Ok boomer

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Oct 23, 2024
6:45:39pm

OKchief Starter

Ok boomer

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OKchief

Bio page: OKchief
Joined: Apr 9, 2022
Last login: Oct 23, 2024
Total posts: 995 (5 FO)

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Messages

Author

Time

Looking for financial advice on car payments.

Geldir

5:24pm

Don’t make a bad decision worse. You’ll lose more value by trading in.

BigGulps

5:26pm

Yes. Think long term if you can afford it in the short term. Keep them 10+ years and you'll come out ahead.

kccougar

5:40pm

What cars did you buy?

5:27pm

Gotta be a tesla plaid or something right and then massive depreciation

GfB

5:30pm

Subaru Crosstrek, and Honda Odyssey

Geldir

5:35pm

So uhhhhh, what interest rate did you get because my very rough math says that you should have paid a total of around

scall

5:41pm

24 month term?

paulb

5:54pm

Must have rolled in negative equity from the last time they did this. You're

OKchief

6:44pm

That wasn’t what I was expecting…

6:47pm

Do you like the cars? If so, just pay them off and drive them for a long time.

byujacob

5:27pm

And once they’re paid off, begin saving for their replacements.

KingDave

5:31pm

And then sell them for used cars in the future.

ochobeeguy

5:37pm

You have car payments that average 1500 for a few more years? And you did shorter term loans? Did you just buy the

scall

5:29pm

a $1,500/mo payment at 6% over four years is a $65,000 car

5:51pm

Except for our first car - we always saved up, got used vehicles, and paid in cash. But I'm a boomer so what do I know..

Zenoch

5:32pm

Ok boomer

OKchief

6:45pm

Sell both and get 2 cars that don't cost you more than $1000/month. Now you have an extra $24K/year.

5:33pm

And this ladies and gentlemen is why Dave Ramsey has made a fortune.

brazilcoug

5:34pm

He's great for people that don't have any financial literacy or restraint

volleyjiver

5:38pm

In other words, half the population

5:40pm

I'd go with more than half...it's surprising that schools don't have any

volleyjiver

5:50pm

Here’s your sign…

5:56pm

Good news is cars are not depreciating as fast these days

Jericho

5:38pm

I am in the car business. Here are a couple ideas

md7Coug

5:43pm

Need more info to provide advice

5:47pm

Rates will likely go down over the next 1-2 years. Refinance to a bit lower

RH84025

5:51pm

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