I can’t believe I’m reading this

Dale00

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Frugality is an essential virtue. They have a saying in India: Take care of your money now and your money will take care of you later. Ben Franklin would agree.
 

Glocktogo

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Very true. However, a 300k home doesn’t get you much these days, buts it’s a good investment. That 60k truck and 50k car is just folly these days assuming they’re not paid for. Our two fully owned cars, if we sold them right now, would barely net 25k, but they’re reliable, look respectable, and we will probably get another 100k miles from each of them without any major repairs because they’re well maintained. Why people are suckered into financing vehicles this day and age is the greatest con going.
Usually the finance gig is worth about $1,000 off the price of the vehicle. That's why one of the salesperson's first questions will be whether you plan on financing there. Their terms almost never penalize you for early payoff. So long as your credit score is above 720-750, you can negotiate terms about equal to the returns on a reasonably moderate risk investment (yes you can negotiate the APR too). That affords you financial flexibility that can mitigate overall risk. Done well, you're leveraging the lender's money, rather than them leveraging yours.

This gambit isn't available to everyone, but if it is you're leaving money on the table if you don't use it.
 

Gunbuffer

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Usually the finance gig is worth about $1,000 off the price of the vehicle. That's why one of the salesperson's first questions will be whether you plan on financing there. Their terms almost never penalize you for early payoff. So long as your credit score is above 720-750, you can negotiate terms about equal to the returns on a reasonably moderate risk investment (yes you can negotiate the APR too). That affords you financial flexibility that can mitigate overall risk. Done well, you're leveraging the lender's money, rather than them leveraging yours.

This gambit isn't available to everyone, but if it is you're leaving money on the table if you don't use it.
What you are mentioning is for a new car, subject to depreciation. all these late model cars out there now that are worth good resale money, the clocks ticking on that bubble
 

Glocktogo

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What you are mentioning is for a new car, subject to depreciation. all these late model cars out there now that are worth good resale money, the clocks ticking on that bubble
I did take advantage of that artificial bubble to sell my extra vehicle (17 years owned with 101K on the odo) for well over top listed value. The two remaining were both purchased new because we literally paid less than they would've cost on the used market. I could've flipped both of them and made bank, but they were bought to be used as tools, not investments.

This market is truly bonkers for sure.
 

Shadowrider

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I bought my last new car about 2003. Unless it's a highly desirable model with a long track record of high resale value and I'll likely pay mostly cash for it if I ever buy another new one. I'll be just as happy buying used like most of my life. Right now most Subaru models are not a lot different between new and low milage still under warranty so why buy used? Same for certain Honda, Toyota and Jeep Wranglers, they are king of resale. Buying new isn't a bad thing if you are informed and have your compulsions in check. Otherwise for me, it's just used with no real attachment. As mentioned they are basically tools.

My sister works with a gal that has 4 kids, all 4 are in nice private school, drives a Range Rover, lives in a $300k house in the burbs, hubby works a pretty decent job too. They take a nice cruise every year. They also live check to check and she's always stressed about getting enough hours in for a bill coming due. They've been doing this for years. I'll never understand that.
 

old John

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And more than the 20 year Afghanistan War. The one everyone was complaining about the costs! And this is just a democrat spending spree.
I got a notice from my Credit Union recently, that warned about a bill included in the new stimlous package, that required all banks, credit unions etc. to report ALL TRANSACTIONS IN, OR OUT, OF ANY ACCOUNT WITH A BALANCE ABOVE $600.00. I'm sure there is much more to this bill than I know about, but I for one plan on checking this out! i SURE THIS IS NOT FOR OUR BENEFIT!
 
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