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10-04-2019, 05:58 PM | #45 |
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I like how this thread about increasing loan terms has turned into a high brow financial discussion. The folks running up this average are lucky to have a bank account, much less contemplating the spread on low interest financing.
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10-04-2019, 07:32 PM | #46 | |
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When I was negotiating my DW's new car back in June, the sales guy started to work up his 4-square based on payment. I told him that I am bringing my own financing, and all numbers will be in purchase price and not monthly payments. Between shutting down his 4-square shell game with no trade-in and making him negotiate on price and not payments, we really threw him off his game.....
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10-04-2019, 07:56 PM | #47 |
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two years ago I was negotiating with the dealer to purchase wife's X3 35 and I had fleet discount voucher. Dealer tried to first push for lease and then I told him purchase only. Then he said this is how much is mnthly pmt ... I said don't care, what is the purchase price. Then he said with trade-in it is xyz ... but there was no trade-in. Then he mixed in fleet discount. On and on and on ... then I took the paper and wrote the numbers and told him sorry bud I have elec eng degree we can play with numbers til the cows come home ... deal or no deal got to go ... got the deal and loan through PNC for 36m
I can see how many folks fall in the trap that don't understand the difference of appreciating vs depreciating asset and exponential functions |
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10-04-2019, 08:06 PM | #48 |
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These threads always become lively discussions because people like to chime in with how smart they are financially. The thing is, different people have different definitions of “smart financially”, which makes the threads entertaining.
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10-04-2019, 08:09 PM | #49 |
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Yes, and half the people in the "get a low rate car loan and invest the money" camp don't actually do it, but it justifies their borrowing and makes them look like a genius on the internet.
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10-04-2019, 09:16 PM | #50 |
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i did a 66 month Financing through a BMW dealer to buy my 1M @ 3% interest rate in 2014. It was my dream car and i wanted it. I'm not the type of person who was ever going to sell it (my 1M will never be for sale again) and for me it was worth it.
do i think long financing plans are a good idea? probably not. But sometimes people like who would like their monthly burden to be less do it to make it more affordable. In Europe 72 month financing deals are a common practice. Would i go back in time and do the same thing again if had to? 10000% yes!!!
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10-04-2019, 11:50 PM | #51 |
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It’s the internet. Half the “I pay cash and no debt" people are stressing they’re going to go over their allotted lease miles
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10-05-2019, 08:05 AM | #53 | |
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10-05-2019, 08:20 AM | #54 |
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Best method is the only finance half - if you don't have half upfront, don't buy. 48month is usually a good term. Never buy new unless you like to watch money burn...lol
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10-05-2019, 01:29 PM | #55 | |
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I've never traded in any car I've owned. I've only sold off one car to a car buying service because having that car around with at the time two cars already was not prudent. The car buying service offered me more than what I would have gotten if I traded it in. That car I happened to buy used and felt comfortable about it because I was able to talk to the original owner. That car I owned for 16 years before selling it. My daily beater at the time I owned for 8 years until it was done in by a deer. I would have continued to drive that thing till I ran it into the ground. My previous car I drove till it blew a head gasket at around 170,000 miles and owning it for 11 years. My two bikes I currently own are 15 and 10 years old respectively. My 135i is going on 6 years and I have no intention of doing anything with it. Again all these vehicles were purchased new with the exception of the one used car I sold to a car buying service. Could I have maximized my money more by buying used? Sure. But I certainly didn't piss away money that you're implying by buying new. |
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10-05-2019, 02:00 PM | #56 | |
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10-05-2019, 06:46 PM | #57 | |
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I have my reasons as to why I buy new. I do well for myself. I don't need to justify my purchases to anyone on the Internet. As I said, I know I'm not maximizing dollars spent on a car by not going used. But I'm certainly not pissing away money as you and others imply. Most of my cars have been econoboxes. The 135i is the first time I "treated" myself to something way beyond just basic transportation. I did finance all of my vehicles. Some I didn't put any down payment on the vehicle. Others I did. I put down a substantial down payment on the 135i. I've also taken out loan terms on all the cars at 5 years. I've paid all of them off well beyond reaching the loan term. I did this to give myself some flexibility if I needed it for monthly expenses. All the vehicles were financed at 1.49% fixed. You've said it in your quoting of my first reply in this thread that I'm a rarity. There's more of people such as me out there than you think. I'm just rebutting the tired assumption that anyone who buys new is burning money as the assumption is I'm living beyond my means, I'm going to flip the car quickly, I'll be falling into the perpetual cycle of rolling over negative equity, etc, etc. None of that applies to me. |
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10-05-2019, 11:21 PM | #59 |
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Life is short. If it makes you happy go for it. Consequence be damned. If you're not suffering because of it or putting your family at risk, why not?
I see people spending $300-$500 a month on wireless phone service, $200+ on lawn care, $2000+ on purses, $10K+ on watches, $1000 a month on daycare per child! I've seen 2 dead cousins died millionaires and none of them have managed to take any money with them. If everyone is following strict financial guideline, most people should be driving a 10 year old Camry and who would want that? |
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10-06-2019, 12:56 AM | #60 | |
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The flaw in your logic is assuming it’s a “this v. That” issue. It’s not! It’s an issue that knows no boundaries. Every industry from automotive, to cell phone companies, to lawn care companies, to textile companies have a predatory element to it that has deluded us all and we are ok with because....uh...life is short and we’re gonna die. Give me a break. It’s not about money per se, it’s about freedom. We are all ok with being prisoners of this exploitative social construct. Tell me how an M6 can sell for $160k new but get “damaged” during shipment and only be worth $2500 in scrap metal? Refer to the Canada BMW Lot thread. You have guys trading in M4s that are only 18 months old because they don’t have the latest updates headlights. That’s a sickness. I’m guilty of it. You are too. Last edited by 48Laws; 10-06-2019 at 01:09 AM.. |
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10-06-2019, 12:57 AM | #61 | |
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10-06-2019, 01:56 AM | #62 | |
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10-06-2019, 09:03 AM | #63 |
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My elderly neighbors are already asking me for the phone number of our lawn care company! After years of cobbling together free/junk lawn tractors to mow our bedrock minefield back yard, we broke down (well, our last lawn tractor did) and hired a local lawn guy who is just starting out. His hourly rate is less than half of what I make, and I look at the deal as supporting a local business. In the long run, it comes out cheaper to pay the lawn guy than it would be to finance a commercial rock^H^H^H lawnmower and do it myself.....
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10-06-2019, 09:12 AM | #64 | |
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A manual transmission can be set to "comfort", "sport", and "track" modes simply by the technique and speed at which you shift it; it doesn't need "modes", modes are for manumatics that try to behave like a real 3-pedal manual transmission. If you can money-shift it, it's a manual transmission. "Yeah, but NO ONE puts an automatic trans shift knob on a manual transmission."
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10-06-2019, 09:27 AM | #65 | |
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A manual transmission can be set to "comfort", "sport", and "track" modes simply by the technique and speed at which you shift it; it doesn't need "modes", modes are for manumatics that try to behave like a real 3-pedal manual transmission. If you can money-shift it, it's a manual transmission. "Yeah, but NO ONE puts an automatic trans shift knob on a manual transmission."
Last edited by Efthreeoh; 10-06-2019 at 02:01 PM.. |
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10-06-2019, 09:31 AM | #66 | |
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