Let's talk about cars
Feb 27th 2019, 11:15 pm
#7276
BE Forum Addict
Joined: Feb 2015
Location: Denver, CO.
Posts: 1,523
Re: Let's talk about cars
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'.
... 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'.
Feb 28th 2019, 1:01 am
#7277
Lost in BE Cyberspace
Joined: Nov 2007
Location: Bay Area, CA
Posts: 13,112
Re: Let's talk about cars
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!
Feb 28th 2019, 2:58 pm
#7278
BE Enthusiast
Joined: Nov 2013
Posts: 473
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.
Feb 28th 2019, 3:01 pm
#7279
Thread Starter
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
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.
Feb 28th 2019, 3:04 pm
#7281
BE Forum Addict
Joined: Feb 2015
Location: Denver, CO.
Posts: 1,523
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.
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.
Feb 28th 2019, 3:07 pm
#7282
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
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.
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.
Feb 28th 2019, 3:16 pm
#7283
BE Enthusiast
Joined: Nov 2013
Posts: 473
Re: Let's talk about cars
I could finance a car, but then with the 'check' it would hurt my score even more!
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.
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.
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.
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.
Feb 28th 2019, 3:16 pm
#7284
BE Forum Addict
Joined: Feb 2015
Location: Denver, CO.
Posts: 1,523
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.
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.
Feb 28th 2019, 3:32 pm
#7285
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
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.
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.
Feb 28th 2019, 3:35 pm
#7286
BE Forum Addict
Joined: Feb 2015
Location: Denver, CO.
Posts: 1,523
Re: Let's talk about cars
I put down the maximum I could. Seemed more logical than having a bigger monthly payment.
Feb 28th 2019, 3:39 pm
#7287
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
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.
As rightly pointed out earlier in the thread though, US car sales live on credit.
Feb 28th 2019, 3:40 pm
#7288
BE Enthusiast
Joined: Nov 2013
Posts: 473
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.
Feb 28th 2019, 3:41 pm
#7289
BE Forum Addict
Joined: Feb 2015
Location: Denver, CO.
Posts: 1,523
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.
As rightly pointed out earlier in the thread though, US car sales live on credit.
I will be slightly annoyed if in 2020 they come out with a V8 Raptor again though.
Feb 28th 2019, 3:44 pm
#7290
Thread Starter
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448