Who has their truck Paid off?

Quite right. I have never had a car loan. But, of the three usual ways to buy a get a new vehicle, cash is the best financially followed by buying on time. The worst is leasing.

With the first two you end up with a vehicle. The last at the end you end up with nothing. Sort of like renting a place to live. Money’s gone and nothing to show for it.

That’s why dealers love leases. I always figured a leased car is like a prostitute. When it’s happening you feel good. Later you wonder where your money went.

Then a few days later you realize you did get something for your money. A trip to sick call and an ass chewing from your sarge.

 

ouch !

 

That’s a non-sequitur.

1. NO ONE (reasonable) is financing a vehicle for 10 years. A 3-5 year loan is hardly any interest at 0-3%.

2. For the minor amount of interest paid on a loan over 3-5 years I can get 5+% on that $30k+ you spent on a cash vehicle purchase. It costs you FAR more money to pay cash than someone who financed and invested the same cash investment.

3. I think you confused “amortized the cost over 10 years” as “financed over 10 years.” Think the First, not the latter.

4. Some folks need the Dave Ramsay approach to protect them from biting off more than they can chew, but ultimately cash isn’t always king.

 

amortized unless there is a new definition means financial activity or 10 years

paid in full is NOT Amortized

no less what its worth ............. D E P E N DS

dealers here advertised they will tack on $2000 on top of KBB .........................???????????

right out their razzes

thats NOT Amortized either

thats Blatant inflation which many KNOW to be TRUE a FALSE VALUATION

 

LOL, Yikes. Ok, you do you.

Amortization OF COSTS over 10 years. Those costs can be structured in numerous ways. I’m saying that when you structure those costs in a certain way (finance for a short - middle term, And invest that initial “cash” into an interest/dividend paying product) You will likely have more money over the course of the same 10 years than had you structured those costs a different way. This assumes that the salvage value is the same for each vehicle after the amortization period (10 years in this case).

 

im not touting any financial means

around these parts dealers will finace out 8 years at interest rate not close to 5%

if U are debt oriented........that works for U

i find CASH goes further

i have a 835 score.......i guess thats good

i also have cash on hand.......thats better

folks that are hurting these days are debt burdened & cash flow burdened

small businesses are hurting

people are pay chk to pay chk

many NOT their fault

its difficult to sell somethin & many dont have $$$

its difficult to evict when there is No 1 else to inhabit

years ago someone was lookin over the fence at my greener grass

i told him he could have it all .......................IF he would take ALL MY Troubles with Him !!!!!!

now many in the group heard me

many thought about it

NO 1 took the offer

 

If you financial advisor said this he’s an idiot. Here is the example. Let’s just use 30% tax bracket. You send 10k interest to save 3k on income tax. Or you can send the 3k in income tax and invest the other 7k. Your advisor should be fired. He just screwed you.

 

I think what the Financial Advisor is also factoring in that isn't mentioned here is that a mortgage is usually between 3-6% for the most part. Instead of paying down the mortgage early, it may be better to invest in the market where the average year over year historical returns on average are about 7% and much higher in the last few years. That combined with the deductibility of mortgage interest would make sense to invest in the market instead of pay down early. Granted the stock market has been on fire over the last few years, historically the curve is much more flat.

 

You have many assumptions here^^ ...First I don’t have a financial advisor and second, no one “screwed” me. Anyway thank you for your financial advice, but I’ve done fine financially over the years.

 

Wasn’t pointed at you directly, was more about the advice. My apologies if you took it that way. I was trying to point out that over the 30 years if you pay off your mortgage super fast, the freed up money will always far out earn any income tax savings.

 

I saved up and bought my 2007 with 103k miles cash. I just finished the front end conversion last week and got it back from the paint shop yesterday. Gonna give it a wash and upload pictures of my finished product tomorrow.

 

a 2007 is not an investment

the residual $$$ is what the market will bear

some equal to or more than paid for ????

more weird than investment

 

I was responding to the original thread of having my truck paid off. I never said it was an investment. Plus for the miles that it has I can re sell once I hit 200k without losing much of what I bought it for.

 

i hear u

i dont get it

makes the world go round tho

 

Oops I did say investment haha my bad

 

yeah i know

no biggie ....... no bad

 

4 vehicles with 14 wheels on the road. 1 house. No loans, no mortgage. CC card paid 100% each month.

Bulk of earnings goes into investments.

Juggled all that crap at an earlier age. Got tired of trying to squeeze every gain out of every dollar. Began to focus on what made our lives comfortable. We quit worrying about acquiring "things and stuff". Life became easier, stress decreased.

We learned you can always chase the "gold nugget" but life will intervene to FUBAR any plan.

 

First time detailing her after paying off the loan. Felt even better than usual.

 

come do mine! it's paid off, too, so it will feel just as good (for me)

 

Every swirl, ding, or scratch feels just a tiny less bad when you own it