Car Payments

[03hemi]

Learn from his mistakes rather than your own.

...and this is exactly how he teaches it, learn from his lessons.
Never take financial advice from a broke Richard though.
One's that say his advice is stupid or whatever are always the same one's that always have an excuse that keeps them from becoming wealthy... and they are 100% correct.
Just look in the mirror? lol

 

[Skeet 028]

Wife had a Cabelas Credit card. She used it once when she got it...with perks etc...she got all her stuff she bought for 1/2 off. I got 25 dollars from recommending her. She paid the thing off when she got the bill. after a couple years of no use...they DCd her account.So...went to Cabela 's for all the black Friday stuff. We did the same thing again..she got a new account...I got 25 dollars...with all the stuff and BF deals she did it again. Got me a new Winter coat some shirts and stuff for herself...at about 1/2 off...some more than that. Came home...put the new card in the same drawer as the DCd one..Told me when the bill comes will you pay it? She'll never use it again. Do you lose credit score if an account is closed by the issuer?? We have credit cards but pay 'em off every month. Oh the only thing I know bad on our credit score is we get dunned by a collection agency once or twice a year for a bill from Direct TV...for not returning the dish when cut off service with them. I told 'em they could come and take it off the roof...but even with pics they say they don't put them on rooves of houses

 

[rockquarry]

Wife had a Cabelas Credit card. She used it once when she got it...with perks etc...she got all her stuff she bought for 1/2 off. I got 25 dollars from recommending her. She paid the thing off when she got the bill. after a couple years of no use...they DCd her account.So...went to Cabela 's for all the black Friday stuff. We did the same thing again..she got a new account...I got 25 dollars...with all the stuff and BF deals she did it again. Got me a new Winter coat some shirts and stuff for herself...at about 1/2 off...some more than that. Came home...put the new card in the same drawer as the DCd one..Told me when the bill comes will you pay it? She'll never use it again. Do you lose credit score if an account is closed by the issuer?? We have credit cards but pay 'em off every month. Oh the only thing I know bad on our credit score is we get dunned by a collection agency once or twice a year for a bill from Direct TV...for not returning the dish when cut off service with them. I told 'em they could come and take it off the roof...but even with pics they say they don't put them on rooves of houses

I got a Cabela's card about ten years ago and found out if you don't use it enough they cancel it. Never bothered to get another one.

 

[Golddollar]

I had a credit card cancelled on me with no warning from non-use. I don't like to carry a whole bunch of credit cards around all the time, so I basically use one or two for general use and designate the rest for small recurring charges or related charges (like reserving the Chevron/Texaco VISA card for auto repairs) so that there is some activity on them.

 

[BC38]

In the second quarter of 2024, the average new car loan was 734/month and the average used car was 525. Duration was 68 months. That is the average, I bet the average truck or big SUV loan is over a thousand.

Where does the money come from? Jeepers

Edit: The average truck payment is 913. Loans as long as 96 months.

I don't know how anyone can justify that kind of monthly payment for that long, just for transportation. It's ridiculous.
That's not for me. I haven't had a car payment in over 25 years, and I don't plan on having one ever again.
But I don't drive brand new cars either. Buying a new car is a HORRIBLE way to waste your money.
I'm looking for a replacement for my wife's 2009 Kia right now - because it is getting close to the 200k mark. But I'm not even considering buying anything brand-new.
I'm shopping for a nice 3-5 year old vehicle with 30k-50k miles on the odometer. That way I won't be taking the HUGE depreciation hit that comes with buying a brand-new vehicle. Most of the value depreciation has already passed for a 3-5 year old vehicle.
But it is still going to be "new" to me, and if I do the research to make sure I'm buying something with decent reliability, it should still last around 10 years or more.
The great thing is that the cost will be around 1/2 the price of a brand-new comparable vehicle.
The biggest benefit of this approach is that I can afford to pay cash for it - instead of sinking my money into making interest payments on a rapidly-depreciating "asset".
I'd rather let the OTHER GUY (who just HAS to have a brand-new car) take the big depreciation hit.
I'll happily take his trade-in at a bargain-basement price.
This approach has been working well for me for quite some time now.
JMO and YMMV.

 

[LVSteve]

Who cares about credit score????? When you have no debt?

You care when you find you need credit again.

Still, for the ultimate in silliness check out this article. Guy wanted to buy a Mercedes because he said his four-month old Genesis was "uncomfortable". I still wonder if his discomfort was from being told he didn't buy the right badge. Whatever, the numbers are insane, and it is even more insane that the dealership is even discussing the deal.

Gateway - Jalopnik

 

[S-W4EVER]

... Buying a new car is a HORRIBLE way to waste your money...

While that’s true, I prefer to drive diesel pickups and they really hold their value (around here anyway). I prefer 1T SRW 4x4’s without a lot of options and buying new just doesn’t cost a lot more than buying used.

 

[BC38]

While that’s true, I prefer to drive diesel pickups and they really hold their value (around here anyway). I prefer 1T SRW 4x4’s without a lot of options and buying new just doesn’t cost a lot more than buying used.

FWIW, I like diesels too. I currently own 3 of them.
BUT, they are all old enough that I got them for pennies on the dollar compared to the cost of a NEW one.
One of the reasons I like diesels so much is that so many of them run for DECADES - well into the 300k-400k mile range.
So when I'm shopping for a diesel, I'm looking for one with 100k on the odo - rather than the 50k I look for when shopping for a gasoline vehicle.
If you're comparing a diesel pickup with 100k on the odo to a new one, in my experience, the price difference is pretty significant. Comparable to the 4-5 year old, 50k gasoline powered car vs. a brand new model.
At least that's been my experience...

 

[S-W4EVER]

FWIW, I’m not very mechanically inclined and I needed reliable transportation while I was still on the job so I upgraded periodically. My ‘18 Ram 3500 SLT CCSB 4x4 (6.7HO/Aisin) only has ~ 30,000 miles on it so the plan is to keep it running for the rest of my life.

 

[TIMETRIPPER]

Brake lines????.......Explain how those wear out to me?

They rust. I replaced the brakes lines on our 2001 Dodge Dakota. Only did the ones going to the rear brakes. They looked to be some grade of stainless but were very corroded. Road salts and not enough timely visits to the car wash did them in.

John

 

[smithman 10]

Just drop me off right here

That's what I told my Dad in the long ago when he gave me a ride to a used car lot I knew. My old ride was broke.

He asked what I meant and I explained: "I got $500 in my pocket and I'm gonna buy the best thing they have for that price." Half an hour later I drove home in a well-worn Toyota Celica. Drove if for years and then gave it to my son.

The most I've ever paid for an automobile was $4800. Cash of course.