Car loan thread. Paging Benny...

[nutmegchoi]

I see valet parking at my gym and people actually use it.
I don't understand why bother to come to the gym if you refuse to walk 100 feet?

[::: :::]

I see valet parking at my gym and people actually use it.
I don't understand why bother to come to the gym if you refuse to walk 100 feet?

if my memory is correct, new yorkers don't know how to park

[nutmegchoi]

if my memory is correct, new yorkers don't know how to park

It's rather they don't care to park.
They see bumpers there to get bumped.
I'm extremely careful to park on the streets and I do have stupid bumper bra to flap outta trunk, too.

[::: :::]

Depreciation data article: http://blog.caranddriver.com/which-v...ion-disasters/

and, from that article, average depreciation: 53%

[MagnificentUnicorn]

Speaking of commutes....we like walking to our local bar (10 min walk) and along the way we pass a highway patrol office. On our way home we saw a CHP office worker walk ten yards to his lifted Tundra, drive around the corner, get out, and walk into his house. Less than a one block drive.

At the hospital I work at probably 90%+ of the workers live within 3 miles of the hospital and I would guess from looking at the parking lot and bike parking cage that less than 1% walk, ride a bike or take the bus to work. Our transit is pretty good to and there is almost no traffic. I know many people who live across the street from the hospital or within 2 or 3 blocks and almost every one drives to work.

[nutmegchoi]

Sounds like a more hassle to get the car out, drive, park and walk into the building...

[MagnificentUnicorn]

Sounds like a more hassle to get the car out, drive, park and walk into the building...

That's probably true for most commuters.

[nutmegchoi]

My work is 7 miles away.
I often wonder to run to work.
If I had an access to shower, I would be happy to.

[Danno]

I take the bus to work almost every day (25+ miles). At my last job, I biked whenever possible (3 miles). But Aaron makes me want to drive a black cloud spewing diesel to work.

[MagnificentUnicorn]

I take the bus to work almost every day (25+ miles). At my last job, I biked whenever possible (3 miles). But Aaron makes me want to drive a black cloud spewing diesel to work.

It's not your fault you're an asshole, I imagine you were born that way.

[RootSkier]

I take the bus to work almost every day (25+ miles). At my last job, I biked whenever possible (3 miles). But Aaron makes me want to drive a black cloud spewing diesel to work.

Danno rollin' coal.

Now I've imagined everything.

[MagnificentUnicorn]

Danno rollin' coal.

Now I've imagined everything.

Probably need a ladder to climb into his brodozer.

[Bobby Stainless]

This is absolutely not true. I used your example of a Ford Explorer. Priced a 4x4 XLT model new, and the price is in the low 30s. Priced a 2013 XLT 4x4 and cars with 40k miles are priced around $25k. Of course, these prices aren't the final sales price in either instance, but the notion that cars lose 50% of value in 3 years is ridiculous.

It's pretty much rule of thumb on leasing residuals, but whatever. 45%-55%.

Trade value on that 25k Explorer was probably 16-18k.

[Bobby Stainless]

That's not true either. Sure, some classics have returned well, especially Ferraris, but, factor in proper restoration, storage, insurance, and maintenance, and you're breaking even to losing money. Consider a climate controlled, secure building to keep that thing in since 1956, to start.

Yeah. I am sure that's what the 911R customers are thinking, selling their cars for 275k over MSRP.

[GeezerSteve]

Another TGR car loan thread [yawn]

[Danno]

It's pretty much rule of thumb on leasing residuals, but whatever. 45%-55%.

Trade value on that 25k Explorer was probably 16-18k.

Ok, I get where you're coming from now. But you're basically comparing retail to wholesale pricing. IOW, you're saying that the car's wholesale value 3 years after purchase is 50% of what the original retail is. Which admittedly does make some sense because many people do trade ins.

[Bobby Stainless]

It's the only way I look at. Private party value does not compute.

More of your high end cars are leased, and then turned in, as they are hard to sell privately.

[liv2ski]

And leasing is not always a bad call. I just depends on the math of the deal.

[Timberridge]

Another TGR car loan thread [yawn]

Would you rather another white apologist thread?

[XXX-er]

when I could write off a car purchase I went minimum/10% down, no write off ... pay cash

[old goat]

Nope, not with cheap money, sorry. If you're making 7%, and they offer you a 3% loan,, well, you figure it out. Of course, some people don't realize they're buying something that, eventually, will be worthless. Zero. Fuck, as said above, after the first year, you've lost at least 20%. It's why Benny buys certified used.

I really don't care what it encourages, all I know is that the math works for me, buying a slightly used Subaru with cheap money. Paying cash is kinda dumb, unless that pile of cash is ridiculously big.
Zuckerberg has a mortgage on his house. Just sayin'.

You and Hillary (and Donald too for that matter) clearly have no idea how most folks in this country live. Yeah, if you can invest the money for more than the interest on the loan, at minimal short term risk, than yeah, take out the loan. That just isn't an option for your average American. And if someone tells me I can make 7% guaranteed, risk free, I hang up the phone. What people should be doing is riding the bus or a bike (if they don't mind all the homicidal drivers out there) while they're saving for that first car. Buy the car, start saving for the next--minimal short term risk investment--so they have the money and a little bit of trade in value for the next one. They still get the investment benefit, if they choose to do that, and pay no interest at all. Trouble is, as the article says, once you get on the car loan merry-go-round it's hard to get off.

[klauss]

these are probably underwater at trade in

http://abc7.com/news/video-socal-par...derby/1630417/

[mc089a]

I see so many people making terrible decisions with money. Was furniture shopping the other week and made the mistake of going to a chain store. Lots of people buying shitty furniture on credit too.

[frorider]

Yeah but that shitty velour recliner will increase in value.

[Benny Profane]

You and Hillary (and Donald too for that matter) clearly have no idea how most folks in this country live. Yeah, if you can invest the money for more than the interest on the loan, at minimal short term risk, than yeah, take out the loan. That just isn't an option for your average American. And if someone tells me I can make 7% guaranteed, risk free, I hang up the phone. What people should be doing is riding the bus or a bike (if they don't mind all the homicidal drivers out there) while they're saving for that first car. Buy the car, start saving for the next--minimal short term risk investment--so they have the money and a little bit of trade in value for the next one. They still get the investment benefit, if they choose to do that, and pay no interest at all. Trouble is, as the article says, once you get on the car loan merry-go-round it's hard to get off.

I know that nobody has any money. That's a problem, for sure, but I assume I'm talking to those that have minimal understanding of proper personal financial management in today's world. But, yeah, survey after survey tells me that financial literacy is pathetic across all classes. (Many rich know even less, since they leave it to the help.) But, I can't help that. You need money to make money, lesson 1. But most people think paying for that money is the only way to live. If you can't start there, you're lost.

And, trust me, 7% is out there, low cost, medium risk. It's not all about t bills anymore. Making money with money has been easy since '09. Good times, and now we have a Trump bump. Rich get richer, poor drive crappy cars at high interest.