BaldingSoHard
Banned
Ten million in debt at 0.9% would be a risk.
Ten thousand in debt at 0.9% is just smart.
A Car payment if for suckers
- Thread starter Yagirlcheatinonus
- Start date
Ten million in debt at 0.9% would be a risk.
Ten thousand in debt at 0.9% is just smart.
I disagree. Debt is debt. You still owing someone money. Again any real fiduciary will tell you don't take on debt if you don't have to.
Agree to disagree.
Went to the Mercedes of Chicago dealership today. I think I'm going to trade-in the Merc I bought and have it rolled into a lease moving forward. Buying whips straight cash is probably the best bet, but if you're like me and love nice things, leasing luxury cars makes the most sense.
Back in 2007 I financed a brand new car...an 2007 Nissan Murano. Big mistake. Love the vehicle, but I will never finance again.
It's now going to be 2017, and I still have the same car. I'll have it for another 10 years as long as it holds up and the maintenance isn't too much.
It's now going to be 2017, and I still have the same car. I'll have it for another 10 years as long as it holds up and the maintenance isn't too much.
Just admit you didn't have the income
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feelosofer
#ninergang
Eh depends on the situation I think the better thing to do is to not kill your budget with a higher payments than you can handle just to stunt.
What are you talking about? I'm not hiding shyt, back then I didn't have it...which is why I financed it. Like folks have been saying in this thread, if you have to finance a depreciating asset, you really can't afford it in the first place.
BaldingSoHard
Banned
Financing a depreciating asset is the only way to go, breh, especially when the long-term cost is net negative (interest rates lower than inflation like I keep saying).
Why sink a large amount of cash into something that's guaranteed to lose value? Use other people's money for that, and your own money to make money.
This isn't rocket science.
Well it depends on what people think a 'large amount of cash' is. Whenever it's time for me to get another vehicle...I'm finding a good used for about 10k.
BaldingSoHard
Banned
I'd say $10k is a pretty significant chunk of change. Anything over about $7k I'd probably finance tbh.
I'd finance just for my credit score
Terrible way to build credit if that's what you wanted to do.
10k isn't that significant. It's not chump change either but financing shouldn't be in the equation.
BaldingSoHard
Banned
If you woke up tomorrow and $10k was missing from your account, it would be significant.
Sure. But in terms of financing a car 10k is not a lot. I wouldn't finance a car anyway. Doesn't matter the threshold. I buy what I feel I can afford outright. Owing others money isn't something to brag about period. Simple is sweet. Debt free, emergency fund, investments in solid funds/real estate etc. is how I like it. These banks ain't stupid man and I'm not out to prove I'm smarter than these banks finessing people into thinking debt is a good thing for financial stability. Play with fire enough you'll get burned.
If there's a job loss/disability/hardship the last thing I wanna think about is who I owe money to. Like I said debt=risk.