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How You $500 Car Payment is Keeping You Broke


 
 
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section The Money Spot
  
 4 weeks ago '16        #51
mlbnba2016 242 heat pts242
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 justin747 said
You bought a V6 didn't you??
What's wrong with a V6?
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 4 weeks ago '05        #52
Micheal C. Will 37 heat pts37
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Never had a car that I was paying 500 a month on, then if you factor in auto insurance costs you could possibly be paying 700 to 800 a month total on your car alone

If that's how you want to rock do you, but financing vehicles with an expensive car note will always be a bad investment.

Used affordable car is always my go to.
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Top 10 most slapped recently  4 weeks ago '17        #53
myPOWER 3 heat pts
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 Txheat said
I never understood why people pocket watch. Is a $500/mo payment sh*t to a person making 250k+/year?
This right here.

These headlines are generalized which I get why (clicks) but a better way to think about things is

This is how much I make now, and this is how much Iím trending to make in the next year, 2 years, etc. and think about your expenses from there.

Generalized sh*t like - oh you spend $20 for a movie ticket?

It may make sense to one person, but to someone that is struggling with debt, etc it may not. At the end of the day itís $20, and $20 means one thing to one person and something else to the next.
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 4 weeks ago '04        #54
qutaboi225 70 heat pts70
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 kingankh713 said
Where you work at in BR. I moved 8 years ago after graduating from SU
Shell
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Top 10 most slapped recently  4 weeks ago '17        #55
myPOWER 3 heat pts
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 Micheal C. Will said
Never had a car that I was paying 500 a month on, then if you factor in auto insurance costs you could possibly be paying 700 to 800 a month total on your car alone

If that's how you want to rock do you, but financing vehicles with an expensive car note will always be a bad investment.

Used affordable car is always my go to.
And that’s because $800 a month is significant to you... and a $800 a month car provides no residual income value for your line of business.

 4 weeks ago '08        #56
Kewop Decam 99 heat pts99
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 pnoi89 said
At 29 years old, I still never had a car payment.... Never understood it.

Bought a 2005 Audi A4 nearly a decade ago in cash for $6,000. Still driving it today, along with my $400 Lime scooter and road bike for commuting around town.
I'm 34 and never had a car payment.

I don't get it either... people spend a whole down payment for a quote when you can take that down payment and buy a car outright.
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Top 10 most slapped recently  4 weeks ago '17        #57
myPOWER 3 heat pts
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 Kewop Decam said
I'm 34 and never had a car payment.

I don't get it either... people spend a whole down payment for a quote when you can take that down payment and buy a car outright.
What donít you understand?

People see value in cars, and some people only see them as transportation vehicle so.

To say you donít get it means youíre a dumbass.
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 4 weeks ago '05        #58
Micheal C. Will 37 heat pts37
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 myPOWER said
And that’s because $800 a month is significant to you... and a $800 a month car provides no residual income value for your line of business.
I just need a vehicle to get me from point a to point b.

There is no reason why anyone would need to be paying that type of money monthly into a vehicle (note plus insurance) unless your trying to stunt.

 4 weeks ago '18        #59
Losantana16x3 73 heat pts73
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I learned in my finance degree that your car should be worth no more than 10% of your salary, based on sound fiduciary practices and advice.

Easy access to capital, like loans, have inflated the cost of everything from cars, homes to even tuition. That's the real crime in America that folks over look.


But since I'm on the 3rd page noone will see this.lol
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Top 10 most slapped recently  4 weeks ago '17        #60
myPOWER 3 heat pts
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 Micheal C. Will said
I just need a vehicle to get me from point a to point b.

There is no reason why anyone would need to be paying that type of money monthly into a vehicle (note plus insurance) unless your trying to stunt.
Lol, or if you find personal value in your vehicle. Or if it helps in your line of business (say youíre in a line of business whereís itís important you have a certain appearance).

People are ridiculous, just because they canít find inherit value for something in their own lives they a*sume it applies to the rest of the world.
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Top 10 most slapped recently  4 weeks ago '17        #61
myPOWER 3 heat pts
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 Losantana16x3 said
I learned in my finance degree that your car should be worth no more than 10% of your salary, based on sound fiduciary practices and advice.

Easy access to capital, like loans, have inflated the cost of everything from cars, homes to even tuition. That's the real crime in America that folks over look.


But since I'm on the 3rd page noone will see this.lol
What I learned in professional living is - the lower the number the better, financially. 10%, 15% - this is all arbitrary number so.

Itís really easy to understand what the financially smart thing to do is in most situations (non investment).
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 4 weeks ago '17        #62
justin747 50 heat pts50
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 mlbnba2016 said
What's wrong with a V6?
Nothing. But if you buy a Camaro/Mustang/Challenger, that bi*ch BETTER be a V8.

The V6 engine itself is fine. Perfect middle ground between a 4 cylinder and a 8 cylinder. Best of both world since it has better power than a 4, but better gas mileage than a 8.

The problem is muscle cars are really just supposed to be cheap a*s cars with a lot of flaws that you deal with for the powerful engine. If you don't buy the powerful engine, you just have a sh*tty car that looks fast, but is slow as sh*t.



Also back home for me, the V6 muscle car was what hood strippers bought from Buy Here, Pay Here car lots with their lap dance tips. No grown man should be driving a car that's popular with strippers.


 4 weeks ago '17        #63
S550 3 heat pts
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 krazyl3gz206 said
That $500 can turn into a lot in your retirement or investments. Just saying...
It deff can but you can also find ways to increase your income to maximize your retirement.

To me itís mainly all mind set and getting out of the pay check to pay check mentality, it deff starts with limiting your liabilities but it also is very important to set the bar for yourself to never have to worry about 600$ a month extra keeping you afloat in the future
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 4 weeks ago '16        #64
redsauce619 
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 pnoi89 said
At 29 years old, I still never had a car payment.... Never understood it.

Bought a 2005 Audi A4 nearly a decade ago in cash for $6,000. Still driving it today, along with my $400 Lime scooter and road bike for commuting around town.
I hear you I got me a nice little Acura for 4 grand about 3 years ago and this thing was well taken care of by the previous owner, I sh*t you not interior looks new till this day exterior is a B- and the engine is riding smooth, I've been stacking up money ever since, cause I don't have no damn car payment.

 4 weeks ago '17        #65
Milxman 1 heat pts
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2000 Honda Civic Gang here... whip still runnin' like Forest Gump!
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 4 weeks ago '07        #66
Avon_Barksdale 4777 heat pts4777
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 justin747 said
You bought a V6 didn't you??
+3   

 4 weeks ago '16        #67
mlbnba2016 242 heat pts242
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 justin747 said
Nothing. But if you buy a Camaro/Mustang/Challenger, that bi*ch BETTER be a V8.

The V6 engine itself is fine. Perfect middle ground between a 4 cylinder and a 8 cylinder. Best of both world since it has better power than a 4, but better gas mileage than a 8.

The problem is muscle cars are really just supposed to be cheap a*s cars with a lot of flaws that you deal with for the powerful engine. If you don't buy the powerful engine, you just have a sh*tty car that looks fast, but is slow as sh*t.



Also back home for me, the V6 muscle car was what hood strippers bought from Buy Here, Pay Here car lots with their lap dance tips. No grown man should be driving a car that's popular with strippers.

Go to stripper car is a Nissan Sentra
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 4 weeks ago '13        #68
RelGthe0ry 40 heat pts40
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 money99 said
Just buy an electric car

I own a Tesla has savings alone $250-300 a month
Which Tesla model and how much was it? Also, could you elaborate a little on what it's like to own one; How do you keep it charged at home and on the go? I honestly had no idea electric cars were even making a general population impact at all yet.

 4 weeks ago '09        #69
TriniSoldier 71 heat pts71
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who the fu*k is paying 500 a month for the right to drive the banks car? that sh*ts crazy
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 4 weeks ago '17        #70
justin747 50 heat pts50
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 pnoi89 said
At 29 years old, I still never had a car payment.... Never understood it.

Bought a 2005 Audi A4 nearly a decade ago in cash for $6,000. Still driving it today, along with my $400 Lime scooter and road bike for commuting around town.
 Kewop Decam said
I'm 34 and never had a car payment.

I don't get it either... people spend a whole down payment for a quote when you can take that down payment and buy a car outright.
It's all perspective and life factors. Both of yall are correct, but it's not always that easy.

Like for me, I grew up in a hood-ish are. We all bought our cars dirt cheap, then we fixed them ourselves or got the hood mechanic to fix them.

Now I live in LA. I don't have space to work on my car and I definitely don't have access to a hood mechanic. I also need reliability so I have to spend money to get that. I need my cars to have ZERO FLAWS cause this traffic here ain't no joke. Car can't break down not even once ever. No exceptions
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 4 weeks ago '05        #71
Micheal C. Will 37 heat pts37
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 myPOWER said
Lol, or if you find personal value in your vehicle. Or if it helps in your line of business (say youíre in a line of business whereís itís important you have a certain appearance).

People are ridiculous, just because they canít find inherit value for something in their own lives they a*sume it applies to the rest of the world.
And that's why I said in my post "if that's how you rock do you"

You seem to be the one offended that I only see a vehicle as a means to and end and nothing more.

I don't see value in spending enormous amounts of money on a car.
+1   

Top 10 most slapped recently  4 weeks ago '17        #72
myPOWER 3 heat pts
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 RelGthe0ry said
Which Tesla model and how much was it? Also, could you elaborate a little on what it's like to own one; How do you keep it charged at home and on the go? I honestly had no idea electric cars were even making a general population impact at all yet.
You install a charger/wall plug at home that will charge your car to full overnight.

Tesla's have what's called super charging stations where - you go to and plug the charger in your car and pay for the electricity you charge into your car.

The cost of both of these charging options significantly less than gas.

If you can charge your car at home every night, you won't need to worry about charging your car during the day unless you're on road trip.
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 4 weeks ago '15        #73
Teddy KGB 43 heat pts43
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My car has been paid off for 5-6 years, but I’m sick of that sh*t. I’m getting something else, definitely pre-owned but after 10 years with the same car, I’m done. It needs some repairs that I’m not willing to do.
+3   

Top 10 most slapped recently  4 weeks ago '17        #74
myPOWER 3 heat pts
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 Micheal C. Will said
And that's why I said in my post "if that's how you rock do you"

You seem to be the one offended that I only see a vehicle as a means to and end and nothing more.

I don't see value in spending enormous amounts of money on a car.
I know you don't, and that's the point I'm trying to make here.

Cars have a lot of personal value, some social value, and potentially business value.

People act like they don't understand why people spend money on cars.
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 4 weeks ago '15        #75
Piff Blunts xx 
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I got me a 2016 VW Tiguan. Rides smooth, only 50K miles when I bought it. 250 a month and my insurance about 140. 30 dollars has me good for the week unless I do some extra driving. Definitely gonna be in the market for a hooptie I can fix up since itís mainly a family car. Any recommendations on a car thatís a perfect fixer upper? Of course Iíd love to buy it drivable but Iím talking about a car that runs very well at over 100k miles





 


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