Front page commenting

"Discerning" (discerning2003c5z) 04/02/2020 at 10:48 • Filed to: None

0

26

W hy oh why did I decide to post on the front page again?

All I wanted to do was express my happiness about being able to finance a vehicle for a long term at 0% back in 2018.

I honestly didnt think I’d get countless people who are determined to make countless incorrect assumptions about my choices just to find a way to claim that I might have made a wrong decision.

I need to stop replying. It’s like I’m trying to explain to a marketing person why their project makes no financial sense. It's borderline painful

Here’s a car for your time

DipodomysDeserti > Discerning 04/02/2020 at 11:04

10

I once financed a FIAT at 0% and received $6k off the MSRP. It was a bad decision.

MontegoMan562 is a Capri RS Owner > Discerning 04/02/2020 at 11:04

5

Oof. I saw this. I’m waiting for my onslaught/attack of comments for saying that a long term loan isn’t a bad thing depending on what you’re financing.

I personally encourage them if it’s used and has already taken it’s major depreciation hit and you have a good down payment. If you’re way ahead and there isn’t much of a difference in APR just take the longer loan. That way you can pay extra towards principal each month and if things get tight, you pay the minimum. Like say the water heater breaks or you need to put tires on the car. That month’s budget is a bit out of whack so you pay the minimum and then get back at it.

I do this policy for all my loans and it’s always worked out great. But I buy used cars with a down payment and I’m always way ahead on my car debt/value equation.

UserNotFound > Discerning 04/02/2020 at 11:07

4

Oh yeah I saw that. It’s brutal out there. Everybody knows everything.

The worst is the “if you can’t pay in cash day-of then you can’t afford a car, pal ” crowd.

Yeah that’s ... not how it works ...

Discerning > MontegoMan562 is a Capri RS Owner 04/02/2020 at 11:10

2

I normally do that too. But only a new truck would have made my wife as happy as she was with the purchase and how happy she is about it to this day.

Would have loved to get used, but it wasn’t an option.

That taken into consideration, I am very confident I made the right financing decision for the options I had.

Discerning > DipodomysDeserti 04/02/2020 at 11:12

0

Haha. I feel your pain.

This was an F150 back in 2018. I have been less than thrilled with it, but my wife absolutely loves it (it's her truck anyway).

gmporschenut also a fan of hondas > UserNotFound 04/02/2020 at 11:13

1

Problem is there are way to many variables and for everyone that has a plan and knows what they’re doing, everyone knows that moron that bought way over their head at a dumb rate. 

MontegoMan562 is a Capri RS Owner > Discerning 04/02/2020 at 11:18

4

I’m sure you did giving, you know you had the ability to actually see the details and aren’t assuming on the internet LOL.

My wife was thrilled that I found her a Wrangler Unlimited Rubicon in our price range. It was 10 years old but only had 14k miles on it. It was a well maintained Snow Bird vehicle that was used be an older couple over the summer when they were up north. In storage the remainder of the years. She couldn’t believe I found one in budget for 1 and with under 15k miles for 2. I knocked that one out of the park.

I hate blanket statements about “proper finances” because they don’t always mean the same, there are way too many variables to say a loan isn’t a good choice for someone.

gettingoldercarguy > Discerning 04/02/2020 at 11:20

7

Friends don’t let friends front page.

DipodomysDeserti > Discerning 04/02/2020 at 11:22

1

0% on a truck is great. Dodges seem to be the on ly ones that depreciate.

ClassicDatsunDebate > Discerning 04/02/2020 at 11:22

1

c o n t r i b u t i o n - m a r g i n

themanwithsauce - has as many vehicles as job titles > Discerning 04/02/2020 at 11:22

1

Ooooffff, yeah I saw that. I hate how often the FP commenters put up strawmen and put words into your mouth. Yes, the theoretical bad deal they post is a bad deal.....but that’s not what you posted in your comment soooooo......???

ClassicDatsunDebate > ClassicDatsunDebate 04/02/2020 at 11:23

0

Also, I’ve pretty much stopped posting on the FP.

My bird IS the word > Discerning 04/02/2020 at 11:24

1

Ehh. I have a 6 year extended warranty that covers the full life of the loan anyway

The Ghost of Oppo > Discerning 04/02/2020 at 11:26

2

For some reason a couple of months ago Kinja would just tweak out on me on the front page, but not here. So luckily that was the motivation I needed to never comment there again

Chariotoflove > gettingoldercarguy 04/02/2020 at 11:41

4

Word.

Instead of the “convince me not to buy this” posts, we need to start using “convince me not to write this on the FP” posts.

Chariotoflove > Discerning 04/02/2020 at 11:43

1

Thing is, if it’s 0%, and if you're keeping the vehicle, then who cares if you get under water on the loan? Every financial vehicle has its uses, some more advisable than others, but the time people get into trouble is mostly when they don't understand how to use one.

Future next gen S2000 owner > Discerning 04/02/2020 at 12:14

0

The only real downside to long term interest free loans is the depreciation vs payoff amount. If you put enough down or can cover the amount, it makes all the sense in the world to go as long as possible with 0% interest. Factoring in inflation, you are paying less for the car than what is negotiated .

Future next gen S2000 owner > MontegoMan562 is a Capri RS Owner 04/02/2020 at 12:17

1

This. I go long and pay extra every month. That usually keeps me ahead of the curve. Hell, with the Taco I could have rolled in negative equity and still have been ahead.

I like going new but that’s just me. I don’t swap out of cars all that often. 7-8 years is the average.

Ash78, voting early and often > Discerning 04/02/2020 at 12:27

1

I’m financially pretty savvy and conservative, but I’m all for responsible car owners to get the longest term they can at the lowest rate.

The world has vilified certain financial behaviors (usually involving debt) because for the past decade or so, debt has been THE BAD GUY rather than just a tool to achieve a goal. I sort of blame student loans for this attitude. And credit card companies haven’t always been the nicest people in the world.

Think about it like this: If companies didn’t use debt, our economy would be a joke. It allows for planning for the future. You just have to plan correctly and have a backup in case it doesn’t work out.

Chan - Mid-engine with cabin fever > Discerning 04/02/2020 at 13:15

1

The way people comment, you’d better hope they are all driving $4000 Corollas.

BigBlock440 > Chariotoflove 04/02/2020 at 13:28

1

then who cares if you get under water on the loan?

You might if it gets totaled.  I think that’s about the only legitimate argument against getting underwater, but if you’re saving the money you otherwise would have spent on a downpayment somewhere it’d making better returns, it still doesn’t really matter.

BigBlock440 > Chan - Mid-engine with cabin fever 04/02/2020 at 13:29

2

The way people comment, you’d better hope they are all driving $4000 Corollas. 

Whoa, look at the high roller here.

Chariotoflove > BigBlock440 04/02/2020 at 13:30

0

Good points.

Chan - Mid-engine with cabin fever > UserNotFound 04/02/2020 at 13:59

1

The cash thing only really applies to luxury cars and a certain level of affluence / discretionary spending. Yeah, some people go in way over their heads financing a Maserati, and when they lose their jobs it gets repo’d.

Lots of people need loans just for the basic reliable new car they need to get to their jobs and last long enough to make said jobs worthwhile . That’s the entire point of financing.

Chan - Mid-engine with cabin fever > Ash78, voting early and often 04/02/2020 at 14:00

1

Basically, the Internet Commenter crowd assumes anyone financing is stretching into a nicer car (that they couldn’t otherwise afford) just for show.

MontegoMan562 is a Capri RS Owner > Future next gen S2000 owner 04/03/2020 at 10:17

0

It sounds also like we both buy cars with great re-sale, which i’m sure helps. (Wrangler, Taco).

I was offered the chance to roll in a bunch with the Jeep too if I wanted, I declined. We’re long term owners too. The Jeep only had 14k miles on it when we bought it, despite being 10 years old (was a snow bird vehicle). I drove my old M ilan for almost 8 years before getting something new. Jeep is going to be driven for another 8 years (already 1.5 in) and then I think we plan on giving it to my son as his first vehicle. it should have around 100k on it by then.