Who else hates monthly payments?

"Oppenheimer - not missing my shitboxes anymore" (reivax-rotciv) 09/04/2019 at 09:56 • Filed to: None

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I wrote this a while ago but wasn’t able to post on Oppo then.

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Are you ok on paying monthly or it gives you heartburn?

Dr. Zoidberg - RIP Oppo > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:01

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I’ve never had a car payment, I just have other ridiculous costs of living instead.

PartyPooper2012 > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:04

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why have monthly payments when you can buy a used late 90's corolla for a price of used late 90's corolla? 

Dr. Zoidberg - RIP Oppo > PartyPooper2012 09/04/2019 at 10:05

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Hey — quit stealing my moves!

MrDakka > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:07

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Just think of it like a subscription, but you end up owning it after a certain amount of time

USUSGTO > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:09

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Early this year, I embarked on the concept of eliminating all car notes - 5 cars .

2 were paid off

1 was $6000 left at 0% - 1 more year

1 was $26,000 left at 3.9% - working on refinancing 

1 was $12, 000 left at 3.9 % - Paid it all off.

My problem is I am already looking at more cars - which’ll mean restarting the monthly payment cycle. 

RallyDarkstrike - Fan of 2-cyl FIATs, Eastern Bloc & Kei cars > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:11

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I’ve never had monthly payments. I don’t see the point in buying a brand new car when I can get a few-year-old used one for significantly less and have it do everything I need it to do.

nermal > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:12

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...but if it weren’t for the availability of a 96 month loan for my pickup, then I would have to drive.... a crappier pickup?

That’s just nonsense. 

CarsofFortLangley - Oppo Forever > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:13

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Meh, modern Li fe is nothing but infinite monthly payments.

Ash78, voting early and often > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:13

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My “business mind” loves them — let a bank take on most of the risk and then slowly pay them back at 3% interest over (up to) 6 years? FANTASTIC.

My “emotional mind” hates all debt. It’s irrational to hate debt, since it can provide you useful capital for a home, investments, etc. As long as you’re using it to benefit you at a greater rate than the interest, it’s a good thing.

Not credit cards, though. Don’t pay credit card interest.

Long_Voyager, Now With More Caravanny Goodness > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:13

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I hate payments.

That’s why our new van will be paid off in 2 years and our house in 3.

Dr. Zoidberg - RIP Oppo > CarsofFortLangley - Oppo Forever 09/04/2019 at 10:14

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Dark

nerd_racing > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:15

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I have monthly payments on my house, and my CX5. My mortgage is so low that together they are still under $800 per month. So I’m okay with it for now. Automatic deductions into a bank account that is auto withdrawn for payments so it’s not like I ever see the money transfer. Out of sigh t , out of mind!

Future next gen S2000 owner > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:15

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I don’t mind them. I like nice things. I’ve had shitboxes. Last two were new. I don’t think I’ll be going back. Heated steering wheels, seats, NAV, no check engine lights, and dual climate are too nice to give up.

Buy new, put 150K on them, then move on. That’s my new standard.

Oppenheimer - not missing my shitboxes anymore > Ash78, voting early and often 09/04/2019 at 10:16

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This is something I try to think sometimes: Can I have more “emergency money” if I finance? If I am not walking, I can wait two or three more years, save the money to buy the next car, and keep my safety fund untouched for unexpected things...

MasterMario - Keeper of the V8s > PartyPooper2012 09/04/2019 at 10:17

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But then you have a used late ‘90s Corolla

E90M3 > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:18

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It all depends, I’ve been fine with them because you can get a better car now without having to save up. It also allows you to leave most of your cash reserves intact. Both my cars are paid for, and I prefer it that way, but I’m not adverse to taking on a payment again at some point. 

nerd_racing > PartyPooper2012 09/04/2019 at 10:19

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my move would be 90s mazda. 

promoted by the color red > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:25

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It doesn’t bother me, the fact I still make payments on it is what keeps me from throwing a bunch of mods at it or driving like a moron. 

CarsofFortLangley - Oppo Forever > Dr. Zoidberg - RIP Oppo 09/04/2019 at 10:25

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It’s true though. I pay $8 a month for music but inexplicably own no s ongs.

Dr. Zoidberg - RIP Oppo > CarsofFortLangley - Oppo Forever 09/04/2019 at 10:31

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I pay for life insurance which only pays out if I die. What a scam!

davesaddiction @ opposite-lock.com > Future next gen S2000 owner 09/04/2019 at 10:33

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How quickly do you run up 150k? We put around 25k per year on our family/trip car, and generally take them to ~ 200k before moving on.

CarsofFortLangley - Oppo Forever > Dr. Zoidberg - RIP Oppo 09/04/2019 at 10:35

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I'd rather have $50 a month while I live than my wife have $500,000 when I die!

ShrimpHappens, née WJalopy > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 10:41

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As much as I don’t like paying it, I very much like the warranty, reliability, and safety of buying new.

E90M3 > Ash78, voting early and often 09/04/2019 at 10:55

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I don’t understand the aversion to credit cards. If you pay every month, it’s effectively no different than using a debit card; you get an extra layer of protection and you can earn rewards. I get not having one if you can’t control your spending, but I really don’t get why people don’t use them. 

Ash78, voting early and often > E90M3 09/04/2019 at 10:57

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Make no mistake, I run 95% of our entire family’s transactions through a card. We just pay it off in full. It’s like a free savings account, a free loan, AND Amazon cash (depending on card). That’s why I said “don’t pay credit card interest” :)

Credit cards are one of the greatest tools for savings and budget management in the history of mankind. You just can’t be a total muppet.

Debit cards scare the hell out of me...why would I want numerous small transactions taken out of my account instantly? If you pitched that to a business, they’d laugh at you. CREDIT.

boredalways > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 11:02

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I would rather spend the $240/mo on something else than my Jetta.

Like savings.

Maybe blackjack and hookers.

But mostly likely on student loans

Future next gen S2000 owner > davesaddiction @ opposite-lock.com 09/04/2019 at 11:03

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10-12 years for us on average. It’s taken 3.5 years to get to 50K on my Taco.

E90M3 > Ash78, voting early and often 09/04/2019 at 11:05

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Ah ok, I didn’t get what you were saying there. That’s the same way I function, because that’s the way my parents function. 

davesaddiction @ opposite-lock.com > Future next gen S2000 owner 09/04/2019 at 11:14

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Yeah, I’m about 15k per year myself. My Tacoma is my primary drive (get the M3 out once or twice a week); almost 20k on the truck after a year and change, 125k on the M3 after 7 years (had just under 40k on it when I bought it).

Oppenheimer - not missing my shitboxes anymore > nerd_racing 09/04/2019 at 11:15

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Miata Is Always The Answer?

MonkeePuzzle > PartyPooper2012 09/04/2019 at 11:27

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I am this remark

davesaddiction @ opposite-lock.com > Future next gen S2000 owner 09/04/2019 at 11:29

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This past weekend. =)

PartyPooper2012 > MasterMario - Keeper of the V8s 09/04/2019 at 11:50

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exactly! Wrap that thing around you - bulletproof...car

PartyPooper2012 > MonkeePuzzle 09/04/2019 at 11:51

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Hi, this remark. I thought you were MonkeePuzzle?!

Future next gen S2000 owner > davesaddiction @ opposite-lock.com 09/04/2019 at 12:05

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Nice. This was mine

davesaddiction @ opposite-lock.com > Future next gen S2000 owner 09/04/2019 at 12:13

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Sweet... beautiful.

Love the lifejacket with no drawers - ha!

MasterMario - Keeper of the V8s > PartyPooper2012 09/04/2019 at 12:16

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What if I want an unreliable piece of tin?

PartyPooper2012 > MasterMario - Keeper of the V8s 09/04/2019 at 15:38

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oh! You have to pay extra for that... I think monthly payments. For 36 - 60 months. Surprise equipment may include but not limited to things like takata airbags, self accelerating pedal, out of control autonomous vehicle control, excessive br aking during adaptive cruise control, high belt lines, mediocre acceleration and excessive amount of unnecessary  safety equipment. 

Jordan > Oppenheimer - not missing my shitboxes anymore 09/04/2019 at 21:11

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I hate the thought of not owning it outright. However, I’d consider financing if its a car that I REALLY want, like a manual Challenger Hellcat or an old air-cooled 911 . 

Jordan > E90M3 09/04/2019 at 21:15

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I can control my spending, but its just one more thing you have to remember to do at the end of the month. 

pip bip - choose Corrour > Oppenheimer - not missing my shitboxes anymore 09/05/2019 at 06:26

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never had a car payment. always paid cash

nerd_racing > Oppenheimer - not missing my shitboxes anymore 09/05/2019 at 07:22

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I like them a little more obscure.  Like the 323 Diesel from France that I had, or the Autozam, 4wd Protege, Ford Festivas and Ford aspires. 

JohnTaurus > Oppenheimer - not missing my shitboxes anymore 09/08/2019 at 13:11

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The last time I had a car on payments was in 2001. Since then, it’s been cash only.

However, by 2021, I do plan to purchase a new vehicle, and I seriously doubt I’ll be able to pay cash, so I’m building my credit between now and then (as well as saving for a significant downpayment) to make it a bit less painful than if I did it today. My top choice is a Ford Bronco two door, manual, 4wd obviously, and if they don’t have something like that (all signs say they will), I’ll probably get a sporty coupe, like a Honda Civic Si.

I almost had to finance back in May, as I could find nothing I could afford on the used car market that wasnt horrible (Nissan Versa, high mileage beater Impala, etc). I was about to go drop $3-5k down on a new F-150 XL before I found my 2005 Honda Element that I paid $3k cash for. I’m very grateful for that.