There seems to be a lot of liked minded people on here. Just curious if you had the choice, would you rather have money in the bank and a monthly vehicle payment. Or no money in the bank but a vehicle paid for. Darn vehicles are nothing but money pits I know but ya need one!
Just made that decision about 2months ago. Had around $8000 of trapping money and an equal amount owing on an 09 silverado - no more payments for me. I try to keep my vehicles for ten years, then evaluate how it will last beyond that point to decide if its time to change up or not. Hate spending money on vehicles, but being stuck at home and worried about getting it fixed cheeses me even more.....
I was faced with this same dilemma a few years ago. Generally I don't like to finance anything but since I don't carry a balance on anything it could damage my credit over time. I want to keep my credit rating in good shape case I ever need it.
What I ended up doing when I bought my Tundra was borrow against my own money and that gave me a super interest rate. I made arrangements at the bank to where I put the purchase amount in a CD and then used that as collateral for a loan on the truck. It was a good way to do it actually cause not only did I get a great interest rate but the CD earned a good amount of that interest back for me. October is my last payment on the truck and the CD matures too.
Post by FLORIDA SNAREMAN on Sept 8, 2013 20:16:56 GMT -5
I had rather get a good used truck, and fix it if it needs it better Than makeing payments for five years, vehicles today are way Over priced you could spend 30,000 on a vehicle today and When you drive off the lot it loses half it,s value
I paid my '00 GMC Sierra off about 7 years ago......it was one of the happiest days of my life. It was the first new vehicle that I had ever owned and I was soooo excited until I received the payment book . I have driven that truck to death and it's still running well. I bought the wife a Yukon a couple of years ago but, got a rockin' deal on it at the used car lot. I'm stressing now because our son is going to be driving on his own in November and I'm not liking the idea of buying him a new car. Of course I want him to be safe and have dependable transportation, I just hate the thought of having a car payment again.
Post by nytrapper23 on Sept 9, 2013 19:15:35 GMT -5
We have always had two vehicle payments and it sucks.so 8 or 9 yrs ago I looked into leasing.I walk to work so I thought I could stay under 12,000 miles a yr.so I went for it .on my third one now.I travel a lot for fishing tourneys and didnt like the thoughts of getting stuck somewhere with the boat in tow.we paid off her suburban 3 yrs ago and it's still going strong.so we have one payment , its under warranty the whole time I have it,and I get a new truck every three yrs. ;D
Let me start by saying "I hate to owe anyone money"! Last year I bought two new vehicle, made 4 big payments and I was done. My 2013 Harley was paid in full. I'm a firm believer that the less I owe, the better off I am.
"Ethics is what you do when no one is around" - Aldo Leupold
I just keep on saying " I love this old truck" lol. No payments for 7 years keeps me fixing what needs it. She is running strong and has another trapping season in her, I just know it. lol 287,945.00 miles on her now. Best rig I ever owned.
The bank does not have the privledge of using my money very often.
The difference between dreamers and achievers is action. One try is worth a thousand guesses.
Post by minktracks on Sept 10, 2013 12:36:32 GMT -5
I would rather the money in the bank in case something goes wrong with the vehicle. I have a Silverado with about 39K so I should be in good shape. It should be paid off early in a few months. I'm already paid up till spring. I am a big advocate of a beater for chores and such. If you have the means, they are fairly easy to keep dependent and cost little to upkeep. If you think about it, we don't all have the luxury of just owning. I still have an 18 yr old daughter in college. I for one can and would pay all my debts now but I like that cash in the bank just in case.
Well I'd say vehicle paid for.... I've never taken a loan or had a credit card either. Mrs B is in aw over it but I've always been that way. I don't spend out everything I have in the bank I don't like,e not having a cushion to fall back on and I hate payment's....
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