I need a new car

Tapate50 said:
What if people just don't want to throw 30k into something that depreciates so quickly?
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The smart move is buying a 2-3 year old really nice car, cash. My dad just bought a 2003 Lexus LS430 with 50k miles on it for 12k. Car is pristine, and was 70k brand new. He bought it cash, and will be able to drive it most likely 4-5 years with no problem.
 
That was sort of rhetorical but thanks. Just snagged the wife a nice deal on a gmc. Took some leg work, and a nicely executed dealer error and I am very happy.

Used car financing is as cheap as I've ever seen it. Right now, money is CHEAP!
 
BlackwaterPark said:
The smart move is buying a 2-3 year old really nice car, cash. My dad just bought a 2003 Lexus LS430 with 50k miles on it for 12k. Car is pristine, and was 70k brand new. He bought it cash, and will be able to drive it most likely 4-5 years with no problem.
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To be fair that's insanely cheap for a Lexus with 50K on it, 2003 or not.
 
ESP47 said:
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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Is it considered living in debt if I have no trouble paying my loans and am have saved more money than I owe in total?

So is your advice that I pull all my money out of the market (currently yielding >20%), pay off all of my debt in full (leaving me with only a little of savings), and buy a car?
 
sturg33 said:
Is it considered living in debt if I have no trouble paying my loans and am have saved more money than I owe in total?

So is your advice that I pull all my money out of the market (currently yielding >20%), pay off all of my debt in full (leaving me with only a little of savings), and buy a car?
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Debt is not evil.
 
sturg33 said:
Is it considered living in debt if I have no trouble paying my loans and am have saved more money than I owe in total?

So is your advice that I pull all my money out of the market (currently yielding >20%), pay off all of my debt in full (leaving me with only a little of savings), and buy a car?
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I said good day!
 
Yes....if you have debt, you are living in debt....I feel it is all about eliminating risk in life if something were to occur. Due to this, I am working on becoming debt free asap, and that will be next summer. I have $1000 in savings and the rest of my money went to debt. When we are debt free except the house next summer, we will then have free'd up $2000 a month we were sending to bills. At $2000 a month, we can catch up on any savings/retirement that we halted for the year and a half it took to become debt free very quickly. When following this plan, and having 3-6 months of expenses in a money market account, you will truly have financial peace and a very very low risk

sturg33 said:
Is it considered living in debt if I have no trouble paying my loans and am have saved more money than I owe in total?

So is your advice that I pull all my money out of the market (currently yielding >20%), pay off all of my debt in full (leaving me with only a little of savings), and buy a car?
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BlackwaterPark said:
Yes....if you have debt, you are living in debt....I feel it is all about eliminating risk in life if something were to occur. Due to this, I am working on becoming debt free asap, and that will be next summer. I have $1000 in savings and the rest of my money went to debt. When we are debt free except the house next summer, we will then have free'd up $2000 a month we were sending to bills. At $2000 a month, we can catch up on any savings/retirement that we halted for the year and a half it took to become debt free very quickly. When following this plan, and having 3-6 months of expenses in a money market account, you will truly have financial peace and a very very low risk
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And if you lose your job you are screwed...

I have about twice as much saved up as I am in debt. So I don't consider myself in debt at all.
 
sturg33 said:
And if you lose your job you are screwed...

I have about twice as much saved up as I am in debt. So I don't consider myself in debt at all.
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thats what the 3-6 months of expenses are for....if you are debt free except the house, and have 3-6 months, the risk a d worry are very very reduced. By eliminating those debt payments, it wouldn't take you long to replenish your savings

i just dont understand why you would stay in debt if you had the means to not be in debt....
 
BlackwaterPark said:
thats what the 3-6 months of expenses are for....if you are debt free except the house, and have 3-6 months, the risk a d worry are very very reduced. By eliminating those debt payments, it wouldn't take you long to replenish your savings

i just dont understand why you would stay in debt if you had the means to not be in debt....
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I know that as far as school loans go, my friend has the means to pay off a whole bunch of his. But it doesn't really benefit him in any way to do so. In fact, it benefits him more to have the debt, make the payments, and raise his credit score than it does to pay more than he has to.
 
BlackwaterPark said:
thats what the 3-6 months of expenses are for....if you are debt free except the house, and have 3-6 months, the risk a d worry are very very reduced. By eliminating those debt payments, it wouldn't take you long to replenish your savings

i just dont understand why you would stay in debt if you had the means to not be in debt....
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Bc I'm making more money on investing my savings than I save by paying off debts.
 
yeezus said:
I know that as far as school loans go, my friend has the means to pay off a whole bunch of his. But it doesn't really benefit him in any way to do so. In fact, it benefits him more to have the debt, make the payments, and raise his credit score than it does to pay more than he has to.
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One of the biggest misconceptions is thinking you need to carry debt to raise your credit score. Using credit and then paying it off before accruing interest is just as effective, if not more so than carrying a balance and paying it off little by little. Your friend is essentially paying for his credit score via interest payments, when all he has to do is pay his debt off and then use a credit card for normal purchases and pay it off completely at the end of every month.
 
BlackwaterPark said:
Yes....if you have debt, you are living in debt....I feel it is all about eliminating risk in life if something were to occur. Due to this, I am working on becoming debt free asap, and that will be next summer. I have $1000 in savings and the rest of my money went to debt. When we are debt free except the house next summer, we will then have free'd up $2000 a month we were sending to bills. At $2000 a month, we can catch up on any savings/retirement that we halted for the year and a half it took to become debt free very quickly. When following this plan, and having 3-6 months of expenses in a money market account, you will truly have financial peace and a very very low risk
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The best way to guard against something happening is to have money set aside, not by putting it al to mortgages, student loans, etc. I guarantee you can make more in interest on an investment than the interest rate you pay on your mortgage or student loan

1k in savings,I have no clue how anyone can live off that we're something to happen (lose job) or your AC goes out. I don't have a ton of debt (home, small student loan). I see no reason to pay down my debt (even if I were to buy car). I have about a years worth of mortgage payments in savings. Another 4-5 years worth in retirement account. I also have a couple in an online brokerage I playground with for fun.

If I would have put all my money toward debt instead of Savings/retirement, it would take me several years to match what I have saved right now.
 
gilesfan said:
The best way to guard against something happening is to have money set aside, not by putting it al to mortgages, student loans, etc. I guarantee you can make more in interest on an investment than the interest rate you pay on your mortgage or student loan

1k in savings,I have no clue how anyone can live off that we're something to happen (lose job) or your AC goes out. I don't have a ton of debt (home, small student loan). I see no reason to pay down my debt (even if I were to buy car). I have about a years worth of mortgage payments in savings. Another 4-5 years worth in retirement account. I also have a couple in an online brokerage I playground with for fun.

If I would have put all my money toward debt instead of Savings/retirement, it would take me several years to match what I have saved right now.
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Thats fine dude. Keep living in debt, I know people thinking paying off debt is weird, because you have been lead to believe its ok to have it. Honestly, I dont have much fear at all in losing my job, nor does my fiance. Its not like all I have is 1k. If something happened, I am snowballing 1500 a month to my lowest payment right now. I could easily throw my 1k, and pay minimums on those bills and have 2.5 k available in a month. I also have around 40k in retirement, but have cut down funding to it dramatically to become debt free. I have a plan for financial peace and hope that I know will work.
 
Torn between the cheap tacoma and a scion Xb. Xb's getting good reviews for tall people. Anyone have one or ever ridden in one?
 
XB's are ok, Tacoma's are OK. I did a ton of research and test driving and chose the Ridgeline over the Tacoma, and LOVE it.
 
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