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Old 06-15-2013, 11:26 PM   #85
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Old 06-16-2013, 01:00 AM   #86
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personally I wouldn't have bought my ZL1 if I though for a minute I'd be hard pressed to make the payments....this is the kind of car you buy knowing you can afford making the payments and putting gas in it....god knows it guzzles the gas. I sure do miss the $1000/mth in the winter months but coming summer its all worth it...but if I couldn't afford it...the car would be brought back to the dealer in a heartbeat... thats just me.
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Old 06-16-2013, 01:06 AM   #87
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Need to be careful when deciding on the car you get, its a commitment of money both up front and for years on end. For me, this is the first car that I've really been taking care of purely out of my own money and its been a lesson on putting money aside per check to make sure I can afford it. But I simply could not imagine driving another car, its one of the best things I own and plan on keeping it for a long time.
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Old 06-16-2013, 01:09 AM   #88
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Originally Posted by CyberPunk223 View Post
yeah, because you bought the house 18 years ago in a market with normal interest rates, now rates are at record lows which drives up housing prices creating a bubble. Also the government subsidizes the banking industry by allowing home mortgage deductions which they shouldn't be doing, If mortgage rates were normal like they were 18 years ago then your house wouldn't be worth anymore than the day you bought it. I'm not sure where you are getting this tripling in value BS, it's the same house it was 18 years ago so why is it worth more?, infact it's worse because it's older.

Just like all those idiots who thought they were rich in 2007

your ignoring the fact that you have put over $400,000 into the house during those 18 years and had to spend countless hours to maintain the property yourself, I can live in an apartment, not have to lift a finger the entire time and don't have to pay a cent in maintenance or upgrades or repairs, and only pay a fraction of the cost, not be house poor and do other things with the money. not to mention you can leave a rental anytime you want,you don't have to spend months to sale the place, pay a commission and closing costs. Most people should not be buying houses because they cant afford them, a lot of people learned that the hard way in 2008 when they were left with nothing but their eyes to cry with and are now renting which they should have been doing in the first place.

And don't forget, when you rent, your not hundreds of thousands of dollars in debt either.
Other than not buying a home you can't afford, every point you make against home ownership is wrong. I have financial regrets like not starting my TSA contributions and life insurance earlier, but purchasing a home is not one of them.

As far as the thread topic, I am thankful my father talked me out of purchasing a car I could barely afford right out of college. I ended up hating my first career after 2 years and it was nice being able to go back to school with no debt.
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Old 06-16-2013, 01:09 AM   #89
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Old 06-16-2013, 01:36 AM   #90
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Originally Posted by Tony Stark View Post
Anyone on the forum who will admit that their choice in going up a level with a Camaro has effected them negatively financially and they regret it?

Example:
You could def afford LS but you bought 2LT and are hurting because of it?
Or you bought a 2SS when you could only def affored a 2LT etc.

My situation:
I can afford a 2SS putting more than 1/2 down on it. The only financial issues I could see is purchasing 93 prem gas.

Any opinions? or people willing to admit they regret the choice financially?
It's not the Premium gas required for the SS that is the major issue. It is the reduction in fuel economy with the V8 over the V6.

Here are some rough estimates.

SS: 15,000 miles per year/20 mpg * $4.20/gallon = $3150

LT: 15,000 miles per year/23 mpg * $4.00/gallon = $2608.

Savings: $542 per year.

You can plug in your own figures, but you get the idea.

You also have to consider, the higher the cost of the car, the more depreciation you'll have. Kelley Blue Book estimates, the Camaro will lose 43% of its value in three years. Again, using rough estimates:

SS: $35,000 * .43 = $15,050

LT: $25,000 * .43 = $10,750

Savings: $4300 / 3 Years = $1433 per year

Again, you can plug in more exact figures. Insurance and sales tax increase with car value, too, as well as, license fees in many states.

An LS would be even less. If you are looking to save money, but have a fun car that will turn heads and performs well, an LS is a bargain!

Michael
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Old 06-16-2013, 06:29 AM   #91
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Originally Posted by CyberPunk223 View Post
yeah, because you bought the house 18 years ago in a market with normal interest rates, now rates are at record lows which drives up housing prices creating a bubble. Also the government subsidizes the banking industry by allowing home mortgage deductions which they shouldn't be doing, If mortgage rates were normal like they were 18 years ago then your house wouldn't be worth anymore than the day you bought it. I'm not sure where you are getting this tripling in value BS, it's the same house it was 18 years ago so why is it worth more?, infact it's worse because it's older.

Just like all those idiots who thought they were rich in 2007

your ignoring the fact that you have put over $400,000 into the house during those 18 years and had to spend countless hours to maintain the property yourself, I can live in an apartment, not have to lift a finger the entire time and don't have to pay a cent in maintenance or upgrades or repairs, and only pay a fraction of the cost, not be house poor and do other things with the money. not to mention you can leave a rental anytime you want,you don't have to spend months to sale the place, pay a commission and closing costs. Most people should not be buying houses because they cant afford them, a lot of people learned that the hard way in 2008 when they were left with nothing but their eyes to cry with and are now renting which they should have been doing in the first place.

And don't forget, when you rent, your not hundreds of thousands of dollars in debt either.



at this point, it isn't even worth it. your just making up numbers that are so far from reality it's scary. again, have fun buying property for other people. I'm sure they appreciate it. I will enjoy the 150k I would have in my pocket if I sold tomorrow, and the 350k it will be worth when paid off. you enjoy you camaro (if it's still running 15 yrs from now), and paying rent till the day you die. I will definitely enjoy not having to pay anyone for a place to live in 12 years when I'm only 51 yrs old. I'll probably go buy a vett or something

and just so you know, I have not put anywhere near 400k into my home. I have no idea where you came up with that number, but your about 250k off. at most I've spent about 180k. which is probably less than 18 years of renting. you seem to forget, I locked in the payment in 1994. I'm paying 1994 prices. my mortgage doesn't go up every year like your rent.

Last edited by jd10013; 06-16-2013 at 09:24 AM.
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Old 06-16-2013, 12:25 PM   #92
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Originally Posted by jd10013 View Post


at this point, it isn't even worth it. your just making up numbers that are so far from reality it's scary. again, have fun buying property for other people. I'm sure they appreciate it. I will enjoy the 150k I would have in my pocket if I sold tomorrow, and the 350k it will be worth when paid off. you enjoy you camaro (if it's still running 15 yrs from now), and paying rent till the day you die. I will definitely enjoy not having to pay anyone for a place to live in 12 years when I'm only 51 yrs old. I'll probably go buy a vett or something

and just so you know, I have not put anywhere near 400k into my home. I have no idea where you came up with that number, but your about 250k off. at most I've spent about 180k. which is probably less than 18 years of renting. you seem to forget, I locked in the payment in 1994. I'm paying 1994 prices. my mortgage doesn't go up every year like your rent.
You can't say owning or renting is better unless you know how the renter is investing his/her money. Residential real estate isn't the only investment out there. The guy who started GoPro didn't own. He lived in a basement while starting his business. In ten years, he was a billionaire.

Michael
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Old 06-16-2013, 12:28 PM   #93
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Old 06-16-2013, 12:29 PM   #94
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Originally Posted by Michael2000 View Post
You can't say owning or renting is better unless you know how the renter is investing his/her money. Residential real estate isn't the only investment out there.

Michael

the point is, we're both spending about the same amount of money to live. the renter is just paying for someone else's home, while the buyer is paying for his own.

I'm not saying buying is for everyone, it certainly isn't. the idea that it was is what got us into the mess we're just now crawling out of. but it always makes more financial sense then renting, and contrary to what he was saying, is far from a "scam".
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Old 06-16-2013, 12:35 PM   #95
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Originally Posted by jd10013 View Post
the point is, we're both spending about the same amount of money to live. the renter is just paying for someone else's home, while the buyer is paying for his own.

I'm not saying buying is for everyone, it certainly isn't. the idea that it was is what got us into the mess we're just now crawling out of. but it always makes more financial sense then renting, and contrary to what he was saying, is far from a "scam".
I didn't read the entire argument you two were making, but it doesn't always make more financial sense to own than rent. The renter can take his down payment money, and invest in something with a higher return.

Neither way is a scam. It's risk vs. return. The decision can also depend on market conditions, and tax rates.

Michael
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Old 06-16-2013, 01:04 PM   #96
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Originally Posted by Michael2000 View Post
I didn't read the entire argument you two were making, but it doesn't always make more financial sense to own than rent. The renter can take his down payment money, and invest in something with a higher return.

Neither way is a scam. It's risk vs. return. The decision can also depend on market conditions, and tax rates.

Michael
Im sorry to disagree with this without reading the entire argument but I do so because when it comes to real estate it is never better to pay for someone else's property than it is to pay for your own. There is no way you can twist that into making sense. I understand the situation with some people doesn't allow them the freedom to buy, say bad credit or not enough, but you will always be able to buy a 2 bedroom home at better cost than renting a 2 bedroom apartment. And unlike renting where you "can just leave" as was said, you'd be leaving with nothing to show for it. A home you at least will have some invested equity. As for the "downpayment" that you can "invest" into other returns argument you're assuming a downpayment is required to purchase a home. It'll make things easier but there are ways around it. Ways to keep your money saved and be able to invest it in whatever you like. You just have to put some effort into finding the right home to buy at the right price. Effort well worth it IMHO. Like I said, I understand some people have different situations that don't allow them to be able to buy at the moment. Nothing wrong with that. But your statement that renting property can sometimes be better? A lot wrong with that.
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