What's up with people having 84 month long car loans?

jlagman said:
True, lower car payments could make the next few years seem more bearable and at 0%, there's not much incentive for me to pay it off immediately, other than to simply have it over and done with.

I'm on the verge of blowing the majority of my savings on the down payment on my first house. Live and learn, I guess.
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Good luck on the house bud. That's a huge step in the right direction.
 
Hurray for my 36 month car loan

Just over 7k left on this bitch
 
Depends on the interest rate. If its super low or zero it makes sense to take a longer term and just put your capital in a higher earning savings...it cost the you the same regardless but you may as well use your immediate capital to invest rather than pouring it all into the car sooner
 
Most car dealerships(around here anyway) have their own financing department in house so the longer they can sucker people into a contract the more money they can squeeze out. They actually get pretty pissy when you don't finance or lease. I bought a new car for my girlfriend last Christmas and the dude at the dealership was trying every trick in the book to make me sign a financing contract. It got to the point where I was walking out the door before he relented and accepted the fact that I was paying upfront.
 
13 others said:
It's crazy. A lot of people have this and they end up in an upside down loan after 5 years max. When did people become so bad with finances? Everyone is up to their eyeballs in debt and they don't know why. Living in an apartment and driving a Benz <45>
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It is very simple. Cars have gotten a lot more expensive. The average truck price has risen 60% over the past 10 years.
 
Poor people buying cars they can barely afford. Lol
 
As guarantees get longer (say kia) i can kind of see it..

Sure, you could buy a 1000$ car that is unsafe, unreliable, will need expensive repairs, big enviromental footprint and you won't be comfortable in it but if you have an average income and don't have 40k laying around a private lease or loan can be a good thing..

Very unproblematic ownership..
 
I can't remember the amount of blowjobs my 48 month car loan has got me so I'm all good, but thanks for caring.
 
Omegaboy13 said:
Buy cash, make sure it’s reliable, and laugh at the broke people.
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While they laugh at and look down at from their rentals. It's a funny old world.

You need to be secure in yourself. Sometimes I drive my wife's little car to the shops or for really quick trips and some of the looks I get would be enough to make an insecure man upset.
 
Dirt Road Soldier said:
No, that's why you buy used and in cash. Leasing is just as fucking bad, if not worse because of restrictions they have on mileage and what you can actually do to the vehicle.
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This is what i do. Been working out so far. But i am not a car guy, just need something i can tow with, throw stuff on top and inside. Get me somewhere reliably
 
i really don't get this "im gonna help my kids out in the future" i've never been helped with shit by my folks, what ever homes, cars ,bikes, weddings, holidays ive had, i fucking worked for.
 
rearnakedchoke said:
This is what i do. Been working out so far. But i am not a car guy, just need something i can tow with, throw stuff on top and inside. Get me somewhere reliably
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80s or early 90s suburban. No payments, no lease, meets your requirements. You're welcome.

Edit: Unless you were saying you do buy in cash? I'm still waking up so your wording is befuddling me slightly.
 
BillytheFish said:
Lol alot of naysayers in here. I am not in the aforementioned position. But I have certainly blown through an insane amount of money in the past decade.

Do I want to save and scounge so I can own a family jaguar when I am 55? Or do I want to be 23 (I am not 23 lol, hypothetical here) years old with a fucking cool car/motorcycle and enjoy my life because I might not be alive tomorrow.

I have a friend who obsessed over getting a Nissan GTR and he bought one cash- for 6 months then sold it at a loss- just so he could have his dream car in his life.

Obviously there has to be a balance somewhere, but still...it is nice to have nice shit sometimes in a world full of misery.
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I may not swing that far over as you but I agree in principle.

Not necessarily for status symbols per se but for something you truly want.

For example, hiking Macchu Picchu is infinitely more preferable in your 20’s than as an AARP member.

I wouldn’t put all my eggs in “Hey you have the rest of your life to pay off bills” but there’s a reason why 401k investments are more high risk/aggressive with younger participants.
 
BillytheFish said:
Lol alot of naysayers in here. I am not in the aforementioned position. But I have certainly blown through an insane amount of money in the past decade.

Do I want to save and scounge so I can own a family jaguar when I am 55? Or do I want to be 23 (I am not 23 lol, hypothetical here) years old with a fucking cool car/motorcycle and enjoy my life because I might not be alive tomorrow.

I have a friend who obsessed over getting a Nissan GTR and he bought one cash- for 6 months then sold it at a loss- just so he could have his dream car in his life.

Obviously there has to be a balance somewhere, but still...it is nice to have nice shit sometimes in a world full of misery.
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Amen to that.

I know a guy who was very focused on "being financially responsible". He left university and got a pretty decent job. He lived in his parents house, they didn't charge him rent and he ate their food. He did not spend money on anything other than his mobile phone contract (cheap as possible) and the gym. Friends would invite him out and he'd either say no, or he'd go and drink water.

By his mid-late 20's he had £100k+ saved up. He was going to buy a house (they cost about £150k around here), but instead he started his own business. I think he's doing ok with that.

But... he wasted his late teens, the whole of his 20's, and his early 30's. Being boring. Not doing anything. Dude could have had his own apartment, a cool bike or car, partying, going on vacation, getting laid. Instead, he spent it either in work, the gym or at home with his parents. Drinking water.

There has to be a balance.
 
YOLO.

My loan is for 84. Just get an open loan and put all the cash you can on it.. then your payments are low and if something ever happens, it’s no issue to make them.

Life is expensive, especially when the tax man takes half. Buy a reasonably affordable vehicle and finance long term, put enough cash down so you’re not upside down and enjoy your low payments. I generally double up on mine but it’s nice to know I don’t have to.
 
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