Well, on the other side of the coin, I did get a car loan 2 years ago and then refinance it almost immediately to a 2% rate. So given the current inflation scenario, my money/savings stays where it can earn more than 2%, and I get to pay off the loan with depreciated dollars. I hear Series-I bonds are a hit right now. YMMV.
https://www.treasurydirect.gov/indiv...esandterms.htm
"Government is not reason, it is not eloquence, it is force; like fire, a troublesome servant and a fearful master"
Makes me wonder where our economy is headed with so many people buried in debt.
https://www.experian.com/blogs/ask-e...er-debt-study/Total consumer debt balances increased 5.4% from 2020 to 2021 to $15.31 trillion, a $772 billion increase—and more than double the 2.7% increase from 2019 through 2020.
In the P-F basket of deplorables.
Cost to refinance and the length of the loan have to be considered. I'm going to look into series I bonds. Thx.Originally Posted by Trigger
In the P-F basket of deplorables.
I drove my last vehicle for 18 years before buying a new one. I paid $12,000 for it and sold it for $4,000.
Years ago I heard my wife’s friend and her husband refinanced their house and added on the two car payments to the mortgage to consolidate their debt. I’ll bet those cars have been through the crusher and they are still paying on them.
That’s like folks who bundle their appliances into their mortgage on a new home.
Just sad to think of paying interest on a dishwasher or refrigerator for 30 years.
God Bless,
Brandon
I support forgiveness of debt for all ridiculous, Freudian based trucks!
Crap, paid off my the loans for my kid's college and our cars are paid off. I am not a loyal Murican!!
A funny story. So I buy a new Honda, I take it home. Friday night, I get a call from the dealer. Holy Shit! We gave you the wrong car - the VIN doesn't match the paper work. The model was correct. Bring it back now.
NO - I have plans - bring it in Monday. Tough.
Monday, I get a call before I start out. It's ok, we redid the paper. They must have realized that they were going to get a car back with some serious weekend mileage on it.
A couple of months later, I get a check from the finance company, saying thank you for paying your loan off, there was a small overpayment and here's about $200.
Thank you!
That car went 256K - didn't look pretty but it ran. Gave it to charity when it was starting fail pretty consistently. It made some money though. We had a TX hail storm - broke the windows and dented it up. It was at 156K and my commuter car. So I fixed the windows and kept the money for the dents. When the radio and AC failed, donated it. Got a new car.
Took the financing from the dealer's credit union at a good rate. Went to my credit union and got a better rate and some perks for a new loan. Paid it off soon from my side gigs. Hint - work more than just your regular job.
Got a new car - it was destroyed in another hail storm. This time it was bad. Took the money and side gig saving and bought another paid off car. Hint - keep working the side gigs.
Also, all the cars and SUVs were sensible but I am an old man yelling at clouds.
This is boggles my mind. Where are they getting the money? These car payments look like my mortgage. And friends are telling me their apartment rent is just as bad. And we wont even ponder what they are paying on insurance on these vehicles.
Talk about being one paycheck away from bankruptcy.
My 26 year old barber paid $5000 over sticker for a new Bronco and justified it by saying he got a vehicle that nobody else has. He charges $11 per haircut. I never made any money but did live below my means which gave me a debt free old age. The other night my wife and I decided to organize our various bank accounts, and we found $100,000 that we had overlooked.
Looking back over the decades since 1970, I added up the various dollar amounts that I lost to gambling, drinking, chasing women, unpaid loans to friends and relatives, and so on. I arrived at the sum of $4000.
Last edited by willie; 08-29-2022 at 09:33 AM.
I dunno about sensible automobiles, but there’s few things worse than making payments on a cat you hate!
What that little video doesn’t talk about is the price of the car and how much down was paid. Sounds like they bought high dollar vehicles with zero down.
Auto prices are constantly being driven up by technological widgets such as adaptive cruise control, traction control, anti lock brakes, voice controls, back up cameras, anti collision brakes, lane control, fly by wire throttle control and do on. Prices are also driven up by government mandated MPG ratings. On top of all this is it’s impossible to negotiate the price. The best deal a buyer can hope to make is MSRP. Right now, one of the most desirable Jeeps is the 392 Wrangler with the Recon package. I dunno the actual price, but I believe the base 392 is $80k. Buyers are talking about buying lift kits and other mods they want to get started on as soon as they take delivery.
I dunno how they do it. I wish I did cuz I’d like to be able to live like that!
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