So how much "bad" debt are you in?
So how much "bad" debt are you in?
Hear about how much debt everyone in the US has all the time, curious about some of your stories!
My bad debt is 10k left on a school loan from a for profit school that is now out of business.
Only other debt is house.
So how are you all doing with debt management?
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A car loan for a completely unnecessary car.
Can we afford it? Yes, with reasonable budgeting, no sacrifices needed.
Will the car appreciate? Undeniably.
Do we need a toy like this? Fuck no.
Did it anyway. I’ve been poor for such a long time it’s really hard to justify any frivolous purchase at all, but we have good jobs now. I waffle between “This is stupid” and “I’ll never get to do this again, so why not now?” Literally YOLO.
The rest of debt is “good”, like the mortgage building equity, a CC to keep credit rating good (paid off monthly).
But cars don't appreciate in value...
Good on you with everything else and I'm with you 100%, but as soon as you drove that car off the lot it's been deprecating in value.
Yes they do.
You just have to pick the right car, and it’s not gonna be an off-the-shelf regular car.
If you look at all the cars that have ever existed 99/100 times that car is deprecating.
Yes, OP may have bought a classic car or something with high resale value. I was simply speaking in generalizations. The vast majority of cars depreciate in value once you drive them off the lot.
TBF you made generalizations that a) they don’t appreciate, and b) my car’s value depreciated off the lot directly to the initial statement I made that the car I purchased would appreciate.
I can assure you that these statements are incorrect in regards to my purchase. If you want to walk back your statements to not be in reference to my initial position, who were you talking to then?
I have a 1964 Lincoln Continental convertible. Cars can appreciate, I assure you.
Historically speaking they don't. I understand there are outliers for sure.
You can't leave a comment like that and not tell the car bois what you got.
You bought a literal racecar? Hell yeah dude. Live your best life.
Hah, too old for that risky stuff. Hitting a wall at a buck twenty doesn’t sound like fun. Yeah, they absolutely are race cars, but they are built to be street legal as well. That’s the direction I’m in.
That's awesome man. Hope it brings smiles for a long time.
Thanks!
I mean if it can be paid off with fun money and doesn't ruin retirement plans, not the end of the world if the interest rate was good!
Got a ~3% rate a couple years ago, so not bad.