GT350, worth the payment?

[Superdog]

We keep talking about walking away from the vehicle or defaulting. Even if you get into a spot where life changes and you can't afford the vehicle any longer its not like the only option is pay it all off immediately with cash or to walk away and default on the loan. The vehicle is an asset and will have value throughout its life. Hopefully when it was bought you put enough down that the amount left outstanding is less than the depreciated market value. But even if is not, you can still turn around and sell the vehicle. Sure maybe you will end up taking a loss because you have to move it quickly, but that loss will probably be somewhere in he neighborhood of 2-5K. Doesn't feel great but its not like you are going to be out 50K. Now if financially you couldn't afford a small loss like this than you really shouldn't be considering the car, but i would sincerely hope someone considering purchasing a 60K+ car can afford a 2-5K loss or else you really need to give your head a shake

That's a super assessment!

Sponsored

 

[John Montana]

We keep talking about walking away from the vehicle or defaulting. Even if you get into a spot where life changes and you can't afford the vehicle any longer its not like the only option is pay it all off immediately with cash or to walk away and default on the loan. The vehicle is an asset and will have value throughout its life. Hopefully when it was bought you put enough down that the amount left outstanding is less than the depreciated market value. But even if is not, you can still turn around and sell the vehicle. Sure maybe you will end up taking a loss because you have to move it quickly, but that loss will probably be somewhere in he neighborhood of 2-5K. Doesn't feel great but its not like you are going to be out 50K. Now if financially you couldn't afford a small loss like this than you really shouldn't be considering the car, but i would sincerely hope someone considering purchasing a 60K+ car can afford a 2-5K loss or else you really need to give your head a shake

I agree.

 

[CM581978]

While true, this could take some of us 10+ years to be in this position.

I can't even imagine having a car payment of $500 +. I'm 41 now, but my rule of thumb has always been to never buy a car unless i could put at least 50% deposit down. That meant buying cheap cars for years, but eventually you get ahead of the game and start paying cash for cars. Just starting out...no way would I have saddled myself with a $700 car payment. Just my two cents.

Sponsored