Cloud's car stuff - Page 17

xoxoxoBruce · 10-14-2010, 08:04 AM

Yeah, I think that's part of my success.

jimhelm · 10-14-2010, 01:51 PM

Quote:

Originally Posted by xoxoxoBruce

No, I don't look over my shoulder. I stay aware of where every car around me is at all times.

that's key. my dad taught me that very specifically when I was learning. Especially true on a motorcycle. I look into other people's side mirrors and try to tell if they're paying attention too. Also, in traffic, don't look at the car in front of you... look at the one in front if it.

Cloud · 10-14-2010, 03:19 PM

I agree; awareness is key. Pay attention! But you still need to check!

Local dealer called and said they are getting a Juke -- one -- tomorrow and would I like to come look at it "before it sells."

Yes. yes I would! Don't know what color/trim, but I can't wait to see the damn thing in person. Seems like it's going to be a pretty hot item, so may have to wait awhile for a decent selection and deal. Met with my Credit Union loan officer today in a pre-pre-approval interview, and I think I'm good to go! (crossing my fingers)

Cloud · 10-16-2010, 06:25 PM

Saw a juke in the flesh today and got a chance to drive it! Really a perfect car for me. They are trickling into dealers slowly. Will have to wait to get the exact one I want. (black or white SL w AWD and red interior trim)

xoxoxoBruce · 10-16-2010, 08:33 PM

You go girl...

Cloud · 10-17-2010, 12:18 PM

I'm pretty amazed at the crap things people are doing with their car loans in general. I'm guilty of this also--in 2001 I bought a new car with my crappy credit and got a subprime 18% loan. With interest, I ended up paying twice the amount of the car. Now I know better.

Even on forums where people are supposedly trying to improve their financial situations, I see people buying too much car (if credit is bad, why are people buying $40K cars?); putting down the absolutely minimum down payment, thus putting themselves underwater immediately, having to buy gap insurance, leasing a car which never lets them have no monthly payments, trading in cars with underwater loans, thereby still paying interest on a car they don't even own. getting ridiculously long loan terms (why would you want to be making payments for six years, for crying out loud?) and focusing too much on monthly payments and not total amount owed. (But I got a sweet ride! and my payments are lower!).

I know I'm lucky in that I've managed to save a decent down payment., my car is not dying (even though it's 9 years old), and that I've managed to improve my credit scores and financial situation enough that I can probably get a decent loan, but I'm still left shaking my head at some of the things people will do to get wheels.

tw · 10-17-2010, 12:48 PM

Quote:

Originally Posted by Cloud

but I'm still left shaking my head at some of the things people will do to get wheels.

I have said this often. If one needs a loan to buy a car, he probably has no business buying that car. I will never understand why people borrow money to buy a car they have no business owning.

xoxoxoBruce · 10-17-2010, 01:44 PM

Because they need the car to get to work and earn the money to pay for the car, which beats sitting at home with no job and no money. Buying a new car is the way to get on the road with minimum cash, especially if you are mechanically challenged.

classicman · 10-17-2010, 02:09 PM

HA HA HA stop with he reality Bruce - those who live in their self-created alternate reality cannot understand.

glatt · 10-17-2010, 02:54 PM

Actually, I agree with tw on this. It makes a tremendous amount of sense to pay cash for a car. Better to be making payments into a savings account where you will have interest working FOR you than to be paying someone else and have even higher interest working AGAINST you. If that means making do with a shit car for years while you save up the cash to buy one outright, then so be it. This is coming from someone driving a 15 year old car. Not gonna buy another one until we have the money for it. And then when we do, we'll start saving for the next one right away.

Only way I'd buy a car with a loan is if the interest rate was 0%.

classicman · 10-17-2010, 05:09 PM

Define a "shit car" please.

Cloud · 10-17-2010, 05:20 PM

I'm choosing to buy a new car rather than used, and a car that's a "step up" from my last one. But this makes sense to me, in my situation and my time of life. Keep the economy moving along, yeah. not saying that people shouldn't buy new cars, or get loans--just that people (me too!) need to be smarter about these things.

there are a lot of things I could be smarter about in my life, frankly

xoxoxoBruce · 10-17-2010, 05:50 PM

Quote:

Originally Posted by glatt

Actually, I agree with tw on this. It makes a tremendous amount of sense to pay cash for a car. Better to be making payments into a savings account where you will have interest working FOR you than to be paying someone else and have even higher interest working AGAINST you. If that means making do with a shit car for years while you save up the cash to buy one outright, then so be it. This is coming from someone driving a 15 year old car. Not gonna buy another one until we have the money for it. And then when we do, we'll start saving for the next one right away.

Only way I'd buy a car with a loan is if the interest rate was 0%.

Unless you can do your own maintenance and repairs, you'll spend more than you would financing a car, unless you can get something reliable. You're not going to get something reliable for a couple hundred bucks, so unless you can get a family hand me down or something, you have to buy a car that's going to cost serious money, at least a few grand. You'll have trouble saving that without a job, and you'll have trouble borrowing that without a job, but you need a car to keep a job.

Now the best financing deals are on new cars, even 0% in some rare cases. That's why I think it's best to go with a new, reliable car, with a warranty, so you can save for what you really want.

The problem with many people is they over buy, only concerned with the monthly nut, not the total deal. Also trading up every year or two, getting deeper in the red with every move, just because as time passes they get more credit. It's a reflection of our times and our values, the same ones that caused this recession and being owned by walmart/China.

Cloud, we are not talking about you, or your situation, we've drifted into new territory.

classicman · 10-17-2010, 06:06 PM

Well put Bruce. I think there is a HUGE difference between buying a new Hyundai versus a new Hummer or Mercedes.

monster · 10-17-2010, 07:51 PM

I think it's fine to get a loan to buy a car or a house or anything... as long as you have a true understanding of what the loan charges make the final price of your purchase and can afford that price in the time you have specified you will repay it.

Unfortunately this is not the case too often. "Trading Up" when you still owe on your previous car -for example- often does not fit this criteria. But then, let's look at who's pushing this idea...

But -to go completely off-topic- I don't think this is the worst scourge right now. I think cellphones are the new cars..... Own up -who's family cellphone plan is more than their car payment? and how often do you "upgrade"? Hmmmm

10-14-2010, 08:04 AM	#241
xoxoxoBruce The future is unwritten Join Date: Oct 2002 Posts: 71,105	Yeah, I think that's part of my success. __________________ The descent of man ~ Nixon, Friedman, Reagan, Trump.

10-14-2010, 03:19 PM	#243
Cloud ... Join Date: Feb 2007 Posts: 8,360	I agree; awareness is key. Pay attention! But you still need to check! Local dealer called and said they are getting a Juke -- one -- tomorrow and would I like to come look at it "before it sells." Yes. yes I would! Don't know what color/trim, but I can't wait to see the damn thing in person. Seems like it's going to be a pretty hot item, so may have to wait awhile for a decent selection and deal. Met with my Credit Union loan officer today in a pre-pre-approval interview, and I think I'm good to go! (crossing my fingers) __________________ "Guard your honor. Let your reputation fall where it will. And outlive the bastards!"

10-16-2010, 06:25 PM	#244
Cloud ... Join Date: Feb 2007 Posts: 8,360	Saw a juke in the flesh today and got a chance to drive it! Really a perfect car for me. They are trickling into dealers slowly. Will have to wait to get the exact one I want. (black or white SL w AWD and red interior trim) __________________ "Guard your honor. Let your reputation fall where it will. And outlive the bastards!"

10-16-2010, 08:33 PM	#245
xoxoxoBruce The future is unwritten Join Date: Oct 2002 Posts: 71,105	You go girl... __________________ The descent of man ~ Nixon, Friedman, Reagan, Trump.

10-17-2010, 12:18 PM	#246
Cloud ... Join Date: Feb 2007 Posts: 8,360	I'm pretty amazed at the crap things people are doing with their car loans in general. I'm guilty of this also--in 2001 I bought a new car with my crappy credit and got a subprime 18% loan. With interest, I ended up paying twice the amount of the car. Now I know better. Even on forums where people are supposedly trying to improve their financial situations, I see people buying too much car (if credit is bad, why are people buying $40K cars?); putting down the absolutely minimum down payment, thus putting themselves underwater immediately, having to buy gap insurance, leasing a car which never lets them have no monthly payments, trading in cars with underwater loans, thereby still paying interest on a car they don't even own. getting ridiculously long loan terms (why would you want to be making payments for six years, for crying out loud?) and focusing too much on monthly payments and not total amount owed. (But I got a sweet ride! and my payments are lower!). I know I'm lucky in that I've managed to save a decent down payment., my car is not dying (even though it's 9 years old), and that I've managed to improve my credit scores and financial situation enough that I can probably get a decent loan, but I'm still left shaking my head at some of the things people will do to get wheels. __________________ "Guard your honor. Let your reputation fall where it will. And outlive the bastards!"

10-17-2010, 01:44 PM	#248
xoxoxoBruce The future is unwritten Join Date: Oct 2002 Posts: 71,105	Because they need the car to get to work and earn the money to pay for the car, which beats sitting at home with no job and no money. Buying a new car is the way to get on the road with minimum cash, especially if you are mechanically challenged. __________________ The descent of man ~ Nixon, Friedman, Reagan, Trump.

10-17-2010, 02:09 PM	#249
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	HA HA HA stop with he reality Bruce - those who live in their self-created alternate reality cannot understand. __________________ "like strapping a pillow on a bull in a china shop" Bullitt

10-17-2010, 02:54 PM	#250
glatt ™ Join Date: Jul 2003 Location: Arlington, VA Posts: 27,717	Actually, I agree with tw on this. It makes a tremendous amount of sense to pay cash for a car. Better to be making payments into a savings account where you will have interest working FOR you than to be paying someone else and have even higher interest working AGAINST you. If that means making do with a shit car for years while you save up the cash to buy one outright, then so be it. This is coming from someone driving a 15 year old car. Not gonna buy another one until we have the money for it. And then when we do, we'll start saving for the next one right away. Only way I'd buy a car with a loan is if the interest rate was 0%.

10-17-2010, 05:09 PM	#251
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	Define a "shit car" please. __________________ "like strapping a pillow on a bull in a china shop" Bullitt

10-17-2010, 05:20 PM	#252
Cloud ... Join Date: Feb 2007 Posts: 8,360	I'm choosing to buy a new car rather than used, and a car that's a "step up" from my last one. But this makes sense to me, in my situation and my time of life. Keep the economy moving along, yeah. not saying that people shouldn't buy new cars, or get loans--just that people (me too!) need to be smarter about these things. there are a lot of things I could be smarter about in my life, frankly __________________ "Guard your honor. Let your reputation fall where it will. And outlive the bastards!"

10-17-2010, 06:06 PM	#254
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	Well put Bruce. I think there is a HUGE difference between buying a new Hyundai versus a new Hummer or Mercedes. __________________ "like strapping a pillow on a bull in a china shop" Bullitt

10-17-2010, 07:51 PM	#255
monster I hear them call the tide Join Date: Dec 2005 Location: Perpetual Chaos Posts: 30,852	I think it's fine to get a loan to buy a car or a house or anything... as long as you have a true understanding of what the loan charges make the final price of your purchase and can afford that price in the time you have specified you will repay it. Unfortunately this is not the case too often. "Trading Up" when you still owe on your previous car -for example- often does not fit this criteria. But then, let's look at who's pushing this idea... But -to go completely off-topic- I don't think this is the worst scourge right now. I think cellphones are the new cars..... Own up -who's family cellphone plan is more than their car payment? and how often do you "upgrade"? Hmmmm __________________ The most difficult thing is the decision to act, the rest is merely tenacity Amelia Earhart

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