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Smart Shopper Owe more than it's worth... I'm upside down and I can't get up!
1160 messages, Last post on Oct 22, 2009 at 7:11 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: joel0622 (May 15, 2009 7:28 am) I can't think of the last time I've been upside down on a car. As I said earlier, Joel, I'm glad this works for you. You'd hate me at shopping. Our Accord will hit 10 in December. It recently hit 168K on the clock which makes it officially the highesy mileage car we've ever had. It long ago became the one we've put he most miles on since out two previous 167K+ cars were bought used with mileage in the upper 30s when we got them. |
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Replying to: jimbres (May 15, 2009 9:29 am)
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Replying to: fezo (May 15, 2009 9:40 am) He figures to always carry a car payment. He bought new a bunch of years back - a Subaru Outback. When it hits about 59 K he trades it in for another. He keep a low loan payment and keeps a small fund for putting down on the next one. He figures he never pays for repairs, never has an unmanageable payment and always has a nice, clean, well kept car. He could do worse. |
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Replying to: fezo (May 15, 2009 9:40 am)
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Basically, your friend is doing a self-managed lease. He just assumes the end of lease value risk. At one point, my method was 1 new car (the wifes family mobile) kept as long as it served it's prupose and was reliable. Target being 6 years at least, and it got the long trips (so 100% reliability was key). the Quest? No problem for the 6. The Voyager? That made 3 before it got traded for the Quest! My car was a 3 YO something interesting that I would keep until it was 6 years old, theoreticlaly lower the cost. WOrked correctly, every 3 years or so a car would be purchased. I have since abandoned the plan, and for me, find that buying new and keeping a long time should work better (not that I can do it). Currently we are invested heavily in being too poor to buy a new car (and college bills loom), so we have switched to the keep them forever plan and hope they last! But, if I do need to replace one soon, I am going with a 2-3 yo semi luxury with heavy depreciation (say, a 2007 Volvo). Some good buys to be found tht way.
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Replying to: stickguy (May 17, 2009 7:39 am)
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Replying to: stickguy (May 17, 2009 7:39 am) I think that's redundant. If it's not reliable then it's not serving its purpose.  tidester, host SUVs and Smart Shopper |
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....one should necessarily 'drive their car into the ground', Fezo, unless keeping a car for five years constitutes same; for most, it doesn't, unless the car is neglected or miles have really piled up. I just can't see trading a car in after a couple or three years just because you've got the itch, especially if you're upside down. I mean, people make up all kinds of reasons to trade even when upside down (this or that are broken, I had a kid so suddenly I need an SUV, can't afford the gas), but the realities are that it's more expensive, and more importantly, people just want new stuff....understandable.
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Replying to: ghulet (May 17, 2009 1:19 pm) |
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is the result of the method in which the buyer chose to make the purchase in the first place. That the vehicle is worth less than the balance owed does not mean the owner should abandon the car, but understand he is obligated to a finanancial CONTRACT and fulfilling that contract is what is important & required. That you are upside down is because of the method in which you chose to make the purchase in the first place. In all contracts, be faithfull.
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