By the time my Bronco gets built I'll be able to pay cash. The downside is people will probably be flying cars like the Jetsons by then.
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How high interest rates and inflation before you cancel?
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Oh yah?
The term subprime may sound familiar thanks to the subprime mortgage crisis. Prior to 2008, mortgage lenders had much looser standards for approving borrowers with poor credit scores and financial track records. These were also sometimes called no-doc loans because some lenders were not requiring documented proof of income.
Eventually, many of those borrowers defaulted on their loans. Between 2007 and 2010, foreclosures skyrocketed and banks lost tons of money, causing the government to bail out many big banks, while others merged or were sold through failure.
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I'm hoping the Electric Bronco is less than 3 years out. Then again, it'll be 20K more and that federal $7500 will have gone away by then.
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Soo what you're saying is that those organizations didn't didn't make irresponsible bets and that the only reason they went broke is that some poor people didn't pay their loans after their interest rates went through the roof?
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So you're saying they didn't go broke because of their predatory lending practices and it was all the borrowers fault?!
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If I think I can get higher ROI than the interest rate, I will finance as much as I can regardless of the absolute rate.
If the rate hits some amount that I don't think I can out-earn, I won't be happy but have the means to pay cash.
Inflation in the absence of rate hikes makes the 2021 MSRP deal better, but if inflation is so high that deal gets too good, I expect either Ford or the dealer to renege on the deal.
If the rate hits some amount that I don't think I can out-earn, I won't be happy but have the means to pay cash.
Inflation in the absence of rate hikes makes the 2021 MSRP deal better, but if inflation is so high that deal gets too good, I expect either Ford or the dealer to renege on the deal.
To add, I was working in the fortune 100 financial industry at the time, the bundling of all those great securities was the biggest pyramid scheme skirting regulations, it was pure monopoly money on the backs of a boat load of people. I survived up till beginning of 2009 then I was out of that sector for good.
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Based on the interest we currently pay on our debt being the 4th largest expenditure of the US gov, I don't think rates really can go much higher. Inflating away the debt.
I am not an economist. It is a hobby to me. I do not want to argue, but I like hearing other opinions.
I am not an economist. It is a hobby to me. I do not want to argue, but I like hearing other opinions.
I'd like to know how you saved $40k in about 2 years on not much income.
I need to follow your plan instead of what my spending has been like lately.
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LOL, I have been saving for a lot longer than that. Bought and sold a few cars here and there before the pandemic, put my touch on them made a few hundred here and there. I have 20K for the Bronco and will get another 20 from selling one of my vehicles. I am a vehicle enthusiast, have all of my own tools and do mostly all my own work on my vehicles. Been doing car work since I was 16. I have a TINY garage- 20 X 22 but make the most of every square inch of space. I shop hard for the parts and get the best prices. And I don't spend any money except on cars and coffee.I'd like to know how you saved $40k in about 2 years on not much income.
I need to follow your plan instead of what my spending has been like lately.
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- #28
Youve got 40k+ in cash sitting around but cant afford gas? Maybe keeping 40k liquid over the last decade of growth wasnt the best idea
