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Car payment freedom

D Griff

D Griff

Go Kart Champion
McQueen77 said:
It depends man. All cars will cost you, car payment or none. But if you be down with driving an old honda, then by all means, do it. Just be prepared mainly to replace and fix emissions related stuff like cat, sensors etc because thats always what nickel and dimed me on the cheap jappers. My wifes car was dead reliable but when we added up what was paid out during a ten year period for that car, it was about the same as leasing a car every three years comparable to what shes in now. Almost five bills on a gti though is silly expensive
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This is all too true. Be ready to replace o2 sensors, a cat, window regulators, shit like that. If you torn your wrenches though you can easily maintain one of those cars for $1k/year. The GS-R's rarity and somewhat coolness will keep it from depreciating. My old Honda cost me about $100/month when all was said and done over five years, can't really beat that.
 
McQueen77

McQueen77

Banned
Yeah, I see what OP is saying about cars being a waste of money, this much should be obvious unless you know nothing about finances, BUT, you almost have to have a car, unless you live somewhere w/awesome public transit. Even then, what do you do when you want to go somewhere, always take a bus or train or rent a car? Cars = freedom, period. In LA, you almost always have to have a car and in most scenarios, each person in a couple, man/wife, whatever, have to each have a car.

I'd be beyond stoked if we could find a way to have one car. That'd be amazing. But thats impossible. So what do you do? OP is also right about how much money you'd save, theoretically, driving a piece of shit all the time. I just cant do it. He's totally right and I can't do it. My wife was blown away when I actually sat and added up everything that was spent over the years on her 10 year old Matrix/Vibe reliable car. It came out to about $250 a month. If you can lease something for $250 a month, why the fuck would you rather have the same car for 10 years? You have to fall within the leasing mileage limits of course, otherwise, you'll get hosed.
 
troyguitar

troyguitar

Go Kart Champion
McQueen77 said:
OP is also right about how much money you'd save, theoretically, driving a piece of shit all the time. I just cant do it. He's totally right and I can't do it. My wife was blown away when I actually sat and added up everything that was spent over the years on her 10 year old Matrix/Vibe reliable car. It came out to about $250 a month. If you can lease something for $250 a month, why the fuck would you rather have the same car for 10 years? You have to fall within the leasing mileage limits of course, otherwise, you'll get hosed.
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:word:

Being willing/able to work on your own shit also changes things a bit though... For me it skews things in favor of buying an older $$ car and doing my own work on it. Sounds like OP is kind of similar in that regard. Integra could be a good choice if you like FWD.
 
barische

barische

Go Kart Champion
Also keep in mind that houses r no different.. Ppl dont call em money pits for no reason. We also have a house n recently got a dog, both draining my bank account.. Sure i would like to keep modding or go get a damn evo X or m3 but finances r not in the cards.. Sounds like u care alot about that house - tell you the truth all them renovations n additions u do probly will not make a huge difference.. Ppl watch too much HGTV which is funded by homedepot n lowes commercials. Enough of my $.02 rant
 
T

TRUboost

Go Kart Champion
Re finance. If your tier 1 plus (720+) you should easily qualify for something in the mid 1‰ range through a credit union.

Butt posted from my Galaxy Note II
 
outshined

outshined

Go Kart Champion
It comes down to what car will make you happy. I like nice, new/new-ish cars. I will likely always have a car payment. Worth it to me. I budget for it. My parents don't give a crap about cars. They have always driven cheap beaters and have no car payments.
 
H

Hyun

Passed Driver's Ed
Get/use a HELOC to pay it off, the interest is tax deductible... If that's not an option, sell it and buy the GSR.
 
SwiftGTI

SwiftGTI

Go Kart Champion
barische said:
Also keep in mind that houses r no different.. Ppl dont call em money pits for no reason. We also have a house n recently got a dog, both draining my bank account.. Sure i would like to keep modding or go get a damn evo X or m3 but finances r not in the cards.. Sounds like u care alot about that house - tell you the truth all them renovations n additions u do probly will not make a huge difference.. Ppl watch too much HGTV which is funded by homedepot n lowes commercials. Enough of my $.02 rant
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Yes both can be money pits, but the difference is houses generally appreciate in value and you'll at least break even on the cost of upgrades/renovations.
 
McQueen77

McQueen77

Banned
SwiftGTI said:
Yes both can be money pits, but the difference is houses generally appreciate in value and you'll at least break even on the cost of upgrades/renovations.
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yeah. i wonder though anymore. i think if you bought a long time ago you might have really made some equity but now, who knows.. like take 2 guys, both make $100k per year. 1 guy buys a house and the other guy just puts x-amount of money away each month in a Roth IRA or something that averages 8-10% interest per year.. Who would have more money in 10 years? So many factors re: location its impossible to say. I think its more about, and especially to people like me who rent, that having a house will at some point mean freedom and control. Nothing else really. But if you at some point owned the place you lived and had no housing payment, that is serious freedom right there.
 
SwiftGTI

SwiftGTI

Go Kart Champion
McQueen77 said:
yeah. i wonder though anymore. i think if you bought a long time ago you might have really made some equity but now, who knows.. like take 2 guys, both make $100k per year. 1 guy buys a house and the other guy just puts x-amount of money away each month in a Roth IRA or something that averages 8-10% interest per year.. Who would have more money in 10 years? So many factors re: location its impossible to say. I think its more about, and especially to people like me who rent, that having a house will at some point mean freedom and control. Nothing else really. But if you at some point owned the place you lived and had no housing payment, that is serious freedom right there.
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Yeah, you'd have to calculate house appreciation [- taxes - upkeep - transaction costs] vs. IRA ROI [- rent] over that 10 yr period. Lots of variables involved like you said, but if you could find a Roth returning 8-10% per year, that might beat out home ownership.

The freedom/control is a definite plus, but I wonder if that gets balanced out by the horror you feel when you see your roof start leaking as a home owner.
 
troyguitar

troyguitar

Go Kart Champion
SwiftGTI said:
The freedom/control is a definite plus, but I wonder if that gets balanced out by the horror you feel when you see your roof start leaking as a home owner.
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Very tough question. I built a badass workbench bolted to the wall and shit which I couldn't do as a renter, then last night I hardly slept because we had severe thunderstorms and I imagine every little sound is a tree falling on the house or something. It's stressful as hell and we are in a nice 5 year old house with very few issues.
 
SwiftGTI

SwiftGTI

Go Kart Champion
troyguitar said:
Very tough question. I built a badass workbench bolted to the wall and shit which I couldn't do as a renter, then last night I hardly slept because we had severe thunderstorms and I imagine every little sound is a tree falling on the house or something. It's stressful as hell and we are in a nice 5 year old house with very few issues.
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Yeah same here. It's nice having a garage where I can work on my car, but my roof actually did start leaking earlier this year. I've got an old 15+ yo house, so I know it's just a matter of time before I'll have to re-do the roof. :mad:
 
D Griff

D Griff

Go Kart Champion
Since I moved back in with my parents a month or so ago ( :cry: ) I've seen them spend thousands on the house and hours and hours of time... Meh, don't want.
 
D

Desert MVIGTI

Go Kart Champion
troyguitar said:
Very tough question. I built a badass workbench bolted to the wall and shit which I couldn't do as a renter, then last night I hardly slept because we had severe thunderstorms and I imagine every little sound is a tree falling on the house or something. It's stressful as hell and we are in a nice 5 year old house with very few issues.
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That's surprising, coming from a "shit breaks, fix it" sort of dude like yourself.

I can see your concern in a new house. But man, on a 15 year roof, a massive hailstorm or tree crash = winning. Because insurance covers a new roof for ya, and with a little wink wink nod nod with the adjuster, it also gets some new race tires for your Corvette.
 
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