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+--- Thread: Cars are a depreciating asset (/thread-19145.html)
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RE: Cars are a depreciating asset - bfine32 - 02-10-2019
In my younger days I had a few bargain "sports cars". One of my favorites was my 1984 Supra. I suppose if I want to relive my younger years, I can get a new Supra for about $60K in 2020. But I did see an 85 recently for about $10K
RE: Cars are a depreciating asset - BmorePat87 - 02-10-2019
Last October, my brother was asking what car I'd get if I won the lotto. I told him I'd stick with the one I had. Get's me from point A to point B. It's paid off. It's never given me any issues in 7 years.
8 hours later I was rear-ended into a jersey wall and my car flipped. Completely totaled.
I ended up getting the same thing, used and a newer year than mine.
RE: Cars are a depreciating asset - reuben.ahmed - 02-10-2019
(02-10-2019, 03:25 PM)bfine32 Wrote: In my younger days I had a few bargain "sports cars". One of my favorites was my 1984 Supra. I suppose if I want to relive my younger years, I can get a new Supra for about $60K in 2020. But I did see an 85 recently for about $10K
The new Supra is basically a BMW Z4M. Interesting how Toyota and BMW teamed up. I like the look but not the price tag either. I drove a Z4 before driving my 330CIC and the Z4's electric steering put me off, wonder how it is nowadays. Things keep ticking up, maybe it's with inflation. My car is probably worth only 10K nowadays but I've kept it in good shape. Guess I should just run it until it's dead, but you never know how long you have on this Earth lol.
RE: Cars are a depreciating asset - grampahol - 02-11-2019
Here's the one I want..
https://youtu.be/QYDurq-WZag
I owned a 74 model, but it wasn't in nearly as good shape as this one, but I drove the hell out of it and it paid for itself many times over delivering pizzas for Pizza Hut, Cassano's and other pizza joints.
Great little cars and you couldn't beat them in traffic shooting across a busy road..
Years ago a guy in Dayton had what amounted to a Celica junk yard in his backyard. I owned 4-5 Celica's over the years and bought lots of parts including engines and transmissions from the guy. My personal favorite engine they built was the 18RC. You could set the points and adjust the valves in about 15 minutes on them..
Did you know the early Toyota automatic transmissions were called the Toyolette? I guess the Japanese didn't quite get the joke..
RE: Cars are a depreciating asset - Wyche'sWarrior - 02-11-2019
(02-10-2019, 12:17 PM)fredtoast Wrote: Never sold in America. The '71 was not the fire-breathing twin-turbo all-wheel-drive monster version they started selling in the '80's, but I like the look.
And Nissan was only called Datsun in the US and maybe some other foreign markets. It was always the same company.
Saw a 90s model GTR Skyline online the other day pushing over 1000 HP.
RE: Cars are a depreciating asset - fredtoast - 02-11-2019
(02-10-2019, 07:32 PM)reuben.ahmed Wrote: The new Supra is basically a BMW Z4M. Interesting how Toyota and BMW teamed up.
Toyota did the same thing with Subaru just a couple of years ago. The Toyota 86 and the Subaru BRZ are the same car with different sheet metal.
RE: Cars are a depreciating asset - grampahol - 02-12-2019
Something for some of you to think about when purchasing a used car.. If you can pay cash by all means do that and avoid financing if at all possible, but think about something else. If you finance your car it's secured credit meaning that if you fall behind on payments you may end up walking. Now, if you have available credit on a credit card that's almost money in the bank for buying a used car. Finance your used car with a credit card (not a debit card as that's almost the same as cash). When you use a credit card to buy a used car the title is in your name free and clear AND it's unsecured credit meaning that nobody can repo that car. You might have some real problems with a credit card company, but they can't by law come take your car away to satisfy the lean on you without first going through the entire court system and it's unlikely a judge will order you to surrender anything to a credit card company..
This does nothing for your credit score unless you're able to pay it off which you should as soon as possible to avoid interest payments, but by financing with a credit card the chances of having that car taken are virtually none. Some states do vary with credit card laws so it may not be iron clad where you live..
Any lawyers (Fred?) care to argue this point?
RE: Cars are a depreciating asset - George Cantstandya - 02-12-2019
(02-12-2019, 06:50 PM)grampahol Wrote: ...Now, if you have available credit on a credit card that's almost money in the bank for buying a used car. Finance your used car with a credit card...
Haha, certainly not money in the bank and really the opposite. More like pissing your money away. Credit cards have interest rates well and above most decent normal auto loans even for people with low average credit. Also credit cards use compound interest which means you'll end up paying interest on interest where auto loans are generally simple interest. So if you use a credit card you'll end up paying a hell of a lot more for the car in the end. If you are considering the advice above, using a credit card, in hope that your car can't be repossessed when you default, you have no business financing a car to start with. You'll either end up paying a lot more than you should over the term of financing as opposed to a standard car loan or bankrupt with no ability to get further credit for many years when you default and the credit card company comes after your ass.
Best advice I can give is not to finance a car above your means. Consider the length of the loan and your ability to make those payments over that period. The last thing you want to be is car poor where you have a nice car but can't afford to save for your future and pay for nice things like traveling, entertainment, good food and such as well as being car poor where you can barely pay your mortgage or rent. Also factor in unknowns like what will happen if for some reason you lose income for a significant period of time or if other financial emergencies occur. How long will you be able to make those payments in that situation before you can recover? If you can't afford to make at least 6 to 8 months of payments should you lose your job or suffer other financial hardships then reconsider.
Edit: The only time I would think of using my CC to buy a car/make a down payment would be if I was planning to pay cash anyway and only for the reward points. In that case I'd pay it off from my checking account as soon as I got home. That way it would be the same as I wrote a check but I get the CC rewards also. I actually never thought of that so a good idea for when I get my next car. However I wonder if many dealers accept CCs for payments given all the credit card fraud going on these days. I suppose I could make it work having them contact my bank and such to verify.