I would settle for 36 month at zero percent. I have cheap taste, low standards, and low overhead.
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Agree with this, especially third point.First off you are talking about a very small percentage of people that actually have and are willing to risk that much money. Most will finance and if they have the equivalent in value In cash it will likely stay in a bank account and not invested. Second doesn't matter what you say financing at 2% on a depreciating asset is the opposite of wealth generation. And third if one can pay 50k+ cash they probably have plenty of money and appreciating assets, if not they are just stupid.
I dunno man, some dude on here suggested that I get a Forester, and I'm starting to think that's good advice.Hereās the best advice- donāt take random internet strangers advice and take it as fact...
I think we just became best friends.I like reading the threads talking about finance. I get amused by people telling us poors what we can afford or do with what little money we have. I am looking at a six year note at around 3% with 10% down to keep my payment in the mid $600's. I have been a cop for 27 years. A divorce crushed me financially and I ended up raising two kids by myself for ten plus years. I am close to retirement. I am hoping the Bronco gets here way before I have had enough of working the job. Pay for it more with salary and less with my retirement. It won't though. I am on my last leg as far as dealing with work stress. So I need to stretch a payment out to keep the monthly low. I guess I made poor life decisions and as a result I don't deserve to own a Bronco?
I have never owned a new vehicle. I have leased two VW because their lease rates are very affordable. I want the Bronco. I can fit it into my retirement budget. F you if you think I shouldn't buy it because I can't pay cash or pay it off in 4 years. I'll probably drive it until they bury me so who cares how long the term is?
I tell you what man. there is nothing quite like owning a new vehicle and knowing that you are the only person that has ever farted in it.I like reading the threads talking about finance. I get amused by people telling us poors what we can afford or do with what little money we have. I am looking at a six year note at around 3% with 10% down to keep my payment in the mid $600's. I have been a cop for 27 years. A divorce crushed me financially and I ended up raising two kids by myself for ten plus years. I am close to retirement. I am hoping the Bronco gets here way before I have had enough of working the job. Pay for it more with salary and less with my retirement. It won't though. I am on my last leg as far as dealing with work stress. So I need to stretch a payment out to keep the monthly low. I guess I made poor life decisions and as a result I don't deserve to own a Bronco?
I have never owned a new vehicle. I have leased two VW because their lease rates are very affordable. I want the Bronco. I can fit it into my retirement budget. F you if you think I shouldn't buy it because I can't pay cash or pay it off in 4 years. I'll probably drive it until they bury me so who cares how long the term is?
All good questions. There really are so many different ways to play it, but the bottom line is that there will be one way that usually works best for any given individual.Regardless of your chosen approach to car buying...
Now, based on those answers, is your chosen approach to car buying the right one?
When giving financial advice, it's generally best to not lead with "I bought a brand new Audi"That is 100% correct. However if you cannot afford to pay it off in under 48 months you can't afford it. The 2020 Audi I bought last year was $62K. I was able to get .9% for 36/mo. I could have paid cash. I chose to finance half at .9% and invested the other $31k. So far I am making more than the depreciation and putting money in my pocket. The end game is time vs money. If you extend your loan duration too long the depreciation will eat up your investment profits.
Iāve avoided this thread intentionally. But here I am. My jobs been finance for almost twenty years. @North7 just summed up personal finance 101 almost perfectly.Regardless of your chosen approach to car buying, just ask yourself, for your age, stage of life and income level:
Do you have an emergency fund with 6-12 months of living expenses?
Do you have a home savings plan or a home your paying on?
Do you set money aside every month for retirement, in case you don't get hit by the proverbial bus?
If you have kids or are planning to have kids, do you have, or have plans for a college savings plan?
Now, based on those answers, is your chosen approach to car buying the right one?
The person you described probably isnāt buying a Bronco until they are 60. Screw thatā¦Regardless of your chosen approach to car buying, just ask yourself, for your age, stage of life and income level:
Do you have an emergency fund with 6-12 months of living expenses?
Do you have a home savings plan or a home your paying on?
Do you set money aside every month for retirement, in case you don't get hit by the proverbial bus?
If you have kids or are planning to have kids, do you have, or have plans for a college savings plan?
Now, based on those answers, is your chosen approach to car buying the right one?