Americans owe $1 Trillion on their cars

The #1 community for Gun Owners in Indiana

Member Benefits:

  • Fewer Ads!
  • Discuss all aspects of firearm ownership
  • Discuss anti-gun legislation
  • Buy, sell, and trade in the classified section
  • Chat with Local gun shops, ranges, trainers & other businesses
  • Discover free outdoor shooting areas
  • View up to date on firearm-related events
  • Share photos & video with other members
  • ...and so much more!
  • SEIndSAM

    Grandmaster
    Site Supporter
    Rating - 100%
    47   0   0
    May 14, 2011
    110,809
    113
    Ripley County
    I have listened to Dave Ramsey many times, but not a follower of this programs.

    That being said, I figured out that financing a car is a good deal only for the financial institutions. Buy something a few years old a pay cash. I have not bought a "new" car since 2001. Everything has been used since then.
     

    snorko

    Grandmaster
    Site Supporter
    Rating - 100%
    361   0   0
    Apr 3, 2008
    8,294
    113
    Evansville, IN
    I bought a new Subaru in late 2012. 0% financing. Yes, there is depreciation but blue book is almost 5 times what I owe. Will be paying it off 7 months early next month. Plan to drive it at least another 5-7 years. Two or three year old Subarus are very difficult to find and are not that much cheaper. Having said all that, I agree a slightly used car is typically a far better deal.
     

    HubertGummer

    Master
    Rating - 100%
    2   0   0
    Jan 7, 2016
    1,572
    38
    McCordsville
    We have an 01 s 10 and an 07 Caravan. Don't owe anything on either, but Unfortunatly I have never been in a position to buy a $10k vehicle with cash. We financed and then paid extra on the principle whenever we could. We didn't do too bad on the van, 5 year loan paid off in 2 years.
     

    TB1999

    Master
    Rating - 100%
    6   0   0
    Jun 22, 2010
    2,965
    48
    I have listened to Dave Ramsey many times, but not a follower of this programs.

    That being said, I figured out that financing a car is a good deal only for the financial institutions. Buy something a few years old a pay cash. I have not bought a "new" car since 2001. Everything has been used since then.

    I'm glad I read millionaire next door (and rich dad poor dad) when I did. Of course I'm still broke but at least I don't waste money on crap.
     

    Magneto

    Master
    Rating - 100%
    1   0   0
    Dec 6, 2009
    2,188
    48
    New Albany
    If you look what a car costs (new or used) it's outrageous what a decent vehicle costs, let alone a decent truck. I hate payments, and I haven't had one since 2001.
     

    jkaetz

    Master
    Rating - 100%
    3   0   0
    Jan 20, 2009
    1,953
    83
    Indianapolis
    Cars cost too much.

    While buying isn't the best thing you can do, leasing has to be the worst. Financing a car is fine, but you should do the math and see how much you're paying in interest. There's a huge difference in financing at 0 - 3% interest versus 5 - 8%. The worst financing thing you could do is to take out money against your home for a car that will typically be used between 10 - 15 years and be paying on it for 30 years. And don't get me started on the people who are already upside down on their car loan only to refinance it into another car.

    The bottom line for everyone is to do the math. You don't even have to know how to do the math any more, just find an amortization calculator and plug in the numbers.
     

    HoughMade

    Grandmaster
    Rating - 0%
    0   0   0
    Oct 24, 2012
    35,615
    149
    Valparaiso
    A 2013 Silverado extended cab with 99,000 miles goes for $23k. Crazy.

    As I mentioned elsewhere, I have a 2007 Silverado. It has about 125,000 miles on it now. The exterior is perfect- not a speck of rust, no body damage. the interior is great, floor's dirty, but no visible wear on anything.

    I can see myself repowering this thing when it becomes necessary (iron block 5.3L) and rebuilding this as needed rather than buying another truck. With the prices these days, for me, it seems like the way to go.
     

    Leo

    Grandmaster
    Rating - 100%
    30   0   0
    Mar 3, 2011
    9,734
    113
    Lafayette, IN
    Interesting perspective.

    To quote above, cars cost too much. Due to easy credit, they still sell and the people forget they are paying a LOT more for the car when you add in financing costs, as well as the extra sales tax, annual excise, insurance, etc.

    Universities go through money like a dope fiend in a Cocaine lab. College costs too much. Due to easy credit, they can still sell pretty much any classes and degrees they come up with, no matter how worthless. People forget, someone is paying a LOT more for those classes when you add in financing and other cots.

    Most houses cost too much. Way over priced and stuffed with amenities that tickle the pride, but really serve no purpose. Due to easy credit, they sell pretty well. People forget the they are paying a LOT more due to financing costs and the taxes and insurance on the over priced house.

    I think I see a trend. Credit is bondage; and the easier it is, the more slaves the finance people have on their plantation. Wow that sounds like a concept in the Bible or something.
     
    Top Bottom