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      07-18-2021, 12:46 PM   #67
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Quote:
Originally Posted by Karlooch View Post
Quote:
Originally Posted by GNALUZU View Post
So, you own your house outright? No mortgage? And you pay cash for everything? No credit cards?
This is a really dumb way of arguing against my point and I think you must know that. I don’t think it takes a genius to distinguish the difference between good and bad debt and which one of those things a house falls under and which one an m4 falls under.
Then you should choose your words more carefully. You said that you want to truly own the things you have. Now you want to start putting caveats on your statement.

How about you just let people live the way they want to live.
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      07-18-2021, 02:25 PM   #68
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Quote:
Originally Posted by GNALUZU View Post
Quote:
Originally Posted by Karlooch View Post
Quote:
Originally Posted by GNALUZU View Post
So, you own your house outright? No mortgage? And you pay cash for everything? No credit cards?
This is a really dumb way of arguing against my point and I think you must know that. I don't think it takes a genius to distinguish the difference between good and bad debt and which one of those things a house falls under and which one an m4 falls under.
Then you should choose your words more carefully. You said that you want to truly own the things you have. Now you want to start putting caveats on your statement.

How about you just let people live the way they want to live.
There is no good debt, a mortgage is a sacrifice no matter how you see it.

You do realize your houses aren't bullet proof either, the benefit they have is you can live in it, you can't live in a car, and on average and in general you will retain most of the value of your home if not appreciate in value.

But there are many cases where you do crash and lose value.

There are terms such as house poor for a reason, everyone does the best for their situation and their lifestyle, there are no rules or suggestions.

There are many vehicles that have appreciation curves a lot higher than any house ever will.

This being said, an F8X is not one of those, there are costs of ownership but in general the F8X is such a solid vehicle value wise that what you do "lose" should be negligible to someone who can afford the car.

I bought my F82 used at 61k canadian 3 years ago, my car is now worth about 54k on trade in when i checked, that's 7k loss over 3 years and 28000 km, yes the covid market is inflating it so i will throw off another 3k. So i am 10k dropped, i have another 3 years on my loan, say i lose another 10k, i have effectively lost 20k of value in 6 years.

But look at it this way, that's 3.5k a year, to get me places, to serve as a toy, to improve my life. I add another average of 1.5k in maintenance and ownership costs (tires, oil, brakes, repairs) and at 5k a year this should be negligible to most individuals in any sort of decent financial health.

A car is nowhere near the financial burden a home is, people lose their lives over a home, people end marriages, they end their lives over homes. People committing 75% of their wages to their mortgages are in no better financial sense than someone buying an F8X i am sorry to say.

People glorify the idea that a home is worth the financial headache and sacrifice when it really fucking isn't.

I have friend's taking in around 5-6k a month canadian after taxes and have 4k in home ownership costs. This is obscene and is the norm in canada. The financial stress is incredible there, if you lose a job, if you get laid off, this is 4 grand, every month you have to pay…. It's obscene.

Debt is debt, if you have an appreciating asset or slightly depreciating asset does not matter, if you default you are losing your shirt, and last time i checked defaulting on a home is financial suicide compared to defaulting on a vehicle and it is a far more destructive situation.

Live within your means everyone.
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      07-18-2021, 10:19 PM   #69
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This thread is going off the rails.

- Loans and leases arenít bad if used right. In fact, they are almost always a smarter financial decision than paying cash. But it depends.
- Loan financing isnít always better than leasing as a financial decision. It depends.
- Buying a new car isnít a bad choice for everyone. It depends.
- Buying a house isnít the right choice for everyone (especially todayís market). It depends.

No one driving a luxury car (especially M car) is doing it because itís a Ďsmart financial decisioní or an investment so letís not be too quick to judge each otherís financial savviness on this forum based on car buying decisions.

Anyway, the key to solving all these issues: just make a lot more money.
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      07-19-2021, 01:23 AM   #70
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OP left a long time ago and isn't coming back to the thread.
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      07-19-2021, 04:17 PM   #71
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It is an interesting thought though. what if auto loans & leases didn’t Exist and you had to pay cash for cars?

Depending on where you live You could go your whole life without seeing Anything better than a 96 Honda Accord.
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      07-19-2021, 04:31 PM   #72
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Quote:
Originally Posted by 65fastback View Post
It is an interesting thought though. what if auto loans & leases didn't Exist and you had to pay cash for cars?

Depending on where you live You could go your whole life without seeing Anything better than a 96 Honda Accord.
This wouldn't fly.

Remove auto loans and this F8X is now worth 15k brand new.

Funding options, interest, banks, loaning all fuel an economy. It's all mental gymnastics.
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      07-25-2021, 07:30 AM   #73
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Originally Posted by Slowphiveo View Post
Who buys a car outright? If you have 80k or 90k in cash to drop on a car and actually do that....you are wasting money, unless of course it's a depreciating asset where you are renting the car out or something like that.
Your car will be off lease soon? I like that color combo.
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      07-25-2021, 07:31 AM   #74
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Originally Posted by ByeFelicia View Post
OP left a long time ago and isn't coming back to the thread.
The repo man got him too.
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      07-26-2021, 07:02 PM   #75
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Quote:
Originally Posted by Karlooch View Post
Sorry I dont want to sound self righteous but I feel like you shouldn't own these cars unless you can buy them outright and can actually afford them.
Being ABLE to buy it outright is a good indicator you can afford it.

However, smart money won't be paying cash and buying cars outright when interest rates are basically 0%.

Anyone arguing otherwise is simply off base.
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      07-27-2021, 02:53 PM   #76
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Quote:
Originally Posted by Flacht3 View Post
Being ABLE to buy it outright is a good indicator you can afford it.

However, smart money won't be paying cash and buying cars outright when interest rates are basically 0%.

Anyone arguing otherwise is simply off base.
Again.. interest rates on a used car purchase in Canada are 5-7%Ö not near 0 and on 50-60k thatís a solid chunk.
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      07-27-2021, 04:07 PM   #77
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Damn, feel sad that not a lot of people congratulating OP for only needing to pay for ~$3k for this type of trouble.

Just don't judge on each person's own preference.
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