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Car Wanted Versus Car Can Afford

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DantGwyrdd
Frequent Contributor

Re: Car Wanted Versus Car Can Afford

Of the two extremes--long-term loans with no money down vs paying in cash--the wife and I took the middle road--we picked an affordable car which we loved and paid a downpayment which was about half of the full cost of the vehicle (tax and fees incl.) which turned out to have been the best of both worlds for us at the time as we were just finishing grad school and once we did finish it it ended up being 6 months of both of us being unemployed during which the money we kept in savings instead of putting it into the car kept us afloat whereas the fact that we had paid down half the car from the get go kept our monthly payment at a very comfortable $159/mo plus, we had the good sense to pay $250-300 for a couple of months while we could so even now our next payment isn't, technically, due for another five months.

 

Anywho, what bada_bing is saying makes a lot of sense IMHO and is definitely something I'll be implementing once we pay the car off and I definitely do not understand people who get into expensive cars with no money down and end up having to pay $500+/mo for years on end.

Message 21 of 26
mitchblue
Valued Contributor

Re: Car Wanted Versus Car Can Afford


@DantGwyrdd wrote:

Of the two extremes--long-term loans with no money down vs paying in cash--the wife and I took the middle road--we picked an affordable car which we loved and paid a downpayment which was about half of the full cost of the vehicle (tax and fees incl.) which turned out to have been the best of both worlds for us at the time as we were just finishing grad school and once we did finish it it ended up being 6 months of both of us being unemployed during which the money we kept in savings instead of putting it into the car kept us afloat whereas the fact that we had paid down half the car from the get go kept our monthly payment at a very comfortable $159/mo plus, we had the good sense to pay $250-300 for a couple of months while we could so even now our next payment isn't, technically, due for another five months.

 

Anywho, what bada_bing is saying makes a lot of sense IMHO and is definitely something I'll be implementing once we pay the car off and I definitely do not understand people who get into expensive cars with no money down and end up having to pay $500+/mo for years on end.


Agree. That's about what my mortgage is.. 

FICO® 8 Scores 821 FICO® 9 Equifax 826 (Updated 02-7-23)
Message 22 of 26
Anonymous
Not applicable

Re: Car Wanted Versus Car Can Afford


@DantGwyrdd wrote:

Of the two extremes--long-term loans with no money down vs paying in cash--the wife and I took the middle road--we picked an affordable car which we loved and paid a downpayment which was about half of the full cost of the vehicle (tax and fees incl.) which turned out to have been the best of both worlds for us at the time as we were just finishing grad school and once we did finish it it ended up being 6 months of both of us being unemployed during which the money we kept in savings instead of putting it into the car kept us afloat whereas the fact that we had paid down half the car from the get go kept our monthly payment at a very comfortable $159/mo plus, we had the good sense to pay $250-300 for a couple of months while we could so even now our next payment isn't, technically, due for another five months.

 

Anywho, what bada_bing is saying makes a lot of sense IMHO and is definitely something I'll be implementing once we pay the car off and I definitely do not understand people who get into expensive cars with no money down and end up having to pay $500+/mo for years on end.


If they have the income why not?  The money would be wasted on something else anyways.  Ride in style.   The Best Or Nothing. 

Message 23 of 26
Anonymous
Not applicable

Re: Car Wanted Versus Car Can Afford

Everyone think differently.. I've been having car loans since I was 18 (currently 33) currently I personally have 4 car loan totaling at about 450000.. Yes 450k.. This isn't including the car loan I have thru business

Message 24 of 26
mitchblue
Valued Contributor

Re: Car Wanted Versus Car Can Afford


@Anonymous wrote:

Everyone think differently.. I've been having car loans since I was 18 (currently 33) currently I personally have 4 car loan totaling at about 450000.. Yes 450k.. This isn't including the car loan I have thru business



Nice to be a millionaire, eh? 

FICO® 8 Scores 821 FICO® 9 Equifax 826 (Updated 02-7-23)
Message 25 of 26
Anonymous
Not applicable

Re: Car Wanted Versus Car Can Afford


@mitchblue wrote:

@Anonymous wrote:

Everyone think differently.. I've been having car loans since I was 18 (currently 33) currently I personally have 4 car loan totaling at about 450000.. Yes 450k.. This isn't including the car loan I have thru business



Nice to be a millionaire, eh? 



Yea if u consider owning millions in debt

Message 26 of 26
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