Interest Rates

[Opto66]

Just when you thought you could buy a new car.  The interest rates come and kick you in the ASS.  

When will all this crap end?

Opto66

[X-RayXI]

Yeah it sucks. But, you should also get more return of your 'old' car?
I wanted to post my 'new' car here a couple of months ago for winning an action, but,.. found myself another younger car and traded it in right away. I will post it, in two weeks (I hope some parts needed), with a story behind it.

Some have seen it already on my twitter handle and Honda replied to it!  

 

Edited August 2, 2022 by X-RayXI

[codpiece]

Look into Credit Unions instead of banks. They have better rates on everything, from free checking to better rates on all kinds of loans.

[BUDMAN]

Been with a credit union for many years... thinking since 1978,79

[Majbasil]

Well, interest rates really still are low historically.  If you must buy THAT car, even if it is more than your budget can afford, there is the lease option.  I am a big believer in keeping what you have and taking care of it, buying what you can afford not what you want.  https://advisor.visualcapitalist.com/us-interest-rates/  2 cents   

[X-RayXI]

Why the heck is it normal for you guys in the US, to have a loan on a car? Let alone to have a 'credit'-card. This is what, I never understood. 

[TBB]

5 hours ago, Opto66 said:

Just when you thought you could buy a new car.  The interest rates come and kick you in the ASS.  

When will all this crap end?

Opto66

And you expect it to end why????  It will end when the cesspool we call a government decides to do something for the voters!

[WeednFeed]

I keep my vehicles from 13-18 years. I buy new so I know what hasn’t been done to it. 
When I worked for a living a younger fellow was leasing every 3 years. He says to me why don’t you get a nice new truck? He told me he just leases his. 
I asked how much his lease was, I said never mind, let’s say you are paying $400 a month every month for 8 years that’s $38,400 dollars over 8 years. 
 I said I haven’t had a vehicle payment for 8 years and I have my $38,400 in my bank and someone else has yours. He had a really sick looks on his face. I sold my 2002 pickup in December 2019, no payment for 14 years. We had a Honda civic for 15 years and gave to our daughter who drove it for 2 years.
We bought a second hand 2004 Honda Civic in 2014 for $5000. It now has 136,00 km that’s 84,500 miles. it’s 18 years old. Got the oil changed at Mr Lube last week one of the guys wants to buy…not happening lol.

Buy new keep it, do responsible maintenance and keep your money in your pocket. 
As the vehicle ages to about 12-15 years I will do about $2500 maintenance per year if it continues to increase I dump them.

[RobMc]

3 hours ago, WeednFeed said:

I keep my vehicles from 13-18 years. I buy new so I know what hasn’t been done to it. 
When I worked for a living a younger fellow was leasing every 3 years. He says to me why don’t you get a nice new truck? He told me he just leases his. 
I asked how much his lease was, I said never mind, let’s say you are paying $400 a month every month for 8 years that’s $38,400 dollars over 8 years. 
 I said I haven’t had a vehicle payment for 8 years and I have my $38,400 in my bank and someone else has yours. He had a really sick looks on his face. I sold my 2002 pickup in December 2019, no payment for 14 years. We had a Honda civic for 15 years and gave to our daughter who drove it for 2 years.
We bought a second hand 2004 Honda Civic in 2014 for $5000. It now has 136,00 km that’s 84,500 miles. it’s 18 years old. Got the oil changed at Mr Lube last week one of the guys wants to buy…not happening lol.

Buy new keep it, do responsible maintenance and keep your money in your pocket. 
As the vehicle ages to about 12-15 years I will do about $2500 maintenance per year if it continues to increase I dump them.

I've done exactly the same as you all my life, buying low mileage 1-2 year old vehicles (around 50-60% of new cost) and running them as long as possible. Secret is to run at least 3 in a family so if one is down and being repaired you're still mobile. In general I get around 20 years averaging costs of about £1000 per year, I sell them as 'classics' at 20 years, sometimes getting back more than I paid for them.

[WeednFeed]

Going to the Credit Union today funny CU’s are mentioned in this post. I’ll be negotiating a better interest rate for our RRSP an TFSA accounts. If you don’t negotiate you won’t get a better deal. 
My ace in my sleeve is another CU has better rates and  have a certain amount of GIC to transfer from elsewhere, so negotiating will be in their court 

[Merlin007]

8 hours ago, WeednFeed said:

I keep my vehicles from 13-18 years. I buy new so I know what hasn’t been done to it. 
When I worked for a living a younger fellow was leasing every 3 years. He says to me why don’t you get a nice new truck? He told me he just leases his. 
I asked how much his lease was, I said never mind, let’s say you are paying $400 a month every month for 8 years that’s $38,400 dollars over 8 years. 
 I said I haven’t had a vehicle payment for 8 years and I have my $38,400 in my bank and someone else has yours. He had a really sick looks on his face. I sold my 2002 pickup in December 2019, no payment for 14 years. We had a Honda civic for 15 years and gave to our daughter who drove it for 2 years.
We bought a second hand 2004 Honda Civic in 2014 for $5000. It now has 136,00 km that’s 84,500 miles. it’s 18 years old. Got the oil changed at Mr Lube last week one of the guys wants to buy…not happening lol.

Buy new keep it, do responsible maintenance and keep your money in your pocket. 
As the vehicle ages to about 12-15 years I will do about $2500 maintenance per year if it continues to increase I dump them.

This is the way.  I've always bought my cars used, get another 8-10 years or better, bought and paid for.  I'm generally the last owner, drive it till maintenance gets to a threshold sort of speak and off to the scrap yard it goes.  Next...

[RobMc]

43 minutes ago, Merlin007 said:

This is the way.  I've always bought my cars used, get another 8-10 years or better, bought and paid for.  I'm generally the last owner, drive it till maintenance gets to a threshold sort of speak and off to the scrap yard it goes.  Next...

Yep, change the oil every 6000 miles, and a diesel will easily do 250,000 and a petrol 150,000 miles with no problems. Other bits are just straight mechanical replacement or wear, as we all know rust is the enemy I live near the coast and by 20 years my cars are starting with tin rot, so off they go. If you live in California a car should last a lifetime, if you service, and change all fluids.

[major-mark63]

I dunno but in early 80's interest rates were a lot higher than today , and the option was to pay your car cash , and to buy cheaper cars than a huge truck or BMw,s...