Full Version: The Reason You Are Broke...
I agree. I even see it with some of our family members. While we arent at the point to pay cash for a new car yet, we did pay cash for dh's 1997 Chevy full size PU. And man, he loves that truck. 
We did finance my mini van, but stayed within OUR preset budget and didnt get one with all the frills and took out a *shortER* term, (also helped that we got a great interest rate at our CU-3.75%) When its paid off, I hope to get a few extra years out of it before we HAVE to buy something else. 
We did finance my mini van, but stayed within OUR preset budget and didnt get one with all the frills and took out a *shortER* term, (also helped that we got a great interest rate at our CU-3.75%) When its paid off, I hope to get a few extra years out of it before we HAVE to buy something else.
Absolutely true. DH and I have one car (he's semi-retired and works at home). He bought it used 4 years ago and it's a boring sedan for which he paid cash. That was before we were married. I had another boring sedan with 205,000 miles on it that we donated to a church mission when we moved from NJ to KS.
Our car is not glamorous, but we don't have car payments and our car insurance costs are a joke (as in very small). Sometimes when I read the Auto forum posts and people barely out of bankruptcy are trying to buy new SUVs I'm tempted to post and ask what the he*l they're thinking. But I restrain myself.
Our car is not glamorous, but we don't have car payments and our car insurance costs are a joke (as in very small). Sometimes when I read the Auto forum posts and people barely out of bankruptcy are trying to buy new SUVs I'm tempted to post and ask what the he*l they're thinking. But I restrain myself.
Wellllll.... 
I'll raise my hand to the "new-car-syndrome".
DH and I bought a brand new Kia Sportage last July. It was the first NEW car DH has ever owned (he's 47).
It was 27K - with payments of $487/month.
I've paid it down now to 20,300 - next payment "due" is in 2 months; and I've dropped the monthly payment to $425 already. The loan is one of those for 64 months - and there's no way in helllllo it's going to be that long! I hope to have it paid off by July 2008.
DH and I have always driven used cars, and for the most part, the mileage was always 150K or more before we got rid of the vehicles. In the past 5 years, we put more $$ into our used vehicles in maintenance and repairs that would have paid off 1/3 of the new car!! At least with this Kia, we have the 10yr/100K warranty!
We worked so hard for 3 years while are credit ratings were horrible, FICO's - when we were lucky were in the low 500's. The car was the first "gift" that we gave ourselves in over 4 years after struggling and worrying.
The payment is affordable for us, and when our land is paid off next September, the 1,000/month I'm paying on that (that's not the normal payment, I'm paying 700 extra/month) will go on the car.
I think a lot of the people who buy these larger cars with the large monthly payments are not thinking ahead and planning.
KH
I'll raise my hand to the "new-car-syndrome".
DH and I bought a brand new Kia Sportage last July. It was the first NEW car DH has ever owned (he's 47).
It was 27K - with payments of $487/month.
I've paid it down now to 20,300 - next payment "due" is in 2 months; and I've dropped the monthly payment to $425 already. The loan is one of those for 64 months - and there's no way in helllllo it's going to be that long! I hope to have it paid off by July 2008.
DH and I have always driven used cars, and for the most part, the mileage was always 150K or more before we got rid of the vehicles. In the past 5 years, we put more $$ into our used vehicles in maintenance and repairs that would have paid off 1/3 of the new car!! At least with this Kia, we have the 10yr/100K warranty!
We worked so hard for 3 years while are credit ratings were horrible, FICO's - when we were lucky were in the low 500's. The car was the first "gift" that we gave ourselves in over 4 years after struggling and worrying.
The payment is affordable for us, and when our land is paid off next September, the 1,000/month I'm paying on that (that's not the normal payment, I'm paying 700 extra/month) will go on the car.
I think a lot of the people who buy these larger cars with the large monthly payments are not thinking ahead and planning.
KH
Interesting article.
I'm the type of guy to drive a car until it goes. I do regular maintainence religiously and all that stuff.
I just don't want a car payment. But, I am a single guy with no kids, so I could care less what I drive.
I could see why a couple with two or three kids would want a new minivan though.
I'm the type of guy to drive a car until it goes. I do regular maintainence religiously and all that stuff.
I just don't want a car payment. But, I am a single guy with no kids, so I could care less what I drive.
I could see why a couple with two or three kids would want a new minivan though.
I agree.
I drive a 97 Plymouth Breeze with no air in Alabama. It gets pretty hot in the summer. It has 181k miles on it but I can squeeze another 2 years out of it.
We also have a 98 Honda Accord 2dr.
My wife is pregnant again so we are going to get rid of the Honda.
We owe @2k on it. We will probably throw a for sale sign in it for $7k. Push comes to shove we will trade it in 3 months and get about $5k.
Its nice to not be upside down on a car.
I drive a 97 Plymouth Breeze with no air in Alabama. It gets pretty hot in the summer. It has 181k miles on it but I can squeeze another 2 years out of it.
We also have a 98 Honda Accord 2dr.
My wife is pregnant again so we are going to get rid of the Honda.
We owe @2k on it. We will probably throw a for sale sign in it for $7k. Push comes to shove we will trade it in 3 months and get about $5k.
Its nice to not be upside down on a car.
Eh, the "real" reason I'm broke is because fi and I let our spending get outta control....Now I'm reigning that in and putting us back on a budget.
QUOTE(Athena53 @ Jan 11 2007, 04:45 PM) 
Absolutely true. DH and I have one car (he's semi-retired and works at home). He bought it used 4 years ago and it's a boring sedan for which he paid cash. That was before we were married. I had another boring sedan with 205,000 miles on it that we donated to a church mission when we moved from NJ to KS.
Our car is not glamorous, but we don't have car payments and our car insurance costs are a joke (as in very small). Sometimes when I read the Auto forum posts and people barely out of bankruptcy are trying to buy new SUVs I'm tempted to post and ask what the he*l they're thinking. But I restrain myself.
Our car is not glamorous, but we don't have car payments and our car insurance costs are a joke (as in very small). Sometimes when I read the Auto forum posts and people barely out of bankruptcy are trying to buy new SUVs I'm tempted to post and ask what the he*l they're thinking. But I restrain myself.
To be fair, when I get a full-time job, I do want to get a second car...But it'll be used most likely, and I'm sticking with the idea of wagon probably...Or large size sedan. Something with enough trunk space to fit groceries, a stroller, and/or luggage when we travel. Because the KIA I have now has NO TRUNK ROOM WHATSOEVER. And it's annoying that DD's stroller gets STUCK every single time we manage to shove it in there.
And from what I saw last time I checked, they were typically cheaper than the SUVs/vans and had better gas mileage. 
QUOTE(Mr. Roper @ Jan 11 2007, 05:02 PM)
Interesting article.
I'm the type of guy to drive a car until it goes. I do regular maintainence religiously and all that stuff.
I just don't want a car payment. But, I am a single guy with no kids, so I could care less what I drive.
I could see why a couple with two or three kids would want a new minivan though.
I'm the type of guy to drive a car until it goes. I do regular maintainence religiously and all that stuff.
I just don't want a car payment. But, I am a single guy with no kids, so I could care less what I drive.
I could see why a couple with two or three kids would want a new minivan though.
This was the only reason we bought new. Because dh felt I should have something reliable to be driving around with, with the kids. (We have 3) We just have a Dodge Caravan Sport (2003), that was "technically" used. We bought the 2003 IN 2003, but someone had owned it and traded it in already with 5000 miles on it for something NICER. LOL.
While I would have loved the Honda Odyssey, or the Toyota Sienna, it just wasnt in our budget.
Dh is great at working on cars and can do just about anything himself, so we are lucky in that respect, and hope to keep our vehicles for awhile longer..
QUOTE(Mr. Roper @ Jan 11 2007, 05:02 PM)
Interesting article.
I'm the type of guy to drive a car until it goes. I do regular maintainence religiously and all that stuff.
I just don't want a car payment. But, I am a single guy with no kids, so I could care less what I drive.
I could see why a couple with two or three kids would want a new minivan though.
I'm the type of guy to drive a car until it goes. I do regular maintainence religiously and all that stuff.
I just don't want a car payment. But, I am a single guy with no kids, so I could care less what I drive.
I could see why a couple with two or three kids would want a new minivan though.
Same here. We drive a 1993 Honda Civic. Paid $1500 cash for it. We share it (2 adult household) too, and take the bus if one of us needs it and the other needs it simultaneously.
Um, the car is NOT why we're broke. LOL.
Try under-educated, limited skills, under-employed, and too many kids!
I think for many people, it's the car, as the article says. I've never owned a new car. And frankly I probably never will. Because even if I wanted to spend $30K or 50K on a car, I'd still get a used car, just a much nicer one.
We've always heard that once a new car is off the lot, it goes down about 20%... that always got to me. Let someone else eat that cost. I look for something about 3 years old, that I will want to drive for the next 6 years.
We've always heard that once a new car is off the lot, it goes down about 20%... that always got to me. Let someone else eat that cost. I look for something about 3 years old, that I will want to drive for the next 6 years.
Overspending on vehicles is a big problem for a lot of people. When I tell people I pay cash for a car they can't believe it.
"How can you afford that?"
"I saved the money ahead of time."
"You saved enough to pay for a car?"
"Yes, by keeping the one I had for seven years AFTER it was paid for, and I'll probably keep this one for 8 years or longer."
No one should think you have to have car payments forever. People just assume that's the way it is. I want and need a reliable car, but it doesn't have to be new and it doesn't have to cost a lot.
Our last two purchases were a year-old sedan with 18k miles for 50% less than a new one, and a two-year-old Jeep with 28k miles for 60% less than a new one.
Some people want new cars and can easily afford them - and that's great for them. For many others, though, they are wasting tens of thousands of dollars buying a new car and they can't really afford that kind of hit. They think they can by stretching the loan out to 60 or 72 months, and never realize how much of a financial killer that is.
Don't ever be a "payment buyer". If you can only afford $300 a month for a car payment, and you tell the dealer that, I can guarantee he will find a way to sell you a new $50,000 car with a $300 payment. That's how people get into trouble - they think if the deal gives them the monthly payment they want, then they can afford it. Not true.
"How can you afford that?"
"I saved the money ahead of time."
"You saved enough to pay for a car?"
"Yes, by keeping the one I had for seven years AFTER it was paid for, and I'll probably keep this one for 8 years or longer."
No one should think you have to have car payments forever. People just assume that's the way it is. I want and need a reliable car, but it doesn't have to be new and it doesn't have to cost a lot.
Our last two purchases were a year-old sedan with 18k miles for 50% less than a new one, and a two-year-old Jeep with 28k miles for 60% less than a new one.
Some people want new cars and can easily afford them - and that's great for them. For many others, though, they are wasting tens of thousands of dollars buying a new car and they can't really afford that kind of hit. They think they can by stretching the loan out to 60 or 72 months, and never realize how much of a financial killer that is.
Don't ever be a "payment buyer". If you can only afford $300 a month for a car payment, and you tell the dealer that, I can guarantee he will find a way to sell you a new $50,000 car with a $300 payment. That's how people get into trouble - they think if the deal gives them the monthly payment they want, then they can afford it. Not true.
I too have seen this phenomenon. People I know have $500 plus on each payment on their vehicles…HELLO.
The wife have to have a luxury sedan and the husband has a nice SUV..Expedition etc…(NEW)
We currently have a 1997 Corrolla that was bought used and we paid it off a couple years ago and almost a year ago we bought a 2000 minivan.
It has leather seats..etc but we only paid $5900 for it.
And hope to pay that off sometime by the end of this year..
Too many people think that their car is an investment..poor things
The wife have to have a luxury sedan and the husband has a nice SUV..Expedition etc…(NEW)
We currently have a 1997 Corrolla that was bought used and we paid it off a couple years ago and almost a year ago we bought a 2000 minivan.
It has leather seats..etc but we only paid $5900 for it.
And hope to pay that off sometime by the end of this year..
Too many people think that their car is an investment..poor things
QUOTE
Don't ever be a "payment buyer". If you can only afford $300 a month for a car payment, and you tell the dealer that, I can guarantee he will find a way to sell you a new $50,000 car with a $300 payment.
Yup, that's increasingly common, and is one of the ways new car dealers advertise now. In fact, if you read some of the newspaper ads, they don't even tell you the full value of the vehicle, they just tell you the "low" payment. That's also why car loans have morphed from 3 or 4 year loans to 5 or 6 year loans. eek. I can't imagine driving a car for 6 years and still owing money on it.
Our vehicles were paid for in cash, and we've already started putting away our own "monthly car payment" in a high-yield savings account for the next ones.
Here's another article along the same lines.
http://money.cnn.com/2007/01/12/magazines/...sion=2007011210
The writer claims you can end up $400K richer by buying cheaper cars ($180,000), sending your kid to a state university ($164K) and spending $1,000/year less on vacations ($122K).
I plead guilty to sinning on the last two- DS is about to graduate from a private college with small classes, where the professors pride themselves on being accessible to students. Given his ADD issues, we were pretty sure he'd get lost at a state university. I come from a family of 5 kids and all of us went to state universities, though, and we all did fine. And European vacations are my husband's and my one splurge. Funny related story- when I was 25, I made my first trip to Europe. I was driving a 1973 Hornet (this was 1977) and it was a POS. My co-workers joked that I must be rich. I wasn't- but my car payments were undoubtedly cheaper than theirs.
The writer of the article calculates the car savings by looking at the difference between a new, loaded Acura and a new, stripped-down Acord ($9K). Calculate the difference between a new SUV and a 2-year old sedan and we're talking much bigger bucks, especially when you factor in differences in gas, insurance and interest on the loans if you borrow to buy it.
http://money.cnn.com/2007/01/12/magazines/...sion=2007011210
The writer claims you can end up $400K richer by buying cheaper cars ($180,000), sending your kid to a state university ($164K) and spending $1,000/year less on vacations ($122K).
I plead guilty to sinning on the last two- DS is about to graduate from a private college with small classes, where the professors pride themselves on being accessible to students. Given his ADD issues, we were pretty sure he'd get lost at a state university. I come from a family of 5 kids and all of us went to state universities, though, and we all did fine. And European vacations are my husband's and my one splurge. Funny related story- when I was 25, I made my first trip to Europe. I was driving a 1973 Hornet (this was 1977) and it was a POS. My co-workers joked that I must be rich. I wasn't- but my car payments were undoubtedly cheaper than theirs.
The writer of the article calculates the car savings by looking at the difference between a new, loaded Acura and a new, stripped-down Acord ($9K). Calculate the difference between a new SUV and a 2-year old sedan and we're talking much bigger bucks, especially when you factor in differences in gas, insurance and interest on the loans if you borrow to buy it.
QUOTE(Athena53 @ Jan 12 2007, 04:16 PM)
Here's another article along the same lines.
http://money.cnn.com/2007/01/12/magazines/...sion=2007011210
The writer claims you can end up $400K richer by buying cheaper cars ($180,000), sending your kid to a state university ($164K) and spending $1,000/year less on vacations ($122K).
I plead guilty to sinning on the last two- DS is about to graduate from a private college with small classes, where the professors pride themselves on being accessible to students. Given his ADD issues, we were pretty sure he'd get lost at a state university. I come from a family of 5 kids and all of us went to state universities, though, and we all did fine. And European vacations are my husband's and my one splurge. Funny related story- when I was 25, I made my first trip to Europe. I was driving a 1973 Hornet (this was 1977) and it was a POS. My co-workers joked that I must be rich. I wasn't- but my car payments were undoubtedly cheaper than theirs.
The writer of the article calculates the car savings by looking at the difference between a new, loaded Acura and a new, stripped-down Acord ($9K). Calculate the difference between a new SUV and a 2-year old sedan and we're talking much bigger bucks, especially when you factor in differences in gas, insurance and interest on the loans if you borrow to buy it.
http://money.cnn.com/2007/01/12/magazines/...sion=2007011210
The writer claims you can end up $400K richer by buying cheaper cars ($180,000), sending your kid to a state university ($164K) and spending $1,000/year less on vacations ($122K).
I plead guilty to sinning on the last two- DS is about to graduate from a private college with small classes, where the professors pride themselves on being accessible to students. Given his ADD issues, we were pretty sure he'd get lost at a state university. I come from a family of 5 kids and all of us went to state universities, though, and we all did fine. And European vacations are my husband's and my one splurge. Funny related story- when I was 25, I made my first trip to Europe. I was driving a 1973 Hornet (this was 1977) and it was a POS. My co-workers joked that I must be rich. I wasn't- but my car payments were undoubtedly cheaper than theirs.
The writer of the article calculates the car savings by looking at the difference between a new, loaded Acura and a new, stripped-down Acord ($9K). Calculate the difference between a new SUV and a 2-year old sedan and we're talking much bigger bucks, especially when you factor in differences in gas, insurance and interest on the loans if you borrow to buy it.
My parents' saved on me going to college at all.
They help me out when needed but the only COLLEGE expense they paid was $800 my sophomore year of college. I had the money to pay for it too, but my parents told me to keep that money for miscellaneous expenses.
I think I might have ended up paying $500 from it or so but I don't remember.But I really don't like asking my parents for a lot. They did pay for the transmission in my car and bought my car (pay car note and insurance) but I already feel guilty as sin about that and want to take over the payments as soon as I'm financially able to do so. My parents' signed Parent-Plus loans for my older brother's college education and that was a disaster
I didn't want to put them in the same situation. Then, after I started school they ended up supporting my older brother a lot of the time (helping pay rent, etc)...So I just dealt with what I could. Now I just don't think it's right to ask for help when I have a fiance and daughter--I figure I should be adult enough to figure out how to solve problems. Besides, now they pay my younger bro's tuition and books, and since he lost his job (long story but he's looking for a new one) his rent and food and gas and all that too. I try my hardest not to be a burden..They got enough to worry about.
As for vacations we don't really get VACATION vacations...We do visit family...When we visit mine, it's about $40-60 in gas round trip. When we visit fi's parents it depends--once they paid both tickets (DD was free), once we split the cost of the tickets, and stayed with them. This year we will be going on a "vacation" with them to Chicago to visit their family there. They're gonna pay for the hotel and we are paying for our tickets (I was just informed we will also have to pay for our food, entertainment, etc which isn't a big deal except we were originally told they'd pay for everything except the flight...Again not a big deal and I do appreciate the fact that they gave us enough advanced warning for us to save up for it.)
QUOTE(Athena53 @ Jan 11 2007, 03:45 PM)
Sometimes when I read the Auto forum posts and people barely out of bankruptcy are trying to buy new SUVs I'm tempted to post and ask what the he*l they're thinking. But I restrain myself.
Totally agree. I have a friend that just went through BK last year and he's already digging himself back into that hole. He just bought a new SUV when he had a perfectly good car that was paid off and could've possibly lasted him another year or 2.
QUOTE(Lemonade @ Jan 12 2007, 02:47 PM)
eek. I can't imagine driving a car for 6 years and still owing money on it.
Totally agree again. My wife bought a new car in 2001 and we still have a year to pay on it. I would much rather pay 2 or 3 grand for a car that I could get several years out of and have it over with.
QUOTE(Athena53 @ Jan 11 2007, 05:45 PM)
Absolutely true. DH and I have one car (he's semi-retired and works at home). He bought it used 4 years ago and it's a boring sedan for which he paid cash. That was before we were married. I had another boring sedan with 205,000 miles on it that we donated to a church mission when we moved from NJ to KS.
Our car is not glamorous, but we don't have car payments and our car insurance costs are a joke (as in very small). Sometimes when I read the Auto forum posts and people barely out of bankruptcy are trying to buy new SUVs I'm tempted to post and ask what the he*l they're thinking. But I restrain myself.
Our car is not glamorous, but we don't have car payments and our car insurance costs are a joke (as in very small). Sometimes when I read the Auto forum posts and people barely out of bankruptcy are trying to buy new SUVs I'm tempted to post and ask what the he*l they're thinking. But I restrain myself.
Maybe you shouldn't restrain yourself.
Having a car is pretty much a neccessity today, but buying a new car is a luxury, pure and simple.
To get a reliable car with a warranty, you don't need to spend 25K on a new SUV. You can buy any number of certified used cars for a fraction of the price with warranty.
For example, I bought my 2003 PT Cruiser in 2/2006 for $8500. It is a fun car, reliable and it had 54K miles on it. The certified warranty on it is good 8 years/80K. (80K will be the limit with the number of miles I drive).
In a few years, it will no longer be a cool car, but it will be paid for and I will drive it until it dies.
When you figure out how much the car will cost me per year, that really makes the cost of ownership pretty reasonable.
In one sentence: buying a new car is an awful financial move.
QUOTE(angeleyeskkhr @ Jan 12 2007, 04:59 PM)
QUOTE(Athena53 @ Jan 12 2007, 04:16 PM)
Here's another article along the same lines.
http://money.cnn.com/2007/01/12/magazines/...sion=2007011210
The writer claims you can end up $400K richer by buying cheaper cars ($180,000), sending your kid to a state university ($164K) and spending $1,000/year less on vacations ($122K).
I plead guilty to sinning on the last two- DS is about to graduate from a private college with small classes, where the professors pride themselves on being accessible to students. Given his ADD issues, we were pretty sure he'd get lost at a state university. I come from a family of 5 kids and all of us went to state universities, though, and we all did fine. And European vacations are my husband's and my one splurge. Funny related story- when I was 25, I made my first trip to Europe. I was driving a 1973 Hornet (this was 1977) and it was a POS. My co-workers joked that I must be rich. I wasn't- but my car payments were undoubtedly cheaper than theirs.
The writer of the article calculates the car savings by looking at the difference between a new, loaded Acura and a new, stripped-down Acord ($9K). Calculate the difference between a new SUV and a 2-year old sedan and we're talking much bigger bucks, especially when you factor in differences in gas, insurance and interest on the loans if you borrow to buy it.
My parents' saved on me going to college at all.
They help me out when needed but the only COLLEGE expense they paid was $800 my sophomore year of college. I had the money to pay for it too, but my parents told me to keep that money for miscellaneous expenses.
I think I might have ended up paying $500 from it or so but I don't remember.But I really don't like asking my parents for a lot. They did pay for the transmission in my car and bought my car (pay car note and insurance) but I already feel guilty as sin about that and want to take over the payments as soon as I'm financially able to do so. My parents' signed Parent-Plus loans for my older brother's college education and that was a disaster
I didn't want to put them in the same situation. Then, after I started school they ended up supporting my older brother a lot of the time (helping pay rent, etc)...So I just dealt with what I could. Now I just don't think it's right to ask for help when I have a fiance and daughter--I figure I should be adult enough to figure out how to solve problems. Besides, now they pay my younger bro's tuition and books, and since he lost his job (long story but he's looking for a new one) his rent and food and gas and all that too. I try my hardest not to be a burden..They got enough to worry about.
As for vacations we don't really get VACATION vacations...We do visit family...When we visit mine, it's about $40-60 in gas round trip. When we visit fi's parents it depends--once they paid both tickets (DD was free), once we split the cost of the tickets, and stayed with them. This year we will be going on a "vacation" with them to Chicago to visit their family there. They're gonna pay for the hotel and we are paying for our tickets (I was just informed we will also have to pay for our food, entertainment, etc which isn't a big deal except we were originally told they'd pay for everything except the flight...Again not a big deal and I do appreciate the fact that they gave us enough advanced warning for us to save up for it.)
We dont take "vacations" either. And this June we're driving to Colorado to visit my family (first time in almost 3 yrs that I will have been back HOME) We'll stay at my mom's and drive vs. fly.
We did say that hopefully in a year or two we would take the kids to Disney World for the first time though!
QUOTE(JennM @ Jan 13 2007, 08:43 AM)
QUOTE(angeleyeskkhr @ Jan 12 2007, 04:59 PM)
QUOTE(Athena53 @ Jan 12 2007, 04:16 PM)
Here's another article along the same lines.
http://money.cnn.com/2007/01/12/magazines/...sion=2007011210
The writer claims you can end up $400K richer by buying cheaper cars ($180,000), sending your kid to a state university ($164K) and spending $1,000/year less on vacations ($122K).
I plead guilty to sinning on the last two- DS is about to graduate from a private college with small classes, where the professors pride themselves on being accessible to students. Given his ADD issues, we were pretty sure he'd get lost at a state university. I come from a family of 5 kids and all of us went to state universities, though, and we all did fine. And European vacations are my husband's and my one splurge. Funny related story- when I was 25, I made my first trip to Europe. I was driving a 1973 Hornet (this was 1977) and it was a POS. My co-workers joked that I must be rich. I wasn't- but my car payments were undoubtedly cheaper than theirs.
The writer of the article calculates the car savings by looking at the difference between a new, loaded Acura and a new, stripped-down Acord ($9K). Calculate the difference between a new SUV and a 2-year old sedan and we're talking much bigger bucks, especially when you factor in differences in gas, insurance and interest on the loans if you borrow to buy it.
My parents' saved on me going to college at all.
They help me out when needed but the only COLLEGE expense they paid was $800 my sophomore year of college. I had the money to pay for it too, but my parents told me to keep that money for miscellaneous expenses.
I think I might have ended up paying $500 from it or so but I don't remember.But I really don't like asking my parents for a lot. They did pay for the transmission in my car and bought my car (pay car note and insurance) but I already feel guilty as sin about that and want to take over the payments as soon as I'm financially able to do so. My parents' signed Parent-Plus loans for my older brother's college education and that was a disaster
I didn't want to put them in the same situation. Then, after I started school they ended up supporting my older brother a lot of the time (helping pay rent, etc)...So I just dealt with what I could. Now I just don't think it's right to ask for help when I have a fiance and daughter--I figure I should be adult enough to figure out how to solve problems. Besides, now they pay my younger bro's tuition and books, and since he lost his job (long story but he's looking for a new one) his rent and food and gas and all that too. I try my hardest not to be a burden..They got enough to worry about.
As for vacations we don't really get VACATION vacations...We do visit family...When we visit mine, it's about $40-60 in gas round trip. When we visit fi's parents it depends--once they paid both tickets (DD was free), once we split the cost of the tickets, and stayed with them. This year we will be going on a "vacation" with them to Chicago to visit their family there. They're gonna pay for the hotel and we are paying for our tickets (I was just informed we will also have to pay for our food, entertainment, etc which isn't a big deal except we were originally told they'd pay for everything except the flight...Again not a big deal and I do appreciate the fact that they gave us enough advanced warning for us to save up for it.)
We dont take "vacations" either. And this June we're driving to Colorado to visit my family (first time in almost 3 yrs that I will have been back HOME) We'll stay at my mom's and drive vs. fly.
We did say that hopefully in a year or two we would take the kids to Disney World for the first time though!
I seriously thought about driving up to Chicago...But we live in Austin, and I know for a fact that driving to Kansas takes me 13 hours (well, to a certain city there), stopping only for gas and potty breaks. I can't imagine driving to Chicago (How much longer would that take) with a two year old!
It seems like keeping our sanity may just be worth the extra dollars (plus our trunk space is next to nothing.
)
[duplicate post]
QUOTE(roddysmom @ Jan 11 2007, 05:58 PM)
Wellllll....
I'll raise my hand to the "new-car-syndrome".
DH and I bought a brand new Kia Sportage last July. It was the first NEW car DH has ever owned (he's 47).
It was 27K - with payments of $487/month.
I've paid it down now to 20,300 - next payment "due" is in 2 months; and I've dropped the monthly payment to $425 already. The loan is one of those for 64 months - and there's no way in helllllo it's going to be that long! I hope to have it paid off by July 2008.
DH and I have always driven used cars, and for the most part, the mileage was always 150K or more before we got rid of the vehicles. In the past 5 years, we put more $$ into our used vehicles in maintenance and repairs that would have paid off 1/3 of the new car!! At least with this Kia, we have the 10yr/100K warranty!
We worked so hard for 3 years while are credit ratings were horrible, FICO's - when we were lucky were in the low 500's. The car was the first "gift" that we gave ourselves in over 4 years after struggling and worrying.
The payment is affordable for us, and when our land is paid off next September, the 1,000/month I'm paying on that (that's not the normal payment, I'm paying 700 extra/month) will go on the car.
I think a lot of the people who buy these larger cars with the large monthly payments are not thinking ahead and planning.
KH
I'll raise my hand to the "new-car-syndrome".
DH and I bought a brand new Kia Sportage last July. It was the first NEW car DH has ever owned (he's 47).
It was 27K - with payments of $487/month.
I've paid it down now to 20,300 - next payment "due" is in 2 months; and I've dropped the monthly payment to $425 already. The loan is one of those for 64 months - and there's no way in helllllo it's going to be that long! I hope to have it paid off by July 2008.
DH and I have always driven used cars, and for the most part, the mileage was always 150K or more before we got rid of the vehicles. In the past 5 years, we put more $$ into our used vehicles in maintenance and repairs that would have paid off 1/3 of the new car!! At least with this Kia, we have the 10yr/100K warranty!
We worked so hard for 3 years while are credit ratings were horrible, FICO's - when we were lucky were in the low 500's. The car was the first "gift" that we gave ourselves in over 4 years after struggling and worrying.
The payment is affordable for us, and when our land is paid off next September, the 1,000/month I'm paying on that (that's not the normal payment, I'm paying 700 extra/month) will go on the car.
I think a lot of the people who buy these larger cars with the large monthly payments are not thinking ahead and planning.
KH
Out of curiosity, how did you drop your payments down to $425/month? The only logical way of that happening is if you refinanced the vehicle. I have a feeling you are paying extra on the loan the extra amount is being applied towards future payments. Once that reserve dries up, you're going to be very surprised that the payment never actually changed.
Your payment will never change unless you refi or pay off the car. It's in the contract. Trust me, I work in the auto loan world for a well known bank and this is the biggest misconception out there.
Please call customer service of your auto loan finance co. and ask them what your REGULAR payment is and if you had additional money added towards future payments.
Trust me.
/snipped
Oh I agree. I'd rather fly and get the torture over with. I equal it to ripping off a bandaid fast, vs. peeling it off slow and prolonging the pain.
But buying plane tickets for 3 kids, plus dh and I.....it's pricey!! So we take the slow and painful journey of driving for approx. 16 hrs-20 hrs. Actually though, in all fairness, now that the kids are a little older, its not as bad. We can find more to amuse them than when they were littler. We're thinking of getting an inexpensive portable DVD player to take along this time!
QUOTE
I seriously thought about driving up to Chicago...But we live in Austin, and I know for a fact that driving to Kansas takes me 13 hours (well, to a certain city there), stopping only for gas and potty breaks. I can't imagine driving to Chicago (How much longer would that take) with a two year old!
It seems like keeping our sanity may just be worth the extra dollars (plus our trunk space is next to nothing. )
It seems like keeping our sanity may just be worth the extra dollars (plus our trunk space is next to nothing.
) Oh I agree. I'd rather fly and get the torture over with. I equal it to ripping off a bandaid fast, vs. peeling it off slow and prolonging the pain.
But buying plane tickets for 3 kids, plus dh and I.....it's pricey!!
So we take the slow and painful journey of driving for approx. 16 hrs-20 hrs. Actually though, in all fairness, now that the kids are a little older, its not as bad. We can find more to amuse them than when they were littler. We're thinking of getting an inexpensive portable DVD player to take along this time!
QUOTE(JennM @ Jan 13 2007, 11:57 AM)
/snipped
Oh I agree. I'd rather fly and get the torture over with. I equal it to ripping off a bandaid fast, vs. peeling it off slow and prolonging the pain.
But buying plane tickets for 3 kids, plus dh and I.....it's pricey!! So we take the slow and painful journey of driving for approx. 16 hrs-20 hrs. Actually though, in all fairness, now that the kids are a little older, its not as bad. We can find more to amuse them than when they were littler. We're thinking of getting an inexpensive portable DVD player to take along this time!
QUOTE
I seriously thought about driving up to Chicago...But we live in Austin, and I know for a fact that driving to Kansas takes me 13 hours (well, to a certain city there), stopping only for gas and potty breaks. I can't imagine driving to Chicago (How much longer would that take) with a two year old!
It seems like keeping our sanity may just be worth the extra dollars (plus our trunk space is next to nothing. )
It seems like keeping our sanity may just be worth the extra dollars (plus our trunk space is next to nothing.
) Oh I agree. I'd rather fly and get the torture over with. I equal it to ripping off a bandaid fast, vs. peeling it off slow and prolonging the pain.
But buying plane tickets for 3 kids, plus dh and I.....it's pricey!!
So we take the slow and painful journey of driving for approx. 16 hrs-20 hrs. Actually though, in all fairness, now that the kids are a little older, its not as bad. We can find more to amuse them than when they were littler. We're thinking of getting an inexpensive portable DVD player to take along this time! The dvd player in the car is a great idea, IMHO!
How old are your kids? Books, handheld games, etc can all help with older kids.
DD's just over 2 and the dvd player is a life saver for short trips to my parents' house(4-4.5 hours) but typically she also is starting to come undone by the time we get there.
Yeah, when DD is older and can handle it, I wouldn't mind taking the car, but with how she is now...It's difficult, she can't stay sitting for long periods of time--has to be on the go--and with all the diaper changes added in.
At least she has no problem sleeping ni the car though! lol that's always why we time our trips to my parents' at night (but typically she still wakes up for a while). We aren't as fortunate in the timing of leaving their house to come home though--always in the day.
QUOTE(angeleyeskkhr @ Jan 13 2007, 05:15 PM)
QUOTE(JennM @ Jan 13 2007, 11:57 AM)
/snipped
QUOTE
I seriously thought about driving up to Chicago...But we live in Austin, and I know for a fact that driving to Kansas takes me 13 hours (well, to a certain city there), stopping only for gas and potty breaks. I can't imagine driving to Chicago (How much longer would that take) with a two year old!
It seems like keeping our sanity may just be worth the extra dollars (plus our trunk space is next to nothing. )
It seems like keeping our sanity may just be worth the extra dollars (plus our trunk space is next to nothing.
) Oh I agree. I'd rather fly and get the torture over with. I equal it to ripping off a bandaid fast, vs. peeling it off slow and prolonging the pain.
But buying plane tickets for 3 kids, plus dh and I.....it's pricey!!
So we take the slow and painful journey of driving for approx. 16 hrs-20 hrs. Actually though, in all fairness, now that the kids are a little older, its not as bad. We can find more to amuse them than when they were littler. We're thinking of getting an inexpensive portable DVD player to take along this time! The dvd player in the car is a great idea, IMHO!
How old are your kids? Books, handheld games, etc can all help with older kids.
DD's just over 2 and the dvd player is a life saver for short trips to my parents' house(4-4.5 hours) but typically she also is starting to come undone by the time we get there.
Yeah, when DD is older and can handle it, I wouldn't mind taking the car, but with how she is now...It's difficult, she can't stay sitting for long periods of time--has to be on the go--and with all the diaper changes added in.
At least she has no problem sleeping ni the car though! lol that's always why we time our trips to my parents' at night (but typically she still wakes up for a while). We aren't as fortunate in the timing of leaving their house to come home though--always in the day.
15 yr old ds
6 yr old ds
4 1/2 yr old dd
Oldest will probably listen to his iPod for the better part of the time, sleep the rest. You know teenagers.
Younger ones each have the Leapfrog Leapsters, and add in a portable DVD player and we should be good.
We've actually made the drive quite a number of times and found that if we can do alot of driving at night when they are sleeping it makes it easier on everyone!
QUOTE(righteousbabe @ Jan 12 2007, 01:18 AM)
Try under-educated, limited skills, under-employed, and too many kids!
Naw, I think I will pass on trying that one... doesn't sound like it works too well....
QUOTE(angeleyeskkhr @ Jan 13 2007, 09:54 AM)
QUOTE(JennM @ Jan 13 2007, 08:43 AM)
QUOTE(angeleyeskkhr @ Jan 12 2007, 04:59 PM)
QUOTE(Athena53 @ Jan 12 2007, 04:16 PM)
Here's another article along the same lines.
http://money.cnn.com/2007/01/12/magazines/...sion=2007011210
The writer claims you can end up $400K richer by buying cheaper cars ($180,000), sending your kid to a state university ($164K) and spending $1,000/year less on vacations ($122K).
I plead guilty to sinning on the last two- DS is about to graduate from a private college with small classes, where the professors pride themselves on being accessible to students. Given his ADD issues, we were pretty sure he'd get lost at a state university. I come from a family of 5 kids and all of us went to state universities, though, and we all did fine. And European vacations are my husband's and my one splurge. Funny related story- when I was 25, I made my first trip to Europe. I was driving a 1973 Hornet (this was 1977) and it was a POS. My co-workers joked that I must be rich. I wasn't- but my car payments were undoubtedly cheaper than theirs.
The writer of the article calculates the car savings by looking at the difference between a new, loaded Acura and a new, stripped-down Acord ($9K). Calculate the difference between a new SUV and a 2-year old sedan and we're talking much bigger bucks, especially when you factor in differences in gas, insurance and interest on the loans if you borrow to buy it.
My parents' saved on me going to college at all.
They help me out when needed but the only COLLEGE expense they paid was $800 my sophomore year of college. I had the money to pay for it too, but my parents told me to keep that money for miscellaneous expenses.
I think I might have ended up paying $500 from it or so but I don't remember.But I really don't like asking my parents for a lot. They did pay for the transmission in my car and bought my car (pay car note and insurance) but I already feel guilty as sin about that and want to take over the payments as soon as I'm financially able to do so. My parents' signed Parent-Plus loans for my older brother's college education and that was a disaster
I didn't want to put them in the same situation. Then, after I started school they ended up supporting my older brother a lot of the time (helping pay rent, etc)...So I just dealt with what I could. Now I just don't think it's right to ask for help when I have a fiance and daughter--I figure I should be adult enough to figure out how to solve problems. Besides, now they pay my younger bro's tuition and books, and since he lost his job (long story but he's looking for a new one) his rent and food and gas and all that too. I try my hardest not to be a burden..They got enough to worry about.
As for vacations we don't really get VACATION vacations...We do visit family...When we visit mine, it's about $40-60 in gas round trip. When we visit fi's parents it depends--once they paid both tickets (DD was free), once we split the cost of the tickets, and stayed with them. This year we will be going on a "vacation" with them to Chicago to visit their family there. They're gonna pay for the hotel and we are paying for our tickets (I was just informed we will also have to pay for our food, entertainment, etc which isn't a big deal except we were originally told they'd pay for everything except the flight...Again not a big deal and I do appreciate the fact that they gave us enough advanced warning for us to save up for it.)
We dont take "vacations" either. And this June we're driving to Colorado to visit my family (first time in almost 3 yrs that I will have been back HOME) We'll stay at my mom's and drive vs. fly.
We did say that hopefully in a year or two we would take the kids to Disney World for the first time though!
I seriously thought about driving up to Chicago...But we live in Austin, and I know for a fact that driving to Kansas takes me 13 hours (well, to a certain city there), stopping only for gas and potty breaks. I can't imagine driving to Chicago (How much longer would that take) with a two year old!
It seems like keeping our sanity may just be worth the extra dollars (plus our trunk space is next to nothing.
) 13 Hours from Alabama to Michigan.
We make the trip at least once a year.
Brand New rental car from the Atlanta Airport @$250 a week unlimited miles.
Fly out of Atlanta airport - $300 x 3
Plus we have a car when we get there.
Last year we had a Dodge Magnum with only 600 miles on it. I loved it. Get to drive a brand new car for a week. Then go back to the Breeze.
I dont need a book or a magazine to tell me why Im broke. I already know
I spent too much money.
I spent too much money.
Just a small vent...
I'm well aware that most of us need transportation. But that doesn't mean you have to keep up with the Jones'. It makes no sense to take an appreciating asset such as cash and put it into an asset that will lose 25% or more of it's value the second you sign on the dotted line, and that is what a car is. I've bought used cars all my life and don't intend to change now. JMHO
I'm well aware that most of us need transportation. But that doesn't mean you have to keep up with the Jones'. It makes no sense to take an appreciating asset such as cash and put it into an asset that will lose 25% or more of it's value the second you sign on the dotted line, and that is what a car is. I've bought used cars all my life and don't intend to change now. JMHO
WHEN DID A KIA SPORTAGE START SELLING FOR 27,000 DOLLARS????? no offense..but you got ripped off, even with all the options, im talking all the options...22,000...
bought a new car...it was nice but will not be buying another just not worth the big payment/long loan. I will be buying pre-owned from now on. my next pre-owned purchase will be one of those new 07 tahoes I figure in 2010 they will be dirt cheap 
In a nutshell, many American's make the mistake of looking at the payment plan and not the actual total price when selecting the vehicle. Vehicles can be wealth robbers since they depreciate rapidly.
I bought my car brand new. At my old job, I had a 90 mile round trip commute everyday. Now, my car has very high miles on it. It has long since been paid off. It still runs great <knock on wood>. I know I should probably go ahead and buy another car (I can afford it), but I don't want to. I don't like making car payments and I work at home now. I don't put hardly any miles on a car anymore. And, I am way beyond thinking that I need to drive a car to impress someone.
You know, I was broke until my car was paid off in full. I was paying $353 a month on a USED 1998 VW!! Now that it's paid off, I plan to drive it till it explodes.. LOL In the meantime I am enjoying having a car paid in full, and when it goes, my next car will be a $500 Honda out of the local paper. I really look at my vehicle as something that gets me from point A to point B, and back, and nothing more... I could care less about status symbols or anything like that as long as the car is reliable and safe.
Saying that buying a new car is always a bad idea is too much of a blanket statement to be true. It can make sense for some, depending on their circumstances, but I would agree that far too many people buy new when they shouldn't.
I've bought two new vehicles in my life. A bare-bones small pick-up in 1985 that was advertised as a loss-leader in the paper. Got a great deal and drove it for years. Only sold it because I inherited a larger and better truck about 6 years later.
Then, bought the car I have now new in 1999. I bought new for a variety of reasons, but it has been paid off for almost two years now, has 187,000+ miles, is still going strong, and I have no plans whatsoever to get rid of it. My goal is 300,000 miles. I normally drive cars until they have no value left at all anyway.
Having said all that, I have already decided that I will probably never buy new again. The circumstances and reasons I had in 1999 no longer exist and I would not be able to justify it to myself.
I detest car payments, btw. There's just something about a car payment that makes me cringe.
I've bought two new vehicles in my life. A bare-bones small pick-up in 1985 that was advertised as a loss-leader in the paper. Got a great deal and drove it for years. Only sold it because I inherited a larger and better truck about 6 years later.
Then, bought the car I have now new in 1999. I bought new for a variety of reasons, but it has been paid off for almost two years now, has 187,000+ miles, is still going strong, and I have no plans whatsoever to get rid of it. My goal is 300,000 miles. I normally drive cars until they have no value left at all anyway.
Having said all that, I have already decided that I will probably never buy new again. The circumstances and reasons I had in 1999 no longer exist and I would not be able to justify it to myself.
I detest car payments, btw. There's just something about a car payment that makes me cringe.
QUOTE(Athena53 @ Jan 11 2007, 04:45 PM)
Our car is not glamorous, but we don't have car payments and our car insurance costs are a joke (as in very small). Sometimes when I read the Auto forum posts and people barely out of bankruptcy are trying to buy new SUVs I'm tempted to post and ask what the he*l they're thinking. But I restrain myself.
This bothers me sometimes. I understand this is a credit forum, and we're not supposed to be "judgemental", but sometimes more credit is not always a good thing. Especially when, someone just out of bankruptcy, with a perfectly fine vehicle already, wants to put themselves back into debt with a new financial commitment. Maybe it's just me, but unless the underlying reason for a person's previous credit woes has been addressed, maybe we're not always actually doing them any favors. "Here, let me help you jump off the cliff, again."
Maybe sometimes the wise and compasionate credit advice is "Are you sure that's a good idea?". If they continue to insist, you go ahead and help them, I suppose. You can't live their lives for them.
When I graduated from college at 19 I thought I needed a new truck. I bought it new and it almost killed me financially. My truck payment was more than my rent! It's too bad I didn't include any economics courses...
I finally paid it off and still drive it...I'm 30 now. When it finally dies I'm going to buy something used. The only possibility for a new vehicle is if I were to buy a little Japanese car like a Toyota Corolla or something. They are cheap enough new and I'm not impressed with how irregularly most people do maintenance on cheap cars so I'd do better buying new.
There are people I work with who make 25% of what I do and drive vehicles worth 10x what mine is.
On the other hand I, one of the doctors I work with drives an old Honda, mid 90s. I asked him one time and I'm pretty sure he said it had over 250k on the clock. This is a man who makes at least 200k a year and is in his 40s, so he's been making this kind of money at least a decade. Good on him, I say.
I finally paid it off and still drive it...I'm 30 now. When it finally dies I'm going to buy something used. The only possibility for a new vehicle is if I were to buy a little Japanese car like a Toyota Corolla or something. They are cheap enough new and I'm not impressed with how irregularly most people do maintenance on cheap cars so I'd do better buying new.
There are people I work with who make 25% of what I do and drive vehicles worth 10x what mine is.
On the other hand I, one of the doctors I work with drives an old Honda, mid 90s. I asked him one time and I'm pretty sure he said it had over 250k on the clock. This is a man who makes at least 200k a year and is in his 40s, so he's been making this kind of money at least a decade. Good on him, I say.
I don't like to buy someone else's problems. newer vehicles often have better safty features.
I'd not finance a vehicle for more than 36 months.
I'd not finance a vehicle for more than 36 months.
QUOTE(hegemony @ Feb 3 2007, 11:21 AM)
I don't like to buy someone else's problems. newer vehicles often have better safty features.
I'd not finance a vehicle for more than 36 months.
I'd not finance a vehicle for more than 36 months.
no offence intended, used cars are not always someone else's problems, they could have traded or used for any number of reasons. Proper research into the model that you are looking for can really help you avoid less reliable cars. I grew up with a neighbor who thought that used cars were someone elses problems, he worked with my dad and made the same amount of money, he drove stripped down base models with no A/C and manual transmissions, we had a nice Buick with lots of options for less than what he paid because my parents bought used from a dealer that they trusted, my parents Buicks were very reliable.
I personally can't see me strapping myself to a three year loan on a brand new car, I just couldn't comfortably afford it.
MAC
QUOTE(bakerman @ Feb 4 2007, 04:09 PM)
QUOTE(hegemony @ Feb 3 2007, 11:21 AM)
I don't like to buy someone else's problems. newer vehicles often have better safty features.
I'd not finance a vehicle for more than 36 months.
no offence intended, used cars are not always someone else's problems, they could have traded or used for any number of reasons. Proper research into the model that you are looking for can really help you avoid less reliable cars. I grew up with a neighbor who thought that used cars were someone elses problems, he worked with my dad and made the same amount of money, he drove stripped down base models with no A/C and manual transmissions, we had a nice Buick with lots of options for less than what he paid because my parents bought used from a dealer that they trusted, my parents Buicks were very reliable.
I personally can't see me strapping myself to a three year loan on a brand new car, I just couldn't comfortably afford it.
Quite often used cars are only used because some spoiled person simply must have a newer model.
QUOTE(Uncle Leo @ Feb 5 2007, 12:54 AM)
Quite often used cars are only used because some spoiled person simply must have a newer model.
Or they couldn't handle the lease payments. Or it was a gas guzzler and they took a job with a longer commute. At any rate, if you invest a few $$ to have a good, independent mechanic look it over, you can find out if you're buying trouble.
In answer to your point on people on the Automotive board wanting to buy a big, shiny new car after BK- there was one case where a few people gently suggested that the person might want to look at a low-mileage used car instead, and no one got flamed.
I try to tell myself that if driving a shiny new car is someone's priority, I shouldn't be judgmental because I spend more on travel than most people spend on car payments and that's MY priority. The difference, though, is that at some points in my life when things were tight financially, I cut back or quit exotic travel. Oppressive car payments are harder to escape.
QUOTE(Athena53 @ Feb 5 2007, 07:23 AM)
QUOTE(Uncle Leo @ Feb 5 2007, 12:54 AM)
Quite often used cars are only used because some spoiled person simply must have a newer model.
Or they couldn't handle the lease payments. Or it was a gas guzzler and they took a job with a longer commute. At any rate, if you invest a few $$ to have a good, independent mechanic look it over, you can find out if you're buying trouble.
Right. There could be a myriad of reasons.
QUOTE(Athena53 @ Feb 5 2007, 07:23 AM)
In answer to your point on people on the Automotive board wanting to buy a big, shiny new car after BK- there was one case where a few people gently suggested that the person might want to look at a low-mileage used car instead, and no one got flamed.
I try to tell myself that if driving a shiny new car is someone's priority, I shouldn't be judgmental because I spend more on travel than most people spend on car payments and that's MY priority. The difference, though, is that at some points in my life when things were tight financially, I cut back or quit exotic travel. Oppressive car payments are harder to escape.
I try to tell myself that if driving a shiny new car is someone's priority, I shouldn't be judgmental because I spend more on travel than most people spend on car payments and that's MY priority. The difference, though, is that at some points in my life when things were tight financially, I cut back or quit exotic travel. Oppressive car payments are harder to escape.
I understand what you're saying, but sometimes you read a person's own words and you can't help but cringe a little inside because you see other forces at work also. Granted people (should) know their own limits better then we do, but let's be real, not everybody has the same level of self-restraint or even self-awareness. Sure, we can help them get credit, but I think sometimes it's equivalent to showing a diabetic where they can get the best candy.
Maybe I'm in the minority but I have NEVER bought a used vehicle that didn't have major problems. And this was AFTER having the vehicle checked out by a good mechanic!
I don't think it's anyone else's business whether or not I buy my cars new or used, nor is it right for them to decide whether my decision was a good one. They don't know my circumstances, they don't know how long I keep cars and they don't know anything about me.
It's a matter of personal preference. I prefer to have something reliable and something I'm not embarassed to be seen in - and trust me, I've been there before. I spend about 10% of my take home pay on my car note; I'm comfortable with that. If someone else is unable to justify the cost, that's their issue, not mine.
I don't think it's anyone else's business whether or not I buy my cars new or used, nor is it right for them to decide whether my decision was a good one. They don't know my circumstances, they don't know how long I keep cars and they don't know anything about me.
It's a matter of personal preference. I prefer to have something reliable and something I'm not embarassed to be seen in - and trust me, I've been there before. I spend about 10% of my take home pay on my car note; I'm comfortable with that. If someone else is unable to justify the cost, that's their issue, not mine.
QUOTE(TxQuiltGirl @ Feb 7 2007, 10:25 AM)
Maybe I'm in the minority but I have NEVER bought a used vehicle that didn't have major problems. And this was AFTER having the vehicle checked out by a good mechanic!
I don't think it's anyone else's business whether or not I buy my cars new or used, nor is it right for them to decide whether my decision was a good one. They don't know my circumstances, they don't know how long I keep cars and they don't know anything about me.
It's a matter of personal preference. I prefer to have something reliable and something I'm not embarassed to be seen in - and trust me, I've been there before. I spend about 10% of my take home pay on my car note; I'm comfortable with that. If someone else is unable to justify the cost, that's their issue, not mine.
I don't think it's anyone else's business whether or not I buy my cars new or used, nor is it right for them to decide whether my decision was a good one. They don't know my circumstances, they don't know how long I keep cars and they don't know anything about me.
It's a matter of personal preference. I prefer to have something reliable and something I'm not embarassed to be seen in - and trust me, I've been there before. I spend about 10% of my take home pay on my car note; I'm comfortable with that. If someone else is unable to justify the cost, that's their issue, not mine.
If it's no one else's business, why did you post, in a thread you had not previously participated in, and tell us you prefer new vehicles, and why you prefer new vehicles?
QUOTE(Uncle Leo @ Feb 7 2007, 11:53 AM)
QUOTE(TxQuiltGirl @ Feb 7 2007, 10:25 AM)
Maybe I'm in the minority but I have NEVER bought a used vehicle that didn't have major problems. And this was AFTER having the vehicle checked out by a good mechanic!
I don't think it's anyone else's business whether or not I buy my cars new or used, nor is it right for them to decide whether my decision was a good one. They don't know my circumstances, they don't know how long I keep cars and they don't know anything about me.
It's a matter of personal preference. I prefer to have something reliable and something I'm not embarassed to be seen in - and trust me, I've been there before. I spend about 10% of my take home pay on my car note; I'm comfortable with that. If someone else is unable to justify the cost, that's their issue, not mine.
If it's no one else's business, why did you post, in a thread you had not previously participated in, and tell us you prefer new vehicles, and why you prefer new vehicles?
You have a lot of nerve talking to me right now. Don't you OWE ME SOMETHING??
I bought a used Saturn in 1998.
Been paid of for 3.5 years now. I'm putting cash towards a car fund so my next purchase will not have to be financed.
Been paid of for 3.5 years now. I'm putting cash towards a car fund so my next purchase will not have to be financed.
QUOTE(Uncle Leo @ Feb 5 2007, 12:03 PM)
I understand what you're saying, but sometimes you read a person's own words and you can't help but cringe a little inside because you see other forces at work also. Granted people (should) know their own limits better then we do, but let's be real, not everybody has the same level of self-restraint or even self-awareness. Sure, we can help them get credit, but I think sometimes it's equivalent to showing a diabetic where they can get the best candy.
Not everyone that files had self-restraint issues , medical problems, layoffs and the like are huge contributors.
I don't understand why anyone would want to put themselves back on the hook for huge credit purchases after going through a BK. Credit for rebuilding need be modest at best, 30K car loans are way out of the ballpark for that purpose.
Gentle suggestions that a cheaper car and a larger savings commitment sometimes work, and sometimes are ignored. But that's about all we can do is suggest, it's really up to the individual to choose their path.
QUOTE(radi8 @ Feb 8 2007, 01:56 PM)
QUOTE(Uncle Leo @ Feb 5 2007, 12:03 PM)
I understand what you're saying, but sometimes you read a person's own words and you can't help but cringe a little inside because you see other forces at work also. Granted people (should) know their own limits better then we do, but let's be real, not everybody has the same level of self-restraint or even self-awareness. Sure, we can help them get credit, but I think sometimes it's equivalent to showing a diabetic where they can get the best candy.
Not everyone that files had self-restraint issues , medical problems, layoffs and the like are huge contributors.
I don't understand why anyone would want to put themselves back on the hook for huge credit purchases after going through a BK. Credit for rebuilding need be modest at best, 30K car loans are way out of the ballpark for that purpose.
Gentle suggestions that a cheaper car and a larger savings commitment sometimes work, and sometimes are ignored. But that's about all we can do is suggest, it's really up to the individual to choose their path.
I agree. I didn't mean to imply that everyone would have self-restraint issues, just that some people do and sometimes it comes out in what they post about themselves.
I also agree that beyond gentle suggestions there's not much we can, or should, do. It's still up to the individual. However, I have seen instances where even gentle suggestions were shot down as being "judgemental".
QUOTE(TxQuiltGirl @ Feb 7 2007, 11:25 AM)
Maybe I'm in the minority but I have NEVER bought a used vehicle that didn't have major problems. And this was AFTER having the vehicle checked out by a good mechanic!
I don't think it's anyone else's business whether or not I buy my cars new or used, nor is it right for them to decide whether my decision was a good one. They don't know my circumstances, they don't know how long I keep cars and they don't know anything about me.
It's a matter of personal preference. I prefer to have something reliable and something I'm not embarassed to be seen in - and trust me, I've been there before. I spend about 10% of my take home pay on my car note; I'm comfortable with that. If someone else is unable to justify the cost, that's their issue, not mine.
I don't think it's anyone else's business whether or not I buy my cars new or used, nor is it right for them to decide whether my decision was a good one. They don't know my circumstances, they don't know how long I keep cars and they don't know anything about me.
It's a matter of personal preference. I prefer to have something reliable and something I'm not embarassed to be seen in - and trust me, I've been there before. I spend about 10% of my take home pay on my car note; I'm comfortable with that. If someone else is unable to justify the cost, that's their issue, not mine.
we could argue about this all day, my last car was the biggest lemon I had ever owned, and I bought it new. I will buy something used next time, but not something 15 years old and falling apart, I need something reliable. You can find bad cars used or new. And the line about being embarrased about the car you drive, would you be embarrased by a couple year old chevy, is your self esteem really hooked to what you drive that strong? I will admit that I may be embarrased driving an old van with a giant cockroach on top that was and old exterminator van!
MAC
QUOTE(bakerman @ Feb 10 2007, 01:29 PM)
we could argue about this all day,
I think we've had arguments on the subject that lasted a lot longer than that.
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