Why I still wonder how people afford to whipple the world for example or all this fancy suspensions and tires that I only dream about :( heck even students here afford car mods that I can't :(Damn, I thought I had signed up to a mustang forum ...
Finances should defo be a taboo subject ...
WD
We might be related, lots of common points.I put 10 grand down on a loaded 15 prem. GT. And took out a 5 year loan for the rest. I paid it off in a little over 3 years. I really wanted a GT500 this year. But after I did the math. Even with me putting 30 grand down that I had. From selling my race car. I was still looking at a $650 a month car payment for 6 years. As much as I love cars. I have a hard time putting down that kind of money on an object. That will be worth 60% less than what you bought it for in five years. My income is in the 150-200k a year range. So I could have afforded the GT500. But there is some much more to life than homes and cars. Im honestly glad I didn’t buy the look at me house and car. Like so many of my coworkers. I’m in my early 50s. And completely debt free. With my kids grown & on their own. And all my possessions paid for. It grants me and my wife a lot of freedom. Without stressing about money. Plus you become accustomed to a certain life style. And you have to plan for the future. So right now I’m maxing out the 401k. In the off chance I live to be 90. I like to travel. And would hate to give up the trips to tropical islands. Just because I got old. Life is about balance. In my mind. Balance is out the window with 8 year car loans. And houses that cost three quarters of a million dollars. Strictly my opinion. Not judging anyone with that type of loans. Or homes. Its just not for me.
What..? I still do not get your line of questioning. Most people today driving can NOT afford the cars they drive, so instead of buying it, they lease it (for a time period).leasing or buying, wouldn't change my question. a car loan past 10% of gross income is no longer considered affordable whether its a lease or not. Lease would probably be even worse actually, if you think of it...a lease you almost always end up writing a check up front for thousands of dollars to cover the instant depreciation of the vehicle you leased...and common sense would say anyone seeking an 8 year loan on a car they really cannot otherwise afford probably doesn't have the several grand out of pocket to even initiate the leasing terms.
Ha, you are funny Norm. There won't be any social security left when us younger guys get to your age(if we are lucky enough to see your age).Haven't bought a car I couldn't comfortably afford yet, hope I'm never put in the situation of having to choose between something I'll at least enjoy driving and whatever that comfortable affordability might end up being.
My situation might be a bit different. I'm 72, the house is paid for and car expenses are essentially down to insurance, maintenance, repairs, modifications, and replacement of consumables on the car that sees some track time. The fact that I'm on the leading edge of 'boomers' and only one generation removed from the Great Depression of the 1930's probably had a lot to do with acquiring a very conservative attitude toward what was meant by "affordability". I suspect once you younger guys have been living on Social Security and Required Minimum Distributions for a while that "affordability" will mean something a bit different from what it does today.
I think technically we stretched a bit further than was considered acceptable at the time when we got into our first house, but times were relatively good, employment reasonably stable, and there were no car payments or student loan payments competing for my paycheck. That was the only time.
Norm