So much car debt!!!!!

[Chapap]

I am willing to throw 10k a year into a fire to make sure my ol lady is secure.


That is how I look at it

Nah it’s a value bet. Throw it in a boat. Most likely she’ll be fine, but if she’s not… well you’ll have a boat.

 

[bobbywalter]

Nah it’s a value bet. Throw it in a boat. Most likely she’ll be fine, but if she’s not… well you’ll have a boat.

A boat is a hole in the water that can't be filled ..

I work remotely .... So she has to visit.


10k is the line....I aim to see at below it


Small price for a good wife

 

[snoranger]

Depends on where a feller lives.

Well... I live in one the highest taxed states in the country with some of the highest property values.

 

[85_Ranger4x4]

Well... I live in one the highest taxed states in the country with some of the highest property values.

Well just keep it out there.

 

[Roert42]

Well... I live in one the highest taxed states in the country with some of the highest property values.

Honestly. Some of the property values are much lower then in PA for something equivalent. I think it may be because your taxes are insane.

 

[Roert42]

average loan term is 70 months for new, 65 months for used

Insane

The average auto loan APR was 9.46% in 2020, but that ranged from an average of 5.49% for borrowers with the strongest credit to 22.66% for borrowers who are credit invisible.

Use your credit card at that point.....

I’m going to stop you right here and ask how a family can live on that?

I lived perfectly happy on $30,000, by myself. I support my wife and myself now on $80,000 and live in a fairly high rent area, for Pennsylvania’s standards.

The trick is to spend almost no money.
If I do the math, my monthly expenses come out to less then $3000. That includes my wife’s collage and auto loans. So that means I need $35,000 a year to survive. With my income, I can splurge on vacations, home renovations, and hobbies.


Edit; keep in mind. As I typed this, I was listening to mice having sex behind my refrigerator.

 

[dvdswan]

Edit; keep in mind. As I typed this, I was listening to mice having sex behind my refrigerator.

You really need to stop eavesdropping on your tenants. I bet you're filming them too. LOL

 

[1990RangerinSK]

I also hate how interest works. I mean I’ve done all the calculations and such in some finance courses… but still. I’m looking at mortgage stuff and messing with calculators. It’s amazing how an innocuous 3% interest rate actually means tack on an extra 25%.

That's how interest works. It's security. When my Fit was repossessed, I owed about $15,000.00 on a $26,000.00 loan. Five and a half years in, paying $450.00 per month, I had a year and a half left on the loan, and I had paid $29,700.00 towards the loan. The bank still came out ahead.

When you borrow money, the bank is gambling on whether or not you will pay them back the full balance of the loan. The worse your credit, the more interest you pay. Why? So that if you get half way into the loan and suddenly default, they come out closer to even.

 

[1990RangerinSK]

Yes. It is a pain to think about how much you really pay. Try going a credit union to get pre approved. Then work under that amount. Stay away from their finance lenders if possible. They may give you more money, but the internet rate will get you. You may have to get used, but even a good used car about 4 years old can be nicely equipped.

Good advice, but some lenders (especially dealing with customers with poor credit) will tie approval to the vehicle. For example, When I bought my 2004 Chevrolet Aveo in 2007, there were similarly priced cars, and cheaper cars, on the lot. The only car they would put me in was the Aveo, because it had warranty left, and higher resale value.

It's also worth noting here that when I bought the Fit, I had originally applied for a 2008 Fit. The bank said no. The finance manager approached them about a 2007 Fit similarly equipped (except that it was an automatic), and the bank said yes to that, but with a down payment, 20% interest, seven year term, and the 450 per month I noted earlier. I had already agreed to it, but the finance manager didn't like the numbers, so he went back to the bank, and they accepted a brand new Fit for half the interest rate, no down payment, same monthly payment, and same term. I took the new car.

From the second experience that I mentioned, I get two lessons. First, financially you are (maybe not guaranteed) better off to buy new, because new cars, even though they cost more to buy up front, will finance for a lower interest rate, which saves you money. Second, it pays to go through the dealer's finance office (or can). If I'd gone to the bank, I wouldn't have gotten the car I got. If I'd gone to the bank, I would have had to accept their terms.

 

[1990RangerinSK]

Explorer to round out the herd?

I'm assuming he presently has a Ranger and a Bronco II. If he adds an Explorer, he still won't have one of each, he needs to add an Aerostar to have a complete herd.

 

[1990RangerinSK]

Edit; keep in mind. As I typed this, I was listening to mice having sex behind my refrigerator.

So much for G-rated. Could a moderator please rate this thread "R"?

 

[snoranger]

I lived perfectly happy on $30,000, by myself. I support my wife and myself now on $80,000 and live in a fairly high rent area, for Pennsylvania’s standards.

The trick is to spend almost no money.
If I do the math, my monthly expenses come out to less then $3000. That includes my wife’s collage and auto loans. So that means I need $35,000 a year to survive. With my income, I can splurge on vacations, home renovations, and hobbies.


Edit; keep in mind. As I typed this, I was listening to mice having sex behind my refrigerator.

I don’t know what you consider a high rent area, but my house is worth over $500k and my taxes are just under 12k a year. This is just penny’s over average for my area.

 

[rangerx4]

It like a giant crappy circle. Cars get more expensive so banks start offering longer terms to make them more "affordable". Since the banks are offering longer terms cars get even more expensive, then banks go even longer. It's how you end up with 72 and 84 month loans, or even longer. Add on top of that the banks will pay the dealer for the loan. When we bought my wife's VW Tiguan (used) the dealer offered a $2k discount if we financed because they get a kickback from the bank. We took it. That was in November and it will be paid off in April (only because Wells Fargo only allows $4,999.99 a month in payments). As long as banks will finance it for eternity people will overextend themselves.

 

[rusty ol ranger]

We finance my wife's vehicles now... and will finance her a Maverick. My rides are paid for... and I hope to keep it that way for a bit. Moving my ass back to Michigan is my next action item.



I've lived by that rule too... but you have to have two pieces of junk. If I find another good deal... I'm going for the RBV trifecta.

l have 5 pieces of junk. 6 if you count the escape which...shes wanting to sell and buy another escape or fusion shortly....so my zero sum auto debt wont last much longer.

But her escape is getting up there...175k, still runs like a top but it needs quite a bit of stuff, and she covers alot more miles then i do.

End of this year im gonna find a nice Grand towncar victoria for a daily....but itll be a cash deal...id like to get another fullsize to replace the 97 but im gonna try to keep it around another few years. Cant see spending 4-500 mo for a used driveway ornament.

 

[Uncle Gump]

Explorer to round out the herd?

If the right one pops up... I would do that.

But I was actually thinking a SCSB 2WD street cruiser.