturg33 said:
It's funny because when I bought my car, I put myself $17K in debt. When I leased, I put myself in much less debt

Also, I came out of school with $30K in college loans debt. 2 years later, I have that number down to $7K. But I'm stupid and lazy bc I want to be comfortable in ym car everyday of my life. I suppose I should also find a box to live in as well.
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When did anyone call you stupid or lazy?

You and your boy BRule might not be struggling financially, but you both most certainly aren't getting the point that me and Zito are trying to make here. No one is saying buying a brand new vehicle is better than leasing. Both are bad investments. Were saying buy a used vehicle when you have the money. $17k for a used vehicle is another bad purchase whether you have cash or not because the vehicle is most likely still on a steep depreciation unless it's a classic.

I can't fault you for wanting to be comfortable in your vehicle, but apparently in your world vehicles only became comfortable in the last couple years....and they have to cost so much that you're forced to lease them.

You probably should find a box to live in. I'd be willing to bet the bum living in a box on the corner probably has more money than you because he isn't in debt. He has zero money while you have negative money.
 
ESP47 said:
That's great but where did I mention your name in that post?

When did anyone call you stupid or lazy?

You and your boy BRule might not be struggling financially, but you both most certainly aren't getting the point that me and Zito are trying to make here. No one is saying buying a brand new vehicle is better than leasing. Both are bad investments. Were saying buy a used vehicle when you have the money. $17k for a used vehicle is another bad purchase whether you have cash or not because the vehicle is most likely still on a steep depreciation unless it's a classic.

I can't fault you for wanting to be comfortable in your vehicle, but apparently in your world vehicles only became comfortable in the last couple years....and they have to cost so much that you're forced to lease them.

You probably should find a box to live in. I'd be willing to bet the bum living in a box on the corner probably has more money than you because he isn't in debt. He has zero money while you have negative money.
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Well considering I have more money saved than my car obligation and student loan obligation, you are incorrect. But I make more money in the stock market by investing tha tmoney than I would save by paying off the loans.

And I don't know if you have read what I have written or not - but I have flat out said that buying is smarter financially than leasing if you intend to keep the vehicle for many many years. I don't intend to do that so ......
 
sturg33 said:
And I don't know if you have read what I have written or not - but I have flat out said that buying is smarter financially than leasing if you intend to keep the vehicle for many many years. I don't intend to do that so ......
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:emot-siren.gif.17: :emot-siren.gif.17: :emot-siren.gif.17:
 
Live in debt, gamble on the stock market and lease a new car every few years. Sounds like you have it all figured out. I bid you good day!
 
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