Financing for auto loan

[TripletDaddy]

I'm glad to see that you have compassion for us po' folk.

Poor? How can you be poor when you are saving so much money driving an old car?

[FMCoug]

Poor? How can you be poor when you are saving so much money driving an old car?

Obviously it's all I can afford or I wouldn't be driving a 10 year old car right?

I don't think it is a bad thing. If that is all someone can afford, then that is definitely what they should do. It makes sense to me.

[old_gregg]

isn't the avg cost of financing a car right now right close to the rate of inflation...?

[Mormon Red Death]

So DDD buys a new car every two years because he is bored? How does one become bored with a car? Bored with seeing it in the garage? I guess if you get excitement in your life by looking at object that spends 95% of time parked then maybe the car isnt the boring thing.

[TripletDaddy]

So DDD buys a new car every two years because he is bored? How does one become bored with a car? Bored with seeing it in the garage? I guess if you get excitement in your life by looking at object that spends 95% of time parked then maybe the car isnt the boring thing.

I'm not sure how much excitement I get by looking at cars. I do enjoy driving cars, though. I rarely spend any time, if at all, standing in my garage looking at the car.

I admire your frugality, as well. The board seems to be teeming with guys that are rolling in dough due in some part to the fact that drive an old car.

[FMCoug]

isn't the avg cost of financing a car right now right close to the rate of inflation...?

To me it's not even about financing or not (though the interest adds insult to injury). I just can't fathom spending such a huge chunk of change on a new car. And I think that in a lot (maybe even most) of cases, people don't really think of it that way because of financing. Payment buyers if you will.

[falafel]

To me it's not even about financing or not (though the interest adds insult to injury). I just can't fathom spending such a huge chunk of change on a new car. And I think that in a lot (maybe even most) of cases, people don't really think of it that way because of financing. Payment buyers if you will.

Don't you have several vehicles, though? Add up all the money you paid for your 3-5 vehicles and how much did you spend? Enough to buy two late model "luxury" cars? In other words, sounds like you're spending the money already.

[Mormon Red Death]

I'm not sure how much excitement I get by looking at cars. I do enjoy driving cars, though. I rarely spend any time, if at all, standing in my garage looking at the car.

I admire your frugality, as well. The board seems to be teeming with guys that are rolling in dough due in some part to the fact that drive an old car.

I didn't say anything about me rolling in dough or being frugal. I just think its odd to be bored with something you use about 5% of the time. As for the driving do you need to be excited on your morning and afternoon commute? Do you have the type of commute where you can have "exciting driving"?



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[FMCoug]

Don't you have several vehicles, though? Add up all the money you paid for your 3-5 vehicles and how much did you spend? Enough to buy two late model "luxury" cars? In other words, sounds like you're spending the money already.

I have 4. 3 are needed for sure as we have a 17 year old (need being a subjective word obviously). My beater truck is admittedly not a "need".

Adding it up I've spent about 42K on all 4.

[falafel]

I didn't say anything about me rolling in dough or being frugal. I just think its odd to be bored with something you use about 5% of the time. As for the driving do you need to be excited on your morning and afternoon commute? Do you have the type of commute where you can have "exciting driving"?



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So, in order to be bored with something, you have to use it all the time? What percentage of the time is enough before you can be bored using it?

If you have a 30 minute commute (and I'll be DDD has at least that), that's an hour a day spent using a car. You may end up using your car more than that on weekends. Keeping it steady at an hour a day, that's 730 hours in two years. 730 hours over two years isn't enough use to become bored with something?

[TripletDaddy]

I didn't say anything about me rolling in dough or being frugal.

If you are not frugal and have no money then I would rather not take financial advice from you.

[falafel]

I have 4. 3 are needed for sure as we have a 17 year old (need being a subjective word obviously). My beater truck is admittedly not a "need".

Adding it up I've spent about 42K on all 4.

Seems like an awful amount of money to spend on 10 year old beaters.

[FMCoug]

Seems like an awful amount of money to spend on 10 year old beaters.

Who said anything about beaters? Just you new car guys. Do 10 year old beaters exist? Absolutely. Are those the ones I buy? Nope.

To buy brand new versions of the 4 vehicles in question (aforementioned Acura, Yukon Denali, F-350 Diesel, Jeep Wrangler) would be at least $150K so I'm good with the number.

[TripletDaddy]

Who said anything about beaters? Just you new car guys. Do 10 year old beaters exist? Absolutely. Are those the ones I buy? Nope.

To buy brand new versions of the 4 vehicles in question (aforementioned Acura, Yukon Denali, F-350 Diesel, Jeep Wrangler) would be at least $150K so I'm good with the number.

If you are talking about buying cars for kids, then I agree. they can drive crappy old cars. Any car is awesome when you are a teenager.

[Viking]

isn't the avg cost of financing a car right now right close to the rate of inflation...?

new or used? Obviously due to depreciation, the cost of financing for a new car needs to be adjusted for depreciation vs. the financing for a used car.