....I really feel like 30k vehicles should be driven by people that make 150k a year or more.
Looking for the off topic perspective please.
Eeeek they really do 6,7 or 8 year loans?
EEeeeeeekkk
Guys I also need a truck capable of hauling 7000 pounds. Unless you also were born with a genetic birth defect resulting a severe boating deficiency requiring weekly trips to replenish your body's natural boat supply you can kindly STFU about needs thank you very much. If I don't get cool ocean breeze on my face at least once a week it will fall off.
OP,
You are right.
... You don't get rich spending it fruitlessly, especially when there's much better investments to be had.
the OP sold his paid off truck... to buy another cheaper truck with cash...
talk about spending fruitlessly.
OP,
You are right.
I also see no reason to spend more than 30k on a car. It's amusing to see college grads that get their first bonus go out and lease/buy a $50-$60k car. What maroons. After a year or two they realize they made a mistakes and sell it for something more financially manageable.
Sam Walton drove an old pickup truck when he was alive. Warren Buffet also is miserly with cars. You don't get rich spending it fruitlessly, especially when there's much better investments to be had.
OP,
You are right.
I also see no reason to spend more than 30k on a car. It's amusing to see college grads that get their first bonus go out and lease/buy a $50-$60k car. What maroons. After a year or two they realize they made a mistakes and sell it for something more financially manageable.
Sam Walton drove an old pickup truck when he was alive. Warren Buffet also is miserly with cars. You don't get rich spending it fruitlessly, especially when there's much better investments to be had.
So just because they were cheap old bastards doesn't mean we have to be.
50k these days is nothing right in the middle of middle class less than 1 years salary for 80% of the US.
how can that put anyone in a bind unless you work at McDonalds or have already run yourself into debt.
Jay Leno is closer to the guy I'd rather be.. spends his money and he is happy and loves his cars and bikes.
You are obviously not a motor head and prolly never will understand it ( like most women as well)
But to us motorheads those cars are our babies. and while we buy them for base price 90% of the time we end up with at least that in mods or performance work.
It's a hobby like any other.
I'm sure you would also Disapprove of my other hobby as well.
I've got 4 RC Helicopters that cost easily 2-3k each.
And I know plenty of people that spend that on 1 turbine engine for their model airplanes.
So I guess we are all stupid for spending money and keeping the economy actually moving.
You can do math can't you? Truck still gets me to point a to point b. Doesn't look as nice or have the air conditioned seats but it does the job and I saved money.
ive come to the conclusion that this is just a feel good thread for poor people.
We'll see who is the poor one once people finally pay off their cars
"Plus financing I paid $65k for a mustang" congrats!!!
I'm dumb or misread.. but please explain the math.
You had a fully paid off truck...
you sold it...
You bought another truck with cash...
So.... looks to me you paid to downgrade..
We'll see who is the poor one once people finally pay off their cars
"Plus financing I paid $65k for a mustang" congrats!!!
I'm dumb or misread.. but please explain the math.
You had a fully paid off truck...
you sold it...
You bought another truck with cash...
So.... looks to me you paid to downgrade..
Sale price of original truck > purchase price of used truck. That's how I read it. That said, he DID eat all of the depreciation costs, and unless you really need the "equity" in your expensive vehicle or want better fuel efficiency, it's not worth it to sell a vehicle you've already paid off.
Not necessairly. I posted pages ago, I paid ~$24K for the 2010 Tacoma and it's retail/private party is ~$24K now. Granted 25kmiles, excellent condition. I agree, typically, one would take a beating.Sale price of original truck > purchase price of used truck. That's how I read it. That said, he DID eat all of the depreciation costs, and unless you really need the "equity" in your expensive vehicle or want better fuel efficiency, it's not worth it to sell a vehicle you've already paid off.
50k these days is nothing right in the middle of middle class less than 1 years salary for 80% of the US.
how can that put anyone in a bind unless you work at McDonalds or have already run yourself into debt.
Sale price of original truck > purchase price of used truck. That's how I read it. That said, he DID eat all of the depreciation costs, and unless you really need the "equity" in your expensive vehicle or want better fuel efficiency, it's not worth it to sell a vehicle you've already paid off.
Average personal income in the United States for those over 25 years of age was $32K in 2005.
A solid rule of thumb is to not spend over 25% of your annual income on a new car purchase, which means the average person should be buying an $8,000 car.
First of all, they do not even sell new cars for $8,000 so you already looking at the used market. Don't be fooled though, $8,000 is plenty to buy yourself a great used vehicle that will last thousands of miles if you know how to buy a used car (only from the original or second owner, no used car lots/dealerships, all service records, and a good eye).
Second of all, the average new car sold in the United States is around $30,000, which means the average car buyer should be making $120,000/year.
Wait, what? So, pretty much the majority of the country are brainwashed by consumerism into thinking they need an expensive new car which they can just finance for 6 or 7 years.
It was very common(up until the housing bubble) to have families with two brand new financed cars which the payments exceeded their mortgage payment.
Raising gas prices has worked wonders for the auto industry too, tricking people with sort commutes and cars with decent but not horrendous fuel economy into spending $20,000+ for a more fuel efficient vehicle when it will probably take years and thousands of miles before they start to break even.