Wtf?

"gettingoldercarguy" (gettingoldercarguy) 04/04/2020 at 16:03 • Filed to: None

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KingT- 60% of the time, it works every time > gettingoldercarguy 04/04/2020 at 16:07

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Financial Literacy, starting at the high school level is desperately needed in this country.

Dr. Zoidberg - RIP Oppo > gettingoldercarguy 04/04/2020 at 16:13

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I know average isn’t median and all that. But I’m just looking at that figure: $533 bucks a month on a car, not including insurance, fuel, etc. ... Absolutely incredible. 

gettingoldercarguy > Dr. Zoidberg - RIP Oppo 04/04/2020 at 16:17

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And for 70 freaking months!

Dr. Zoidberg - RIP Oppo > gettingoldercarguy 04/04/2020 at 16:19

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Oh well. I often envy those that can just buy a new car without batting an eye. I've still never even financed a car...

ADabOfOppo; Gone Plaid (Instructables Can Be Confusable) > KingT- 60% of the time, it works every time 04/04/2020 at 16:20

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True. The added benefit of that is perhaps workers would also finally realize how properly we, collectively, have been fucked and start demanding fair wages so that ~$550/month for a car loan  isn’t such a hardship.

BaconSandwich is tasty. > gettingoldercarguy 04/04/2020 at 16:26

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Wait, you mean spending money I don’t have on stuff I don’t (necessarily) need is a bad idea?

(Yes, I know people need reliable vehicles. But reliable doesn't always have to be expensive.)

DipodomysDeserti > ADabOfOppo; Gone Plaid (Instructables Can Be Confusable) 04/04/2020 at 16:28

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Right? I like how suddenly we have trillions of dollars to just dump into the economy.

fintail > gettingoldercarguy 04/04/2020 at 16:35

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Makes me feel less dumb about leasing - at least when I get bored after 3 years I can effectively walk away instead of being massively upside down - as the typical 70 month note taker will be deep in the red at that point.

SBA Thanks You For All The Fish > Dr. Zoidberg - RIP Oppo 04/04/2020 at 16:35

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I was giggling at the $500 threshold... that’s basically “my price” on used D2 A8s that I buy and fix up for the kids. Just above scrap value, but a darn nice ride once you fix the transmissions and the fuel pumps.

At the average, that’s like buying 70 of my “standard” used car purchase.  Man I don’t understand why ordinary folks buy new cars...

fintail > ADabOfOppo; Gone Plaid (Instructables Can Be Confusable) 04/04/2020 at 16:36

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Just because purchasing power probably peaked around 1970 doesn’t mean anything is wrong now. Just pull up those bootstraps, build something yourself, and bask in the trickle down.

SBA Thanks You For All The Fish > Dr. Zoidberg - RIP Oppo 04/04/2020 at 16:36

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Don’t envy them. It’s a completely irrational thing to do, even for the wealthy.

Although I’m glad they do it so we get nice used cars to tinker with for pennies on the dollar a few years later.

WilliamsSW > fintail 04/04/2020 at 16:48

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 Best part - the trickle down is warm too!

WilliamsSW > ADabOfOppo; Gone Plaid (Instructables Can Be Confusable) 04/04/2020 at 16:50

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That’s an excellent point.

There is a significant number of people who don't really want the public to be financially smart.

Akio Ohtori - RIP Oppo > Dr. Zoidberg - RIP Oppo 04/04/2020 at 16:53

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Seriously. I didn’t like the $475 I was paying on the Volvo and yet I have friends that both paid more for their cars and make substantially less than I do.  Either I’m doing something very wrong, they’re doing something very right, or they’re doing something very wrong haha.

CB > gettingoldercarguy 04/04/2020 at 16:58

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I mean, if you can fit it in your financial plan and not worry about struggling with payments, go for it.

lone_liberal > gettingoldercarguy 04/04/2020 at 17:45

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It’s a big mistake unless you’re getting zero percent interest and you keep cars for even longer.  At that point why not? 

gettingoldercarguy > lone_liberal 04/04/2020 at 18:00

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Exactly, most of the people are stretching out  repayment terms to make it fit.  Over leveraged, not fiscally prudent.

WasGTIthenGTOthenNOVAnowbacktoGTI > gettingoldercarguy 04/04/2020 at 18:28

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A lot of people are in for a rude awakening when they go to trade in their cars after 3 years.....

wafflesnfalafel > gettingoldercarguy 04/04/2020 at 21:34

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cheap and easy money...  works great until zombie virus shows up

facw > lone_liberal 04/05/2020 at 00:01

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If you can afford it, nothing. If you are spreading out those payments to buy a car you couldn’t afford otherwise, you’ll be in for a world of pain once the car gets out of warranty (and maybe even with scheduled maintenance costs).

facw > WasGTIthenGTOthenNOVAnowbacktoGTI 04/05/2020 at 00:02

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They’ll just roll it into a new 96- month loan.

ADabOfOppo; Gone Plaid (Instructables Can Be Confusable) > fintail 04/05/2020 at 08:01

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Sorry, but I don’t like getting pissed on. Far be it from me to kink shame anyone, but I am not into golden showers. There are however a great many people who seem to be very enthusiastic about this though.