On 8/16/2014 2:43 PM, Califbill wrote:
True North wrote:
Buying a new car isn't so bad if it's something like a Toyota Corolla.
Payments would wouldn't be too much and you'd have the piece of mind that
they are in a reliable vehicle.

It can be a bad decision, no matter what the price and financing.

He was just offered a job.

Yep, with the state.

He did not have a job yet.

Well, the state said he was hired.

And did he need a new car?

Does anyone NEED a NEW car?


Forget about payments!

Yep,
In the last 20 years we have bought a 95 Camry for $6,500, a 97 Lexus
for $4,000 a 97 Toyota T-100 for $11,000, a 97 Chevy van for $8,000, and
a 2000 Avalon for $7,500. The Camry is sold, my son has the Lexus at
college, runs fine with 163k miles. The others have less than 100k
miles, the Avalon looks like new, and the T-100 is still a sharp truck.
The van is a work van in our business.
Never bought a new car, but my wife is sharp, she plans, she's patient
and persistent. She bought these cars at a good price, except for the
T-100 which was at a dealer, but we have our moneys worth, we have had
it 14 years, put 43k miles on it and it has 91k miles now. Should be
good for another 20 years. :-)
Oh and the point, we had the money saved before we bought the vehicle,
no payments.


I remember a few years ago, where someone here
said they only looked at the monthly payment amount on a boat. Not the
fact that it was a low end Bayliner and the financing was for 5 years. You
have to finance a $19,000 boat for 5 years, you can not afford to run the
boat. Is why my wife and I are very comfortable. We did not waste money.
I bought my boat in 1995, 4 years old, for $20k cash. I have put a new
engine in and 2 reprints on the boat over the years. But a new replacement
for my boat is about $80k. Save at least 10% of your money! and when you
have extra! save that also. When it comes retirement time, you can afford
more than rice and beans.

We can afford more than rice, but we eat it a lot, my wife is Asian.
Not so many beans.
We don't eat out very often, she uses coupons and stocks up on sales.
I'm sure we have more than 100 rolls of toilet paper and 100 rolls of
paper towel in stock.

Yes, people waste so much money, and never think about saving for
retirement. I have my daughter saving in a retirement fund at 21 yrs
old. At one time she said she wanted 2 million dollars by the time she
was 40. The two of them have a good income, if she can get him on board,
they could do it. He has an advantage working for the state, with a good
pension, plus retirement savings.

Anyway, hope this gets some young people thinking.
Mikek