Car Loans - keeping America poor?

KurtR said:
Legally here you can only have 12 kids in home and that depends on the ages but the in home ones don’t get the laws enforced like they should. The way those kids break stuff in glad it wasn’t at my house haha. It was 123.00 a week the first year we had it and people were bitching all around town. When we sold had raised prices to 160 and after Covid that barley coverd costs. Every one thinks your cutting a fat hog with out having a clue what costs are.
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My wife thought about doing it when our kids were small. The ratio of kids to caretakers here is high enough the numbers don't math. Anybody that makes real money is breaking the law. Even if you can hire help at minimum wage, you have to be able to charge a premium above what is normal to make a profit. Most families are nearly going broke covering the normal rate. It would ha e to be in an upscale neighborhood and offer something special to charge a premium. I still think it would be a tough go.
 
ddowning said:
I have a truck to sell them. Last one was $18k for 171k miles. Why are people that want diesel trucks willing to pay through the nose for them?
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Pre emissons bring big money. Make a ton of power, ton of aftermarket parts and are super reliable. I sold my 07 5.9 6 speed with 125k on it 2 years for 40k cash in a day. Had over 20 offers. Local farmer just offered me 35k for my 06 5.9 and I declined, just keeps gaining value every year when more and more emmisons stuff is added.
 
TSAMP said:
Am an engineer. This may check out.

The tough part with home repair is sometimes it can be done wrong, and still technically work. Thats why us engineers have issues i suspect.

My issue is my talent happens to be below my standards in most cases. You should see my carpentry projects. God awful even though I cut every board to 1/16"
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Yes, mostly. I have an engineering background in manufacturing. When we know a bearing should be lubed every 10000 cycles but it won't fail until 45237 we plan to go 45200 and forget about it. I told one guy his heat exchanger was failed and he said "That's a Patina", said you can't shine an LED light through a Patina..
 
I have never had a car loan. I always saved for a vehicle and payed cash. I don't know how folks afford rent or mortgage, large car payments, credit card debt, etc. My goal always has been and is to maximum my liquid cash. I have 2 credit cards that I use to get airline points etc but those are paid in full every 2 weeks b/c I don't want to give anyone my money (interest). But life is not perfect and I have a mortgage. LOL
 
All my life, my poorest friends were the ones who were the most into cars. Most of them had car after car, year after year. I’d imagine always making trade ins while watching the debt creep up every time.

Even today, the people I know who are on the lower end of the income ladder have really nice trucks.
 
Guess I should have phrased that better
I have no bills other than daily living: rent, utilities, food.
My truck will be paid off in a few months. Interest is 1.9% through ford - 2021 ranger
I keep too much in my checking (40k)
I have a state pension
Present job is paying into a retirement account
Few Edward jones accounts
Some misc stocks

I read some of what you all are making and feel poor. I have a bachelor’s in nursing, work 2 jobs and think I made low 70s last year. True, I’m in a low pay nursing area.
I do fine obviously, no wife, no ex, and a grown daughter that is successful
 
tony said:
Guess I should have phrased that better
I have no bills other than daily living: rent, utilities, food.
My truck will be paid off in a few months. Interest is 1.9% through ford - 2021 ranger
I keep too much in my checking (40k)
I have a state pension
Present job is paying into a retirement account
Few Edward jones accounts
Some misc stocks

I read some of what you all are making and feel poor. I have a bachelor’s in nursing, work 2 jobs and think I made low 70s last year. True, I’m in a low pay nursing area.
I do fine obviously, no wife, no ex, and a grown daughter that is successful
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Why so much in checking? At least put it in a high yield savings account, you can quickly transfer to checking if needed.
 
tony said:
Guess I should have phrased that better
I have no bills other than daily living: rent, utilities, food.
My truck will be paid off in a few months. Interest is 1.9% through ford - 2021 ranger
I keep too much in my checking (40k)
I have a state pension
Present job is paying into a retirement account
Few Edward jones accounts
Some misc stocks

I read some of what you all are making and feel poor. I have a bachelor’s in nursing, work 2 jobs and think I made low 70s last year. True, I’m in a low pay nursing area.
I do fine obviously, no wife, no ex, and a grown daughter that is successful
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If you like hunting the west, you might want to explore what contract nurses make in some of these towns. From what a friend of mine that's an MRI tech tells me, it's pretty substantial.
 
Marshfly said:
If you like hunting the west, you might want to explore what contract nurses make in some of these towns. From what a friend of mine that's an MRI tech tells me, it's pretty substantial.
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Yep, in AK you can make bank and only be working a little over part time if you choose. I have a number of friends that do it.


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Wheels said:
Why so much in checking? At least put it in a high yield savings account, you can quickly transfer to checking if needed.
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Lazy more than anything
It something I definitely need to do
Any recommendations on a high savings account?
 
I think people also really overestimate how expensive it is to keep an older vehicle maintained/repaired. I’m about to drop in a new turbo and rebuild the front end on my 07, and by my math that’s about 6 months of payments on a newer truck. The chances of something else catastrophically going wrong with it in the next year are realistically pretty slim.
 
WeiserBucks said:
How does $30k a month not pay cash for two new cars, new boat, new RV and multiple vacations?

Two cars at $50k=$100k
Boat $50k?
RV $50k?
Five vacations $5k each=$25k
Total $225k, leaving $135k to pay for housing and other expenses. In what universe can a family not pay their bills, save for retirement and have beer money left over at $30k a month take home?
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50k doesn’t buy much boat unless your needs are pretty basic. We’d love to have a boat for the salt, but even quite used and on the small side. 50k is just barely getting there, in AK anyway.


Sent from my iPhone using Tapatalk
 
IDbrushswimmer said:
I think people also really overestimate how expensive it is to keep an older vehicle maintained/repaired. I’m about to drop in a new turbo and rebuild the front end on my 07, and by my math that’s about 6 months of payments on a newer truck. The chances of something else catastrophically going wrong with it in the next year are realistically pretty slim.
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Bingo. "Welp, i have to get new transmission, might as well start dropping $800 payments on a new car."
 
Ridiculous loans and tax write offs make trucks unobtanium.

Who the hell is paying 60k+ for a truck or vehicle. We live in a debt cycle of monthly payments...Not to brag but I make decent coin and paying 40k for a new vehicle hurts. If I put that in the sp 500 or gold I would have been way better off.
 
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