how do you guys pay for cars?
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i see a lo of bad advice in this thread. When you buy a car or lease a car you WILL ALWAYS lose money. Buying cash is dumb. Why would you burn $50k on a car when u can get the same car on a lease at about 500-600month and use the %0k to earn more money with your campaigns etc? Then after the lease you let the car go, you only paid for what you used. If you want to be even smarter, lease a used car. The depreciation has already hit and youll pay even less per month.
Another way to save even further is by assuming a lease. This means youtake over the lease of somebody else that can't make the payments anymore. How is this good? well, the terms of the lease are already worked out, no dealer hassles, no downpayment and a short and sweet lease if you want to drive something different every 12 to 24 months. Check out swapalease.com and leasetrader.com
Another way to save even further is by assuming a lease. This means youtake over the lease of somebody else that can't make the payments anymore. How is this good? well, the terms of the lease are already worked out, no dealer hassles, no downpayment and a short and sweet lease if you want to drive something different every 12 to 24 months. Check out swapalease.com and leasetrader.com
My buddy has that car. Leased it (one year old) with 2K down and 420 a month. Definitely affordable.
My wife and I own three vehicles (car+truck+boat). They're all paid for. You have no idea how good of a feeling "I have all my shit paid for (except my mortgage)" is when it hits you. You instantly become the stingiest person on the planet.
The real problem with this question is the value proposition - when you have debt you don't evaluate the money objectively - you evaluate the benefits of a new car (which are marginal by the way).
A 335i is not going to get your dick sucked. I had a Porsche for a while. That thing didn't get my dick sucked. What DID get my dick sucked was changing from a run-of-the-mill wall flower to generally being an asshole to women in public. From the age of 25-28 I nailed anything that moved - and I did it when I wanted. It was all about attitude.
Moving on...
I've been flat broke and bought a car I could barely afford. I've also been flush with cash and bought a car I could definitely afford (X5 with just I had liquid at that point in time).
The thing is - I agonized over spending the cash when I could easily afford it. I never thought twice about taking out the loan when I couldn't afford it.
My suggestion: don't buy a car you can't pay 100% for or at least pay off within a short period of time. It is NOT worthy buying a car if it's going to break down, etc, and it generally a POS.
The real problem with this question is the value proposition - when you have debt you don't evaluate the money objectively - you evaluate the benefits of a new car (which are marginal by the way).
A 335i is not going to get your dick sucked. I had a Porsche for a while. That thing didn't get my dick sucked. What DID get my dick sucked was changing from a run-of-the-mill wall flower to generally being an asshole to women in public. From the age of 25-28 I nailed anything that moved - and I did it when I wanted. It was all about attitude.
Moving on...
I've been flat broke and bought a car I could barely afford. I've also been flush with cash and bought a car I could definitely afford (X5 with just I had liquid at that point in time).
The thing is - I agonized over spending the cash when I could easily afford it. I never thought twice about taking out the loan when I couldn't afford it.
My suggestion: don't buy a car you can't pay 100% for or at least pay off within a short period of time. It is NOT worthy buying a car if it's going to break down, etc, and it generally a POS.
Buy a your house. Lease your car.
heheeheheh yeah but just not yet... the bottom is not close... at least not in my state.....
Imagine how worse it gets when you have no mortgage
I'm currently doing triple mortgage payments. I figure each one cuts my loan by something like 4 months.
It's crazy how extra money on a mortgage (or any loan) cuts the long-term down. My first house was cheap and in a small town. The mortgage payment was $1065/month.
I rounded up to $1100 for the sake of convenience. Then one day I was curious and did a amortization schedule with that payment instead of the default one. That extra $35/month cut something like 4 years off the loan.
Man I'm with you on that. I can't afford triple payments right now, but I'm paying close to double payments and I can't frickin wait until I don't ever have to send BofA another dime. Any extra money I havegoes to the mortgage..no Mercedes, no first class flights, just the dream of no bills. That's when I will be truly happy.
Quoted because these titties need to be up in the thread more than once.
To answer your question though, I pay for my cars with the shattered dreams of overweight housewives...
OP - grab yourself a used E430 or 540i for a $10k and call it good but realize that the maintenance will be fairly expensive and something you need to keep up on or the resale value will really suffer. Or get an Acura TL and have a car that doesn't have the same panache as a Euro but is reliable as anything on the road and a nice car. Reinvest that money you saved into IM or start building a portfolio and definitely start a Roth IRA and max that shit out! Then grab a 335i in a couple years when you can pay cash and you can get them used for $15-20k.
my $0.02
my $0.02