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do you have a monthly car payment? (1 Viewer)
- Thread starter Dentist
- Start date
Northern Voice
Footballguy
2 cars, debt on one, own other outright. Hate car payment, hate other frequent costs associated with less expensive/older/no payment car.
Also to be fair, I get a vehicle allowance that more than covers the payment but I still wish that money was in my pocket.
Also to be fair, I get a vehicle allowance that more than covers the payment but I still wish that money was in my pocket.
NCCommish
Footballguy
Bought my last car with cash. It was used with 25k miles a couple of years ago. I have 65k now. I fully hope to get at least 150k miles out of it. My mechanic says its very doable. I love not having a car payment and I hate paying interest on depreciating assets. If possible I will always do it this way.
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fantasycurse42
Footballguy Jr.
Nobody leases? I'd love to know the total lease population in the country bc it has to be higher than 6%
Wooderson
Fight The Power
NCCommish
Footballguy
Great Grandpa always told me to only lease if the vehicle was a business write off. He was a pretty sharp guy and it's advice I've followed.
sports_fan
Footballguy
No monthly payment. I don't care too much about my car as long as it's reliable. I'd rather spend my money elsewhere.
cstu
Footballguy
I have a 2000 Lexus SUV and plan to keep it until my daughter is old enough to drive in 9 years. The gas mileage sucks but it's paid for, still looks good, and never breaks down.
Mr. Retukes
Footballguy
I was once set up on a blind date with a really cute, smart, funny girl. She jokingly told me that her only character flaw was that she always had to drive a new car, never more than a year old.
There was no second date.
There was no second date.
DA RAIDERS
Footballguy
No. 2 cars
BigSteelThrill
Footballguy
2 cars paid off.
And a 2012 Benz on a 5 year deal (bought a year old).
And a 2012 Benz on a 5 year deal (bought a year old).
chauncey
Footballguy
chet
Footballguy
top dog
Footballguy
2 car payments. 2011 Ford Edge bought used and a 2014 Lincoln MKZ bought used. The wife gets a car allowance that pays for the Lincoln. I get a "new" used car whenever mine gets to become a pain in the but. Had a 2002 Ford Taurus that I ran until it fell apart after 200,000 miles. Traded in a 2005 Escape on the Edge about a year ago. I keep my vehicles for a long time, but the wife drives too much and we always end up getting her a new ride every few years.
pollardsvision
Footballguy
A $1000 repair is still better than 2 months of truck payments.
$3K to $8K can really get you a pretty reliable vehicle these days, and I swear cars can go for longer miles these days. Buying and taking on repair costs for a vehicle with 100K+ miles theses days is a great option, imo.
Actually, I think around 130-150K is a good time to buy. An owner or two got it that far, probably went ahead and took care of a big repair or two, then either got scared off after a couple of repairs and fooled themselves into thinking they now need a new vehicle, or they just wanted something different for whatever reason.
They sell it cheap so they can go back into debt for a "good" vehicle while you drive their old car into the twilight years that are nowhere near as expensive as they had feared.
200K is the new 100K.
Juxtatarot
Footballguy
Dentist
***Official FBG Dentist***
ghostguy123
Footballguy
So when do you start yelling about 5-6 year auto loans
)
)
Dentist
***Official FBG Dentist***
I have done that, people don't need to hear it. I am just satisfying a curiositySo when do you start yelling about 5-6 year auto loans
Chemical X
Footballguy
no
and I thought you weren't supposed to pay cash for a depreciating asset?
and I thought you weren't supposed to pay cash for a depreciating asset?
FUBAR
Footballguy
FUBAR
Footballguy
Hope you're right on the last line.
Ours have 125k (my '07 highlander) and 80k (wife's '11 odyssey). No desire to buy another right now and hoping the highlander makes it 3+ more years when my oldest son can drive it while I get a new vehicle.
Chemical X
Footballguy
FUBAR
Footballguy
Sure we do. I guess technically we pay with a credit card and pay it off by electronic transfer, so no cash.
Are you really advocating for taking loans for cars, clothing, appliances, etc? Interesting perspective.
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Chemical X
Footballguy
FUBAR
Footballguy
Chemical X
Footballguy
Random
Footballguy
Random
Footballguy
For the first time in 10 years we have a car payment. We bought our new Odyssey about 6 months earlier than planned (Feb) to use for some summer vacations this summer. Put 45% down, got .09% for 36 months. Sold old car and put that toward loan (about 50% of remaining balance). We could pay off the balance today, but will only pay $38 interest on the remaining life of the loan. If we make minimum payments it will be paid off 10/2016. But I despise car payments so we will probably pay it off soon.
Dentist
***Official FBG Dentist***
Dentist
***Official FBG Dentist***
When people say this, what does it really mean?
I mean there are cars from the 60's or earlier that I still see on the road. Does it mean you'll truly keep repairing it until either it is in a collision wreck and is non-repairable or the axle rusts through?
Do people really do a 1 car for most of their life kind of thing?
With all due respect, this poll doesn't mean much.....
Maybe someone would rather take $5k/$4k/whatever and instead of paying off their car note, they throw it at their mortgage which is a higher rate than their 1% or 2% car loan.
Or hell.....maybe they have a paid off car but they are underwater on their mortgage.
That all being said, both my wife's car and my car are paid. However, I would have no issue with getting a car loan at a very low interest rate when I need a car and I would plan on driving it longer after it was paid for.
Maybe someone would rather take $5k/$4k/whatever and instead of paying off their car note, they throw it at their mortgage which is a higher rate than their 1% or 2% car loan.
Or hell.....maybe they have a paid off car but they are underwater on their mortgage.
That all being said, both my wife's car and my car are paid. However, I would have no issue with getting a car loan at a very low interest rate when I need a car and I would plan on driving it longer after it was paid for.
belljr
Footballguy
This has been our pattern.
Luckily I used to get the friends and family discount so it was smooth.
I would buy a car. Keep it 8 to 10 years.
When that was paid off my other vehicle would be time to upgrade. So my current car is 12 years old. And my wife's we paid off a year ago.
The last 2 tines I got 0% interest so I put no money down and took a 5 year loan.
My Honda 2003 will be upgraded as soon as my son finishes college
Luckily I used to get the friends and family discount so it was smooth.
I would buy a car. Keep it 8 to 10 years.
When that was paid off my other vehicle would be time to upgrade. So my current car is 12 years old. And my wife's we paid off a year ago.
The last 2 tines I got 0% interest so I put no money down and took a 5 year loan.
My Honda 2003 will be upgraded as soon as my son finishes college
Yeah, you have to repairs in considering. If your car has 200k miles on it and you are dropping hundreds of dollars on it almost every other month, it's time to look for a new car.
Also, if it's a very unreliable car and could cause issues with you getting to work (which is where you get your income), it might be time to get a different car.
Long Ball Larry
Footballguy
Yes, 0% financing.
ghostguy123
Footballguy
Havent had a car payment since 2006 until we just bought a new odyssey a few months ago.
Put nothing down. 60 month loan at 1.9%. Payment is $505.
Could pay it off but would deplete the savings. Also rather put extra in the house every month, at least 100-200 extra but plan to increase that a bit.
Defnitely plan to keep it till the wheels fall of which to me just means I will keep it and drive until i no longer feel it is reliable enough or good enough value based on repair costs. I imagine this definition is different for everyone.
Put nothing down. 60 month loan at 1.9%. Payment is $505.
Could pay it off but would deplete the savings. Also rather put extra in the house every month, at least 100-200 extra but plan to increase that a bit.
Defnitely plan to keep it till the wheels fall of which to me just means I will keep it and drive until i no longer feel it is reliable enough or good enough value based on repair costs. I imagine this definition is different for everyone.
