Forbes: The One Monthly Payment Killing Your Wealth

[twan83]

I agree my car went to shyt outta nowhere couldn't find a used one worth value that I felt was reliable enough only wanted Toyota and Honda for a van
Cave in got a Toyota Sienna 2016 around what I use to pay when I had my last car I can afford it but pissed me off I just paid it off 2 mechanics told me a chance it would do not sure when
Oh well shyt happens

 

[Swirv]

Don't buy it if you can't write if off

 

[Pacni99a12]

I cant help it bruhs. I like sports cars . Bout to cop a cayman gts next year

 

[AFRAM GLORY]

Bought that 2012 mustang coupe straight off the lot in 2011 and ain't looked back ever since...

If it aint a car note, just regular car maintenance at regular intervals is hard earned money going bye bye..That's the only thing I long for...A solid local bus and train system

 

[drugxglory]

true story, but ppl dont listen

i got a buncha friends that bought MBZ and BMW's n stuff, living in apartments lol

im driving a corolla, but i own a house, & saving up for my 2nd house

Yeah its crazy, i know a dude who had a benz, now i seen him in a new one living in a apartment paying $700+


But...nikkaz love to stunt on each other

 

[BaldingSoHard]

Man fukk the dumb shyt that 2017 S4 looks like it's gonna be the shyt .

 

[Makavalli]

Good advice. My car got totalled in an accident back in june so me and my girl share 1 car. Having 1 less car note and insurance bill feels good but now its getting cold again in NY and public transportation sucks ass so in about a month imma jump on a decent low mileage lease or a certified pre owned with a 100k warranty.

My kids are still small so i need something reliable while still stuntin on a budget but wuteva i get im holding onto it for the next 10 years

 

[mannyrs13]

Knew which article this was before clicking.

I can't wait to pay my car off. I pay a bit less than $500 but I know for next time to buy used. My car is a 2013. If I could go back, I would buy the previous years model or the year before that. I'll admit that having a car payment has increased my credit score tremendously but next time I'll buy used. There's always good deals and used cars in great condition that can be purchased for cheaper.

 

[Black Bolt]

Had my whip for 5 years, still looks great and runs great. Could easily afford a new one but been had the mindset elaborated on in the OP for years.

Cars are dead money, depreciating assets with high maintenance costs, if you must have one buy a decent 2nd one. Never buy new unless you're worth a few mill & even then being frugal is not a bad idea...few of my bosses who are easily worth >>>£5m have £50k+ cars, all copped 2nd hand)

 

[Truefan31]

So much misinformation in here. Smh at people thinking a car note is a wise choice. 500 car note vs 500 into a Roth IRA lol I'm taking the Roth. Start young and you'll be a multimillionaire.

 

[Truefan31]

Most things depreciate over time. Including the ever so coveted homes and property. And some cars actually go up in value, just as homes and property. Again, value is always subjective.

Actually homes and property typically appreciate not depreciate. It's why real estate can be a great investment. Other than classic and/or rare cars from the past cars as a whole depreciate pretty substantially early in time.

 

[Truefan31]

Retail/list value and what you pay are hardly ever the same if you shop right. The dealer won't buy it back at a good price because they don't make money off of new cars anyway, but you can sell it outright to someone else for close to that price or have them take over the payments at that price. Value is always subjective.

The vast majority will not pay the same price you paid for a new car you're trying to sell. Unless you get a sucker.

Taking over payments doesn't mean you get back whatever down payment you put on, nor the tax/title/registration fees dealers try to stick you with.

Also insurance is higher when financing a car along with some states property taxes are higher.

 

[Truefan31]

Investing it into an IRA adjust for inflation you end up losing money over the years

Inflation averages about 2% annually. Just playing the regular sp500 averages 8-10% annually over time. You're gettin money breh. Biggest factor is actually puttin in the money.

Unless you make over the required income limits do a Roth IRA. Growth is tax free brehs. Even if you make high income do a regular Ira and every year do a backdoor Roth.

 

[Smokin Rider]

I got tired of driving and coppin beaters breaking down on me so I copped a 2012 kia optima with 40,000 miles and only pay 200 a month and it was worth it

 

[madness]

they forgot to mention the money you save on insurance when you own

i used to pay $250 a month in car insurance when i financed my car

once i paid it off it dropped to $98 a month