Who here owns their S2000 out right
09-09-2011, 04:05 PM
#23
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@27, purchased mine certified used 2 years ago. not paid off yet, almost 
, but everything is all me, $, paperworks, dealing down the dealer, the works. currently 29
before this ride, cosmos E36 coupe ///M3 purchased @ 20 but 50/50 between me and my moms... fully tastefully modded and after 4 yrs, turbo charged, TTstage2 kit sold it at the age of 27. at the time, i had no type of bills and was able to dump dinero into crazy pricy but nice mods wish i could go back...
how? I slang crack rock AND have a wicked jump shot...
what is this thread trying to find out? bragging rites? i remember this same thread back in the day in the m3 forums but towards M cars. some of the stuff i read here is very similar except replace the s2k to an E36 or E46 M-Series.
other questions that factor in... is this where all your money is going to, only a car? do you pay mortgage? your cel phone? your cel phone monthly/annual plan? utilities? water? gas? car insurance? home internet? home cable? where have you traveled to in the world? who bought the plane tickets and all other travel expenses? food? random wants? do you have your own place? how well furnished is your place? not living pay check to pay check? if all these can be paid and done alone under the age of 26, those are bragging rites... not how young you are and if you own the ride your driving now.
, but everything is all me, $, paperworks, dealing down the dealer, the works. currently 29before this ride, cosmos E36 coupe ///M3 purchased @ 20 but 50/50 between me and my moms... fully tastefully modded and after 4 yrs, turbo charged, TTstage2 kit
sold it at the age of 27. at the time, i had no type of bills and was able to dump dinero into crazy pricy but nice mods wish i could go back...how? I slang crack rock AND have a wicked jump shot...
what is this thread trying to find out? bragging rites? i remember this same thread back in the day in the m3 forums but towards M cars. some of the stuff i read here is very similar except replace the s2k to an E36 or E46 M-Series.
other questions that factor in... is this where all your money is going to, only a car? do you pay mortgage? your cel phone? your cel phone monthly/annual plan? utilities? water? gas? car insurance? home internet? home cable? where have you traveled to in the world? who bought the plane tickets and all other travel expenses? food? random wants? do you have your own place? how well furnished is your place? not living pay check to pay check? if all these can be paid and done alone under the age of 26, those are bragging rites... not how young you are and if you own the ride your driving now.
09-09-2011, 07:44 PM
#25
Originally Posted by s4play' timestamp='1315592217' post='20958237
I've owned over 10+ s2000's and all of them were paid in cash. I don't believe in paying a bank stupid interest if I can avoid it. (aka home loan)
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
However cars make you no money and depreciate at approximately 10%/year, car loans 3-5% and my investments return 15%+. Putting all my money into a car costs approximately 20%/year for the life of the loan, say 5 years. 10 depr - 5% interest + 15% investment return = 20%.
It's a crude number but I always rather have cash on hand and debt then neither. Your general rule, if you don't have the cash to buy something is a good one to follow and clearly I follow it. I just opt to borrow at ultra low rates <10% is low, and invest the money. I get the benefits of owning both, with all the upsides as well. I see this as making my money work for me.
As long as you qualify for a good rate, it's better to get a loan and put your cash in appreciating assets than to put your cash in a depreciating asset. I COULD pay off my loan, but it would not be the wise financial choice to do so.
09-09-2011, 07:59 PM
#26
Originally Posted by rob-2' timestamp='1315595555' post='20958488
[quote name='s4play' timestamp='1315592217' post='20958237']
I've owned over 10+ s2000's and all of them were paid in cash. I don't believe in paying a bank stupid interest if I can avoid it. (aka home loan)
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
I've owned over 10+ s2000's and all of them were paid in cash. I don't believe in paying a bank stupid interest if I can avoid it. (aka home loan)
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
However cars make you no money and depreciate at approximately 10%/year, car loans 3-5% and my investments return 15%+. Putting all my money into a car costs approximately 20%/year for the life of the loan, say 5 years. 10 depr - 5% interest + 15% investment return = 20%.
It's a crude number but I always rather have cash on hand and debt then neither. Your general rule, if you don't have the cash to buy something is a good one to follow and clearly I follow it. I just opt to borrow at ultra low rates <10% is low, and invest the money. I get the benefits of owning both, with all the upsides as well. I see this as making my money work for me.
As long as you qualify for a good rate, it's better to get a loan and put your cash in appreciating assets than to put your cash in a depreciating asset. I COULD pay off my loan, but it would not be the wise financial choice to do so.
[/quote]
I don't know what auto loan rates are, but in the current stock market, are you really making more than your loan rate?
If you're making 15-20% a year in the stock market, you're a rockstar. Apply at GS!
Best advice is to always pay off debts, then save up a 6+ month emergency fund, then invest. Or maybe not...
09-09-2011, 08:55 PM
#27
Originally Posted by thomsbrain' timestamp='1315626295' post='20959761
[quote name='rob-2' timestamp='1315595555' post='20958488']
[quote name='s4play' timestamp='1315592217' post='20958237']
I've owned over 10+ s2000's and all of them were paid in cash. I don't believe in paying a bank stupid interest if I can avoid it. (aka home loan)
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
[quote name='s4play' timestamp='1315592217' post='20958237']
I've owned over 10+ s2000's and all of them were paid in cash. I don't believe in paying a bank stupid interest if I can avoid it. (aka home loan)
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
However cars make you no money and depreciate at approximately 10%/year, car loans 3-5% and my investments return 15%+. Putting all my money into a car costs approximately 20%/year for the life of the loan, say 5 years. 10 depr - 5% interest + 15% investment return = 20%.
It's a crude number but I always rather have cash on hand and debt then neither. Your general rule, if you don't have the cash to buy something is a good one to follow and clearly I follow it. I just opt to borrow at ultra low rates <10% is low, and invest the money. I get the benefits of owning both, with all the upsides as well. I see this as making my money work for me.
As long as you qualify for a good rate, it's better to get a loan and put your cash in appreciating assets than to put your cash in a depreciating asset. I COULD pay off my loan, but it would not be the wise financial choice to do so.
[/quote]
I don't know what auto loan rates are, but in the current stock market, are you really making more than your loan rate?
If you're making 15-20% a year in the stock market, you're a rockstar. Apply at GS!
Best advice is to always pay off debts, then save up a 6+ month emergency fund, then invest. Or maybe not...
[/quote]
If I had bought an index stock I would have doubled my money in 2 years. I suspect people who think 15% returns are low have been suckered into thinking 4% is a good return and stocks dont need to pay dividend. While you get 4% people are getting 20% with your money and laughing at all the stupid people only getting 4%.
09-09-2011, 08:55 PM
#28
Originally Posted by rob-2' timestamp='1315595555' post='20958488
[quote name='s4play' timestamp='1315592217' post='20958237']
I've owned over 10+ s2000's and all of them were paid in cash. I don't believe in paying a bank stupid interest if I can avoid it. (aka home loan)
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
I've owned over 10+ s2000's and all of them were paid in cash. I don't believe in paying a bank stupid interest if I can avoid it. (aka home loan)
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
However cars make you no money and depreciate at approximately 10%/year, car loans 3-5% and my investments return 15%+. Putting all my money into a car costs approximately 20%/year for the life of the loan, say 5 years. 10 depr - 5% interest + 15% investment return = 20%.
It's a crude number but I always rather have cash on hand and debt then neither. Your general rule, if you don't have the cash to buy something is a good one to follow and clearly I follow it. I just opt to borrow at ultra low rates <10% is low, and invest the money. I get the benefits of owning both, with all the upsides as well. I see this as making my money work for me.
As long as you qualify for a good rate, it's better to get a loan and put your cash in appreciating assets than to put your cash in a depreciating asset. I COULD pay off my loan, but it would not be the wise financial choice to do so.
[/quote]
09-09-2011, 09:07 PM
#29
Originally Posted by HarryD' timestamp='1315627153' post='20959795
[quote name='thomsbrain' timestamp='1315626295' post='20959761']
[quote name='rob-2' timestamp='1315595555' post='20958488']
[quote name='s4play' timestamp='1315592217' post='20958237']
I've owned over 10+ s2000's and all of them were paid in cash. I don't believe in paying a bank stupid interest if I can avoid it. (aka home loan)
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
[quote name='rob-2' timestamp='1315595555' post='20958488']
[quote name='s4play' timestamp='1315592217' post='20958237']
I've owned over 10+ s2000's and all of them were paid in cash. I don't believe in paying a bank stupid interest if I can avoid it. (aka home loan)
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
However cars make you no money and depreciate at approximately 10%/year, car loans 3-5% and my investments return 15%+. Putting all my money into a car costs approximately 20%/year for the life of the loan, say 5 years. 10 depr - 5% interest + 15% investment return = 20%.
It's a crude number but I always rather have cash on hand and debt then neither. Your general rule, if you don't have the cash to buy something is a good one to follow and clearly I follow it. I just opt to borrow at ultra low rates <10% is low, and invest the money. I get the benefits of owning both, with all the upsides as well. I see this as making my money work for me.
As long as you qualify for a good rate, it's better to get a loan and put your cash in appreciating assets than to put your cash in a depreciating asset. I COULD pay off my loan, but it would not be the wise financial choice to do so.
[/quote]
I don't know what auto loan rates are, but in the current stock market, are you really making more than your loan rate?
If you're making 15-20% a year in the stock market, you're a rockstar. Apply at GS!
Best advice is to always pay off debts, then save up a 6+ month emergency fund, then invest. Or maybe not...
[/quote]
If I had bought an index stock I would have doubled my money in 2 years. I suspect people who think 15% returns are low have been suckered into thinking 4% is a good return and stocks dont need to pay dividend. While you get 4% people are getting 20% with your money and laughing at all the stupid people only getting 4%.
[/quote]
I'm sure it's possible but in the long-run, returns even out at much less than 15% annually. If you bought SPY 2 years ago, you'd be up 14%, 1 year 4.5%, YTD -8%. Oh and because of our recession, your 5 year return would be -11%. Eitherways, index funds are more or less the right way to go as an individual investor... Just buy it at the right time (as with all stocks!)
Like I said--if you pull 15% annually (and repeatedly--say 5+ years in a row) please go apply to GS. They'd love to have you.
09-09-2011, 11:10 PM
#30
Join Date: Jul 2009
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Rob's money talk is always over my head, but somehow I trust him.
My preference is still to avoid loans/interest and only spend the money I have.
When I get to the point of having enough money to invest something confidently, I'll be picking his brain!
My preference is still to avoid loans/interest and only spend the money I have.
When I get to the point of having enough money to invest something confidently, I'll be picking his brain!