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  • Nothing wrong with a nice car. Now when you have 3-4 vehicles that each cost $50K or more......unless you have Bill Gates/Warren Buffett type stacks..... You are not "managing" your assets well.

    Jabrill Peppers...More I watch, the more I'm convinced he is the best player in the 2014 class. Barring injury, he will do special things.

    BamaBornDukie ●

  • BamaBornDukie said...

    Nothing wrong with a nice car. Now when you have 3-4 vehicles that each cost $50K or more......unless you have Bill Gates/Warren Buffett type stacks..... You are not "managing" your assets well.

    oh yea nothing wrong with having a nice car i agree but in this day and age your money would be alot more wisely invested in land first, then car. now am i saying an upgrade should be out of the question? lord no but dont go for the top of the line right now just cause you can afford it.....that being said if you already have a good house and some property then by all means haha but noone thinks long term these days

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    FEED MONCRIEF

    gtownreb

  • xxmgobluexx said...

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

    cheers

    signature image

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

    irishyoung ●

  • gtownreb said...

    oh yea nothing wrong with having a nice car i agree but in this day and age your money would be alot more wisely invested in land first, then car. now am i saying an upgrade should be out of the question? lord no but dont go for the top of the line right now just cause you can afford it.....that being said if you already have a good house and some property then by all means haha but noone thinks long term these days

    To go with that. Sounds like new money. Be careful that you aren't living outside your means.

    xxmgobluexx ●

  • rolBAMAballs said...

    Haha yep

    pass bill now, read bill later

    ^^^ obamacare

    signature image

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

    irishyoung ●

  • BamaBornDukie said...

    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.

    It was actually a joke. just a longer thought than i would have used. If you're going to own the car 5+ yrs and you get 0% interest it's a no brainer. Keep your money they're letting you use theirs at no cost.

    Go bucky go ●

  • my head now hurts

    landonb85

  • 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)

    you could have saved yourself a lot of time.

    I said, " If you can't pay for it in cash you don't need to be buying it. Best advice you will get here." I didn't say getting it financed at 0.0% APR was a bad idea. You seem like a smart guy but just missed on my point.

    I'm still of the opinion if you don't have the cash in an account to pay it off if you lost your job then it is a bad purchase.

    Also the last sentence of your post really got me thinking.

    "-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)"

    You have credit card debt and are buying a brand new Denali with 20" rims? Wow!!! Let me guess you got some fantastic credit card with a 0.0% APR? you just transfer your credit card debt to a new card interest free for 6 months?

    BoogerHater

  • I know I am in the minority here, but a car to me is just a way to get around. Most cars on the market are reliable these days, and you can find plenty of lower priced alternatives to the luxury cars that cost 30-50% more. I just don't get it. shrug

    getmyjive11

  • BoogerHater said...

    you could have saved yourself a lot of time.

    I said, " If you can't pay for it in cash you don't need to be buying it. Best advice you will get here." I didn't say getting it financed at 0.0% APR was a bad idea. You seem like a smart guy but just missed on my point.

    I'm still of the opinion if you don't have the cash in an account to pay it off if you lost your job then it is a bad purchase.

    Also the last sentence of your post really got me thinking.

    "-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)"

    You have credit card debt and are buying a brand new Denali with 20" rims? Wow!!! Let me guess you got some fantastic credit card with a 0.0% APR? you just transfer your credit card debt to a new card interest free for 6 months?

    Are you really Dave Ramsey

    Go bucky go ●

  • I have 0.0% loan on a MKX. Can't beat zero.

    BLatham

  • Do not buy Audi unless you want to drop $1000 minimum for routine stuff.

    I would go for a BMW X5,

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    @rpayne2107

    CptAUmerica21

  • I love mine. It's never caused me any trouble.

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    @rpayne2107

    CptAUmerica21

  • Ahhhh 50k dollar cars are the biggest scam America has bought into.

    Will it get you where you are going faster or cheaper than a 20k dollar car? No, speed limits will prevent that.

    Will you look a lot cooler in a 50k dollar car ? Yes....lol America

    MarylandDawg

  • Lincolns version of the Ford Edge is pretty sharp. Most Lincolns now are good looking vehicles. I looked at the 300 srt8 and just could not see what was more appealing than the six cylinder 300s .

    nstide56

  • MarylandDawg said...

    Ahhhh 50k dollar cars are the biggest scam America has bought into.

    Will it get you where you are going faster or cheaper than a 20k dollar car? No, speed limits will prevent that.

    Will you look a lot cooler in a 50k dollar car ? Yes....lol America

    Agree. For the little difference between luxury and standard cars, the extra cost is not validated.

    getmyjive11

  • MarylandDawg said...

    Ahhhh 50k dollar cars are the biggest scam America has bought into.

    Will it get you where you are going faster or cheaper than a 20k dollar car? No, speed limits will prevent that.

    Will you look a lot cooler in a 50k dollar car ? Yes....lol America

    I would say biggest scam in America is a bit if a stretch dont you think. Almost any luxury can be replaced by a cheaper alternative The argument that its a scam or not practical is usually made by those who don't want or can't afford said item(s)

    Go bucky go ●

  • Go bucky go said...

    I would say biggest scam in America is a bit if a stretch dont you think. Almost any luxury can be replaced by a cheaper alternative The argument that its a scam or not practical is usually made by those who don't want or can't afford said item(s)

    It is the definition of not practical. When a similar car with similar features and capabilities can be obtained for 50% of the price, there is no praticality.

    I drive around a car that I bought for 16k right out of college (new). I assure you, I can purchase a new car with ease... but why would I? This thing has been paid off for years, doesn't give me any problems and gets me where I need to go. That is practical.

    getmyjive11

  • CptAUmerica21 said...

    Do not buy Audi unless you want to drop $1000 minimum for routine stuff.

    I would go for a BMW X5,

    I love my X5 as well but any BMW, Porsche, or Mercedes is going to cost a boatload of money for routine stuff once the warranty is done. Hell a brake job is $1000+ due to the rotors having to be replaced every time and do not get me started on a tune-up.

    OP- keep in mind that the more expensive the car, the more the cost of maintenance is.

    signature image signature image signature image

    mtreber1

  • getmyjive11 said...

    It is the definition of not practical. When a similar car with similar features and capabilities can be obtained for 50% of the price, there is no praticality.

    I drive around a car that I bought for 16k right out of college (new). I assure you, I can purchase a new car with ease... but why would I? This thing has been paid off for years, doesn't give me any problems and gets me where I need to go. That is practical.

    I wasn't arguing practicality.... Or your ability to buy a car. I just don't think that not practical=scam. 5000sq ft houses , $1500 handbags or suits and a $4000 couch aren't practical but I don't think they are scams

    Go bucky go ●

  • Go bucky go said...

    I wasn't arguing practicality.... Or your ability to buy a car. I just don't think that not practical=scam. 5000sq ft houses , $1500 handbags or suits and a $4000 couch aren't practical but I don't think they are scams

    Yeah, I wouldn't call it a scam either. People are getting what they wanted when they purchased the vehicle, so it's not a scam.

    getmyjive11

  • getmyjive11 said...

    It is the definition of not practical. When a similar car with similar features and capabilities can be obtained for 50% of the price, there is no praticality.

    I drive around a car that I bought for 16k right out of college (new). I assure you, I can purchase a new car with ease... but why would I? This thing has been paid off for years, doesn't give me any problems and gets me where I need to go. That is practical.

    Buying a BMW or a Porsche or any cars in said tier or higher has nothing to do with being practical. Sure, plenty of people just blow money on name brands 'cause that's what they do, but for a lot of others it's about wanting a more satisfying driving experience.

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    sf2k4 ●

  • as a BMW owner I can tell you what BMW stands for, and its not practicality.

    BMW = Buncha Money Wasted.

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    azvalleybuckeye

  • My buddy got out of his 5 series as soon as warranty lapsed. He flipped to a Lexus GS 350. Seems to like so far.

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    Bama Boz

  • Bama Boz said...

    My buddy got out of his 5 series as soon as warranty lapsed. He flipped to a Lexus GS 350. Seems to like so far.

    only Lex worth owning, IMO, is the ISF.

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    azvalleybuckeye

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