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Average auto loan now over $30k

CascadeClone said:
And just to go for the obsessive poster award, one final thought:

NOTHING destroys your money and net worth like a big shiny brand new car. It is about the worst thing you can do for your financial health.
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I get this but some people like new cars. Booze and vacations aren't good for my financial health but I buy and take a lot of them. Because I enjoy it and I can afford it. Could I take the thousands and thousands I've spent and save it? Sure, but that's no way to live life.

If you like new cars and can afford the car, buy the damn thing.
 
cycloneworld said:
I get this but some people like new cars. Booze and vacations aren't good for my financial health but I buy and take a lot of them. Because I enjoy it and I can afford it. Could I take the thousands and thousands I've spent and save it? Sure, but that's no way to live life.

If you like new cars and can afford the car, buy the damn thing.
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Agree. I have friends that have two cars with each over 200k and they give me a hard time about getting a different car every 3-4 years. At the same time they have no problem dropping $5k+ on a 5 day trip to NYC. They could easily afford a replace these but cars are just a form of transportation to them and they'd rather spend their money somewhere else. I also think they get a kick out of seeing how many miles they can get out of a car before it falls apart.
 
Quick somebody get the nails and somebody else get the cross, I just bought a new truck in February.

Seriously though I just bought a new Tacoma and I had planned on getting one that was 2-3 years old but I ran into a problem with that. Used Tacomas of the 2012-2014 vintage when you compared payments with a new Tacoma had a payment difference of about $30 a month unless I bought one with 150k miles on it. I figured what the hell and bought a new shiny one that I get 2 years of free maintenance and a warranty on.
 
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dmclone said:
Agree. I have friends that have two cars with each over 200k and they give me a hard time about getting a different car every 3-4 years. At the same time they have no problem dropping $5k+ on a 5 day trip to NYC. They could easily afford a replace these but cars are just a form of transportation to them and they'd rather spend their money somewhere else. I also think they get a kick out of seeing how many miles they can get out of a car before it falls apart.
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wait your friends have two cars that are both worth 200k? i'd drive my car for a long time too if I paid 200k for it.
 
JP4CY said:
Olds wasn't as shocking of a drop as Pontiac. I didn't necessarily care for Pontiac but it served a price point and half of us probably drove one in high school (and the power windows were giving out).
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1988 Pontiac Grand Am was my first car and served me well! (power windows??? Yeah, right!)
 
KCClone1 said:
The rule of thumb on car buying is you should never get more than a 3 year loan. If that payment is too high, you can't afford it.
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That's like saying you shouldn't buy a house unless you can afford a 15 year loan. If I can get 0% interest on a car and pay significantly less over a 60 month loan than a 36 month loan then of course I'm going the 60 month route. I'm not paying a cent more in the long run with 0% interest.
 
I assume this statistic also means that retirement accounts and savings rates are booming? According to most on CF, they only take a car loan out so they can leverage their money and get a better return on the spread, so it would be natural as car loan balances go up that retirement savings are booming.
 
cycloneworld said:
I get this but some people like new cars. Booze and vacations aren't good for my financial health but I buy and take a lot of them. Because I enjoy it and I can afford it. Could I take the thousands and thousands I've spent and save it? Sure, but that's no way to live life.

If you like new cars and can afford the car, buy the damn thing.
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Exactly. Many of you guys would drop dead if you knew how much I spent on my racing a year and here's a secret I don't pay for it all with cash.
 
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The older I get, the less car I can afford! I figure my two current vehicles will have to last forever, which doesn't seem likely. I will holeheartedly dispute than any cars have doubled in price. That just hasn't happened. The high end keeps moving up but thats to be expected. The fancier options are also pressing that. However, basic priced stuff is not much different than 10 years ago for a number of models.
I hate car buying but at some point we will need to replace the family truckster when I can no longer trust it at 80mph for 8 or 9 hours. I'm going to milk our current no payment situation as long as I can, however.
 
drmwevr08 said:
The older I get, the less car I can afford! I figure my two current vehicles will have to last forever, which doesn't seem likely. I will holeheartedly dispute than any cars have doubled in price. That just hasn't happened. The high end keeps moving up but thats to be expected. The fancier options are also pressing that. However, basic priced stuff is not much different than 10 years ago for a number of models.
I hate car buying but at some point we will need to replace the family truckster when I can no longer trust it at 80mph for 8 or 9 hours. I'm going to milk our current no payment situation as long as I can, however.
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Looks like you're correct.

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isufbcurt said:
Exactly. Many of you guys would drop dead if you knew how much I spent on my racing a year and here's a secret don't pay for it all with cash.
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Exactly. We all have stupid stuff we spend money on we don't need. I spend a ton of money on woodworking tools and some of the hand tools I buy cost more than a new power tool.
 
Everybody's situation is different and there is no cookie cutter answer. No point in arguing about it.
 
benjay said:
It's a good place for the financially secure to sneer at the unwashed masses.
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There is that and the fact that we search for things to fight over or new ways to prove our superiority to people we have never and probably will never meet. I am pretty sure if we won a national championship we would have a fight over the color of the trophy.
 
I'm gonna rise up,
I'm gonna kick a little ***,
Gonna kick some *** in the USA,
Gonna climb a mountain,
Gonna sew a flag,
Gonna fly on an Eagle,
I'm gonna kick some butt,
I'm gonna drive a big truck,
I'm gonna rule this world,
Gonna kick some ***,
Gonna rise up, Kick a little ***,
ROCK, FLAG AND EAGLE!
 
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