Monthly payments

[steiny93]

I am always a little miffed when someone pontificates that there is only one correct way to own vehicles. There are many correct answers here.

total absolute truth

I've been 100% debt free and I've been in deep, both extremes are what setup the other. Money, debt, interest are nothing but tools, you just need to apply them appropriately.

 

[PG01]

I hear you. We are pretty much on the same page. It is really what you are comfortable with. I am the point of life where a auto note doesn't bother me one way or the other, 10-15 years ago I was pretty concerned if I saw a big balance on auto loans.

I am always a little miffed when someone pontificates that there is only one correct way to own vehicles. There are many correct answers here.

Same.

But everyone knows everything because the saw it in the internet….

 

[Doubeleive]

I like to buy at 5 years old for 1/2 price, get a decent low payment, then make double payments and pay it off in 2 /12 3 years
hurts way less lol and someone else took the majority of the loss already.

 

[Mean_Green]

While I was at the Iowa State Fair, I saw companies offering 84 month terms on financing riding lawn mowers.

I did 84 on my tractor. Paid extra every month and had it paid off in under 60.

 

[Mean_Green]

I like to buy at 5 years old for 1/2 price, get a decent low payment, then make double payments and pay it off in 2 /12 3 years

Newest car I ever bought was about 5-6 years old. Paid well under half, maybe a third of original. Paid the loan off a year or more early. Served me for close to 20 years.

 

[Banks22]

I did 84 on my tractor. Paid extra every month and had it paid off in under 60.

I got a brand new John Deere zero turn at 0% for 72 months. Was a no brainer lol

 

[Scott in AZ]

You seriously cannot expect to use an online payment ESTIMATOR and walk into various dealerships and expect the numbers to match dead nuts on.

Sure you can.

We did it on an Acura SUV for my wife earlier this year. Taxes including local, dealer fees, title, tag, destination, trash markups, added accessories (trailer hitch and ATF cooler, mats,etc) and everything. I think we probably missed the final number by less than $10, but it was $8000 lower than what one dealer said was the same exact deal.

Put your numbers in a list or an MS-Excel and ask the dealer to show you where you are off on you calculations.

 

[Blueinterceptor]

I’d rather keep my saved money earning interest. Make the payments a little higher because I’d probably spend it somewhere anyway

 

[CMoore711]

Sure you can.

We did it on an Acura SUV for my wife earlier this year. Taxes including local, dealer fees, title, tag, destination, trash markups, added accessories (trailer hitch and ATF cooler, mats,etc) and everything. I think we probably missed the final number by less than $10, but it was $8000 lower than what one dealer said was the same exact deal.

Put your numbers in a list or an MS-Excel and ask the dealer to show you where you are off on you calculations.

I agree that you can if you have what all those costs are.

Not everyone is making sure all those costs are accounted for in their “calculation”.

 

[DuraYuk]

Yeah, I can't imagine the position someone needs to be in that requires them to take out a car loan on a vehicle this expensive. I would do a 36 month auto loan as long as it was 1% or lower provided I had enough cash to buy the vehicle outright in the first place.





I find that people tend to exaggerate their average gains. Bernie Madoff had an unusually consistent return of around 10% per year.

You can't exaggerate things you pay tax on because that would be stupid and counter productive. 10% gains year over year is really nothing crazy. High yield savings can almost get you there alone and that's dumb money. And the stock market isn't the only thing to invest in.

A diversified portfolio along with other assets easily surpasses 10% and you dont need to be a genius to do it. Now if you are paying people to risk your money for you then yes 10% seems unfathomable and unreachable. But for the enlightened it's really not difficult at all and doesn't need to be high risk either.

 

[DuraYuk]

While I was at the Iowa State Fair, I saw companies offering 84 month terms on financing riding lawn mowers.

there are some rv places that will do 30 years. You see those 200k+ sprinters ? #vanlife? Yeah those kids are financing for 15 to 30 years. With that said it all really is a means to the same end. For some a simple interest loan with a longer term could just be to hedge their bets, while simultaneously making the effort to pay it off before full term to not pay the extra interest. After all doesn't matter what you owe missed payments will be repoed all the same.

 

[Sparksalot]

Same.

But everyone knows everything because the saw it in the internet….

 

[Scott in AZ]

My recommendation is bring a spreadsheet like this with you, two columns bid and offer. I don’t have any problem with dealer asking for local market mark-up’s above MSRP but I sure think they should be transparent about them.

 

[07Burb]

I hear you. We are pretty much on the same page. It is really what you are comfortable with. I am the point of life where a auto note doesn't bother me one way or the other, 10-15 years ago I was pretty concerned if I saw a big balance on auto loans.

I am always a little miffed when someone pontificates that there is only one correct way to own vehicles. There are many correct answers here.

Reading through this thread tonight just became worth it because I got to see the word "pontificates" used in a sentence. I feel educated LOL

 

[Scott in AZ]

10% gains year over year is really nothing crazy. A diversified portfolio along with other assets easily surpasses 10% and you dont need to be a genius to do it. …. And doesn’t really need to be high risk either.

Didn’t Bernie Madoff say the same thing ?

 

[DuraYuk]

Didn’t Bernie Madoff say the same thing ?

Probably. He took all that easy boomer money. Which easy come easy go I suppose. Seems some are more predisposed to those types of financial scams.

Greater fool theory scams are rampant on social media. Usually targeting older folks.

 

[Sparksalot]

It's negotiation ... they ask for 40%, corporate counters with 15%, it ends up being 25%.

It's a laughable starting point.

 

[Vinnoto1]

I know everyone’s situation and deal is different but what’s an average monthly payment for a 23 Yukon XL SLE and SLT with 5k down and great credit score. Lease and finance. Just trying to get an idea.

I’ve used this calculator when working out a deal. It’s nice and easy to operate and get an estimated payment.

Auto Loan Calculator

Free auto loan calculator to determine the monthly payment and total cost of an auto loan, while accounting for sales tax, fees, trade-in value, and more.

www.calculator.net

 

[dntnvme]

If you guys are paying that much in insurance something is critically wrong.

Having a car payment doesn't mean you are irresponsible. You have to make the debt work for you. If I can get a lower interest rate on the car payment compared to how much investment gains I can get by keeping my capital in my own investment accounts, then it would make more sense to keep my money.

Usually I'm netting about 10 to 20% a year on investments. If my interest on the loan is less than that it makes sense to keep my money and pay the car note.

Money is getting more expensive these days as base interest keeps rising, for more details on financial consumer concerns you can visit https://www.pissedconsumer.com/company/benepass/customer-service.html, so for some it makes sense to pay it off if they can't make more on their own capital.

Finance with great credit and 5k down on a 72 month term expect around $750 to $950 per month depending on SLE or SLT trim. Lease on a 36 month term expect around $650 to $850 per month. Always negotiate the selling price first before talking monthly payments.

 

[Doubeleive]

Finance with great credit and 5k down on a 72 month term expect around $750 to $950 per month depending on SLE or SLT trim. Lease on a 36 month term expect around $650 to $850 per month. Always negotiate the selling price first before talking monthly payments.

err. uh no. maybe several years ago, you can pretty much double those payments if you went and took a loan today, even with very good credit.