I thought the mustang was what I wanted

CompOrange04GT

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The question should be 'What if you DO live long enough...' A person needs to be honest and realistic when making decisions about this stuff.

Average life span USA is around 78 years and change. Statistics suggest that you are going to make it to retirement age unless you know something we don't know. It's even worse for us Canadians as average life span here is over 82 years. Health care system? Who knows? But we have to save an extra four years worth.

Is that other fact really a fact? No offense but it sounds made up. I suspect many people here could easily buy the car for cash and do so regularly for far greater than 30k. And there are a lot of retired guys here. Many could pony up 200k if need be. One in ten thousand seems a bit skimpy.

Maybe I'm wrong and we need a poll.

You think MANY on this site have 200k laying around?

And maybe “ many “ have 30k but I said 30k without effecting their life.

I don’t think “ many “ just can shit out 30k without it having an effect on their every day life.

I need to live in your dream world
 

nickf2005

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“ oh you can put $1000 a month in your 401k”

And what if you don’t live long enough to use that 401k money?

This same argument happens every month here ..

One person lives life by the moment then someone has to say “ you should save” blah blah

Here’s a fact: less than 1% of us guaranteed on this site can drop $30k to buy car cash tomorrow without it effecting their life.

Car payments were made so we could enjoy things.. same with a mortgage. I’d say less than .01% of us on this site have $200k laying around to just buy houses.

Some of us have car payments because.. wait for it.. WE CAN..

He doesn’t sound like his family is starving. **** it... enjoy life while you’re alive
Unused 401k money? OP has kids that could use it for education, housing, car (you know, so they don't have sucky payments), their own kids, etc. Yeah, I hope that I get to use a lot of the money I save for myself, but my son will be well set the day we leave this planet. Not saving more just because you may not use it doesn't make sense to me. I'd rather be able to afford my nursing home when I need it and not put that burden on my kids. I've seen it happen.

The only reason this all came up was because the OP thought he made a mistake and he came here for justification that he did or reassurance that he didn't. We can say that finances don't play a roll, but they do. When your making payments on something and your upside down or going to take a bath on a transaction, you're stuck.

Car payments were made because consumers became impatient. The market is loaned money to demand higher optioned/featured, and thus price, vehicles. Car prices have well outpaced inflation and that's the consumer's fault. How many of our fathers and grandfathers were signing their name on a line for 4,5, 6, or even 7 years for a '69 Mustang?

I agree with your original point. There's two camps when finances come up, and they do come up often. You know why? Because people aren't managing them well so they decide to come here (bias for cars not money) for support. If they wanted real answers, advice, and opinions they'd be seeing a financial adviser.

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FJohnny

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You think MANY on this site have 200k laying around?

And maybe “ many “ have 30k but I said 30k without effecting their life.

I don’t think “ many “ just can shit out 30k without it having an effect on their every day life.

I need to live in your dream world

Lol, our back and forth is like one of those cartoon snowballs that roll down a hill and keep getting bigger. I was moping about the 'shitty taste in alcohol' comment so I may be guilty of helping it go farther than it needed to.

I was questioning your statement that began 'It's a fact...' and then guaranteeing the fact. I'm like a trout to a fly for that stuff. There are so many invented facts these days being used to back up opinions that I sometimes get overly skeptical about anything claiming fact status. So, I look them up.

To be a 1% person as of 2015 you made $480k annually (cnbc.com). Probably more these days.

Since you said less than 1% the number should be even higher. So yeah, they can shit out $30K when they want to. And as to the .01% not wanting to drop 200k, think again. They make over $35 million per year (abcnews.com 2014 numbers) so they can also take a shit whenever they want.

Anyway, that's how I see it. Agree to disagree?

Have a great day, CompOrange04GT. All the best.
 

FJohnny

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Today was my oldest daughters 10th birthday. Was a really fun time with friends and family. My daughter told me it was he best party ever and thanked me. We all ate good food . The 300 bucks I spent was priceless . The memories I have will last and the memories my daughter has she will always know her dad was ther for her and always will love her. That’s more to me than anything.

Sounds like a really great day! I have three daughters so believe me, I get what you're saying. I couldn't agree more. You are a lucky guy. Daughters are special.

Have a good one, man.
 

CompOrange04GT

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Lol, our back and forth is like one of those cartoon snowballs that roll down a hill and keep getting bigger. I was moping about the 'shitty taste in alcohol' comment so I may be guilty of helping it go farther than it needed to.

I was questioning your statement that began 'It's a fact...' and then guaranteeing the fact. I'm like a trout to a fly for that stuff. There are so many invented facts these days being used to back up opinions that I sometimes get overly skeptical about anything claiming fact status. So, I look them up.

To be a 1% person as of 2015 you made $480k annually (cnbc.com). Probably more these days.

Since you said less than 1% the number should be even higher. So yeah, they can shit out $30K when they want to. And as to the .01% not wanting to drop 200k, think again. They make over $35 million per year (abcnews.com 2014 numbers) so they can also take a shit whenever they want.

Anyway, that's how I see it. Agree to disagree?

Have a great day, CompOrange04GT. All the best.

On this site..

Not nationwide
 

My94GT

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I get that when you're a young guy it feels PRETTY DARN GOOD to get into a really nice car and drive away.

But imagine you are a 45 or 50 year old middle aged guy. Can you picture it feeling REALLY EFFING GREAT to know your house is fully paid off, you owe on absolutely nothing and the only reason you still work is because you actually like what you do?

I really wish school curriculum had compulsory courses in personal financial management. A bunch of 'Rich Dad, Poor Dad' style of studies would go a long way. Pretty darn good or really effing great is just a choice you get to make. The earlier the better.

Only you can know the value you get out of a vehicle. Basic transportation for one guy could be another persons anchor to sanity. You know you so you have to decide how to proceed.

That said I'm guessing most people would agree that for the average married guy with kids, having four vehicles (some financed) and renting a home sounds heavy on liabilities and light on assets. It's never too late to make a plan.

Good luck with the decision and all the best to you and your family.


Solid advice here.
 

cbr repsol

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So I listed the car for sale and I have a cash offer of 27k I need 30k so I can get out of it. I’m willing to do 2k out of pocket to do so. So the buyer is gonna think about it and talk to his wife . So we will see how it goes?? I took our Jeep in and worked some number on a new truck. I’m 3k positive on trading the Jeep in . We were approved to get a nice new 4x4 tundra . We really want the F250 but the dealer is saying it is hard to get an approval. So I don’t know where that is gonna go? We looked at the ford first then when I found out about either not getting approved or they need to try other banks we went to look at the Toyota. Payment on the tundra is gonna be about 675 to 720 depending on which truck we pick . The one I wanted they of course have to do a dealer trade. So I’m just gonna wait a few days . I would like to sell the mustang privately to the guy I’m working with. So we will see where that goes??
 

cbr repsol

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So if I can sell the mustang we would save about 300 a month in payments. Plus 1 less car on the insurance. We will see how it plays out . Either way if I can’t sell the mustang I might just pony up and still get the truck . But it will have to be the tundra . No way I could do the F250 and the mustang at once.
 

My94GT

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Man that just seems like a lot to be paying out with what did you say, a 75k salary?

Have you ever sat down with a financial advisor and put together some short term and long term savings goals? Personally I’d dump the mustang and really pay down on the other car payment.
 

Malern28us

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Think about what you are actually saying here.....
I want a F250 but cannot get the payments worked out. Gonna have to settle for a Tundra.
There are no words for you, seriously....
I have a 20 year old that has more financial common sense...
Ultimately its your money and what I say doesn't matter but gee whiz.... you already have a "fail" with the Mustang purchase, why compound it?
 

SirShaun

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You should buy used and save some money. Could probably even swing that F250 then. 2017 looks just like the 2019 right?

I love long model runs. 2011 Durango still looking fresh.
 

SirShaun

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I was looking at a 2017 F250 with 20k for 45k that would be a good option.

Probably could still get 72 months to pay it off. Never take the new off the lot depreciation hit.

Depreciation not bad, shit nice condition stock loaded 08-10 6.4s still selling between 15-20k with 100k+ on them.

Won't take you long to be over on it.

At the end of the day you'll piss away 3-5k in interest over the course of the loan, but eh you'll have what you want.

Or...
Put 40k in a modest investment account, expecting 7.5% return, make $3,0000 a year. Get taxed at ~20% when you pull it, leaving you with $2400 a year.

Whatever you think you would enjoy more, go for it. I see no use in stacking back money if you do not have a plan for it.
 
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