financing a car/truck for 10 yrs?

[strollingbones]

did yall know about this...came as a total shock to me...do people not understand that a loan that long is most interest forever....why dont we teach finance in school? sorry that is off topic or is it?

 

[beagle9]

did yall know about this...came as a total shock to me...do people not understand that a loan that long is most interest forever....why dont we teach finance in school? sorry that is off topic or is it?

I went not to long ago, and paid 7 grand/cash for a used pick up with low mileage on it (top package with all the trimmings, air, all electric, factory mags, fast motor, bed liner, tool box, and did I say low mileage?). People are in this gotta have it right now society, and the loan sharks are circling them like an Arctic seal cub just waiting to strike.

 

[JoeMoma]

did yall know about this...came as a total shock to me...do people not understand that a loan that long is most interest forever....why dont we teach finance in school? sorry that is off topic or is it?

Its your OP so you get to pick the topic.

I will probably never buy a new car. I financed a used car once and payed way to much. My house is payed off, so I don't buy anything on credit anymore.

 

[Mikeoxenormous]

did yall know about this...came as a total shock to me...do people not understand that a loan that long is most interest forever....why dont we teach finance in school? sorry that is off topic or is it?

Back in the 2000s i took my daughter to meet her guidance councilor at Elizabeth Seton Catholic High School up in Maryland, and i noticed that there was no economics taught anywhere in the curriculum during the 4 years she was supposed to go. I asked the councilor why this was, and her response was "We prep the kids for college so then when they get there they can take economics during the higher education". I replied "What if they dont go to college"? What skills are you teaching the kids to be able to write a check, or balance a budget? None, you are failing the kids....She was dumbfounded..

 

[Cellblock2429]

did yall know about this...came as a total shock to me...do people not understand that a loan that long is most interest forever....why dont we teach finance in school? sorry that is off topic or is it?

/----/ Most likely, they don't know or don't care. They just want the truck. I took a long-term payout but I doubled up on the principal payments, and cut a 6-year loan to 3 years, and saved $$$ on interest.

 

[iamwhatiseem]

did yall know about this...came as a total shock to me...do people not understand that a loan that long is most interest forever....why dont we teach finance in school? sorry that is off topic or is it?

I still can't believe people have financed cars for 7 years for some time now.
Pure insanity

 

[DGS49]

There are people who actually drive their cars until the figurative wheels fall off. There are cars that will last more than ten years, based on past history. Interest rates are such that the cost of money on a long term loan is not as bad as it has been in the past.

I could almost justify a ten year loan for a nicely-equipped Tacoma.

But then I think, $500/month for ten years??????? You gotta be crazy.

 

[iamwhatiseem]

I am very cheap when it comes to vehicles.
When I made my highest salaries/bonuses pre 2008 into 6 figures, I drove a 12 year old Ford F150.
Today I drive a 2006 Ford Explore that has 192,000 miles. I paid cash for it.
I bought Bonzi a 2012 Ford Fusion when she came here. Also no car payment. It has about 96,000 miles.
I couldn't give one rats ass what anyone thinks of what I drive. I honestly consider it truly madness for people who don;t even earn $100k to drive around in TWO cars with car payments nearing $1000 a month. As stupid as it gets.

 

[Moonglow]

I buy used cars and trucks and fix them it is a lot cheaper than buying new ones. My last acquisition is a 2003 Buick Le Sabre limited, rides like a dream and comes with a lot of bells and whistles...

 

[Moonglow]

I am very cheap when it comes to vehicles.
When I made my highest salaries/bonuses pre 2008 into 6 figures, I drove a 12 year old Ford F150.
Today I drive a 2006 Ford Explore that has 192,000 miles. I paid cash for it.
I bought Bonzi a 2012 Ford Fusion when she came here. Also no car payment. It has about 96,000 miles.
I couldn't give one rats ass what anyone thinks of what I drive. I honestly consider it truly madness for people who don;t even earn $100k to drive around in TWO cars with car payments nearing $1000 a month. As stupid as it gets.

My wife bought a new Ford Mustang and I swear people look at it and bump into it because they are jealous and want to ruin the finish. My old truck 2003 Ford F-150 has 315k on it and it's time for a new motor yet still is drivable and is a tough truck. For my last two cars, I paid around $1600 each.

 

[iamwhatiseem]

I buy used cars and trucks and fix them it is a lot cheaper than buying new ones. My last acquisition is a 2003 Buick Le Sabre limited, rides like a dream and comes with a lot of bells and whistles...

Absolutely.
People ask me Why don't you get a new truck?
I always say... what does it do that mine doesn't?
My 2006 Explorer is 4WD, has A/C, power windows, leather-powered seats, good sound system... rides like a dream. Roomy and comfortable. The insurance is like $250 a year, license excise I think less than $100. And has no payment.
Your new truck will cost me at least $900/mo... insurance $1200-$1500 year. license/excise another $900.
SO a new truck would cost me about $13,000 a year. Mine cost me about $350.
Sorry, my ego is not that fucking important to me.

 

[strollingbones]

i avoid fords...much to hubbys chagrin...finance should be taught freshman year of high school...then an advanced course the next year ..subjects should be things like what depreciates what doesnt...how compound interest works and how much financing a vehicle cost one in the long run...instant gratification is a dangerous thing.

 

[JustAnotherNut]

New vehicles and especially trucks are expensive. Around here a new truck can run between $50K to $70K+ so longer loan times are necessary. IDK how people do it. That's just crazy.

Last year my son bought a 2014 Silverado with all the bells & whistles for over $25K and payments are either $500 or $700 a month, I'm not sure which or for how long, but it's his to pay and he has a good job to pay it and no other major bills.

 

[JustAnotherNut]

i avoid fords...much to hubbys chagrin...finance should be taught freshman year of high school...then an advanced course the next year ..subjects should be things like what depreciates what doesnt...how compound interest works and how much financing a vehicle cost one in the long run...instant gratification is a dangerous thing.

I don't even remember being taught about finance or interest or such in high school. I do know we were taught about writing a check & balancing a checkbook. Though that may have been in a particular class you signed up for, but not regular curriculum for everybody. It should be though

 

[iamwhatiseem]

...finance should be taught freshman year of high school...then an advanced course the next year ..subjects should be things like what depreciates what doesnt...how compound interest works and how much financing a vehicle cost one in the long run...instant gratification is a dangerous thing.

Never going to happen. The elitist stock holder driven economy REQUIRES consumer high debt.
I will never forget Alan Greenspan, the grand architect of a debt economy, saying to congress in the late 1990s.. "the potential of the consumer has yet to be achieved". Greenspan spoke in a language that requires study to understand. He was infamous for gratuitous legal jargon and cryptic speech in fron of Senate/Congressional hearings knowing damn well everyone in the room has too big of an ego to ask him WTF is he talking about.
He said these words in a Senate hearing about the alarming rise in household debt, particularly high interest debt. And Greenspan had the nerve to say, essentially, we need more.

 

[beagle9]

New vehicles and especially trucks are expensive. Around here a new truck can run between $50K to $70K+ so longer loan times are necessary. IDK how people do it. That's just crazy.

Last year my son bought a 2014 Silverado with all the bells & whistles for over $25K and payments are either $500 or $700 a month, I'm not sure which or for how long, but it's his to pay and he has a good job to pay it and no other major bills.

He'll someday get beyond his wants in which he thinks that he needs, and graduate into spreading his earnings out into encompassing more of what he desires in life, instead of chaining himself to a limited thing that takes so much to pay for. Gotta learn though.

 

[iamwhatiseem]

He'll someday get beyond his wants in which he thinks that he needs, and graduate into spreading his earnings out into encompassing more of what he desires in life, instead of chaining himself to a limited thing that takes so much to pay for. Gotta learn though.

Pretty much.
I know of more than one family who bring home roughly $7-$8000 a month... and they have a negative net worth.
Insanity.
A lady at the office, her husband owned a construction company, a good one, he sold it about 5 years ago I guess.
Anyway. They have a 5 bdrm house for just the 2 of them. They have 3 vehicles, a boat, an RV (nice one) they put in an in ground swimming pool... and on... I have heard her say numerous times about "Thank God we get paid this week".
Stupid as hell.

 

[Mikeoxenormous]

i avoid fords...much to hubbys chagrin...finance should be taught freshman year of high school...then an advanced course the next year ..subjects should be things like what depreciates what doesnt...how compound interest works and how much financing a vehicle cost one in the long run...instant gratification is a dangerous thing.

They used to teach that back in my high school a long time ago, i guess this isnt good for children of late, because then they wouldnt need the Democrat party to take care of them.

 

[petro]

I did a six year on the towing vehicle I needed. Bought it used at 50K miles, I never buy brand new. Paid off now and will drive it till it dies.
My last Jeep lasted over twenty years and I got 350K miles till it was just done.
Today's vehicles may cost more. But they last much longer.

Bought my boat with a ten year, but that is literally a lifetime purchase and now paid off.
Most recreational loans have been ten years for some time, such as campers.

 

[Missourian]

did yall know about this...came as a total shock to me...do people not understand that a loan that long is most interest forever....why dont we teach finance in school? sorry that is off topic or is it?

Shhhh ...some sucker has to buy the new ones so we can buy the used ones.