>97 month car loans >financing a car

inb4 internet millionaires telling you how smart it is to make payments while investing your savings for a 23% return

>>16559553
i want to see your faces2 pic

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>Buying new
>ever

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>not owning multiple shitboxes

don't forget the full coverage insurance and 'warranty' check ups.

so what do i do? finance a used car?

i've dealt with shady CL sellers multiple times already and i do not want to deal with that bullshit again..

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>spending more than 10% of your annual income on a care

thank God you financially irresponsible idiots keep the economy going

>>16560006
Pay in cash poorfag

>>16560006
I dunno, you could buy something you're able to afford.

But, that's just one mans approach to not being in debt.

>>16559553
>>/biz /

>>16560009
This.

Everytime someone approach me with a car question I tell them to buy new so there wont be any problem.

And i buy their cars 5 years later for 1/9 of what they paid.

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>>16560134

We must maintain a financially subservient underclass in order to reap the enduring benefits of their stupidity.

>make 42k a year
>buying 15k car

Whatever man. I'm saving up to move out and only have 10k saved so far. YOLO.

>make 24k a year
>buy a 1k car

Gets around as good as anything, and I can build it up to be whatever I want.

>>16560009
>Make $100,000
>Only supposed to buy a $10k car

Your fucking retarded

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All these people who say dont buy new have either never done so or tried and were unable to financially sustain the responsibility thus resulting in all the salty butthurt.

I for one say that if you can afford a monthly payment and insurance comfortably, then theres no reason not to finance. Its a necessary expense if you need something reliable to get to work every day, just like paying for your mortgage or rent, or even food. All necessary things one must pay to live comfortably.

Just make sure what you get is something you're willing to own for your whole life and not something you'll regret buying and trading in a couple years later.

>buy new car
>beat the shit out of it on a daily basis on the racetrack I call my commute to work
>never changed tranny fluid
>never flushed coolant
>never changed brake fluid
>6-ish years later I trade it in
>get 10% of what I paid
>its not worth that much
>kek
>get home in new car
>come to /o/
>see thread about people that buy used cars like mine
>they "smarter" than me
>have a chuckle

>>16560211
>go into debt for new car
>drive like a shitter because I have no respect for OPP
>never perform any maitnence
>trade it in for another long batch of debt
>the cycle continues
>i'm always in debt
>laugh at the people who aren't in debt who drive a reliable daily they own and care for while keeping their heads fully above water.

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>>16560219
>check out my the car I just bought
>only cost 10% of my yearly income
>ITS NOT A PIECE OF SHIT
> :(
>well...least im not in debt

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>Make $87,000
>Buy a $7,200 car

>>16560234
who the fuck only makes 3,000 a year?

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>spend more than you earn
>lol saving money is for retards
>lose job
>homeless in a month

>>16560240

People who need to finance cars

>>16560251
People who need to get a full time job before going into debt, you mean?

>>16560196

Your whole life? Lol.

>>16560211
holy fucking shit you just described me perfectly, i just haven't done the trade in yet

>>16560194
My fucking retarded what? Insolvency?

>>16560196
>get used truck given to me
>rebuild most of it
>all work done myself, I know everything is done right at least
>spend around $4000 to get it in good condition
>it's worth $6000
>i now drive to work and back every day in a truck that costed me less then 8 months of car payments
>I pay $360 a YEAR in insurance because I can afford to lose it.
>I paid less then $250 last year in maintaining it because I know the vehicle front to back and can fix issues before they cause more damage.
>I don't have to worry about voiding any warrantys

It must suck that you have to pay 10 times as much for the same thing because you can't handle the idea of turning a wrench once or twice a year.

>>16560340
This is an intelligent post, apart from being a truck of course.

>>16560420
As opposed to what, a car? How am I supposed to get 5 miles up a dirt road after it rains to go feed my livestock in a car?
How am I supposed to tow my boat, or my other truck with a car?

>>16560194
He said spend only 10℅ of your income on a car in a given year, not buy a car all at once every year. Are you stupid?

If you can get a loan below 4℅, put the rest of you money in some small cap index funds and you'll make money.

anyone who waits to buy a car cash is fooling themself

anyone who knows money knows you should never drop all your money into a single asset

by talking out a loan you are spreading the risk out

because who knows when the roof is gonna cave in and those thousands of dollars would have kept you from being homeless


honestly everyone here is such a bipolar retard its not even worth trying to preach about keeping everything as level and in the middle as possible

>>16560506
Why not just take out a construction loan to fix the roof?
You don't have to buy a roof outright either.

>>16560196
Why not get a certified pre owned car then?

>>16560506
It must suck to be so stupid you can't tell if your roof is about to cave in. Imagine the worry.

>>16560506
What are savings?

>>16560506
See the funny thing is that people are advocating spending less money on a car so you have more money overall which still would be wise in that situation.

>>16560194
Probaly meant your monthy expenses on a car payment should only be 10%.

So if you're making 100k a year, you could spend around $800-$900 dollars a month on a car payment, which gets you a pretty decent car.

>>16560541
because if you never built up your credit no one is going to loan you shit other than a payday loan place at 27% intrest over 96 months

you can realisticly only get an auto loan and a single personal loan before any bank would say no

so imagine you paid for that new roof that just caved in as well as your car

BUT NO THERES MORE the roofers found that the roof leaked down the side of the house and now you have to replace a section of wall

and UHOH someone without insurance just hit and ran your car

now what?
poor planning means your fucked

>>16560729
>not fixing own roof
What are you a homosexual?

>>16560729
So in your example you have no savings and no credit. And according to you, the smart thing to do is to finance a new car.

>>16560729
I make enough a year that the banks wouldn't say no. Besides, I would fix my roof and my car myself.

>>16560340
Im not opposed to wrenching but not everyone is as skilled and confident as you. Trust me, if i had a garage and the time to wrench on a car that i can make just as nice as a brand new one for a fraction of the cost, i would. I know you can agree that you cant put a price on peace of mind.

>>16560563
I did consider that option heavily, but the interest rate on a used car was higher so it wasnt much cheaper to just go brand new. I can also relax knowing that the car was never abused.. yet lol. Feels like im in demo mode waiting to pass the 1k break in period.

>financing a depreciating asset
>underwater the minute you drive it off the lot

Ohshitniggerwhatareyoudoing.jpg

>save up 20k
>buy 15k econo with low miles

Why would you ever finance? you're giving more money to the stealership than they deserve.

>>16559553
i finance with 0% interest, why not

>>16560728
I make $115k/yr

I bought a '14 GT500 and pay $550/mo after a hefty downpayment

It's about 1/3 of a single paycheck, or 1/13th my monthly income

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>>16559561
>mfw buying my next car in cash

also next car im financing because i want that dank ass focus st

>>16560706
You lose money by not investing it at a higher rate of return than you're paying in financing.

You can give away a bunch of cash for the car, or invest it and get 10% returns while only paying 2% interest and make more money

make a little over 100,000 a year.
Bought daily driver for 2100 and have put 100,000 miles on it since.
Mom is fairly well off, financed used lexus es.

>>16562236
That doesn't add up at all. If you spend a third of every paycheck on the car, literally a third of your income is going to the car.

>>16562380
He clearly said a third of a single paycheck which is about 1/12 of monthly income if you get paid every week

>>16562380
>a single paycheck
I think he gets paid bi weekly or something

>>16559986
>not modding the fuck out of multiple shitboxes

>>16561072
>he considers a car an investment

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>>16559553

>72 month car loan
>shit credit
>bought from drivetime

I financed literally to build credit. That being said I also put a shit ton down so my payments are really nothing considering I already have the money for the car in full..

>>16560196
>you're just jelly because you are too poor to buy a new car!
Protip, people buy new cars because they aren't financially apt enough to save up to buy anything outright, and a new car is the only thing they can get financing on.

>>16562513
Bingo! That's literally 90% of people who buy new.

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>bought a car that has hit rock bottom on depreciation

>>16562530
996 turbo or 928?

>>16562549
>928
Really? If so I think it's gonna sit at rock bottom for a while.

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>>16562530
I just did too
>2.5% of original list price

>>16562570
Damn good choice.
I paid 1% of mine.

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>>16559553
>0 loans
>only have to pay $110 per month for insurance

>>16562594
my mistake, I actually paid roughly .6% of original.

i would only ever take out a loan of almost 100 months if it's something like a supercar thats keeping it's depreciated value and could sell it after a while and pay off the loan

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>>16559553
>spend $2000 on 150k+ mile abused used car
>having to spend another $2000 on another 150k+ mile abused used car within a year of the first one eating it
>sinking money into a car you only spent $2000 on to keep running
>thinking this is the more intelligent way to spend money

Neat opinions.

>>16562749
Sounds like you don't know shit about cars. Financing a new car is a better choice for you. Leasing would be even better.

>>16562749
Nice false dichotomy.