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That is not how I interpreted @CCIE post. As I read it, post saying that for purpose of transport, you don’t need more. Unless for example you need a pickup or panel truck for work. I’m sure there are other exceptions, like 5 kids. But for vast majority, base transport need is handled inexpensively. Anything beyond that is personal preference and decision. And, everyone who can get a loan is entitled to make their own decisions... though some will make bad ones, I’m not their mother.Wow, you seem to know what is good for everyone. Do you have a home loan? Any loans or debt? If so I think YOU are foolish and irresponsible and living outside your means. That's how I live so you should too! Do you realize how you sound professing you know everyones full financial status now and in the future? I can think of dozes of points you don't consider but more importantly you seem to think your values and statements are valid and those of others are irresponsible based on your arm chair assessments and judgements. I may not agree with the OP on many levels but I would be a Ass** H** to profess I know his full situation and decision process. Perhaps you can post a buying decision chart for us. I could not imagine your decision process for ordering at a restaurant![]()
Wow, you seem to know what is good for everyone. Do you have a home loan? Any loans or debt? If so I think YOU are foolish and irresponsible and living outside your means. That's how I live so you should too! Do you realize how you sound professing you know everyones full financial status now and in the future? I can think of dozes of points you don't consider but more importantly you seem to think your values and statements are valid and those of others are irresponsible based on your arm chair assessments and judgements. I may not agree with the OP on many levels but I would be a Ass** H** to profess I know his full situation and decision process. Perhaps you can post a buying decision chart for us. I could not imagine your decision process for ordering at a restaurant on a date. "Please order what meets you minimum nutritional requirements:![]()
Obviously I bought a $50k+ car, even though doing so is not warranted for pure transportation. But, I didn't take a loan to buy it, or spend more than I make in a year on it. And no, other than revolving credit card debt (that get paid off each month), I have no loans or debt of any kind. I did have a mortgage in the past because I needed somewhere to live and didn't want throw away money on rent. But, I lived frugally and paid it off rapidly.
Having the yoke of debt around my neck is not worth having a bunch of fancy things. If you believe differently, then we can agree to disagree.
So no loan to but a car that is not warranted for pure transport but others are irresponsible or foolish to take a loan based on not knowing the full decision process or rationale. Makes sense to me. Also in some places renting makes more sense than a mortgage and although I don't know your details you must be irresponsible to get a loan rather than rent. Right? Perhaps you can see the poor logic in making value judgements on others financial decisions based on your unknown metrics. Enjoy your irresponsible purchase of a car beyond your needs you bought for cash you could have used to pay off your home loan soonerSo much wasted money on interest! Shame on you. /S
I agree, but it is also true that this argument is something of slippery slope. I did not buy an expensive car until I was debt free and had enough savings to retire. We both say that we are not willing to take on risk to our future to own a car but you presumably took on more risk than me. I don't know that people can agree on how much risk is too much, but we should be able to quantify risk.Mortgage was paid off years ago. I would never have bought a $50k car if I had debt to pay down.
Look, if you have the cash to buy something and want, then godspeed. My point was that it's foolish to take on debt to buy a luxury item. It's especially foolish when that item will rapidly depreciate.
Mortgage was paid off years ago. I would never have bought a $50k car if I had debt to pay down.
Look, if you have the cash to buy something you want, then godspeed. My point was that it's foolish to take on debt to buy a luxury item. It's especially foolish when that item will rapidly depreciate.
I agree, but it is also true that this argument is something of slippery slope. I did not buy an expensive car until I was debt free and had enough savings to retire. We both say that we are not willing to take on risk to our future to own a car but you presumably took on more risk than me. I don't know that people can agree on how much risk is too much, but we should be able to quantify risk.
I will say one thing: the notion that if a lender is willing to make a deal then the loan is "ok" is the reasoning of a fool. It is only co-incidence if a lender's and borrower's self-interests align. It used to be a bit better but ever since the age of derivatives there is no correlation at all.
That is patently false as can be seen by the reality that people can and do regularly get turned down for loans they cannot afford. It's also seen by the reality of higher risk borrowers being charged higher and sometimes obscene amounts of interest which amounts to the banks hedging their bets on higher risk people.
Also, the risk for someone making $60,000 and buying a $50,000 car by taking a loan out for it is completely different than the risk for someone making $250,000 making that same purchase.
My point was that it's foolish to take on debt to buy a luxury item.
My point is that it's foolish to burn cash holdings on luxury items when you could be leveraging OPM at historically low interest rates.
On another note, all my friends that have been living with partners for 30 plus years and not married are still together and my married friends all divorced.
Except I have friends that make far above $250 and have not been able to pay a $50K car loan and those that make under $50K that make their payments always in that same situation. On another note, all my friends that have been living with partners for 30 plus years and not married are still together and my married friends all divorced. Clearly we know why the latter makes senseRisk is based on averages and data pools, not direct assumptions about one individuals situation or comments. Retired people seem to be financial experts as well
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I could have paid for my Model 3 outright but when Lightstream offered me an unsecured loan at a near historically low interest rate I just LOL LOL LOL and said sure!![]()
Don't think Elon designed sentry mode and RC Summon for you to get away from Lightstream repo men.
I wonder if they have higher default rates than anyone else. I was fine with sub 2% from the credit union but the idea of an unsecured cash loan would have been amusing just to say I had one.
Hello everyone I decided to appraise my 2018 Tesla Model 3 Performance....I took delivery December 22nd 2018, the car has exactly 7493 miles on it with pearl white exterior color, white leather interior fully loaded with enhanced autopilot.... the car price is $73,200 with destination doc fee included and my down payment of $35,000 and CarMax has appraised me with offering me ($47,000) WTF!!!...this can't be right I only had a car for 2 months with only 7,000 miles and the car is fully loaded performance and I'm losing ($23,700)??? Please tell me this is wrong?? If soo I'm furious!!!![]()
Welcome to Tesla ownership. I purchased my Model S 2 years ago for $113k and today its worth around $55k. That is 1/2 its purchase price in 2 years with 25k miles.