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Let's talk about cars

Let's talk about cars

Old Feb 27th 2019, 11:15 am
  #7276  
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Default Re: Let's talk about cars

Originally Posted by Steerpike
LA and the Bay Area are arguably a bit different ... we in the north like to think so anyway! (I feel most comfortable in Pasadena when I'm in the LA area). I hate the congestion, but the physical setting of the Bay Area is hard to beat - ocean, bay, hills everywhere, lush green in winter and cute 'sandy' colors in the summer; oak trees in abundance. Amazing food from all over, reflecting the mix of people. Since I bought into the place back in the 80s, the real-estate costs, which is the most significant high-cost item, doesn't really affect me that much (though I was hoping to cash-in by moving out-of-state). I'm heading into retirement so taxation isn't such a big deal any longer, and I don't seem to encounter any manifestation of 'incredibly bankrupt'.
You could essentially put the heavy taxation into a manifestation of incredibly bankrupt...
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Old Feb 27th 2019, 1:01 pm
  #7277  
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Default Re: Let's talk about cars

Originally Posted by BenK91


You could essentially put the heavy taxation into a manifestation of incredibly bankrupt...
All the time I worked in CA full-time, my income was - in comparison to other states - higher by a margin sufficient to offset the higher taxes. In 2009 I started working in AZ primarily, managing techies in both Scottsdale and the Bay Area (so I got to see all the salary details of everyone in both states, and had to do recruiting in both states). The salaries in the Bay Area were much higher than in AZ, so the taxation difference was relatively incidental. I had a great deal in that I kept my CA salary but got to pay AZ taxes and lived in AZ for several years, with the lower cost of living. But they kept trying to get me to fully relocate, which would have included adjusting my salary to local 'norms', and that would have been a net loss. In 2013 they gave me an ultimatum and that's when I stopped working for them!
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Old Feb 28th 2019, 2:58 am
  #7278  
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Default Re: Let's talk about cars

While looking for used cars, I still can't get used to the prices over here. I never paid more than 1000 for a decent car that would last me 4 years in the UK, here you have to spend ten times that. I just missed out on a car at the dealership over the weekend which I intended to buy outright. I did chuckle that the person who ended up buying it was trying to finance it over 72 months.....for a $7000 car.
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Old Feb 28th 2019, 3:01 am
  #7279  
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Default Re: Let's talk about cars

Originally Posted by Harveyspecter
While looking for used cars, I still can't get used to the prices over here. I never paid more than 1000 for a decent car that would last me 4 years in the UK, here you have to spend ten times that. I just missed out on a car at the dealership over the weekend which I intended to buy outright. I did chuckle that the person who ended up buying it was trying to finance it over 72 months.....for a $7000 car.
The US economy is driven by credit - it's not how much cash that determines the market price of a car, new or used, it is whether you can afford the monthly payment.
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Old Feb 28th 2019, 3:01 am
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Default Re: Let's talk about cars

$150 a month and you're golden
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Old Feb 28th 2019, 3:04 am
  #7281  
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Default Re: Let's talk about cars

It’s funny as we make a $180 payment on a 7 year old Mini (we only have 9 months left on it) and a $460 payment on a $80,000 truck.

Goes to show the difference of credit score, we had pretty poor scores when we got her mini, yet when I got the Raptor we both had 750+ scores.
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Old Feb 28th 2019, 3:07 am
  #7282  
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Default Re: Let's talk about cars

Even with a decent score, figure on paying $20 a month for every $1,000 you borrow.

So a $80,000 would usually be more like $1,600 a month if you put nothing down. Now if you cash half of it, or trade half of it, sure. But you are not getting a $500 payment on an $80k truck without getting significant equity from somewhere - or financing it over 7 years.
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Old Feb 28th 2019, 3:16 am
  #7283  
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Default Re: Let's talk about cars

Originally Posted by Pulaski
The US economy is driven by credit - it's not how much cash that determines the market price of a car, new or used, it is whether you can afford the monthly payment.
Originally Posted by civilservant
$150 a month and you're golden
Oh don't I know it! Annoyingly my credit seems to be stuck around 720 at the moment. It climbed up to 725 thanks to my getting offered another credit card (just a cashback version of the one I have now) which doubled my credit limit but then because one of the lenders took a month to report their check, I dropped back down to 716 yesterday. I feel like I'm going to be stuck in low 700's forever but I know it just takes time. I'm paying my mortgage and car payment on time (and in fact over paying on the car payment) and never run a credit card debt I don't pay off in full.

I could finance a car, but then with the 'check' it would hurt my score even more!

Originally Posted by BenK91
It’s funny as we make a $180 payment on a 7 year old Mini (we only have 9 months left on it) and a $460 payment on a $80,000 truck.

Goes to show the difference of credit score, we had pretty poor scores when we got her mini, yet when I got the Raptor we both had 750+ scores.
I got a good rate on my wifes 2015 escape despite having little credit history. I overpay it and out down $500 a month to get it paid off sooner. Hopefully next time I go to finance a car my credit will be good.

Originally Posted by civilservant
Even with a decent score, figure on paying $20 a month for every $1,000 you borrow.

So a $80,000 would usually be more like $1,600 a month if you put nothing down. Now if you cash half of it, or trade half of it, sure. But you are not getting a $500 payment on an $80k truck without getting significant equity from somewhere - or financing it over 7 years.
I owe about $160k with my house and car and it's costing me about $1500 a month. Agreed, some people put nothing down and finance over 7 years. I considered doing that for a car I want but couldn't justify $10k in interest over that time.

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Old Feb 28th 2019, 3:16 am
  #7284  
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Default Re: Let's talk about cars

Originally Posted by civilservant
Even with a decent score, figure on paying $20 a month for every $1,000 you borrow.

So a $80,000 would usually be more like $1,600 a month if you put nothing down. Now if you cash half of it, or trade half of it, sure. But you are not getting a $500 payment on an $80k truck without getting significant equity from somewhere - or financing it over 7 years.
I should’ve elaborated... I didn’t pay $80,000 for it, I managed to get it for $64,000. But a year ago, it was an $80,000 truck.
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Old Feb 28th 2019, 3:32 am
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Default Re: Let's talk about cars

I still dont see how you're only paying $460 a month unless you traded in or paid a huge chunk down.

Even at 0% over 72 months bankrate is making it $880 a month. In fact the closest I can get to your monthly figure is borrowing $35,000 at 0% over 72 months.
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Old Feb 28th 2019, 3:35 am
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Default Re: Let's talk about cars

Originally Posted by civilservant
I still dont see how you're only paying $460 a month unless you traded in or paid a huge chunk down.

Even at 0% over 72 months bankrate is making it $880 a month. In fact the closest I can get to your monthly figure is borrowing $35,000 at 0% over 72 months.
I put down the maximum I could. Seemed more logical than having a bigger monthly payment.
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Old Feb 28th 2019, 3:39 am
  #7287  
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Default Re: Let's talk about cars

I don't see the logic in putting down (presumably) $30k on a truck when you could have bought a used XLT for close to that and owned it outright.... but that's me. I've decided that debt is dumb and will have none (other than my mortgage) by the end of the year.

As rightly pointed out earlier in the thread though, US car sales live on credit.
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Old Feb 28th 2019, 3:40 am
  #7288  
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Default Re: Let's talk about cars

0% is now only if you have super credit if I understand correctly though? Most places I;ve looked are about 5% recently, even new. I got my 2yo car in 2017 for just over 4% which given I had about 4 months credit history here was pretty good I think.
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Old Feb 28th 2019, 3:41 am
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Default Re: Let's talk about cars

Originally Posted by civilservant
I don't see the logic in putting down (presumably) $30k on a truck when you could have bought a used XLT for close to that and owned it outright.... but that's me. I've decided that debt is dumb and will have none (other than my mortgage) by the end of the year.

As rightly pointed out earlier in the thread though, US car sales live on credit.
Yeah, it definitely crossed my mind but at the end of the day, I could be dead tomorrow and I'm fortunate enough to be in a position to make a purchase along those lines.

I will be slightly annoyed if in 2020 they come out with a V8 Raptor again though.
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Old Feb 28th 2019, 3:44 am
  #7290  
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Default Re: Let's talk about cars

Originally Posted by Harveyspecter
0% is now only if you have super credit if I understand correctly though? ....
Depends what you mean by "super". 680-700 should be high enough for 0% dealer finance.
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