Jeffs2006EvoIX
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- Joined
- Feb 28, 2010
- Messages
- 1,663
Originally Posted By: Leo99
My advice is on the more conservative side. Who will care for you son when you're gone? Are you paying child support? Do you have adequate life insurance for your kids? Are you set for medical insurance? Sounds like you're just getting back on your feet financially and on a limited fixed income and with limited savings. And you want to spend a significant portion of your income on a depreciating asset.
Thank You for your Comment Sir. Yes I pay Child support. Yes I do have life insurance. Yes I have medical as part of my medical retirement. Again, this being State funded, it can be taken away, I hope not, but you know how State Retirement systems go. Yes, I am getting back on my financial feet finally. Had to file BK and all to get rid off all the debt shared with my ex wife. That was a bloody nightmare and totally avoidable.
Yes, cars are definitely a depreciating asset. BUT in one of my cars defense. The 2006 Lancer Evo MR I bought new for $32k in 20006 long story how I got such a good price. I drove that car for 5 yrs, put almost 70k miles on it, then sold it for what I paid for it new. So if you buy the "right" cars, they actually may not lose money, but unless its a rare Porsche or Ferrari or something, rarely make money on them.
Thank You for your input, again, much appreciated.
Jeff
My advice is on the more conservative side. Who will care for you son when you're gone? Are you paying child support? Do you have adequate life insurance for your kids? Are you set for medical insurance? Sounds like you're just getting back on your feet financially and on a limited fixed income and with limited savings. And you want to spend a significant portion of your income on a depreciating asset.
Thank You for your Comment Sir. Yes I pay Child support. Yes I do have life insurance. Yes I have medical as part of my medical retirement. Again, this being State funded, it can be taken away, I hope not, but you know how State Retirement systems go. Yes, I am getting back on my financial feet finally. Had to file BK and all to get rid off all the debt shared with my ex wife. That was a bloody nightmare and totally avoidable.
Yes, cars are definitely a depreciating asset. BUT in one of my cars defense. The 2006 Lancer Evo MR I bought new for $32k in 20006 long story how I got such a good price. I drove that car for 5 yrs, put almost 70k miles on it, then sold it for what I paid for it new. So if you buy the "right" cars, they actually may not lose money, but unless its a rare Porsche or Ferrari or something, rarely make money on them.
Thank You for your input, again, much appreciated.
Jeff