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Old 09-19-2017, 04:12 PM   #41 (permalink)
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Quote:
Originally Posted by darcane View Post
One good thing... the trend here at EcoModder seems to be that of avoiding auto loans entirely.
That pretty much describes me too.

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Originally Posted by Old Tele man View Post
letting people "extend" their payback periods beyond the 'normal'
It's all about the payment. For people living paycheque to paycheque, "car loan" is just another perpetual line item in the budget. And the lower the better!

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Old 09-19-2017, 04:56 PM   #42 (permalink)
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People take debt for granted. In theory, after being an adult for twenty years, all of the money I saved from purchasing economical cars and driving economically would allow me to pay cash for new cars (even if just a Mitsubishi Mirage), but alas, no.

I have struggled with debt as it is. I can only imagine it would have been worse had I ever paid interest on a car, but I can only imagine had things been better.

Like had I never owned a Subaru...
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Old 09-19-2017, 05:20 PM   #43 (permalink)
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The Superbeetle, which I purchased out of a framer's field, was financed through a credit union.

But I wouldn't be where I am today if I hadn't traded my favorite set of wheels straight across for the Dasher. That thing is sweet. You can drive with your wrists resting on you knees and the steering wheel playing back and forth through your fingertips.

Not really 'you' of course, one...
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Old 09-20-2017, 01:51 AM   #44 (permalink)
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I was wondering what the Dasher was, but I see it is the original VW Passat, as sold here in Europe. You learn something every day.
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Old 09-20-2017, 03:05 AM   #45 (permalink)
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I only loaned money for my second moped (when the first one was irreparable after a minor crash) and for my first car, which I bought from my parents when Dad suddenly got a lease car.
Since then I've had beaters and 'middle aged' cars, one new that I won in a lottery (!) and at last the Insight which I bought barely used at a bargain price while in the market for new. All bought from savings, except the lottery win.

Nothing beats the feeling of buying used cheaply while having money for new.
Well, almost nothing.
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Old 09-20-2017, 07:50 AM   #46 (permalink)
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Quote:
Originally Posted by MetroMPG View Post
It's all about the payment. For people living paycheque to paycheque, "car loan" is just another perpetual line item in the budget. And the lower the better!
I know people, who are quite well off in terms of income, who lease their cars. It's the same thing there too. What's the monthly cost? That's all they care about. If they'd step back and ask "what's the cost per mile?" they'd have a heart attack. But they won't. Being clueless about money has nothing to do with how much of it you have.
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Old 09-20-2017, 08:01 AM   #47 (permalink)
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I have never had a car I couldn't buy with cash in hand.
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Old 09-20-2017, 10:19 AM   #48 (permalink)
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I had a friend who made payments on a Ford Exploder for 10 years. He was delivering pizza for Pizza Hut during this time. The interest rate was very high since he has bad credit.

One day the engine gave out on the highway. He sold the car to a junkyard for $500, and they picked it up from the gas station he had coasted into. He still owed on the car.

He told the financing company the situation, explained he had already paid for the car several times over in interest, and they forgave the remainder of the principal.

I took out a loan on a vehicle once even though I could easily pay cash for it. The interest rate was 2%, and I needed the cash for other financial goals.
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Old 09-20-2017, 11:03 AM   #49 (permalink)
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The only time I had payments was when I hit an elk and did not have the money for another car. Dad sold me his Focus and let me make payments, but did not charge interest, and did not say anything when I did not have the money to pay him. Great man. I miss him.
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Old 09-20-2017, 04:57 PM   #50 (permalink)
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JockoT — Here, amaze your friends:

https://en.wikipedia.org/wiki/Audi_80

Quote:
The Audi 80 B1 was only the second modern-era Audi product to be developed entirely under Volkswagen ownership
[snip]
Audi's design and development efforts paid off during the 1973 European Car of the Year competition where the 80 won ahead of the Renault 5 and the Alfa Romeo Alfetta.
[snip]
The Fox originally had a 1.5 litre engine rated at 55 hp (41 kW; 56 PS), attached to a four-speed manual transmission... Four-speed manuals or three-speed automatics were on offer, in all three bodystyles... The B1 platform was dropped from the European market in 1978, although it was sold into the 1979 model year in North America.
This example is a 48hp diesel with a five-speed transmission swap.

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