A Car payment if for suckers

[Truefan31]

It should hurt your mind though. These easy to swallow wealth draining practices shouldn't fool you. Having a monthly income high enough to sustain paying that sort of money for a car doesn't make it a good idea. The opportunity cost of owning such an expensive car is astronomical.

Oh yeah trust I don't do car payments. Own all my cars, no debt, no mortgage. Lol they act like I'm poor or something, or anything less than a new car is some pos. Banks got them finessed hard. I make well over 100k (I work a lot) but don't mean I'm spending 100k. Roth 401k maxed, Roth IRA maxed, got some nice no load mutual funds too. Lookin into either real estate now or buying a nicer bigger house cash.

Debt is like modern day slavery.

 

[winb83]

Once again, in case no one is paying attention, I will post this AGAIN:

DO NOT TAKE ANY ADVICE FROM ANY COLI POSTER ON ANYTHING ESPECIALLY RELATING TO LIFE/FINANCIAL MATTERS.

My Subaru will be paid off in the next year and you know what I'm gonna do? Trade that bytch in and get an even nicer one and still have a payment less than $200.

It took a lot of very smart people to program the general public to think like this.

With most appliance type devices the thinking is nothing like this. I've had my microwave for 6 years and had no major issues and never once thought of replacing it just because I've had it a while. Until it breaks I won't replace it.

With cars people almost get bored with them. Such prohibitively expensive items and people always want to replace them just because.

 

[VladTheImpaler]

if you past 25 there's no need for a car payment.

Have horrible credit and financial literacy and make up an excuse to not buying a car to feel better about the horrible rates you got quoted brehs

 

[winb83]

I became a sucker and took a car payment. I didn't have enough money to buy the car I chose without selling some stocks. I put 60% down and financed the rest. 2.99% rate 5 years $162 a month payment. That 2.99% rate is the best they offered me on any loan so I took a long term to reduce the payment. I'll pay it off early anyway and there's no penalty for doing so.

I set up my direct deposit at my job to take out $162 every time I get paid and put it into a checking account. That checking account will have the car paid off in 2 years and a few months.

I hate having that car payment but at this point my stock portfolio is way outperforming that 2.99 rate and having the car loan is going to raise my FICO score past the 800 ceiling I've been at for years.

 

[AAKing23]

I became a sucker and took a car payment. I didn't have enough money to buy the car I chose without selling some stocks. I put 60% down and financed the rest. 2.99% rate 5 years $162 a month payment. That 2.99% rate is the best they offered me on any loan so I took a long term to reduce the payment. I'll pay it off early anyway and there's no penalty for doing so.

I set up my direct deposit at my job to take out $162 every time I get paid and put it into a checking account. That checking account will have the car paid off in 2 years and a few months.

I hate having that car payment but at this point my stock portfolio is way outperforming that 2.99 rate and having the car loan is going to raise my FICO score past the 800 ceiling I've been at for years.

I was gonna ask about this. Do you recommend taking a longer term to get the lowest monthly payment while paying more than the actual monthly payment to pay it off sooner and not deal with the interest?

 

[winb83]

I was gonna ask about this. Do you recommend taking a longer term to get the lowest monthly payment while paying more than the actual monthly payment to pay it off sooner and not deal with the interest?

You take the best rate you can afford comfortably. I wanted a trivial car payment. I don't even make extra payments. The extra money from the direct deposit just sits in the account. I feel like I have more flexibility that way. The day will come when the payoff amount is what's sitting in the account and if I want to pay it off right then and there I can and if I want to do other things with the money that's an option too.