• VantaBrandon@lemmy.world
    link
    fedilink
    English
    arrow-up
    9
    ·
    2 hours ago

    As a pedestrian, I’m glad not to support big bike chain lube, I’m saving dozens of pennies annually

  • Duamerthrax@lemmy.world
    link
    fedilink
    English
    arrow-up
    4
    ·
    2 hours ago

    Never buying a vehicle I can’t pay upfront for again if I can help it. Hated those payments the first time I had to go through it. I do more real work with my 80’s era pickup than the yuppies who need their “toy haulers” do that sit almost twice as high. Plus, once I get the diesel swapped in and I’m running biodiesel, I have less emissions as well. Did you know that modern American diesels are so tuned for regular diesel that they can’t run biodiesel? I assume the Euro models can though.

    • Fox@pawb.social
      link
      fedilink
      English
      arrow-up
      1
      ·
      edit-2
      11 minutes ago

      Usually biodiesel compatibility is a function of fuel pumps and injectors, the high performance ones are $$$. I wouldn’t assume Euro models are biodiesel compatible, the VW diesels weren’t after the ‘Pumpe düse’ era.

  • TriflingToad@lemmy.world
    link
    fedilink
    English
    arrow-up
    5
    ·
    edit-2
    3 hours ago

    Insurance payments for teenage boys are INSANE. $100-150 is the usual but my buddy is paying literally $300 a month on a year 200X Tahoe that he bought for $700 and fixed himself. Its the cheapest option on his families insurance and his parents won’t let him switch.

    That’s not even payments that’s INSURANCE.

    • Jakeroxs@sh.itjust.works
      link
      fedilink
      English
      arrow-up
      1
      ·
      2 hours ago

      Yup, when I was 18-23 I was the primary driver of our car, but we put the insurance and name under my gf (now wife) and it was half the cost if I had gotten the insurance instead.

  • HelixDab2@lemm.ee
    link
    fedilink
    English
    arrow-up
    23
    arrow-down
    2
    ·
    6 hours ago

    Dave Ramsey hasn’t tried to buy a reliable used car in the last decade, at least. You aren’t going to find anything under about $10k that’s actually reliable where I am. A mid-90s Toyota with 300,000 miles maybe, but not anything under 150,000.

    • 52fighters@lemmy.sdf.org
      link
      fedilink
      English
      arrow-up
      2
      ·
      4 hours ago

      I walk or bike to about 90% of the places I need to go. That said, I also recently bought a vehicle for $1200. Works fine except the fuel gauge is broke so I have to just keep it topped off. My neighbor is trying to sell his Kia Rio for $1500. Works fine. It’ll last at least another 3 or 4 years. Likely more. I have a friend whose son totaled out his car. He wanted another. I recommended a car that was in the $1000 to $2000 price range. He didn’t want it. He took out a loan and got a very nice, very sporty car. Then he got in another wreck and totaled it out too. So then he goes and gets himself another expensive car. I just don’t understand.

      • HelixDab2@lemm.ee
        link
        fedilink
        English
        arrow-up
        2
        ·
        2 hours ago

        If I took my bike to town, it would take me about an hour, give or take. To get home would be about four hours. It’s 15 miles, one way, with about 2200’ of elevation change.

    • AlDente@sh.itjust.works
      link
      fedilink
      English
      arrow-up
      4
      arrow-down
      1
      ·
      4 hours ago

      With the $554 average new car payment in the original post, you can afford that $10k new-to-you used car outright in cash every 18 months.

      • HelixDab2@lemm.ee
        link
        fedilink
        English
        arrow-up
        4
        arrow-down
        1
        ·
        4 hours ago

        Average price of a used car in the US, right now, is $29,000. Which means that for a $554 payment, it’s going to be 5.4 years rather than 1.5. From there, you need to figure out how many miles you put on a car in a year, make some rough guesses about how many miles the average car has left before the cost to repair exceeds the cost of replacing, etc. Obvs. a high mileage used car is going to require significantly more maintenance than a new car will (…in most cases, as long as you aren’t buying a new Land Rover or Jaguar), so you’ll need to figure that in as well. You’ll probably want good insurance, even if you’re only required to carry minimal liability insurance, because any accident could be catastrophic for your finances if you can’t afford to repair your car.

        It’s a bit of a death spiral; wages are still too low, car prices are too high.

        • AlDente@sh.itjust.works
          link
          fedilink
          English
          arrow-up
          1
          ·
          27 minutes ago

          Sure, but in 2023, someone could already be selling a 2022 as used. That $29k number is going to be skewed by those who sell younger cars. You can still find used cars much cheaper than this.

          For that $554 payment, you would need $6648 in additional yearly maintenance costs on an older vehicle to compare. That’s like a new engine or transmission, every year!

          Anecdotally, I drive a 32-year-old car that I purchased, coincidentally, for $3200 around 7 years ago. I haven’t spent even close to $6648 in maintenance that entire time (probably not even another $3200).

    • MacAttak8@lemmy.world
      link
      fedilink
      English
      arrow-up
      2
      ·
      43 minutes ago

      You pay $240/mo for a new Lexus? What was that? 12 years financing? Or did you pay most of the cost upfront?

      • the_crotch@sh.itjust.works
        link
        fedilink
        English
        arrow-up
        2
        ·
        31 minutes ago

        I didn’t buy it new, it had 70k miles. But there’s people itt talking about how their used car payments are 2-3x that

        • MacAttak8@lemmy.world
          link
          fedilink
          English
          arrow-up
          1
          ·
          17 minutes ago

          That makes a lot more sense! Tbh I’m not surprised people are paying that much considering how used cars have been extra expensive the past few years. Couple that with high interest rates and you get large payments. Some people have 10% interest or more, guaranteed.

  • Tudsamfa@lemmy.world
    link
    fedilink
    English
    arrow-up
    2
    ·
    4 hours ago

    I have never owned a car that did not already belong to 2 family members prior. Surprisingly, I have yet to be kicked down the social ladder and sweep dung for a living.

    Also, used cars are like 3000€ here. I have no idea of used cars, but at some point having them be serviced every year should be cheaper than monthly payments, right?

  • BruceTwarzen@lemm.ee
    link
    fedilink
    English
    arrow-up
    7
    ·
    6 hours ago

    I was looking for a new car a few years ago, but i didn’t have to rush, i didn’t have a car for almost two years and just used my work car if i really needed one. Then covid hit and i was still sometimes browsing cars. People were selling the cars they no longer can afford and i was fucking shocked to see people selling cars saying that the monthly pay off is like 1200 or shit like that. Who would think that is a good idea? If you can afford it there is no reason to pay it off, and if you can’t, it’s too expensive. That is just the car payment, no insurance or road fees or anything.

    • matpro@lemm.ee
      link
      fedilink
      English
      arrow-up
      9
      arrow-down
      1
      ·
      2 hours ago

      Your math is ignoring compound interest. 40 years of monthly installments of 554 earning 8% would ultimately compound to $3.2M

    • Chekhovs_Gun@lemmy.world
      link
      fedilink
      English
      arrow-up
      4
      arrow-down
      1
      ·
      2 hours ago

      He’s not suggesting to put that $554 under your mattress. He means to put it in some sort of retirement account, where that sweet sweet compounding interest goes to work.

  • BaldManGoomba@lemmy.world
    link
    fedilink
    English
    arrow-up
    14
    arrow-down
    1
    ·
    8 hours ago

    If you pay 500$ a month for 30 years at 5% interest compounded monthly you would contribute $180k and would have $416,129 so not really a million. You would need a little less than 9.5% interest to get a million. 2% interest is only getting you $246k which when you take into account inflation 2-3% normal average minus 5% one of the higher realistic interests that is what you are actually making .

  • flames5123@lemmy.world
    link
    fedilink
    English
    arrow-up
    12
    ·
    9 hours ago

    I paid $830/month for a moderately priced car at only 2.9% for a few years. 1/3 my current yearly salary in full. It wasn’t smart, but I beat inflation at that rate. That car let me and my wife travel so much in our early marriage and it was so worth it. The car is more expensive now then when I bought it.

    I love that car and it brought me joy. It’s paid off now.

    Tomorrow is not promised. Save for the future but don’t neglect being happy today. Go live a little.

  • jagged_circle@feddit.nl
    link
    fedilink
    English
    arrow-up
    12
    arrow-down
    1
    ·
    edit-2
    11 hours ago

    It drives me crazy when i get spam that says they can save me money on my car insurance

    O rly? How you gonna beat $0?

    • Jiggle_Physics@lemmy.world
      link
      fedilink
      English
      arrow-up
      4
      ·
      11 hours ago

      I told one of these spam callers that my license has been legally revoked. It has been almost 15 years since I last got one of those calls. They used to be something that happened, at least, a few times per day.

    • petersr@lemmy.world
      link
      fedilink
      English
      arrow-up
      1
      ·
      9 hours ago

      In Denmark it is required by law that you have a bare-minimum insurance (to cover if you damage someone or something else). Is this not required in your country?

  • OrkneyKomodo@lemmy.sdf.org
    link
    fedilink
    English
    arrow-up
    7
    arrow-down
    2
    ·
    9 hours ago

    I’ve never understood buying a car on credit. My car’s 17 years old now. Bought it when it was 8 years old. Insurance is €390/yr.

    • JayleneSlide@lemmy.world
      link
      fedilink
      English
      arrow-up
      3
      ·
      5 hours ago

      Liquidity. Buying a car on credit is mostly stupid, but there are cases when it makes some sense. My last car loan was 3.54%. My combined accounts were earning ~8%. Paying cash in that case would be throwing away money. Well, throwing away money on top of wasting it on a car.

      • explodicle@sh.itjust.works
        link
        fedilink
        English
        arrow-up
        1
        ·
        2 hours ago

        I’m doing the same thing, but I still don’t understand it. Why are creditors offering 3.54% car loans instead of just getting 8% themselves?

        • sunzu2@thebrainbin.org
          link
          fedilink
          arrow-up
          1
          ·
          33 minutes ago

          That loan was likely originated during a different intertest environment. So that commeneter is playing arbitrage

  • Snapz@lemmy.world
    link
    fedilink
    English
    arrow-up
    30
    arrow-down
    1
    ·
    14 hours ago

    Memes circulating with this dude right now, even if positioning him as a chud, are a way to launder this dude as just a legit money guy. Sure, he has some basic, broad financial advice you can consider if you can see through all the Jesus and have no other options, but more than anything else, he’s a vile human being.

    Eat religious shit dave ramsey.

  • JackbyDev@programming.dev
    link
    fedilink
    English
    arrow-up
    3
    ·
    10 hours ago

    I had no idea my insurance is so much. But it is a lot. If I think about it I’ll get angry.

    You can take defensive driving courses to lower it though.