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kallend

Behaviors rich people have.

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normiss

Dude "It's only $20 more a month than your current payment!"
:|

That's one of the many things I hate about car shopping. "How much can you afford a month?" Uh, I brought my checkbook.

My youngest daughter, though, has to drive a lot for her business (insurance sales) and needed a new car. She bought a brand new Civic for under 20K and, with me cosigning, got financing at 0.9%. When we were doing the paperwork at the dealership I advised her to put no money down, considering how cheaply she was being loaned money. Now she still has her rainy day cash reserves and a fairly easy car payment, set up on autopay so she'll never forget or be late. B|

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Iago

Ah the mantra of the 'middle class.'


"Oh I'll always have a car payment!"

I read somewhere the average car payment is about $450 a month.

$450 a month over 30 years is $450k IN TODAYS DOLLARS assuming an average 6% return after inflation.

Hope you like your car.



I sure hope the middle class isn't living their cars, because what you quoted sounds more like a mortgage. :S:P
lisa
WSCR 594
FB 1023
CBDB 9

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ive bought cars for what what most people pay per month in financing.
Ive only ever financed a new vehicle once, and I hated it. Thankfully it managed to end up on its roof and insuranced payed for it.

When I was younger I could not afford to pay someone to fix my POS cars so I had no choice but to learn how to do it myself.

As for the being rich thing, Im probably not that good with my money. Aside from RRSPs and Super I have very little for the retirement fund. At the moment I have maybe $10k in assets.

I live a very minimalistic lifestyle, almost everything I own I can carry on my back. For the past 5 years I have worked less than 6 months per year, been around the world a few times, absolutley living my dreams, and there always seems to be some money in the bank and beers in the fridge :)
I think people put way to much weight into the idea that to be rich you have to have lots of money and big houses and shiny new cars. If you have a place to sleep, clothes on your back, a way to get where you want to go and beer in the fridge, you are already incredibly wealthy. Maybe you just dont realise it because your to busy comparing things to those who have more than you.

Have you seen my pants?
it"s a rough life, Livin' the dream
>:)

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hcsvader


I think people put way to much weight into the idea that to be rich you have to have lots of money and big houses and shiny new cars. If you have a place to sleep, clothes on your back, a way to get where you want to go and beer in the fridge, you are already incredibly wealthy. Maybe you just dont realise it because your to busy comparing things to those who have more than you.


OR
you could have all of that and a little motorhome to boot:ph34r::ph34r::ph34r::ph34r:
You are not now, nor will you ever be, good enough to not die in this sport (Sparky)
My Life ROCKS!
How's yours doing?

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Squeak

***
I think people put way to much weight into the idea that to be rich you have to have lots of money and big houses and shiny new cars. If you have a place to sleep, clothes on your back, a way to get where you want to go and beer in the fridge, you are already incredibly wealthy. Maybe you just dont realise it because your to busy comparing things to those who have more than you.


OR
you could have all of that and a little motorhome toboot:ph34r::ph34r::ph34r::ph34r:

or I could just keep on offering myself to the women who already have a van :P
Have you seen my pants?
it"s a rough life, Livin' the dream
>:)

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hcsvader

******
I think people put way to much weight into the idea that to be rich you have to have lots of money and big houses and shiny new cars. If you have a place to sleep, clothes on your back, a way to get where you want to go and beer in the fridge, you are already incredibly wealthy. Maybe you just dont realise it because your to busy comparing things to those who have more than you.


OR
you could have all of that and a little motorhome toboot:ph34r::ph34r::ph34r::ph34r:

or I could just keep on offering myself to the women who already have a van :P

Your Canadian charms didnt work on me:ph34r::ph34r::ph34r::ph34r::ph34r: Cobar ground was hotter for you in the tent than me in the Van:ph34r::ph34r::ph34r:
You are not now, nor will you ever be, good enough to not die in this sport (Sparky)
My Life ROCKS!
How's yours doing?

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Squeak

*********
I think people put way to much weight into the idea that to be rich you have to have lots of money and big houses and shiny new cars. If you have a place to sleep, clothes on your back, a way to get where you want to go and beer in the fridge, you are already incredibly wealthy. Maybe you just dont realise it because your to busy comparing things to those who have more than you.


OR
you could have all of that and a little motorhome toboot:ph34r::ph34r::ph34r::ph34r:

or I could just keep on offering myself to the women who already have a van :P

Your Canadian charms didnt work on me:ph34r::ph34r::ph34r::ph34r::ph34r: Cobar ground was hotter for you in the tent than me in the Van:ph34r::ph34r::ph34r:

Ya that kinda fucking sucked. I bet rich people have never slept in a $20 tent on a yoga matt during a heatwave in the middle of australia. it was seriously like 30C radiating off the ground I was trying to sleep on.
I guess rich people will never get to tell that story :P
Have you seen my pants?
it"s a rough life, Livin' the dream
>:)

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BikerBabe

hmm... "they don't speak their minds"

I guess everyone on dz.com is poor! :ph34r:

in all seriousness, that one actually made me a bit angry.

I know what you mean but the closed mouth gathers no foot. And this:

The whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts. – Bertrand Russell

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JohnMitchell

That's one of the many things I hate about car shopping. "How much can you afford a month?" Uh, I brought my checkbook.



The cash discount you need to make it worthwhile is straight-forward enough to calculate, but the result isn't necessarily intuitive.

Suppose you want to buy a $30K car with a 1.5% loan over 5 years. That's a monthly payment of $519.30 for five years. If you're going to pull money out of an account that is otherwise earning 7% you need to get that price down to about $26,225 (~12.6% discount) to make it worth paying up front.

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Exactly. In fact, I would take the loan at 1.5% and keep the money earning 7% right where it is.

We bought a house in Lacey, WA last spring. We're still carrying about a loan of about $30K on it, at 3.75%. I thought about selling some stock to just pay it off, but the market is up about 12% over the same period. I would have lost $$ by paying off early.

Now, a cash rebate I'll take every time. ;)B|

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