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I've already gone on record saying this, but with interest rates in the 2s or less, I'm a fan of financing over buying outright. Get your M car and flog it. Also post pics in AI.
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Jun 11, 2019 04:54
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Motronic posted:And this isn't one of those? Yes, but not in the sense I'm talking about. Think new mountain bike, headphones, whatever other hobby I decide to pick up this year. The only reason I haven't gone and dumped a bunch of money into a new mountain bike already is that I'm on 6 day weeks and have been out a total of one time this year and therefore haven't gotten the itch to upgrade. KillHour posted:I've already gone on record saying this, but with interest rates in the 2s or less, I'm a fan of financing over buying outright. Honestly, I'm fine financing with higher rates just to have extra money on hand up to a certain extent, lower rates are just a plus. I'm debating how much money I put down on this, but I might call around to some local dealers tomorrow and see if they have any allocations left over. It's just money and I can't take it with me and I'm sure as poo poo not leaving it to my ungrateful cats 
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Jun 11, 2019 05:05
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big crush on Chad OMG posted:I’d 1,000% have a small trailer for kayaks than trying to heave them up on the roof, especially if you’re doing it solo. Kayaks only weigh like 40-50 pounds, ie the weight of an unloaded barbell. I’ve loaded my dad’s ancient 75lb aluminum canoe onto his Outback solo, and that thing is way more unwieldy. Dealing with a trailer is much more of a hassle in my opinion, at least if you’ve only got one or two kayaks. I might want a trailer later to tow a sailboat, but this would be a racing dinghy that would weigh like 130-300lb, and I know I’ve seen people tow those behind hatchbacks with less power than a GTI.
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Jun 11, 2019 08:24
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Apollodorus posted:Kayaks only weigh like 40-50 pounds, ie the weight of an unloaded barbell. I’ve loaded my dad’s ancient 75lb aluminum canoe onto his Outback solo, and that thing is way more unwieldy. Dealing with a trailer is much more of a hassle in my opinion, at least if you’ve only got one or two kayaks. It’s less the weight and more of trying to maneuver an 8 foot or longer kayak above your head. I’ve just never been a fan of roof racks.
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Jun 11, 2019 13:27
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There are sub 2% rates on used cars? My credit union used to be 2.5% some years ago, but the lowest I see now is 3.5
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Jun 11, 2019 14:02
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KillHour posted:I've already gone on record saying this, but with interest rates in the 2s or less, I'm a fan of financing over buying outright. This only makes sense when the decision is "do I sell long term investments to buy this car outright or finance it"? So many people seem to conveniently forget that.
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Jun 11, 2019 14:44
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Nitrox posted:There are sub 2% rates on used cars? My credit union used to be 2.5% some years ago, but the lowest I see now is 3.5 Best we are able to get right now is 3.2 I think.
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Jun 11, 2019 14:50
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In the 2s means <=2.99. my credit union is doing 2.79 right now.Motronic posted:This only makes sense when the decision is "do I sell long term investments to buy this car outright or finance it"? So many people seem to conveniently forget that. If you're thinking about a new M car and you have that much money kicking around in your free checking account or under your mattress or whatever, you're either a millionaire and just don't care or you're screwing yourself. You need to be beating inflation. Even a loving CD is like 3% APY and is gonna offset your car loan. KillHour fucked around with this message at 15:12 on Jun 11, 2019 |
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Jun 11, 2019 15:03
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KillHour posted:In the 2s means <=2.99. my credit union is doing 2.79 right now. My main checking account draws 2.25% so my money isn't completely wasted. I do need to open up a second account there since I'm quite a ways over the cap for the full amount. My other credit union is doing 2.49% interest loans right now as well, so I think I'm set as far as that goes.
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Jun 11, 2019 15:36
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Since you didn't mention it (I don't think?), you are putting money into long term financing, right? That will blow your savings accounts out of the water long term.
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Jun 11, 2019 16:04
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Uthor posted:Since you didn't mention it (I don't think?), you are putting money into long term financing, right? That will blow your savings accounts out of the water long term. What do you mean here, like a mortgage? fknlo OP guy, you have money in brokerage index funds / retirement stuff right? Just making sure it's not all in your bank account. If it is, pop on over to the Long Term Investing thread in BFC and we'll get you set.
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Jun 11, 2019 16:14
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Motronic posted:This only makes sense when the decision is "do I sell long term investments to buy this car outright or finance it"? So many people seem to conveniently forget that. It also makes sense if you are trying to initially allocate a hunk of cash plus buy a car at the same time for whatever reason.
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Jun 11, 2019 16:17
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Something Offal posted:What do you mean here, like a mortgage? I meant what you said better. Retirement or investing.
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Jun 11, 2019 16:17
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Slyfrog, if you still live in Minneapolis, you don't need AWD. I mean, it is nice, but with snow tires, you'll get everywhere you need to unless during an active blizzard. poo poo, unless they changed, the default city vehicle is a prius.
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Jun 11, 2019 16:19
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Something Offal posted:What do you mean here, like a mortgage? Yes, I max out my TSP and at some point I'll get a Roth IRA set up as well. I need to stop putting that one off.
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Jun 11, 2019 16:30
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fknlo posted:Yes, I max out my TSP and at some point I'll get a Roth IRA set up as well. I need to stop putting that one off. Lol, it's our tax dollars funding this M car? i'm for it I guessat your compensation level i'd expect significantly more investing than a maxed TSP, while still allowing for a high level of fun purchases. Since from what I understand you're shoving everything not in the TSP into a bank account, you have a ton of optimization available to you. Still recommending the BFC thread! If you're young and have a risk tolerance, you can start up a taxable brokerage account, it opens you up to the ups/downs of the market but you also get a potential 5+ % return to sink into fun stuff if you don't want to save all of your earnings from that account. Plus the Roth you mentioned. nm posted:Slyfrog, if you still live in Minneapolis, you don't need AWD. I mean, it is nice, but with snow tires, you'll get everywhere you need to unless during an active blizzard. It is highly dumb and impractical but I like having AWD specifically because I can drive during a crazy snowstorm pretty safely. It's one of the coolest driving experiences I get to have. Yes snow tires would probably achieve a very similar outcome etc. Something Offal fucked around with this message at 16:40 on Jun 11, 2019 |
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Jun 11, 2019 16:32
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shovelbum posted:It also makes sense if you are trying to initially allocate a hunk of cash plus buy a car at the same time for whatever reason. "Whatever reason" should not include buying an unnecessary toy that you can't afford right now because you haven't saved for it. But you do you.
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Jun 11, 2019 16:42
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Something Offal posted:It is highly dumb and impractical but I like having AWD specifically because I can drive during a crazy snowstorm pretty safely. It's one of the coolest driving experiences I get to have. Yes snow tires would probably achieve a very similar outcome etc. I was late to the airport once in a snow storm. I was driving my Focus RS and told my GF "hang on, we're gonna Ken Block this poo poo." Sliding half sideways from an onramp onto an empty highway at full throttle was the most fun I've ever had off a track. Motronic posted:"Whatever reason" should not include buying an unnecessary toy that you can't afford right now because you haven't saved for it. But you do you. The guy with 60 Grand just chillin in his checking account can probably afford whatever he wants.
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Jun 11, 2019 16:47
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Something Offal posted:
My old FWD GTI with snow tires blows away my new AWD 3 series with all reasons. To be fair, they are the factory run flats. I maybe get less spin under acceleration, but definitely slip more braking and turning.
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Jun 11, 2019 16:50
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Buy winter tires. This should probably be added to the thread title.
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Jun 11, 2019 16:52
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KillHour posted:The guy with 60 Grand just chillin in his checking account can probably afford whatever he wants. Yeah this is what I'm not seeing, right now it's 60k in checking that he wants to spend on a toy, if instead he finances part of the toy at a low rate and invests the remainder, he should come out ahead I would think. It's the best outcome where he still gets the toy. Plus we live in late capitalist hellworld where there's really no future past a few decades out and 150k can buy you fun toys but not really a stable future because consumer goods are at historic lows but necessities are heading to infinity like rockets.
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Jun 11, 2019 16:55
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Something Offal posted:Lol, it's our tax dollars funding this M car? I'll have to jump into the BFC thread. I should definitely be doing more with my money. KillHour posted:Buy winter tires. If you live somewhere where it snows even semi-regularly you should definitely have winter tires. They make a huge difference. Funnily, one of the things that was putting me off the M2C for a while is that you can't get anything but 19's on it and wheels that clear and winter tires for them are not loving cheap.
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Jun 11, 2019 16:58
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nm posted:Slyfrog, if you still live in Minneapolis, you don't need AWD. I mean, it is nice, but with snow tires, you'll get everywhere you need to unless during an active blizzard. Yes, but that is only for Nordeast hipsters who use their vehicles once per year for a particularly large load of groceries from the Herbivorous Butcher, and spend the rest of the winter riding fat tire bicycles while braiding their beards. (I know you don't need AWD for Minneapolis - I've gone 20 years without it, but it is nice to have. It's really a combination of factors, including my wanting the ability to do more things like take a bicycle to a trail, throw a bunch of fishing gear, etc. in without having to strap things to a car rack. The types of vehicles that allow that also generally tend to come with AWD.) I could be sold on a decent car that could take bicycles, kayaks, etc. externally via a rack system, but I'd have to be sold on why that would be better than just having a crossover or something similar where more of the stuff could just be thrown in the back. I'm somewhat new to the "going outdoors" thing, but like the fact that my girlfriend's HRV just lets her pop down seats and throw in a bicycle without having to disassemble it or fiddle with racks and such. Also bear in mind that I am functionally clumsy as poo poo, and therefore, anything that I have to strap onto the top or back of a car has a not insignificant chance of ending up through the windshield of the person behind me. SlyFrog fucked around with this message at 21:08 on Jun 11, 2019 |
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Jun 11, 2019 17:15
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I still want to know what this car is that I can put a 15+ foot boat in the back of.
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Jun 11, 2019 17:21
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fknlo posted:If you live somewhere where it snows even semi-regularly you should definitely have winter tires. They make a huge difference. Funnily, one of the things that was putting me off the M2C for a while is that you can't get anything but 19's on it and wheels that clear and winter tires for them are not loving cheap. Why is that off-putting? You are casually considering dropping $60k on a car. The massive cost of this decision is not only the depreciation, but also the foregone interest that would otherwise accumulate over your lifetime. I have no idea what M car wheels with corresponding winter tires cost, but it is certainly laughable in comparison..
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Jun 11, 2019 17:25
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Sits on Pilster posted:The massive cost of this decision is not only the depreciation, but also the foregone interest that would otherwise accumulate over your lifetime. https://twitter.com/CNBC/status/1137464817738952704?s=19
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Jun 11, 2019 17:28
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Same goes for the person that buys $60k worth of coffee every couple of years
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Jun 11, 2019 17:30
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Why you would buy a M2 comp over say, an E9x M3 is baffling to me.
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Jun 11, 2019 19:00
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KYOON GRIFFEY JR posted:Why you would buy a M2 comp over say, an E9x M3 is baffling to me. Rod bearings.
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Jun 11, 2019 20:19
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Red_Fred posted:Rod bearings. Throttle actuators, a/c evaporator in there too. If this weren't going to be my daily it would be a different story. This m3 that I didn't think would be available to me actually is and now I'm flipping back and forth again. No warranty but $15k cheaper. I could throw that $15k into some sort of investment fund to cover out of warranty repairs
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Jun 11, 2019 21:34
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I can fit a 61cm bike in the back of my Mazda2. I'm also 6'4". I'm not arguing you need to go that small of a car, just that you don't actually need something that big for what you want. Now if you just want something bigger, cool. I'd honestly look at a mazda3 or Prius if no awd is determined to be ok. AWD is nice in Minneapolis. I eventually bought a Subaru and did some ice racing, which was awesome, just not a requirements. You really feel like you want an AWD wagon, but God the options are really limited to germans, volvos, and old subarus (pre-2010 legacy wagons). None of which are particularly reliable. I feel like an outback might be fine for you though. I say that because most small SUVs are loving tiny inside. A cx-3 holds less than a mazda3 hatch, for example. Wagons are actually long, my Subaru will hold my bike with no wheels removed. I can also lay down in the back, which is awesome. My mom's Prius is pretty loving cavernous with the seats down, but not awd. I will also note that when I lived there (until 09), Minneapolis did have some of the best and relatively affordable European auto mechanics I've seen.
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Jun 11, 2019 21:53
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fknlo posted:Throttle actuators, a/c evaporator in there too. If this weren't going to be my daily it would be a different story. Once you fix the relatively few known issues you don’t have to fix them again for a long time, meanwhile the M2 will develop even more lovely unknown issues that are even more dependent on the dealer to fix. E9x are 45 grand these days?
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Jun 11, 2019 22:22
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KYOON GRIFFEY JR posted:E9x are 45 grand these days? Some of them, yes. $35k+ is not at all uncommon for 2011 and up cars with the competition package, a manual, and lowish miles. That particular car is probably high, but I've seen quite a few listed over $40k. I'm talking about an f80 M3 though, which I'm leaning towards once again. If I throw in the cost of additional taxes, winter wheels and whatnot the difference is pushing north of $20k between this particular f80 M3 and a new M2C. I can't come up with a ton of reasons to justify that difference.
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Jun 11, 2019 22:27
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The E90 M3 is also rated for like 16 mpg combined on premium and most people get closer to 14. That's like daily driving a Viper, or a Suburban with a much smaller fuel tank. Like I know fuel economy isn't at the top of the list with cars like this but even stepping up to the M2's 20 mpg would save Throatwarbler fucked around with this message at 22:57 on Jun 11, 2019 |
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Jun 11, 2019 22:32
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Throatwarbler posted:The E90 M3 is also rated for like 16 mpg combined on premium and most people get closer to 14. That's like daily driving a Viper, or a Suburban with a much smaller fuel tank. Hundreds a month? Say you drive 1000 miles a month and gas is $3/gal, that's 50 vs 71 gallons which is like 60 bucks
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Jun 11, 2019 22:39
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Picking up on the BFC discussion: I feel like I know what I want in a car thanks to everyone's suggestions, so it's more a question now of what I can find for my budget. From looking at my savings (what I've been able to set aside during 8 years of grad school, LOL) I can put down up to $9k in cash, and then when I start my fancy visiting professor job I should be able to manage around $200/mo in car payments--long story short, the best offer I got was out of state and so I will be paying half of my current mortgage plus the rent for an apartment where I'll be working, plus at least one roundtrip plane flight per month back home. Once the academic year ends, I'll be back home and have three more paychecks without the extra expenses, though while I don't currently know what the job situation will be the following year I can tell you that academia definitely does not pay $150k/year, not at my career stage anyway. My credit rating is over 800, I have a very small (<$3k) amount of student loan debt and a mortgage (but we have equity in the house now), and if my wife co-signs the loan our household income is well over $100k/year. Is it reasonable to expect I can get around a 4% APR? And if so, is a $15,000 total budget (plus interest on a 36-mo loan) realistic? I might spend less, but going over $12k seems to open a lot of options on the used market in my area.
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Jun 12, 2019 01:24
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Apollodorus posted:Picking up on the BFC discussion: I feel like I know what I want in a car thanks to everyone's suggestions, so it's more a question now of what I can find for my budget. The pmt function in excel will tell you everything you need to know. 4-5% APR might be hard to swing on an older car, but if it's less than 5 years old it's probably doable. you can check it out here
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Jun 12, 2019 01:42
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Neat, thanks. How does the age of the car factor into the interest rates? As in, what is the relationship? I’m not clear on that. My preference is for something around 5 years old and that may mean going a bit higher in price—but a lower interest rate would offset some of that.
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Jun 12, 2019 01:49
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Apollodorus posted:Picking up on the BFC discussion: I feel like I know what I want in a car thanks to everyone's suggestions, so it's more a question now of what I can find for my budget. You can get plenty of car for $9k without financing.
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Jun 12, 2019 01:55
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Apollodorus posted:Neat, thanks. How does the age of the car factor into the interest rates? As in, what is the relationship? I’m not clear on that. Depending on the specific car, age and mileage the lender might not think you'll actually keep it for the full term so they'll charge more interest to make sure they still make bank. I don't think there's any public info on all the factors that go into the rate decisions and they're probably different lender to lender. If you're only doing 36 months though it's probably not going to play a big factor. 5-6 year loans on a 5-6 year old car are going to have lousy rates.
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Jun 12, 2019 02:04
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