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sanchez
Feb 26, 2003

_areaman posted:

That is so pathetic. What is your field? My friends are always trying to get me to buy this, upgrade that, because "they would if they made my salary".

Don't tell anyone how much you make, you can pretend to be horribly underpaid then.

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sanchez
Feb 26, 2003

tiananman posted:

I look at it a little differently. The trade-in value for old but still functioning cars is already pretty terrible. And once you get past the 100,000 mile/7-10 year mark, most used cars don't carry much of a premium over their melt/scrap/donation value.

According to this guy, the average car loses 70% of its value in the first 4 years. http://www.daveramsey.com/article/the-truth-about-car-payments/lifeandmoney_automobiles/



But in any event, the average person should not buy a new car. It's just a bad deal financially. The average car payment is almost $500 a month. Add on additional insurance costs and taxes, and you're probably looking at $600 a month - which is over 10% pre-tax income for the average American.



All of this seems to assume you have terrible credit and are buying a luxury car, a new Honda isn't going to cost you $500/mo or have a 9% APR or lose anything close to 70% of it's value over 4 years. You are much less likely to die if you crash one too.

sanchez fucked around with this message at 17:05 on Feb 27, 2014

sanchez
Feb 26, 2003

poopinmymouth posted:

I mean I am a rental property owner, I'm just not expecting my renters to pay over the mortgage payment by a significant amount from day 1.

But a mortgage payment can vary wildly based on how much you put down on the property, as can someones definition of "significant".

sanchez
Feb 26, 2003

Haifisch posted:


(Although I suspect that part of those conversations is because I'm in a tiny car, since huge car=better in a lot of people's minds for whatever reason. And "safer", because your SUV is totally going to save you when you drive terribly on snowy roads. :rolleyes:)


It's probably because you're in a tiny Kia, they might be ok these days, but an older Rio is not something you want to crash in. I guess it's better than a cavalier.

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