October 30, 201312 yr I have a 2003 Elantra that I bought in 2003 w/ 165,000 in it. I just replace the head gasket for $1700, which, to me made sense b/c I owe nothing on it and that's about 4 months of car payments on a nice car. The head gasket should get me another 40,000 at least, so that's another 3 years that I'll have the car for. People laugh at my piece, but I don't care. We also just paid off our 2011 Sienna, so we are clear for the time being. Saving up for 2017 when the boys will have their licenses. I've let them know that they will be sharing 1 car. They don't both need a car. Buying the car for the boys is the easy part. The insurance is what hurts!
October 30, 201312 yr Buying the car for the boys is the easy part. The insurance is what hurts! Can't wait.
October 30, 201312 yr I will never buy a new car ever. I bought a brand new 2000 Honda Accord Ex and kept it 9 yrs. My company I used to work for essentially made the first 2 yrs worth of payments and I paid the final 3yrs on a 5 yr loan. No payments for 4 yrs and sold the car for $4500 to a college kid. I bought my BMW 2005 530i 5 yrs used and took out a 3 yr loan, only borrowed 70% of what I needed and just paid it off early. I just cant see having a loan for longer than 5 yrs or even 3 yrs at this point in my life.
October 30, 201312 yr Avg new car loan rate is 3.94%. I'm very unfamiliar with what this rate would have looked like historically. Is 3.94% low?
October 30, 201312 yr The insurance is what hurts! No doubt. As Bruce McCollough once said in a great Kids in the Hall sketch... "America: where a man can buy a beat-up old car for three hundred bucks but have to spend a thousand to insure it."
October 30, 201312 yr To me it all depends on what a person's interests are. Some people love sports and will pay good money to attend "x" games a year. It's worth it to them. Others may want a nice large home with lots of updates/upgrades and pay whatever it takes to get it. It's worth it to them. Some people really love their car, and are willing to pay good money for it. Again, it's worth it to them. I just laugh at people who say how stupid it is, because EVERYONE has something they feel is worth what they pay for it, that a lot of people would think is ridiculous or stupid. If someone wants a brand new bells & whistle car, they're willing to pay the interest for as long as it takes, if it's worth it to them, I see absolutely zero reason to criticize them for it. :idunno:
October 30, 201312 yr Author To me it all depends on what a person's interests are. Some people love sports and will pay good money to attend "x" games a year. It's worth it to them. Others may want a nice large home with lots of updates/upgrades and pay whatever it takes to get it. It's worth it to them. Some people really love their car, and are willing to pay good money for it. Again, it's worth it to them. I just laugh at people who say how stupid it is, because EVERYONE has something they feel is worth what they pay for it, that a lot of people would think is ridiculous or stupid. If someone wants a brand new bells & whistle car, they're willing to pay the interest for as long as it takes, if it's worth it to them, I see absolutely zero reason to criticize them for it. :idunno: No question it's a personal choice and a matter of priorities. No different than having a boat or belonging to a country club for golf.
October 30, 201312 yr I've been wanting a new truck for a while now but everytime I start to get that itch the price tag scares me away. I've even begun looking at 3 or 4 year old models and the payment on those suckers is still unbelievable. For now I will stick with my 10 year old Saturn and 14 year old 4Runner sans a payment. I just can't see shoveling that kind of cash away for a pickup truck.
October 30, 201312 yr To me it all depends on what a person's interests are. Some people love sports and will pay good money to attend "x" games a year. It's worth it to them. Others may want a nice large home with lots of updates/upgrades and pay whatever it takes to get it. It's worth it to them. Some people really love their car, and are willing to pay good money for it. Again, it's worth it to them. I just laugh at people who say how stupid it is, because EVERYONE has something they feel is worth what they pay for it, that a lot of people would think is ridiculous or stupid. If someone wants a brand new bells & whistle car, they're willing to pay the interest for as long as it takes, if it's worth it to them, I see absolutely zero reason to criticize them for it. :idunno: I completely agree that people can do whatever they want & that we all indulge ourselves in certain areas. But I would think that cars are the most common & largest expense in which people borrow so much on something that depreciates in value so quickly.
October 30, 201312 yr I completely agree that people can do whatever they want & that we all indulge ourselves in certain areas. But I would think that cars are the most common & largest expense in which people borrow so much on something that depreciates in value so quickly. Who cares? If they get enough enjoyment out of it that it's worth the money to them, why do other's care?
October 30, 201312 yr Who cares? If they get enough enjoyment out of it that it's worth the money to them, why do other's care? As I said, people can do what they want. But I can also label something a wise financial expenditure and a less wise financial expenditure. Why do you care that I care? :lol2:
October 30, 201312 yr As I said, people can do what they want. But I can also label something a wise financial expenditure and a less wise financial expenditure. Why do you care that I care? :lol2: I'm not talking about anyone in particular, I just find it funny that so many people think they know the best way for others to spend their money.
October 30, 201312 yr I'm not talking about anyone in particular, I just find it funny that so many people think they know the best way for others to spend their money. Some people can afford to spend their money more carelessly, but others cannot. For me, it's that I've dealt with a lot of people with financial struggles. Upside-down car loans figure into their equation probably 90% of the time.
October 31, 201312 yr No question it's a personal choice and a matter of priorities. No different than having a boat or belonging to a country club for golf. I totally agree...I dropped my country club last month having 2 kids in college it was an easy choice. However, I choose to live in Ft. Thomas so its all relevant. I paid 5 yrs on a new car so I have been down that road...hopefully I wont need to do that anymore. It just cracks me up seeing some folks financing 2 $40K SUV's and extending themselves just to keep up with the Jones'.
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