Also, somehow I don't think mclasser is still making payments on his 14 year old Accord.
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The joys of owning a car with 200K miles
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Originally Posted By: Vikas
Well, if you have to make payments on a car with 50K+ miles on it, you are financially speaking a moron.
Let sparks now fly.
I put 30k a year on My 15 Civic. I financed it for 4 years, with a decent down payment so I don't ever get negative, at 0.49%, with the same discount and rebate as if I paid cash, surprisingly. If I don't pay it off early, I'll be at 120k before its paid off, I'm half-way there now, give or take a month or two. Why would I not finance it, and invest my money at a higher rate of return? I take good care of it, I expect it to have plenty of life in at 120k miles (assuming a deer doesn't total it), even if it does need some out of warranty repairs, which I doubt (outside of wear and maintenance items).
Well, if you have to make payments on a car with 50K+ miles on it, you are financially speaking a moron.
Let sparks now fly.
I put 30k a year on My 15 Civic. I financed it for 4 years, with a decent down payment so I don't ever get negative, at 0.49%, with the same discount and rebate as if I paid cash, surprisingly. If I don't pay it off early, I'll be at 120k before its paid off, I'm half-way there now, give or take a month or two. Why would I not finance it, and invest my money at a higher rate of return? I take good care of it, I expect it to have plenty of life in at 120k miles (assuming a deer doesn't total it), even if it does need some out of warranty repairs, which I doubt (outside of wear and maintenance items).
But you actually indeed had the money to purchase it outright. Obviously being able to pay 5x monthly means you were an exception. You were not financing because you had to finance. There is a huge difference between people who are forced to finance an older car versus people who choose to do that.
I work on my cars so I like older cars. No payment.
Originally Posted By: Vikas
But you actually indeed had the money to purchase it outright. Obviously being able to pay 5x monthly means you were an exception. You were not financing because you had to finance. There is a huge difference between people who are forced to finance an older car versus people who choose to do that.
True and fair enough. Unfortunately there are many today that struggle to make ends meet, and have to do what they have to do to get to work and earn a living and support their families. A lot of used car places take advantage of these people. They might have made mistakes that put them in this situation, or they may have gotten sick and had huge medical bills, hard to know. Even financially savvy and conservative people can be devastated by that kind of thing. Just hate to paint a broad brush. All the best.
But you actually indeed had the money to purchase it outright. Obviously being able to pay 5x monthly means you were an exception. You were not financing because you had to finance. There is a huge difference between people who are forced to finance an older car versus people who choose to do that.
True and fair enough. Unfortunately there are many today that struggle to make ends meet, and have to do what they have to do to get to work and earn a living and support their families. A lot of used car places take advantage of these people. They might have made mistakes that put them in this situation, or they may have gotten sick and had huge medical bills, hard to know. Even financially savvy and conservative people can be devastated by that kind of thing. Just hate to paint a broad brush. All the best.
Originally Posted By: oliveoil
I work on my cars so I like older cars. No payment.
Working on my first '88 528e was actually enjoyable compared to other cars. I bought it with 150K miles on it. I put 200k more on it in 12 yrs. I maintained the Borman6 in my drive way with basic tools and a Bentley manual. From 2000 on, I have been in an forum of fellow enthusiasts. The 528e and the E 28 in general are very wrench-able. The Ranger, not so much.
I work on my cars so I like older cars. No payment.
Working on my first '88 528e was actually enjoyable compared to other cars. I bought it with 150K miles on it. I put 200k more on it in 12 yrs. I maintained the Borman6 in my drive way with basic tools and a Bentley manual. From 2000 on, I have been in an forum of fellow enthusiasts. The 528e and the E 28 in general are very wrench-able. The Ranger, not so much.
I guess my 2005 Accord 4cyl/auto is pretty boring then--besides normal maintenance items just needed CV shafts & radio--knock on a big piece of wood-- 244 K miles
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