spin_dry Posted June 14, 2019 Share Posted June 14, 2019 (edited) Last year I spent some time with my daughter and sil discussing long term vehicle costs. Depreciation, interest, used vs new, etc. Explained to them the amount of money that can be saved buying a late model, high mileage, clean and well maintained vehicle vs a newer or new vehicle. Extrapolated the cost savings over the course of several years or decades. Then explained the advantages of taking this savings and investing the money. Monday they bought a high mileage minivan for cash that had been exceptionally maintained and sold a year and a half old vehicle with a $600/mo payment. My work is done. Edited June 14, 2019 by spin_dry 5 Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted June 14, 2019 Share Posted June 14, 2019 but what about their image, clearly they should have bought something that screamed baller over a clapped out minivan. 2 Quote Link to comment Share on other sites More sharing options...
spin_dry Posted June 14, 2019 Author Share Posted June 14, 2019 2 minutes ago, Angry ginger said: but what about their image, clearly they should have bought something that screamed baller over a clapped out minivan. That certainly seems to be an issue these days. 1 Quote Link to comment Share on other sites More sharing options...
Zambroski Posted June 14, 2019 Share Posted June 14, 2019 5 minutes ago, spin_dry said: Last year I spent some time with my daughter and sil discussing long term vehicle costs. Depreciation, interest, used vs new, etc. Explained to them the amount of money that can be saved buying a late model, high mileage, clean and well maintained vehicle vs a newer or new vehicle. Extrapolated the cost savings over the course of several years or decades. Then explained the advantages of taking this savings and investing the money. Monday they bought a high mileage minivan for cash that had been exceptionally maintained and sold a year and a half old vehicle with a $600/mo payment. My work is done. There is some wisdom to your words. I think it might be accidental but, still....I see it from time to time. 3 minutes ago, Angry ginger said: but what about their image, clearly they should have bought something that screamed baller over a clapped out minivan. Hopefully, much of the “keeping up with the Joneses” affliction ended during the last recession. Even if the kids just had to witness it through their parents losses. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted June 14, 2019 Platinum Contributing Member Share Posted June 14, 2019 Yep the responsibility is on us for making correct financial decisions....not pointing the blame on someone else. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted June 14, 2019 Share Posted June 14, 2019 i'll drive my gay soccer mom suv for another few years, wife threw it away at 90k- in the last 30k I put $2k into it but that is a hell of a lot less than 18 months of payments. funny that my kids have vehicles with less miles on them than i have. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted June 14, 2019 Author Share Posted June 14, 2019 2 minutes ago, Highmark said: Yep the responsibility is on us for making correct financial decisions....not pointing the blame on someone else. Parental responsibility as well. I never give up on the financial independence piece. She was finally receptive. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted June 14, 2019 Platinum Contributing Member Share Posted June 14, 2019 Just now, spin_dry said: Parental responsibility as well. I never give up on the financial independence piece. She was finally receptive. Completely agree. Much of the nations problems would go away if we had better parents. 1 Quote Link to comment Share on other sites More sharing options...
spin_dry Posted June 14, 2019 Author Share Posted June 14, 2019 4 minutes ago, Angry ginger said: i'll drive my gay soccer mom suv for another few years, wife threw it away at 90k- in the last 30k I put $2k into it but that is a hell of a lot less than 18 months of payments. funny that my kids have vehicles with less miles on them than i have. I’m the type of person that appreciates a vehicle more after a little maintenance. This fall I’ll replace the brakes and struts on the minivan. It’ll feel Like a new vehicle. Always makes me smile. 1 Quote Link to comment Share on other sites More sharing options...
irv Posted June 14, 2019 Share Posted June 14, 2019 1 minute ago, spin_dry said: Parental responsibility as well. I never give up on the financial independence piece. She was finally receptive. That's the hard part, getting them to listen. Now that my son is working part time and has his own vehicle, I think he finally gets what my wife and I have been trying to tell him for a few years. Spending money on gas, insurance, and doing things with his GF has really opened his eyes. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted June 14, 2019 Platinum Contributing Member Share Posted June 14, 2019 I have had good luck buying 2 year/24k mile trucks turned in from a lease. Trade them in when they hit 85k. My last truck they gave me $1250 more than I paid for it after I put 52k on it made back all my payments and then some... Quote Link to comment Share on other sites More sharing options...
spin_dry Posted June 14, 2019 Author Share Posted June 14, 2019 2 minutes ago, Highmark said: Completely agree. Much of the nations problems would go away if we had better parents. I’m really proud of them. The two sat down and outlined a 5 year plan for their personal finances and her business. Going into business for herself was one of the best things that could’ve happened. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted June 14, 2019 Share Posted June 14, 2019 1 minute ago, spin_dry said: I’m the type of person that appreciates a vehicle more after a little maintenance. This fall I’ll replace the brakes and struts on the minivan. It’ll feel Like a new vehicle. Always makes me smile. I need to do struts, tossed a new sunroof motor in the other night as it was leaking and had killed the motor then hopefully i am done for a bit. it's gotten brakes and tires in the last year along with a water pump. Quote Link to comment Share on other sites More sharing options...
Kev144 Posted June 14, 2019 Share Posted June 14, 2019 11 minutes ago, Angry ginger said: i'll drive my gay soccer mom suv for another few years, wife threw it away at 90k- in the last 30k I put $2k into it but that is a hell of a lot less than 18 months of payments. funny that my kids have vehicles with less miles on them than i have. Bootstraps Quote Link to comment Share on other sites More sharing options...
Zambroski Posted June 14, 2019 Share Posted June 14, 2019 8 minutes ago, spin_dry said: Parental responsibility as well. I never give up on the financial independence piece. She was finally receptive. If we’d all start focusing on being low debt and eventually debt free, it’d fix a lot of problems all the way to the top. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted June 14, 2019 Platinum Contributing Member Share Posted June 14, 2019 4 minutes ago, spin_dry said: I’m really proud of them. The two sat down and outlined a 5 year plan for their personal finances and her business. Going into business for herself was one of the best things that could’ve happened. Good for you and them. Thinking of getting my oldest who just graduated college a Dave Ramsey book. I like his process albeit I think its a bit on the extreme side. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted June 14, 2019 Share Posted June 14, 2019 4 minutes ago, Highmark said: Good for you and them. Thinking of getting my oldest who just graduated college a Dave Ramsey book. I like his process albeit I think its a bit on the extreme side. Really good idea. He is a tad extreme for those starting off but, his methods are simple and easy to follow. I followed many. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted June 14, 2019 Share Posted June 14, 2019 13 minutes ago, spin_dry said: I’m really proud of them. The two sat down and outlined a 5 year plan for their personal finances and her business. Going into business for herself was one of the best things that could’ve happened. Great for her. Who did she take after? Quote Link to comment Share on other sites More sharing options...
spin_dry Posted June 14, 2019 Author Share Posted June 14, 2019 36 minutes ago, ArcticCrusher said: Great for her. Who did she take after? Me. I had my own business for 19 years. Started it in "88 and sold out in "'07. Partnership with one other individual. It later grew to 6 partners. I don't miss it at all. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted June 14, 2019 Share Posted June 14, 2019 A motor vehicle is the worst investment anyone can make. 1 Quote Link to comment Share on other sites More sharing options...
1jkw Posted June 14, 2019 Share Posted June 14, 2019 My truck and my wife's car are both 2003's, truck has just under 170,000 car 110,000,did the brakes, rotors shocks, struts, ball joints, sway bar links and bushings last year a little over 1200.00 for both vehicles, owned the truck free and clear since 2005 car from 2008, no intention of getting anything new to keep up with the Joneses. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted June 14, 2019 Share Posted June 14, 2019 cars are a scam zero question . my trucks are lucky to make 8or9 yrs they get the shit kicked out of them . trucks don't seem to loose enough value in 2 yrs to make it worth buying used . but I always buy the holdover late in the yr and get big money off . and I never go for big buck trucks that is real fucking stupid especsly for me . I just laugh at my buds with there limmited or platinum bullshit . and none even know how to make tgere fucking phone pair with the truck . but hey the badge that says I spent 70 is all that matters Quote Link to comment Share on other sites More sharing options...
Mainecat Posted June 14, 2019 Share Posted June 14, 2019 I laugh when I see a 60k F150 leaving the lumberyard with 2 sticks of wood in it. Quote Link to comment Share on other sites More sharing options...
Zambroski Posted June 14, 2019 Share Posted June 14, 2019 2 hours ago, Mainecat said: A motor vehicle is the worst investment anyone can make. Happiness can be the dividend of an investment also. Not surprised you don’t invest in this idea. 49 minutes ago, Mainecat said: I laugh when I see a 60k F150 leaving the lumberyard with 2 sticks of wood in it. Why? How many should it have for you to not laugh? They may be laughing at you sitting outside the lumberyard in some old, clapped out shit with no “sticks of wood” on it. Quote Link to comment Share on other sites More sharing options...
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