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  #6121  
Old 09-15-2018, 11:44 AM
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My daily is a 2002 with 230,000 miles on it, no plan on upgrading it anytime soon. Wife's is a bit newer 2012 with 110,000 miles. Both owe me nothing...

Newish Escalades and Mercedes SUVs rule my neighborhood, along with new jacked up 4x4 trucks. I'm betting the majority of them have larger car payments than my mortgage payment.
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  #6122  
Old 09-15-2018, 01:05 PM
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Originally Posted by SSLance View Post
My daily is a 2002 with 230,000 miles on it, no plan on upgrading it anytime soon. Wife's is a bit newer 2012 with 110,000 miles. Both owe me nothing...

Newish Escalades and Mercedes SUVs rule my neighborhood, along with new jacked up 4x4 trucks. I'm betting the majority of them have larger car payments than my mortgage payment.
That's the real American dream! They can keep the shackles on while you live well below your means.
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  #6123  
Old 09-16-2018, 09:09 AM
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I always like the "I can afford it" statement when it comes to MAKING PAYMENTS....

NO..... if you're making payments..... then YOU CAN NOT AFFORD IT. Affording it means you bought it - straight up. Period.

Putting 10% or less down on a house..... Yeah - NO. You really shouldn't be in that house (YET).

Being in debt on depreciating assets.... Yeah about that.... Not the way to EVER get ahead. Try buying something that you can pay for -- and if you can "afford" to make payments - make that payment to your savings account instead of to the lender. Next time you go to the "jacked up truck store" -- I'll bet you look at that pile of cash it took you 5 years to save, a little differently. Guaranteed you won't be in such a big hurry to piss it away.
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  #6124  
Old 09-16-2018, 09:35 AM
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Originally Posted by GregWeld View Post
I always like the "I can afford it" statement when it comes to MAKING PAYMENTS....

NO..... if you're making payments..... then YOU CAN NOT AFFORD IT. Affording it means you bought it - straight up. Period.

Putting 10% or less down on a house..... Yeah - NO. You really shouldn't be in that house (YET).

Being in debt on depreciating assets.... Yeah about that.... Not the way to EVER get ahead. Try buying something that you can pay for -- and if you can "afford" to make payments - make that payment to your savings account instead of to the lender. Next time you go to the "jacked up truck store" -- I'll bet you look at that pile of cash it took you 5 years to save, a little differently. Guaranteed you won't be in such a big hurry to piss it away.
That's basically what happened to me when I was still working for Halliburton in Kansas. I really wanted a 01-06 GMC Duramax 2500 with 4 doors and 4WD in dark blue. I could easily have afforded it paying cash etc. But, I'm sitting there doing my thing in the back of my wireline truck going into hour I don't know for the day because I had lost count and started doing the math. Even though I could easily have bought a ~$20k truck, I decided that I was better off doing something else with the money because of how much time, since time is money after all, I was basically spending to buy the truck. I decided my time was worth more than a really sweet truck.

Hell, I'm doing this again right now. I'm seriously looking at 540i BMWs instead of M5s simply because I don't want to spend the money. Never mind that I can afford the M. My time is worth more and it's just a toy. So I'll go get my jollies in the 540 with all that extra cash in my pocket.
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Last edited by WSSix; 09-16-2018 at 09:37 AM.
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  #6125  
Old 09-16-2018, 12:24 PM
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I think you guys are hitting on a few good points that people often over look. Debt has been talked about here before but I'd wager a lot of people, for whatever reason, put their daily drivers in the "necessary debt" category and I disagree completely. My Tahoe is a 2006 that I bought two years ago with 135k. I'm looking at buying another toy that's less than 15k and at minimum 15 years old. I won't carry debt on them. My fiancee's Fit is a 2010 model that's long been paid for. Car's today are very reliable for the most part. Buying a used or older one for cash frees up so much money to be put into assets that actually appreciate. No car any of us are going to buy and use as a daily will appreciate. Unless you can write it off for work/taxes, it's costing you money. Finding ways to minimize that cost is great. Apply that same perspective to areas of your life where it's relevant and see how much more money you suddenly have available. I just think a lot of people aren't willing to truly be honest with themselves concerning what they really need to spend their money on. If they would, I think they'd be better off financially.
That's a really great point

All of our cars are paid for, the only time we've not paid cash is because our credit Union had .56% interest
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  #6126  
Old 09-16-2018, 12:27 PM
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Originally Posted by SSLance View Post
My daily is a 2002 with 230,000 miles on it, no plan on upgrading it anytime soon. Wife's is a bit newer 2012 with 110,000 miles. Both owe me nothing...

Newish Escalades and Mercedes SUVs rule my neighborhood, along with new jacked up 4x4 trucks. I'm betting the majority of them have larger car payments than my mortgage payment.
One of my coworkers, younger guy, has very nice cars and I was always curious how he managed to pay for it all. I finally found out at his going away party, he found a higher paying job, he rolled his car payments into his refinanced mortgage....
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  #6127  
Old 09-16-2018, 12:31 PM
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Reminds me of a quote I've shared before:

"The cost of anything is the amount of life you're willing to trade for it."

You don't think your trading life for debt, think again.

Maybe it's 2 missed suppers with your family every week or your kids baseball game to eek out another deal.

Maybe it's a Saturday at work instead of doing something you want to do.

Regardless, debt can put an anvil around your neck. Count the costs...
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  #6128  
Old 09-17-2018, 10:42 AM
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Originally Posted by GregWeld View Post
I always like the "I can afford it" statement when it comes to MAKING PAYMENTS....

NO..... if you're making payments..... then YOU CAN NOT AFFORD IT. Affording it means you bought it - straight up. Period.

Putting 10% or less down on a house..... Yeah - NO. You really shouldn't be in that house (YET).

Being in debt on depreciating assets.... Yeah about that.... Not the way to EVER get ahead. Try buying something that you can pay for -- and if you can "afford" to make payments - make that payment to your savings account instead of to the lender. Next time you go to the "jacked up truck store" -- I'll bet you look at that pile of cash it took you 5 years to save, a little differently. Guaranteed you won't be in such a big hurry to piss it away.
Greg:

Awesome advice. IF ONLY, I learned this 10 years earlier than I did (like 6 years ago)....
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  #6129  
Old 09-17-2018, 10:45 AM
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Originally Posted by SSLance View Post
My daily is a 2002 with 230,000 miles on it, no plan on upgrading it anytime soon. Wife's is a bit newer 2012 with 110,000 miles. Both owe me nothing...

Newish Escalades and Mercedes SUVs rule my neighborhood, along with new jacked up 4x4 trucks. I'm betting the majority of them have larger car payments than my mortgage payment.
I relate 100% here in Orange County. I actually take a good amount of ribbing for my 03 F-150 XLT daily driver.
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  #6130  
Old 09-17-2018, 05:33 PM
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I relate 100% here in Orange County. I actually take a good amount of ribbing for my 03 F-150 XLT daily driver.


I've had so many friends "talk themselves into" buying or leasing something brand new..... because...... their old one "might" break down and cost them money.

Super smart people! Let's spend 50 grand on a depreciating asset to save having to rebuild a $2500 transmission.... And by the way -- if you don't have the $2500 -- then FOR SURE you shouldn't be buying anything!! LOL WTF

UGH -- just shoot me!
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