car payments.

Oh I know they are, we are doing well with out rental property, but I have made much higher gains this year with buying and selling stocks then I ever did with the house. Best way to have good investments is to diversify them all over the place (realestate, stocks, rrsp, savings, etc). Thats what my goals are

 

My father inlaw bought a 2013 Bentley 6 months ago and paid cash for it. Could you imagine what the payments would be for a $280,000 vehicle.

 

Everyone is different, but the wife and I bought new cars a year apart. I have 2 years left to pay & she has 3. We're paying a lot, but have dependable cars with warranties as our white collar jobs indicate. We're DINKS, are maxing out 401ks & Roths. Financing the Taco means it'll be paid off with 50k miles on the clock, I plan to drive it to 200k at least, which is a large reason I bought a taco. That's 10 yrs or more with no payment. Setting myself up for the future. It's always a gamble - all you can do is bet on a reliable truck & stack the odds in your favor.

She's the same way - new Sonata, which was recently awarded the title of most reliable mid-size vehicle. Bet she drives it for 8 years at least.

 

Only $9,000 more to go for me!!! I could have it all paid off by next Feb if I wanted, but that's a huge chunk of change I'd rather have for emergencies than being waaay more strapped than I am now for $$.

Having a safety net sure feels MUCH better than living paycheck to paycheck. Did that for about a year a while back, and hopefully will never be in such a situation again.

I've thrown a few pennies at my truck and I'll be damned if I trade it in for a longer loan and more payments. I've heard some people say, car payments will always be a part of life and I was like maybe in your life. I plan on paying off my truck and not having any payments for a good while. For the future though, my next purchase will either be a camry or corolla paid in cash.

 

I only owe $1837.65 left!!! Hope to pay it off by December!

 

oh......makes sense then

 

This thread is a downer... and motivation. I have been working hard for 2 years to get all my debts paid off. And I hope to shortly into the New Year. But that to get right back into it I plan on buying a 2006-2010 Corvette Z06 that I will have forever.... yes I will have to finance. Trying to have a nice down payment though.

 

Do you have a mortgage?

If yes..... Is it paid off? Put that $$ towards paying off mortgage.
If no.... forget about the corvette. Go find yourself a nice mortgage.

We have a corvette...and they're nice & fun when they're totally paid off (and paid in cash).

Homes increase in value over time. Corvettes do not.

 

I have 2 houses, one I live in and 1 I rent. I live in Orange County,NY. I am looking at a 40k-45k Corvette, There is no way any house in the area for under $200k. And the renters market in the area is not that strong so it would not be worth the risk. If anything I would try to rent my house and buy a bigger house.

 

^^^But that would still allow me to buy the Vette...

 

I didn't know how young (wink) you were. When you were talking about getting rid of debt in one sentence and buying corvette in the next sentence.... Made me question your financial reasoning to get yourself into a huge used car loan.

Can you blame me?

At this point in life... My husband hates debt -however- Your almost always going to have some form of payments for something. It's a matter of balance.

When we were younger, finances were a lot tighter, there was more debt, and we were making a lot less too. Sometimes you'd never think you'd ever get ahead. As you get older and take care of things along the way, things eventually smooth out and you get 'comfortable'

 

^^Haha I am old..... and already have 2 houses and we have been tossing around the idea of buying another house. I have always said that I was going to buy a Vette by 40....

 

And I said that I was knocking down my debt and going to buy a vette in 1 sentence bc that is a goal as well prior to buying the car. I know it is payoff debt to put yourself back into debt, but I am buying used and am not going to buy a super expensive car. Actually one of the cars I am looking at is cheaper then a Tundra Rock Warrior edition used that one of the guys from work bought.....

 

If you can't buy things like a corvette to have fun with at certain points in your life, then what's the point of living? Or working for a living? That's how I see it

 

^Exactly, that is my bday present to myself. I have always wanted one, just wish that I had more money to put down on the car. But I have narrowed it down at least to 2006-2010 Z06..... I am already on vette forums so that will only get worse after I get the car.

 

But I wish I did not have to have a car payment honestly...but that is a huge chunk of change.

 

Sounds like toughtaco is on the right track to me. "Work to live not live to work" If you can't enjoy the fruits of your labor then why work. Life is too short. I would love a Corvette some day but for right now I'm loving a debt free life.

On the other hand, there are always going to be poor money managers despite the good info on this thread that will live beyond their means. Budgets stretched to the max. It's the American way right?

 

Debt free is the way to go! You can have fun without financing it. It's called saving your money. Not buying things you don't need, with money you don't have, to impress people you don't like!

 

To me.... a car payment is much easier to swallow for a daily driver.

A car payment on a 'hobbyist' spare vehicle? Not so much....

Why not shoot for a C5? You know you're gonna spend shit-tons of $$ after you get it.... so why not start older & cheaper? I think 2004 C5's can go for $25-30k.

 

.....you dont like yourself?