Ya, I think you may be underestimating the depreciation on a new car. With a few

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Apr 19, 2021
1:40:36pm

kos Starter

exceptions (trucks, especially Tacomas, etc), a new car takes a pretty big deprecation hit over the first 1-3 years.

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kos

Bio page: kos
Joined: Sep 14, 2016
Last login: Apr 24, 2024
Total posts: 1,820 (2 FO)

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Messages

Author

Time

What’s some generally accepted financial advice that you haven’t found to be

Odysseus

4/19/21 12:40pm

What kind of old cars were you driving? My Subaru is 11 years old and other than regular oil changes and replacing the

Slim

4/19/21 12:44pm

You go girl!

Sea Chicken

4/19/21 12:48pm

Toyota Camry, Chrysler Town & Country, Honda Odyssey, Saturn Vue, and Honda

Odysseus

4/19/21 12:59pm

Were you buying salvage vehicles?

Roadrunner70

4/19/21 1:14pm

Sounds like you had a run of bad luck

Backcountry

4/19/21 1:20pm

I think he had a couple run-ins with dirty mike and the boys.

Baron

4/19/21 1:30pm

Camrys are generally very reliable. Haven’t had

ByuImaginesDragons

4/19/21 8:50pm

I had a Subaru Forester for over 16 years. Best car ever.

Benfica1

4/19/21 1:12pm

We've owned a lot of Subarus with very little maintenence.

Soupie

4/19/21 3:01pm

Interest rates being so low have definitely changed some of the traditional

wabluecoug

4/19/21 12:45pm

Pay off your home early. Also the starting salary at the beginning of your

Baron

4/19/21 12:47pm

Totally agree, start you career with what will set your career up long term

jrob30

4/19/21 12:56pm

Are you saying 100,000 is old? The newest car ive ever bought had 138k.

Backcountry

4/19/21 12:48pm

I agree. If possible, find a used, reputable model and drive it into the dirt.

stenso

4/19/21 1:14pm

in summary, the financial advice he stated was garbage is in fact still viable.

Mayor of Cougartown

4/19/21 2:03pm

Yep. My toyotas and hondas have never let me down.

Backcountry

4/19/21 3:01pm

Emergency funds are overrated

jrob30

4/19/21 12:51pm

I agree, but it depends. If you’re self-employed it can be a lifesaver

stenso

4/19/21 1:15pm

There are exceptions I agree, I just dislike the blanket advice.

jrob30

4/19/21 1:57pm

Same here regarding cars. I don't buy used cars anymore. I'm not a car guy so

Vincent's Picks

4/19/21 12:54pm

Don’t spend > 1/3 income on housing hasn’t applied for a decade. Housing costs

valleus

4/19/21 12:56pm

Pay off your house ASAP. My FIL did that. I've posted this numerous times

Adwight

4/19/21 1:01pm

Small payments towards your house can significantly cut your mortgage term.

OPINIONS

4/19/21 1:02pm

Car payment $300/mo - you really spend $3600/yr on repairs?

kccougar

4/19/21 1:03pm

No, but you're excluding the re-sale/trade-in value. Newer cars don't depreciate

Odysseus

4/19/21 1:06pm

If you drive a lot of miles, then your depreciation on a new vehicle is probably

BYUMizzou

4/19/21 1:26pm

Ya, I think you may be underestimating the depreciation on a new car. With a few

kos

4/19/21 1:40pm

The best value cars lose 50% of their value in 5 years.

kccougar

4/19/21 9:50pm

You need credit cards to build good credit...I haven’t ever had a credit card

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