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Old 10-23-2013, 12:38 PM   #61 (permalink)
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Quote:
Originally Posted by UltArc View Post
Usually those low payments don't mention the 2-5k they expect as a down payment, either. "Lease the cheapest Mercedes/Volvo/Audi we have, for only 399 per month! And 2999 down w/ 1k miles/month at $.25/mile after..."
(for _well_ qualified buyers who have a credit rating up in the stratosphere...)

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Old 10-23-2013, 01:02 PM   #62 (permalink)
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Quote:
Originally Posted by rmay635703 View Post
Actually electronics use should be banned while driving, the tech to disable cells and the like in a car costs under $3...
I don't see how you could selectively disable the driver's cell only (at least not without coordination between automakers and cell manufacturers), and why shouldn't passengers be able to make calls &c?

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Quote:
Originally Posted by jamesqf
Except that I've never run into an EFI system that needed repair, whereas carbs needed repair all the time. And if you honestly think carbs were simple to repair, you have my unreserved admiration.
Buy a 93 suburban and you can run into that problem all you want.
Yeah, but if I bought a '93 Suburban, the EFI system would be the least of my problems :-) But Honda, Toyota, etc? I've had no problems.

Quote:
Carbs were cheap to adjust and repair to good enough, but difficult to get perfect
Depends on what you mean by "good enough". Good enough to run acceptably, maybe. Good enough to pass smog checks, no. I sold at least two carbed vehicles because I couldn't get them to pass smog. In one case, I sold a carbed '85 Toyota pickup that wouldn't pass, and bought a virtually identical except for EFI '88, which passes with flying colors.

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Old 10-23-2013, 01:35 PM   #63 (permalink)
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Not a fan of leases, you are buying depreciation, which is nothing, and in Va YOU have to pay the property taxes on your nothing.

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Old 10-23-2013, 02:11 PM   #64 (permalink)
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Sir, it appears you do not realize that 179/month for six years is a much better deal than 20k up front. I hope you didn't pass this offer up.



This is what I was getting at...lol
Yes I get it now I was a little late to the party on my fuzzy math. $179/month seems to be the price all the car commercials use, so I went with that to illustrate the point. I guess that is typically the lease price you pay to drive 8,000 miles a year.
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Old 10-23-2013, 04:16 PM   #65 (permalink)
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There is also the mentality of "one in the hand, two in the bush".

Credit isn't necessarily evil. I use it all the time for great benefits/rewards points. Cabelas has a great incentive programs for this. You just have to be more responsible with your money and realize what you're doing when you swipe that card instead of reaching for dollar bills.

If you have 20000$ in the bank, and want to purchase something that costs 20000$, is it better to buy it and be broke until more money comes in, or to buy it at 0% interest over 36 months? Using all available liquid assets at once or to spread it out more evenly?

The choice should be obvious there.
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Old 10-23-2013, 04:36 PM   #66 (permalink)
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The buy vs borrow paradigm is tricky - when interest rates are low it makes sense to borrow as savings earn nothing and credit is cheap, in the reverse situation the opposite is true.

The real trick is successfully planning for both scenarios which involves knowing when they might take place.

As for car purchases, most buyers here in the UK buy "nearly new", which means low (under 15K) miles cars from previous owners such as lease companies, hire car firms and even car makers themselves offering leasing deals to private buyers.

The only people who buy new are the really rich or company car buyers.
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Old 10-24-2013, 12:05 AM   #67 (permalink)
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Low or 0% interest rates are a good way to go on a car - IF you were going to buy one anyway. If I had $20k cash to buy a $20k car with, and then found out I could get 0% financing instead, I would take the financing and keep my $20k making money for me. O.P.M. (Other Peoples Money) is the way to go if it lets you keep yours doing something for you, especially at 0%! But buying a new car BECAUSE financing is 0% is a bad idea. If you couldn't afford it at 10%, don't be buying it at 0%.

And leases are just terrible. The only reason you lease here is if it's a company vehicle, because for tax purposes you can write off 100% of a lease payment for a business, but you can't write off a regular payment. If you need to switch to a lease to afford the payments, then you are way out of your price range.
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Old 10-24-2013, 12:42 AM   #68 (permalink)
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Quote:
Originally Posted by brucey View Post
If you have 20000$ in the bank, and want to purchase something that costs 20000$, is it better to buy it and be broke until more money comes in, or to buy it at 0% interest over 36 months? Using all available liquid assets at once or to spread it out more evenly?

The choice should be obvious there.
Except when you're talking about cars. Then the choice is not to want to spend $20K on a car :-)

But in general, yes. I currently have a credit card that has 0% interest to the end of 2014, plus reward points. Am I putting just about everything I buy on that card, and making not much more than minimum payments on it, while keeping the money in my mutual fund account? You betcha :-)

PS: And the CC company gave me $100 worth of points just to sign up for it. It's almost enough to make a guy feel guilty about taking their money - but not quite.
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Old 10-24-2013, 07:42 AM   #69 (permalink)
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We have not paid any interest in 18 years with two exceptions. Both were building houses, which resulted in a $165K gain from the first house. The second house cost me $180K and it is currently worth about 300-315K. Those gains were-are tax free and the interest paid was a part of the cost of the house before the gain. No income tax on the gain, either state or Federal and no FICA or Medicaid since it was a cap gain versus income.
Credit is not the problem. The problem is paying interest, or trading in tomorrow for today. No house or car payments now in those 18 years. Between building salvage cars and building my own house, we have made no house or car payments in those 18 years.
It takes a lot of self control to not go out and buy stuff when you can "afford it", but once you get out of that trap then using a card for rewards or cash back is great, but the key is self control and not paying any interest, unless it is a purchase with truly a potential gain involved.

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Old 10-24-2013, 10:43 AM   #70 (permalink)
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Study: Teens can't afford to drive | The Detroit News
Quote:
Washington — A new study blames high teenage unemployment and the rising costs of driving for the decline in younger people getting driver licenses — not texting, cellphones and lack of interest.

The Insurance Institute for Highway Safety’s Highway Loss Data Institute reviewed insurance data on insured teenage drivers and found the drop in teen driving coincided with the recent economic slowdown. At the same time, the cost of driving is rising: Auto insurer AAA says the average cost to drive 10,000 miles in a year jumped from 62 cents a mile in 2006 to 77 cents last year.

“It looks like teens just can’t afford to drive,” said Matt Moore, vice president of the insurance industry-funded group. “Paying for their own cars, gas and insurance is hard if they can’t find a job. At the same time, kids who count on Mom and Dad to help them also may be out of luck if their parents have been affected by the recession.”

In Michigan, the number of teen drivers fell sharply for three straight years during the recent economic downturn. But it rebounded this year as the economy continued to improve.

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