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Old 07-26-2005, 12:18 PM   #176
Jumpem
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Default It sucks not to be able to afford a house and two nice cars at the same time.

Quote:
Originally posted by: exdeath
I don't see how he's paying $600 a month on a $30,000 car unless he got 36 or 48 month, especially if he bought it brand new as you can get 0% or extremely low rates from a dealer. My view on it is get the longest loan you can get so you have the lowest required payment (for emergencies), but get in the habit to pay higher payments voluntarily (ie: don't let it go the full 84 months)
My car is $528 for 60 months at 8%. I didn't buy it new so I couldn't get as good a rate.
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Old 07-26-2005, 12:25 PM   #177
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Default It sucks not to be able to afford a house and two nice cars at the same time.

Also we aren't married yet either even though we are home owners. The difference is we are engaged and have been together for 5 years, and living together for 3 of those 5, with nary a fight or breakup, and both of us started out from scratch building up our credit and finances together so our ambition and acquisition of wealth is mutual.

The only way I would trust anyone, married or not, is if we both busted our asses together from the beginning.
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Old 07-26-2005, 12:25 PM   #178
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Default It sucks not to be able to afford a house and two nice cars at the same time.

Quote:
Originally posted by: exdeath

Yeah but if you are already paying $900 a month in rent... I know people who have mortgages that aren't even $500 a month and those are at least 1200 sf houses. Most apartments around here are like 400 sf for that much a month and you have to fight for parking, etc. My HOA is $51 every 3 months. But the point is he is looking at a $160k house, not a $300k house. With keeping the same $900 a month he could be in a nice house. Even a house with a total monthly mortgage payment of less than the current $900 a month would still be way more comfortable than an apartment and be a potential investment.
I pay $500 a month for rent right now, I am looking to buy a house, however, there is nothing below $250k worth living in (non-condo). Average rent here is $1250, if I was in that boat I'd be pushing home buying faster...but I can save and have a decent place to live so it's working well.

A $160k place would be a little more than average rent here after taxes/insurance are included...however, it's finding one. Condos around 800-1000 sq ft are going about that price, and then you have association fees on top of that.

Quote:
Originally posted by: exdeath
My car payment is $375 a month ~$5k down @ 6% 84 months ($4330 to interest, planning early pay off). $4330 doesn't seem much compared to the value of the car, and comes to like $51 a month that I'm throwing away for a toy... which doesn?t amount to much compared to gas and utilities. But I can afford to do this because I have other reliable transportation that is paid in full in the event that something should happen and I need to get rid of any extra toys.
Doing 84 months on a car is considered a lot worse than the vices you have accused others of. You also can't just count the interest, there is depreciation and cost. You seem to be justifying something you'd accuse another of being stupid on.

Quote:
Originally posted by: exdeath
I don't see how he's paying $600 a month on a $30,000 car unless he got 36 or 48 month, especially if he bought it brand new as you can get 0% or extremely low rates from a dealer. My view on it is get the longest loan you can get so you have the lowest required payment (for emergencies), but get in the habit to pay higher payments voluntarily (ie: don't let it go the full 84 months)
I was referring to you, and you answered the question with you rape type of loan, 6% over 84 months is ridiculous on a car, regardless of cost, as if that were were why not just do a 3 year loan at 0% and pay if off. Many cars don't have pre-payment exclusions, you are usually responsible for the interest. Also many that take out these long terms, talk about paying them off early up until about the last coupon in their books.

Quote:
Originally posted by: exdeath
Could be worse... I know someone who just bought a 2001 Sentra GXE at 28% interest... [snip]
Like I said in my first post, some people just don't know how to manage their money and throwing more money at their problems will just waste more money.

This is essentially what seperates those with money and those without even when two parties are operating on the same income level. How can I have a $30,000 2003 car with 700 HP for $375 a month while someone else is driving a $10,000 2001 car with 130 HP for the same monthly payment? Sigh...
Your logic here is insane as well, assuming HP / price is the qualifier.....still doesn't account for someone with bad credit or no credit. Car payments are very dependant on interest rate.

Then of course there are the people that have gotten assistance, and fail to mention that. I know a few people in $500k+ homes, and about $100k+ in cars in the driveway, making only $30-40k a year. They like to say they invest propertly and buy smart too (like the 2004 Viper, and the 2003 Harley both bought new :confused

I currently can't buy a home right now at the level I'd like, however I am 4-6 months out of drastically changing that profile due to paying down a few CC's and my car off.

Every $100 in debt you pay a month can buy about 20,000 in house.

This is were many get in the boat where they can't buy a home.
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Old 07-26-2005, 01:12 PM   #179
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Default It sucks not to be able to afford a house and two nice cars at the same time.

Quote:
Originally posted by: alkemyst

Doing 84 months on a car is considered a lot worse than the vices you have accused others of. You also can't just count the interest, there is depreciation and cost. You seem to be justifying something you'd accuse another of being stupid on.
This is just my situation, and compared to other costs, I decided that the $51 a month in interest was worth it. Depreciation isn't too much of a concern, as I bought it used with the initial "off the lot" depreciation already present and the 'Terminator' Cobra for 03/04 will be the last and most powerful before the new design and there were only like 3,000 made. Plus I have invested in aftermarket improvements, etc.

Don't get me wrong, any car more than $5k is really a waste of money. I just don't concern myself with depreciation because that happens with ANY car, and being that this is more of a toy and luxary item than anything else, the satisfaction gained is worth the money to me, and it's not getting in the way of retirement or anything else. It's ok to spoil yourself and play with disposable income as long as you can afford it and aren't screwing yourself in the long run like so many people do. It is excessive and I didn't really need it, but I know it's only a play toy. I pay for it because I know I can afford it without a problem, and I still have reliable alternative transportation that is already paid for in the event that I have to give this up.

I don't know what I accused anyone of being stupid for, except for buying the first thing you see and putting all your eggs in one basket by financing a new car to be used as the sole method of transportation in exchange for future financial headaches. I certainly wouldn't have bought this car if it was the first and only one I had.

I went with 84 month so I could have more disposable income for other things. Even if I wasn't making higher payments and waited the full 84 months, the $4000 or so in interest paid over 7 years pales in comparison to the money I throw away on computer parts and school in the course of one year, so it was a tradeoff decision I made.

Quote:
Originally posted by: alkemyst

Your logic here is insane as well, assuming HP / price is the qualifier.....still doesn't account for someone with bad credit or no credit. Car payments are very dependant on interest rate.

Then of course there are the people that have gotten assistance, and fail to mention that. I know a few people in $500k+ homes, and about $100k+ in cars in the driveway, making only $30-40k a year. They like to say they invest propertly and buy smart too (like the 2004 Viper, and the 2003 Harley both bought new :confused
I wasn't qualifying anything, just putting the two drastically different classes of cars with the same payment side by side. If you were paying $375 a month either way, would you rather be driving a $30,000 car or a $10,000 car? Point being, if you manage your money well and establish good credit habits, and don't impulse buy, you can get more for the same monthly expense.

No parental or government assistance here. One more reason I would have a sht eating grin on my face when I leave that 2004 Viper in clouds of dust and melted rubber.
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Old 07-26-2005, 01:34 PM   #180
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Default It sucks not to be able to afford a house and two nice cars at the same time.

man some of you guys got cardboard and newspapers....i thought i had the good life buttnaked in a trash compacting plant in the middle of nowwhere
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Old 07-26-2005, 01:38 PM   #181
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Default It sucks not to be able to afford a house and two nice cars at the same time.

i know some of you guys were poor in the begining like me but know my dad owns like 9 companies and we are living in a 5 million$ mansion but guess what he's driving????
-1990 toyota corrola
-1993 mercury sable (duct tape for a back window)
-1998 jetta
-1994 bmw 325i


now talk about sad
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Old 07-26-2005, 05:03 PM   #182
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Default It sucks not to be able to afford a house and two nice cars at the same time.

Quote:
Originally posted by: urbanlegend213
i know some of you guys were poor in the begining like me but know my dad owns like 9 companies and we are living in a 5 million$ mansion but guess what he's driving????
-1990 toyota corrola
-1993 mercury sable (duct tape for a back window)
-1998 jetta
-1994 bmw 325i


now talk about sad
yeah that 5 million dollar home is pretty shabby.
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Old 07-26-2005, 05:09 PM   #183
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Default It sucks not to be able to afford a house and two nice cars at the same time.

Quote:
Originally posted by: exdeath
I wasn't qualifying anything, just putting the two drastically different classes of cars with the same payment side by side. If you were paying $375 a month either way, would you rather be driving a $30,000 car or a $10,000 car? Point being, if you manage your money well and establish good credit habits, and don't impulse buy, you can get more for the same monthly expense.

No parental or government assistance here. One more reason I would have a sht eating grin on my face when I leave that 2004 Viper in clouds of dust and melted rubber.
I understand what you are saying above but at the same time making a 'payment' without regard for the principal is insane. I had an expensive car given to me as a kid, them bought my own new cars / used cars going on...now I am established and chose a $10-15k used car, a 1998 240SX SE. I took out a 3 year loan against it at an extremely low rate and paid of some CC's with the difference. Once I am done I may have $20-25k into it if that, but I can definitely out handle almost anything and once my internals and boost are up, 12's will be easy all day long and still get upper teen's in gas mileage. Car is easy to work on and the best thing is to me anyway, I haven't seen another around here.

Now the house situation....most are forgeting many live paycheck to paycheck. Coming up with 3% even on a house isn't realistic even if they can go from spending 1800/mth on rent to $1500 on a mortgage. That's the long and short of it.
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Old 07-27-2005, 08:43 PM   #184
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Default It sucks not to be able to afford a house and two nice cars at the same time.

Quote:
Originally posted by: Monkey muppet
Some people can't even afford a nice car
nuff said
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Old 08-08-2005, 07:47 AM   #185
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Default It sucks not to be able to afford a house and two nice cars at the same time.

OMG, you sold your car?
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Old 08-08-2005, 07:55 AM   #186
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Default It sucks not to be able to afford a house and two nice cars at the same time.

My wife's and my total gross income is is approx. $85,000, which is close to the OP's. (She has a four year degree, and I have a masters in Engineering.) We own a 30 year old house, I drive a 13 year old truck that is paid off, and she has a three year old car that we bought new at 0% financing. Since my truck is getting older, I bought a $13,000 car to commute in, as a backup. I can't see getting into any more debt than that.

I cannot and will not buy another new vehicle, unless the market is like it was a few years ago and a used car with an interest rate gives the same monthly payment as a new car at 0% financing. I will not buy a new house either. I will continue to fix up our older house. It doesn't make sense to me to spend any more money than we do.
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