BlvdBrawler
Superstar
I've got full coverage on my 2011 335i for $390 every 6 months. I'm convinced Geico is a wizard.
What? WTF do you live? You have full coverage?
monthly car note payment unappreciation thread
- Thread starter Malcolmxxx_23
- Start date
Bilz
Superstar
Yep, my car note doesn't bother me at all because I decided exactly what I felt like paying and pissed off finance managers until I got it.
Unfortunately, a lot of people set their shyt up to pay the maximum payment amount they can possibly afford in a perfect world. If anything else in life comes up, they're fukked and still paying top dollar payments for a car that's like 4-5 years old.
If your credit is shot to shyt and you still got 7% apr then be grateful. I've seen some ppl get hit with 12-18% on a 72 month loan not even realizing how they are paying for damn near 2 cars.
What? WTF do you live? You have full coverage?
Yup...full cov and they really take care of u.. ..I got my bumper and quarter panel hit by a bus.. .geico covered the damage(paid my $500 deductible ) and they hooked me up with a nice rental.. .geico my nikka..
i paid my shyt off last month. i initially financed 6 yrs at 6%. i paid it off 18 months early...
im not going back
I was given a 2006 truck from my parents...... no car notes for me!
ThumpDaddy
All Star
Guy at my job got one of those with some crazy body kit and 22's on it. He has a nice system in it. He tried to sup the engine up but ended up blowing it so he is keeping it stock in that aspect. I really like the 370Z's but I got to have a back seat.
BlvdBrawler
Superstar
Interest rate on a car loan lower than inflation = better than paying cash while investing the money you would have otherwise sunk.
I do agree about not buying a new car tho.
you're still paying interest on borrowed money. Why not just drop the cash and put what you saved on interest into investments?
BlvdBrawler
Superstar
Why use your money at it's peak value when you can use someone else's money that's depreciating?
So, for example, $10k today is going to be worth slightly more than $10k tomorrow; it'll be worth even less the next day and so on. If I drop $10k on a car, that's $10k worth of today's dollars that I don't have to put into my IRA or other investments.
If I borrow $10k I pay you (for example) $200 in today's dollars and invest the other $9800. Then next month, I give you another $200 dollars, but that $200 is worth a bit less than it was last month. Yes, there's interest built into that payment, but if my annual interest rate is 1.75% and inflation is at 2.0%, then the amount of money I save each month by financing is going to be 200(.02/12) - 200(.0175/12) or a difference of about $0.04 per month. You're actually saving money by financing. Granted, it's really not much at all, but still better than paying cash, especially when...
...you look at the value of your sunk cost. You've dropped $10k on a depreciating asset, so your $10k is worth even less with each use of the car, whilst the money you invest can be earning whatever the market yields.
Plus you get to drive a nicer car.
Let me ask you this: other than the roof on your house and quintessential necessities, what are your hobbies? What do you spend meager to copious amounts of money on to keep you happy in life?
For me, Ive always loved cars ever since I was a little b*stard, errtime a vigga went to K-Mart of Fred Meyer, we aint going home until I GOT TO COP ME A MATCHBOX or HOTWHEELS (the latest chrome joints with the mass appeal what the deal?).
Now that Im a big ass kid, I still have that deeply embedded fixation for the automobile. Car payments may seem like an ostentatious priority but its my priority and its a responsibility I dont mind harboring.
Everyone has a guilty pleasure expense (whether its a sound one is subjective) but the shiit I do I --- dont chastise the next man about
Even if what they do is wrong
Wrong wrong wrong wrong...
EARLY!!!
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