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  • Just landed a dream job in October, making considerably more than I ever have. The wife just took new job which bumped her salary about 20%. My max would be about 50ish, really like the 300 srt8. I'm honestly lost cause I've never purchased a vehicle worth more than 20. Any car buffs with some suggestions? Live in MI so AWD would be a big plus

    signature image signature image signature image

    michagain

  • michagain said...

    Just landed a dream job in October, making considerably more than I ever have. The wife just took new job which bumped her salary about 20%. My max would be about 50ish, really like the 300 srt8. I'm honestly lost cause I've never purchased a vehicle worth more than 20. Any car buffs with some suggestions? Live in MI so AWD would be a big plus

    Buy used. There are some really nice pre-owned luxury cars out there, and some other sucker took the depreciation hit. Plus, Michigan is tough on cars - buying something already de-flowered will save you from parking a mile out of the way at Krogers etc.

    I'd look for cars in depressed, desert areas like Phoenix, Vegas and inland Socal. Cars will be in great shape body-wise and sellers are desperate.

    FSU Football. Making cool the new swag since 2013.

    gonoles2011

  • michagain said...

    Just landed a dream job in October, making considerably more than I ever have. The wife just took new job which bumped her salary about 20%. My max would be about 50ish, really like the 300 srt8. I'm honestly lost cause I've never purchased a vehicle worth more than 20. Any car buffs with some suggestions? Live in MI so AWD would be a big plus

    Yeah, buy a used one or just wait for a while before increasing your standard of living

    signature image

    I dream of a day when chickens can cross the road without having their motives questioned.

    Gfortress5

  • Look into BMW X series models. Most all of those are all wheel drive and there great vehicles.

    bmwman1043

  • If you can't pay for it in cash you don't need to be buying it. Best advice you will get here.

    BoogerHater

  • BoogerHater said...

    If you can't pay for it in cash you don't need to be buying it. Best advice you will get here.

    Not true. Bought my 2006 Yukon Denali brand new with full package and 20 inch rims in May 2006 with $1,500 down payment plus the "upside down" difference (about $3000) of my wife's Tahoe that we traded in. So my "net" down payment was ($1500)....that's negative $1500 since she was upside by more than what I paid down.

    Due to the Time Value of Money, a 0.0% APR car loan over 72 months is essentially a "negative interest loan".

    Reason being, standard monthly payment was $818.00 per month
    1st payment: June 2006- $818.00 has a purchasing power of 818.00 [based on original purchase date of vehicle] based on June 2006 CPI
    72nd payment: May 2012- $818.00 has purchasing power of $718 in May 2012 based on the original purchase date, May 2006 CPI

    http://www.bls.gov/data/inflation_calculator.htm

    -From a financial perspective, my payment received in June 2006 had significantly more buying power for the financing company than the payment they received in May 2012.

    -Also there was 0 incentive for me to pay the loan off early. Instead, that reserve money was used to pay off interest bearing debt (ie. credit cards, student loans)

    This post has been edited 2 times, most recently by BamaBornDukie on 2/10/2013 at 5:54 PM

    Kevin Durant is moving up in my favorite All-Time Athletes list. Mama raised him right.

    BamaBornDukie ●

  • BamaBornDukie said...

    Not true. Bought my 2006 Yukon Denali brand new with full package and 20 inch rims in May 2006 with $1,500 down payment plus the "upside down" difference (about $3000) of my wife's Tahoe that we traded in. So my "net" down payment was ($1500)....that's negative $1500 since she was upside by more than what I paid down.

    Due to the Time Value of Money, a 0.0% APR car loan over 72 months is essentially a "negative interest loan".

    Reason being, standard monthly payment was $818.00 per month
    1st payment: June 2006- $818.00 has a purchasing power of 818.00 [based on original purchase date of vehicle] based on June 2006 CPI
    72nd payment: May 2012- $818.00 has purchasing power of $718 in May 2012

    -From a financial perspective, my payment received in June 2006 had significantly more buying power for the financing company than the payment they received in May 2012.

    -Also there was 0 incentive for me to pay the loan off early. Instead, that reserve money was used to pay off interest bearing debt (ie. credit cards, student loans)

    But, like you stated, when you bought it 5 years ago your money was worth more, advance 5 years and you actually spent more of your life for it on the value of the dollar alone

    signature image

    I dream of a day when chickens can cross the road without having their motives questioned.

    Gfortress5

  • Sounds like your looking for SUV? I like the X5. But the Audi Q7 looks nice but I've never driven that one

    signature image signature image signature image

    Bama Boz

  • Gfortress5 said...

    But, like you stated, when you bought it 5 years ago your money was worth more, advance 5 years and you actually spent more of your life for it on the value of the dollar alone

    There was no benefit in my paying ($818)*(72 payments)= $58,896 in May 2006

    When I could make monthly payments over 72 months.

    $58,896 in May 2006 dollars would be have the buying power of $51,715 in May 2012 dollars.

    Taken another way, due to inflation, in order to buy the same product that I bought in May 2006 for $58,896 dollars, it would cost me $67,074 in May 2012 dollars. However, the 0.0% APR shielded me from inflationary forces.....and even though my car wasn't paid off until May 2012, my overall payout was still $58,896.

    Again, there is no incentive to pay off a 0.0% loan early..

    This post was edited by BamaBornDukie on 2/10/2013 at 6:08 PM

    Kevin Durant is moving up in my favorite All-Time Athletes list. Mama raised him right.

    BamaBornDukie ●

  • BamaBornDukie said...

    There was no benefit in my paying ($818)*(72 payments)= $58,896 in May 2006

    When I could make monthly payments over 72 months.

    $58,896 in May 2006 dollars would be have the buying power of $51,715 in May 2012 dollars.

    Taken another way, due to inflation, in order to buy the same product that I bought in May 2006 for $58,896 dollars, it would cost me $67,074 in May 2012 dollars. However, the 0.0% APR shielded me from inflationary forces.....and even though my car wasn't paid off until May 2012, my overall payout was still $58,896.

    Again, there is no incentive to pay off a 0.0% loan early..

    I feel like I'm back at school trying to figure out which train will get there first with your financial breakdown posts...

    signature image signature image signature image

    Bama Boz

  • Taken another way, do you think the financing company could purchase more with money received from my payment in:

    June 2006: $818.00
    Or
    May 2012: $818.00

    They'd prefer $818.00 in June 2006 because the purchase they could have made for that amount in 2006 would cost them $932.00 in May 2012. Thus, when they received my $818.00 in May 2012 they would have to add another $114.00 of their own money to purchase the same product (818+114=932) for $932 that they could have purchased in 2006 with $818.00.

    Time Value of Money due to inflation/interest rates

    Use the attached link to see what I'm saying by typing the above numbers.

    Inflation Calculator: Bureau of Labor Statistics

    http://www.bls.gov/data/inflation_calculator.htm

    www.bls.gov

    Kevin Durant is moving up in my favorite All-Time Athletes list. Mama raised him right.

    BamaBornDukie ●

  • Bama Boz said...

    I feel like I'm back at school trying to figure out which train will get there first with your financial breakdown posts...

    I really lol'ed at this one

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    michagain

  • Congrats on the job. IMO don't ever spend more than 30K on a car. It only depreciates. Save your money and get a sick house.

    signature image signature image signature image

    Sir Mix A Lot

  • michagain said...

    Just landed a dream job in October, making considerably more than I ever have. The wife just took new job which bumped her salary about 20%. My max would be about 50ish, really like the 300 srt8. I'm honestly lost cause I've never purchased a vehicle worth more than 20. Any car buffs with some suggestions? Live in MI so AWD would be a big plus

    If you can buy a 2012 model after the 2013 models have come out, you can usually get a better price. 0% is only a better deal than the rebates if youre still driving it past the break even point. Usually 24-36 months depending on rebate.

    Go bucky go ●

  • BamaBornDukie said...

    Not true. Bought my 2006 Yukon Denali brand new with full package and 20 inch rims in May 2006 with $1,500 down payment plus the "upside down" difference (about $3000) of my wife's Tahoe that we traded in. So my "net" down payment was ($1500)....that's negative $1500 since she was upside by more than what I paid down.

    Due to the Time Value of Money, a 0.0% APR car loan over 72 months is essentially a "negative interest loan".

    Reason being, standard monthly payment was $818.00 per month
    1st payment: June 2006- $818.00 has a purchasing power of 818.00 [based on original purchase date of vehicle] based on June 2006 CPI
    72nd payment: May 2012- $818.00 has purchasing power of $718 in May 2012 based on the original purchase date, May 2006 CPI

    http://www.bls.gov/data/inflation_calculator.htm

    -From a financial perspective, my payment received in June 2006 had significantly more buying power for the financing company than the payment they received in May 2012.

    -Also there was 0 incentive for me to pay the loan off early. Instead, that reserve money was used to pay off interest bearing debt (ie. credit cards, student loans)

    I don't even want to see the pile of crumpled paper left in your wake if/when you buy/bought a house

    Go bucky go ●

  • Definitely buy a car that's (lightly) used. A new car's value starts dipping the moment you sign on the dotted line. Save some serious money buy buying a car that's a year or two old.

    Final Countdown ●

  • Grand Cherokee SRT8 ?

    Twitter: @ProducerAP

    Theta

  • Where are my manners??? I got wrapped up in the OP and forgot. Congrats to you and your wife for the promotions.

    signature image

    I dream of a day when chickens can cross the road without having their motives questioned.

    Gfortress5

  • michagain said...

    Just landed a dream job in October, making considerably more than I ever have. The wife just took new job which bumped her salary about 20%. My max would be about 50ish, really like the 300 srt8. I'm honestly lost cause I've never purchased a vehicle worth more than 20. Any car buffs with some suggestions? Live in MI so AWD would be a big plus

    get a car that you can buy for cash. no car payment= happiness iyam

    signature image

    3 time POTW, member since 2006, MLWTI: 4-3

    irishyoung ●

  • save your money and buy a track of land

    signature image signature image signature image

    FEED MONCRIEF

    gtownreb

  • gtownreb said...

    save your money and buy a track of land

    great advice clap

    signature image

    3 time POTW, member since 2006, MLWTI: 4-3

    irishyoung ●

  • rolBAMAballs said...

    who even thinks about that nowadays?

    most people don't, then when they have to they act a fool. should have thought about that BEFORE purchase.

    signature image

    3 time POTW, member since 2006, MLWTI: 4-3

    irishyoung ●

  • Theta said...

    Grand Cherokee SRT8 ?

    clap

    signature image signature image signature image

    azvalleybuckeye

  • Go bucky go said...

    I don't even want to see the pile of crumpled paper left in your wake if/when you buy/bought a house

    An excel spreadsheet is all I need to do calculations for myself...... No need for "crumpled paper"..... And it doesn't take much time to calculate.

    There are a plethora of amortization table and/or Time Value of Money websites that could do the numbers pretty quickly. I used one for the numbers I presented. However, explaining it to people that don't understand finance/time value of money is the hard part.

    This post was edited by BamaBornDukie on 2/11/2013 at 7:39 AM

    Kevin Durant is moving up in my favorite All-Time Athletes list. Mama raised him right.

    BamaBornDukie ●

  • irishyoung said...

    great advice clap

    So much this. You have land forever. Cars will come and go.

    xxmgobluexx ●

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