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Buy Here, Pay Here

328 messages,  Last post on Jul 19, 2009 at 7:42 PM

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What is this discussion about? Car Financing


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#262 of 328
Re: Good cheap cars... [lemko] by devond
Jun 09, 2006 (1:01 pm)
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Replying to: lemko (Jun 09, 2006 5:54 am)

My big thing is throwing $10,000 OF my hard earned cash into a car. I guess I am just going to have to suck it up and do it thanks for the advice all
#263 of 328
Re: Good cheap cars... [devond] by bobst
Jun 09, 2006 (4:19 pm)
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Replying to: devond (Jun 09, 2006 1:01 pm)

My advice:
 
Keep driving your fiance's Mercedes until you have enough saved to buy a nice car, like our Accord which cost $20800 OTD.
 
Then keep that car for a long time, like 8-10 years.
 
Yeah, I know it feels strange to write a check for $20800, but I think it is the right thing to do.
#264 of 328
Re: Good cheap cars... [devond] by the_big_al
Jun 27, 2008 (3:16 pm)
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Replying to: devond (Jun 09, 2006 1:01 pm)

so you have a hard time throwing 10K of your hard earned cash into a car but... you have no problem driving your fiance's Mercedes that either she/he (you never mentioned gender so I want to be PC ) or her/his parents paid probably at least 3 times that with thier hard earned cash? And they don't even get to enjoy it? I think there is something wrong with that picture. I will put your words you said back into your mouth... suck it up, take the advice that has been given and get your own set of wheels that you can be proud to say you own.
#265 of 328
Re: financing [devond] by snakeweasel
Jun 13, 2006 (8:10 am)
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Replying to: devond (Jun 08, 2006 1:14 pm)

that $7,000 is taxed so my actual take home pay is about $4,000.
 
That can't be right, $7K a month after Federal withholding would be about $5,550, add $500 for social security and you should have over $5,000 less any state tax withholding which should only be maybe 2-300.
#266 of 328
Re: financing [snakeweasel] by british_rover
Jun 13, 2006 (8:12 am)
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Replying to: snakeweasel (Jun 13, 2006 8:10 am)

You dont know if he contributes to a HSA or 401k though. You also don't know what state he lives in. I wish CT only took 300 bucks a month in state income tax.
#267 of 328
Re: financing [british_rover] by snakeweasel
Jun 13, 2006 (10:33 am)
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Replying to: british_rover (Jun 13, 2006 8:12 am)

True, but he just said it was taxed and not that he had any other withholdings. What is CT's tax rate anyway?
#268 of 328
Re: financing [snakeweasel] by british_rover
Jun 13, 2006 (11:24 am)
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Replying to: snakeweasel (Jun 13, 2006 10:33 am)

I didn't do my own taxes this year, first time in a long time I have not, and last year was the first year I worked in CT so I am not sure.
 
If I were to guess I would say 5% of taxable income.
#269 of 328
Re: financing [british_rover] by snakeweasel
Jun 13, 2006 (11:46 am)
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Replying to: british_rover (Jun 13, 2006 11:24 am)

I looked it up and its a graduated income tax. Starts at 1.5% and goes up to 5%. So even that would make it under $350. Hey but be of good cheer some states are at 8-9%, and the state that I am sure is making a fortune on tourism has one of the highest state income tax.
 
Anyway this is getting off topic, back to your regually scheduled slugfest.
#270 of 328
Re: financing [snakeweasel] by bls2753
Jul 23, 2006 (10:08 pm)
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Replying to: snakeweasel (Jun 13, 2006 8:10 am)

I want to know what kind of education/skills this individual has, to be able to earn $84K a year, at 23 years of age?
#271 of 328
Re: financing [bls2753] by bls2753
Jul 24, 2006 (1:40 am)
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Replying to: bls2753 (Jul 23, 2006 10:08 pm)

I notice most of the references here to BHPH lots, pertain to locations in large metropolitan areas. The scale of economy and cost of living in these cities is much greater than that found in smaller locales in middle america. The wages and salaries paid in a large urban area, allow that the cost of new and late model vehicles, is much more congruent with a middle class income. If the mean household income is $60K, than a purchase price of $20K and up on a vehicle, is very doable for most folks. Therefore the typical clientale of the BHPH dealer, is typically going to be from the economically distressed. However, the rising costs of newer vehicles, combined with the general lower cost of living in smaller, middle american cities, allows for the BHPH dealer to be much more mainstream, and less stigmatized, than most posts in this thread reflect.
 
In many of these areas, a median priced new vehicle, approaches the cost of an average 3 bedroom home. The mean household income is often around $30K per year in such areas. Combine this with the fact that many local banks have been taken over by large regional or national chains, and that many won't make a car loan for less than $8K or so, and you have a definite market for the BHPH dealer.
 
You would be surprised at the reasonably educated, moderate income individuals, who shop regularly at these dealers.

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