2 part question... 1 on topic, 1 off topic.... Do you borrow money to buy cards? Do you have a vehic
frankhardy
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I am asking this as a two part question. I am asking the first part of the question in order to stay on topic as well as it does have some interest to me. I am asking the second part because I have taught a finance class at church in the past few months and I am sort of asking this as kind of a survey.
Question number 1...
Do you or have you ever borrowed money to purchase cards? I asked this question because I am the type of person that does not like to borrow money at all. However I will borrow the money to buy a card collection if I know that I can make a little money off of the deal. I realize it would be better if I did have the money set aside to purchase collections but that is not always the case. So I will borrow money to purchase collections if I can make some back. I will typically use the profits to find my collection.
Question number 2... Do you have a car or a truck payment?
I asked this question as sort of a survey. During the last couple of years I paid off my 2001 Toyota Tundra and I paid off the family 1999 Lexus RX300. After we paid off both vehicles we decided that we were going to pay cash for our next vehicle. The Lexus was getting some high miles on it so we started saving last year. The Lexus now has 210,000 miles on it and so last week we started looking for a replacement. I wanted to go ahead and purchase something because I wanted to get as much out of the Lexus as we could before having to do any major repairs on it. The bottom line is that we reached our goal very recently in our savings and just purchased a 2004 Toyota 4Runner Sport Edition (white) . It was sort of my wife's dream car. She has wanted one for a very long time and we was able to pay cash for a vehicle for the very first time in our lives. I am here to say that it was a great great great feeling. Now we have 3 paid off vehicles with the intent of selling the Lexus.
I am of the strong opinion that it is better financially to buy used vehicles because of the tremendous depreciation. We were able to buy this very clean and very nice vehicle for way less than half of what it cost brand new and it nearly looks brand new. Sorry to ramble so much but I was just interested in those 2 questions because of the recent purchase we just made and because I have taught some finance classes at our church in the past few months.
Question number 1...
Do you or have you ever borrowed money to purchase cards? I asked this question because I am the type of person that does not like to borrow money at all. However I will borrow the money to buy a card collection if I know that I can make a little money off of the deal. I realize it would be better if I did have the money set aside to purchase collections but that is not always the case. So I will borrow money to purchase collections if I can make some back. I will typically use the profits to find my collection.
Question number 2... Do you have a car or a truck payment?
I asked this question as sort of a survey. During the last couple of years I paid off my 2001 Toyota Tundra and I paid off the family 1999 Lexus RX300. After we paid off both vehicles we decided that we were going to pay cash for our next vehicle. The Lexus was getting some high miles on it so we started saving last year. The Lexus now has 210,000 miles on it and so last week we started looking for a replacement. I wanted to go ahead and purchase something because I wanted to get as much out of the Lexus as we could before having to do any major repairs on it. The bottom line is that we reached our goal very recently in our savings and just purchased a 2004 Toyota 4Runner Sport Edition (white) . It was sort of my wife's dream car. She has wanted one for a very long time and we was able to pay cash for a vehicle for the very first time in our lives. I am here to say that it was a great great great feeling. Now we have 3 paid off vehicles with the intent of selling the Lexus.
I am of the strong opinion that it is better financially to buy used vehicles because of the tremendous depreciation. We were able to buy this very clean and very nice vehicle for way less than half of what it cost brand new and it nearly looks brand new. Sorry to ramble so much but I was just interested in those 2 questions because of the recent purchase we just made and because I have taught some finance classes at our church in the past few months.
Shane
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Comments
No, but I have loaned small amounts to others.
Question number 2... Do you have a car or a truck payment?
Currently, yes, but only because I would rather have cash in my account than the little I could save in interest payments with current rates. Never on more than 1 vehicle at a time, and I enjoy the months/years without any vehicle payments.
2) I've owned a 1986 Buick Skylark, 1990 Mazda Miata, 1993 Dodge Viper, 2000 Jeep Cherokee, and now a 2010 Subaru Forrester. The only time I ever had payments were with the Cherokee, which I paid off in less than a year, and my Subaru, which I bought when I found out that I was going to be a dad (traded the Cherokee in for the upgrade). I should pay the Subaru off this year.
Next up is the house (projected pay-off 2018), then we're buying land and later building a log cabin.
2. Yes
2) I bought a used Land Rover LR3 with very low miles for a few thousand less than trade-in 6 years ago. Got a great deal on LR warrantly that has paid everything until this day. Car is a tank and great for kids. I just finished paying it off last month and was one of the greatest moments in my life not to have that payment. Truck is still worth about $10,000 trade In but its been great and plan on having it until it won't move.
Twice but those interest payments are low!
On the car payment thing.... Buying a used car that someone
Else took the big depreciation hit on is great
Until you buy one that starts having problems
Right away... If your lucky enough to avoid that
Then your great but one major problem can
Really hurt since warranties are non-existent or very limited
At best
2. no..and ill never buy new again. My last car i bought had 800 miles, was technically a year old and saved five figures in depreciation that the previous owner lost. He only bought it to tide him over 6 months while his custom Bentley was being built.....must be nice to live in that world.
..Have only bought one new car in my life and that wasn't for me. Due to crazy depreciation..never buy new.
over 210? Great, thats impressive. Congrats!
My wife is a school social worker. Her parents have no money so she had to take out loans for the entire tuition. In NJ, if you want to be a social worker for a school, you have to get your Masters degree. Because everyone else applying will have it and It only gets her an extra $2000 in salary! That's 6 years of student loans, her monthly payment is $700. Thats insane.
No for #1. We bought a new 2004 explorer and in 2007 I bought a Saab. Both paid off for some time.
Car payments: I have done both, new and used. Depending on the interest rate I don't go out looking at a certain condition (new or used), i'm looking for a deal and i can spend all day negotiating if need be. I have a thing for #'s and i can almost predict what a saleguy can come back with quicker than he can. It is actually fun for me to buy a car at the dealership. I enjoy the back and forth. But the best feeling in the world is neogotiating a price with a salesguy with him thinking (and his boss) that i am financing with them (at a higher than market rate), then dropping a cash payment on him at the last minute. The look on their face is priceless. They tought that they were making $$ on the financing etc. and it gets pulled out from under them. It is even funnier when you tell them you have the cash on hand because you sold some baseball cards. LOL
2.No
Last vehicle purchased for cash was a 2009 Versa., My Dakota is an '04
I would always rather buy a good used vehicle.
Now collecting:
Topps Heritage
1957 Topps BB Ex+-NM
All Yaz Items 7+
Various Red Sox
Did I leave anything out?
2. Yes, currently I have 12 months left of car payments... and then hopefully several years of being without. But I've never been one to want a really nice car, so I don't care about how nice it is... have a Kia Sorrento right now. More about safety for me since I'm often toting 3 kids around. I finance through a credit union and get a great rate, and also haggle like heck to get the purchase price well below what Edmunds.com says is a fair value.
2. Yes, the last two vehicles we purchased were financed. Some of the car companies have exceptionally good financing options, so we usually have just taken advantage of that. I think both of the vehicles we got had a 0.9% finance rate for 3 years. If you think that you can put your capital to work and do better than 0.9%, then this is still the better option, in my opinion. The first vehicle has already been paid off, and we're halfway through our second one.
Lou Gehrig Master Set
Non-Registry Collection
Game Used Cards Collection
<< <i>No. The only thing I borrow money for is a mortgage and then work to pay it off as quickly as possible. I also didn't borrow money for college. I feel bad for the kids today. College has gotten so expensive and the job prospects are harder than ever to find. >>
+100
I graduated from a religious private college and was on partial athletic and academic scholarship and still had to take out loans/pell grants. Sad to say, it's almost not even worth kids going to college these days. After college I applied for a couple corrections jobs with a few different counties and couldn't even get hired.
To answer the op's questions;
Yes, my brother let me borrow $1,000 to buy some cards to try and "flip". Came close to buying some bigger cards but there wasn't enough on the backside to make decent profit so still searching around.
No car payments. Still paying college loans though.
I don't do loans, credit cards or car payments! All evil!
<< <i>If you think that you can put your capital to work and do better than 0.9%, then this is still the better option, in my opinion. >>
This is a really salient point. Money is so cheap to borrow it makes little sense to pay cash on a lot of purchases.
My new 2015 Matte Black Dodge Challenger 5.7 Hemi...
Yes on #2 since I got 1.78% which is better than borrowing from your parents since they insistently guilt you into being there every Thanksgiving.
I took the money we saved up for the car and invested it.
I'm sure my rationale for "not" going into debt for a hobby is pretty much universal here.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
I am of the opinion that it is unwise financially to put any significant amount of money into a vehicle. Old, new, fancy, or not - they're all one of the most rapidly depreciating assets one could own. I bought a 2007 Pontiac G6 outright about 6 years ago and quickly came to the conclusion that it would be a good idea to drive it payment-free for as long of a time as possible. Drives fine; I am hoping I can get another 5+ reliable years out of it. Maybe longer. Having a newer car has never been a priority for me. I'd rather have the money.
In the past three months I paid off both of my cars and it is a tremendous feeling not to have to send off those two payments each month.
<< <i>Having a newer car has never been a priority for me. I'd rather have the money. >>
+1, my last personal vehicle purchase was for my 95 Jeep 7+ years ago (still kicks butt offroading to get to the good camping spots), prior to that it was a 99 Stratus that just got retired last Mother's Day (while it still ran great, but when the wife wants a nicer vehicle.....)
<< <i>I just hit up cpamike for a loan anytime I see a 70s rack I want.. >>
Geez Tim - Mike sure has the dough - who do think is funding my car?
http://www.unisquare.com/store/brick/
Ralph
If you have to borrow money for anything. You can't afford it
Menomonee Falls Wisconsin USA
http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
<< <i>I just bought this, have a payment, and like you have a great great great feeling too!
My new 2015 Matte Black Dodge Challenger 5.7 Hemi...
That's called Put to death! (If anybody was wondering lol)
My new website www.lowgradegems.com
Tim
I do need to clarify something. I don't borrow money for my personal collection. I only borrow money to buy collections that I am going to resell.
I am kind of surprised at the number of people here that do NOT have car payments. I am thinking that this is not a proper sampling of the general public. Just a thought here.....maybe not many people want to admit that they have car payments and therefore they are not posting to this thread. That may not be the case, but it is a possibility. I am thinking that if stopped every car at a given intersection, almost everybody that you talk to would say that the car that they are driving has payments owed on it.
I am very proud to say that before this 4Runner we bought Saturday, I had never paid more than $8,000 for a vehicle. Ironically, the most expensive vehicle I've every bought was the one we bought Saturday ($11,900), and we paid cash for it after saving for a year. Also, I have NEVER owned a vehicle that the model year was in the same decade that I was living in. That is not necessarily a principle of mine, but since I don't buy new ones, that is the way it has always turned out.
What gets me is that many people think that their vehicle is their identity, so they go lease something they can't afford to buy in order to impress people. To me, a vehicle is a tool to get you from point "A" to point "B". Sure, I want it to be nice and clean and reliable, but it doesn't have to be the latest thing going.
By the way, this is what we bought, and we love it!
Shane
<< <i>If you have to borrow money for anything. You can't afford it >>
So am I better off renting a house for my family or buying one (and having a mortgage)?
<< <i>
<< <i>If you have to borrow money for anything. You can't afford it >>
So am I better off renting a house for my family or buying one (and having a mortgage)? >>
Exactly. There is good debt and bad debt. Knowing the difference, and being able to manage your debt, can actually be more beneficial than having no debt, to some extent, when it comes to credit rating, etc.
You only live once~like drinking, borrow responsibly, and enjoy yourself!
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
"Molon Labe"
The original intent was to drive it on weekends (like most Viper owners) but I ended up driving it every single day. In the six years I owned this car I put almost 40k miles on it, it was keyed, had an oil leak, AND I still MADE almost $10,000 when I sold it!
There's a side of me that is happy I bought it and got it out of my system, and then there's a side that wishes I had waited until I was older.
it's actually my fiance's.
Her daily driver is a Honda Civic, paid for. She is against car payments, too.
I do think that there is an unusual amount of replies for people who do not have to make payments. My guess is that it is more likely to go in the opposite direction if you take a poll of the general public.
Yes - when used wisely, Paypal credit can be good.
Yes - last Oct. my wife and I purchased two new cards, with a down payment and trade-in, but also financed - interest rates are good.
I have a mortgage on my home, but it is also an investment property and the interest rate is low.
Having good credit can be very beneficial if used correctly.
<< <i>No. And no. Paid off both cars and we are not looking forward to having monthly payments again. The wife is itching to get a new car though so we will see how long I can hold her off on scratching that itch.
I do think that there is an unusual amount of replies for people who do not have to make payments. My guess is that it is more likely to go in the opposite direction if you take a poll of the general public. >>
I agree this is probably not the norm.
My first car payments started at 18 and I had car payments up until just a few months ago at 35. During a good chunk of that time I had two car payments.
In one of the other comments it was mentioned that essentially all debt is bad. This couldn't be any further from the truth. Using financial leverage can be a great thing. If you are going out to dinner and racking up a tab that is one thing, but if you are using debt to buy assets that can either appreciate or generate income it can be a fantastic thing.
Right now on CNBC Sam Zell is the guest host. Ask him if debt is a bad thing. He only became a billionaire from using other peoples money.
<< <i>Are you teaching the Dave Ramsey series on finances? >>
Sort of. It developed the lessons. Much of it was based off of his series. I call it a hybrid Dave Ramsey plan. I agree with much of what he says....budgeting, getting out of debt, emergency funds, etc. I believe that BEHAVIOR is the main financial problem, not the lack of a lower interest rate. I believe that the only borrowing that is ok is a mortgage and borrowing money for business that is going to make money. Dave Ramsey would not even borrow money for business. I do believe that it would be BETTER to not EVER borrow money, but it's just not practical in business or for a mortgage.
Shane
2. Yes, only because it is financed at 0.9% for 3 years. It is actually to my benefit to borrow at these term over paying cash.
I would never ever buy a used car around here, especially with all the flooding the last few years.
They call me "Pack the Ripper"
but, "borrowing" to pay these days isn't such a bad thing. using a CC backed by a solid financial position which allows me to pay the full amount every month also allows me a ton of airline points with my benefit program. free flights are good. if you're gonna spend anyways.
both our vehicles were paid off at the end of last year. our mortgage is intact. our credit rating is strong. American dream. no college loans to pay off. one more child ready to start high school this fall.
it's good to be secure. sure would be fun to throw it all to hell, though and go cruise the countryside in a Microbus with a couple dogs and a banjo.
2.) I do finance my vehicles. I can't possibly save enough money to buy a truck with cash. Kudos to those with that much discipline. I don't even have the discipline to keep a pack of cards sealed, let alone to save enough money to buy a truck with cash! However, I do ONLY buy used. I can't stomach the instant depreciation when driving a new car off the lot.
Speaking of which, I only have three more payments left on my black beauty!
2007 Chevy Suburban
2: yep - two more payments on my Pacer and she's finally mine.
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