Average S550 monthly payment?

[gimmie11s]

Guess I'm one of the lucky ones. Paid cash. Have been paying cash for everything for over 17 years now, including my house. Oh yea, my credit score is still 812.

Damn.. im surprised it took 14 posts for this to pop up.

lmaoooo

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[luc]

Damn.. im surprised it took 14 posts for this to pop up.

lmaoooo

Well, i never took a loan on a vehicle, either I paid cash or leased them because of the lease huge tax benefit

 

[RagmopInKona]

Ranger is 312 a month, mustang is 295 a month, but I put a lot down and have good credit .
I pay 500 a month on the ranger to pay it off sooner, and 400 on the stang for the same reason.
Then when paid off, that money goes into an account for the next vehicles down payment.
The truck will be paid for 1-23 and the stang 4-23
So 18 payments for the truck, and 16 for the pony.

 

[stars_fan]

Anyone listen to Dave Ramsey much?
Payments=bad.

You'll never build wealth listening to that knot head. But you will build his by purchasing his course.

In a normal economic 7.5-9% return sure. In this Biden economy, nobody has made a 7.5-9% return in the past 2 years.

Putting the most money down is the best financial move when buying a car to OWN period.

Hi I'm nobody. Nice to meet you. No doubt biden and the dims are wrecking things.

Some of you cash folks need to learn how to invest money in the market. Let me give you an example **this is not financial advice ... invest at your own risk ... do your own research blah blah blah**

If you take $50,000 and purchase 5889 shares (11/1 closing price) of CLM you would get a monthly dividend payout. For the rest of 2022 it would be $1060 a month and next year the proposed dividend rate percentage would mean $956 a month for 2023. Yes it's going down but the economy is pure shit right now.

My credit union is offering 2.89% on a new car 60 month purchase. That would be $900 a month in payments. I don't see how financing is bad in this scenario. Month 61 you're making money.

 

[Cory S]

My credit union is offering 2.89% on a new car 60 month purchase. That would be $900 a month in payments. I don't see how financing is bad in this scenario. Month 61 you're making money.

No bank/credit union is offering 2.89% currently. You'd be awfully lucky to lock anything in below 4.5% (Dealer financing specials excluded)

You're not making a nickel. You just blew $56,000 no matter how you look at it.

Dave R is not a knothead. He's 100% correct in every point he makes. Nobody HAS to pay for his course. The people that do, just can't think for themselves and usually have ZERO financial knowledge. That's up to them.

 

[shogun32]

No bank/credit union is offering 2.89% currently.

Spectra Credit Union (spectracu.com)

Just because YOU don't know of any doesn't mean they don't exist.
^^^ is 2 blocks from my house.

Sure, PFCU and Apple FCU are in the low-mid 4's. but I have other things to do then look for auto-loan rates for you'nz.

 

[shogun32]

You're not making a nickel. You just blew $56,000 no matter how you look at it.

-50,000 + (~900-898)*12*5 + 50,000 = 0 (net)

In other words after 5 years you not only have a paid off car (worth 30,000), you ALSO got your 50,000 investment back.
If you pay 50K for a new car off the lot, after 5 years you have an asset worth 30,000 and a 50,000 HOLE in the bank balance.

Who can't do basic finances now?

Ramsey's advise is perfectly fine if your ability to earn from investing is overshadowed by the cost to borrow. For the entire history of mankind that has been true except from the year of our lord ~2000 AD to 2022.

 

[Cory S]

-50,000 + (~900-898)*12*5 + 50,000 = 0 (net)

In other words after 5 years you not only have a paid off car (worth 25,000), you ALSO got your 50,000 investment back.
If you pay 50K for a new car off the lot, after 5 years you have an asset worth 25,000 and a 50,000 HOLE in the bank balance.

Who can't do basic finances now?

Getting your $50K investment back, is never guaranteed. You can pray and hope it works out that way, but never should one base future return on "Potential" payback. That's the problem with how many look at it. It's wrong. Period.

 

[CUL8R]

$4800/month for a year and done for me. Ford had one year at 0% financing at the time so that's what I went with. PIF now, and was able to make healthy dividends for a year with the money. The power of PII.

 

[shogun32]

Getting your $50K investment back, is never guaranteed. You can pray and hope it works out that way, but never should one base future return on "Potential" payback. That's the problem with how many look at it. It's wrong. Period.

I haven't researched the internals of CLM but fine, I take a 20% haircut.

-50000 + (50000 * 0.8) + 30000 = 20,000
vs cash purchase
-50,000 + 30000 = -20,000

I don't know about you but I'll take a total net worth of POS 20,000 after 5 years over NEG 20,000 any day and twice on Saturday. ONLY and ONLY IF my investment goes to zero do I get anywhere close to the shit-show that is using cash to buy stuff. And we haven't even dealt with the subject of a depreciating currency at 8-15%/yr which makes paying over time via a loan another net benefit. Even if you were to include the savings of waiving Collision insurance premium on your cash-bought car it's still not remotely close.

Now of course if the interest rate to borrow is over 15% or whatever the inflection point is then yes, cash all day.

Ramsey's primary audience is the folks in <650 credit bracket who pay double-digit interest rates.

 

[luc]

I haven't researched the internals of CLM but fine, I take a 20% haircut.

-50000 + (50000 * 0.8) + 30000 = 20,000
vs cash purchase
-50,000 + 30000 = -20,000

I don't know about you but I'll take a total net worth of POS 20,000 after 5 years over NEG 20,000 any day and twice on Saturday. ONLY and ONLY IF my investment goes to zero do I get anywhere close to the shit-show that is using cash to buy stuff. And we haven't even dealt with the subject of a depreciating currency at 8-15%/yr which makes paying over time via a loan another net benefit. Even if you were to include the savings of waiving Collision insurance premium on your cash-bought car it's still not remotely close.

Now of course if the interest rate to borrow is over 15% or whatever the inflection point is then yes, cash all day.

Ramsey's primary audience is the folks in <650 credit bracket who pay double-digit interest rates.

Truth is that 99.99% of people that have a car loan have it because they didn’t have the liquidity to pay cash not because the return on that liquidity is higher than the cost of the loan
Why do you think that most people only care about what the monthly payment is and not what the total cost of the car/loan is ?

 

[Mspider]

Some of you cash folks need to learn how to invest money in the market. Let me give you an example **this is not financial advice ... invest at your own risk ... do your own research blah blah blah**

And you need to learn how the world actually works. Vast majority of people who lease of take a loan do it because they have to. Not because they are trying to maximize returns.

And putting more money down to lower the payments helps people not get into a bad situation.

 

[wazslow]

Spectra Credit Union (spectracu.com)

Just because YOU don't know of any doesn't mean they don't exist.
^^^ is 2 blocks from my house.

Sure, PFCU and Apple FCU are in the low-mid 4's. but I have other things to do then look for auto-loan rates for you'nz.

I'd bet their rate posted is not for a 60 month loan. It's probably 2.99 for 24 or 36 months.

PenFed is currently 5.54% for 60 months. Apple is 5.14% for 60 months.

 

[shogun32]

I'd bet their rate posted is not for a 60 month loan. It's probably 2.99 for 24 or 36 months.

no doubt. but you can get zero for 36 from some places too. Anyway as a durable consumer good with a rapid depreciation schedule, you shouldn't be financing any vehicle over 3-4 years anyway and definitely not over 5. If you can't swing the payments then you can't afford the vehicle and/or trim in question.

If people lived by that Ford (and everyone else) would have to SLASH the hell out of their F-150 pricing and other high-margin cash cows because nobody would be able to buy them. You'd have 90% of Mustangs being Ecoboost, and GT would be mostly 30x trim levels.

The >60 month term loan should have never been allowed to exist as a regulatory matter. But that would mean cripple people's ability to buy FAR beyond their means and we can't have that!

 

[wynand32]

The >60 month term loan should have never been allowed to exist as a regulatory matter. But that would mean cripple people's ability to buy FAR beyond their means and we can't have that!

Without diving too deeply into the politics of this, I'll just say I disagree. I don't think proper government exists to save people from what others consider to be bad decisions that affect only them.

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