MikeofTulsa
Moderator
The one and Only!
im coming across the same question....why is getting a loan to buy a car not good? not everyone in the world has money to pay cash for everything......loans are a perfectly fine way of doing this if u have the credit and the financial means to pay them.....and how does taking a loan out mean that your a broke ***?......but then again....your only 16.....got a while to go before you can take a loan out yourself if u wanted to......
tRiGgEr
5,000+ posts
CarAudio.com Veteran
Let Chinny drop on down to his local dealer and put 25,000 down on a brand new car. Then come back here and tell us loans are stupid:waycrazy:
jujumantb
10+ year member
Duke of Earl
I'll say it again, taking out a loan on something that depreciates in value is a poor financial practice for obvious reasons, still alot of people do for some reason. If you dont have the money for a 4grand car, get a 1grand car, dont take out a loan for a luxury like that which will lose 20% of its value every year. Its like parents are teaching their kids money lessons anymore..
tRiGgEr
5,000+ posts
CarAudio.com Veteran
jujumantb - What do you do when you buy a new car???
MikeofTulsa
Moderator
The one and Only!
well i've taken a loan out on both of my trucks previously and neither of them depreciated more than a few hundred dollars over the 3 years it took me to buy them........and also whats the poing in buyinga car worth 1grand if its going to break down after a year and you'll be in the same boat???? not a bad idea to pay a little more for something a tad more reliable.....but thats just a bad idea tho right?
jujumantb
10+ year member
Duke of Earl
Pay cash. If I dont have the cash, I dont buy it.
MikeofTulsa
Moderator
The one and Only!
so if you needed a car to get to work and didnt have the cash to buy one..........how would u get to work to make the money? and what about when you want to buy a house....when will you have 100k cash to pay for it?.....unfortunatly loans are a part of life....very few people are able to pay cash on everything....
jujumantb
10+ year member
Duke of Earl
Any car can break down at any time. Do some research, know what you're buying, and your 1 grand car should be able to last just as long as a 4 grand car. My regal is still going strong at 200k miles, you know why? I did alot of research, talked to my uncle who owns a service center and could tell me what are the most reliable cars.
ive had many cars all ive bought myself.. i can affoard to do it, losing a little bit of money on it is outweighed by the pleasure i get and the passion i have for my cars. if were going to talk about poor investments we could just as well tell everyone not to invest in a stereo (which is a poor investment from a financial perspective but a worthwhile one IMO) because it could be stolen or blow.
MikeofTulsa
Moderator
The one and Only!
and im still waiting to find out how im a broke *** ***** cause i have a loan on a vehicle or anything else for that matter....
jujumantb
10+ year member
Duke of Earl
bus or rides, in my case, I could have even rode my bike. Of course there are extreme cases where its not a bad idea to get a loan for a car, but usually people do it just to be able to get that latest cool looking car when a cheaper used car they could have paid for in cash and lasted just as long.
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