Recruiting Football Talk VIII

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#11,526
#11,526
HoleInTheRoof said:
EC is a nice guy and all, but he just bores me to be honest. I actually think he spreads himself too thin with the daily podcasts and everything else. I’m not sure he adds much value to VQ.
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I disagree - I really like the EC lead podcasts but maybe that is because I love any and all Vol content.
 
#11,528
#11,528
Big Orange#1 said:
Used vehicle would give you smaller monthly payments if you are taking out a loan. This gives you more money left over every month to keep as your own and put into investments like an s&p500 index fund or a high yield savings account for your emergency fund or savings goals. (High yield savings accounts are paying 4-5% interest right now). You basically want to put some money every month into investments that appreciate in value so you can eventually be financially free/retire.
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Yah, we have a pretty big chunk in standard savings that I need to move into high yield. I'm seeing some CDs at 4-6%...?
 
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#11,530
#11,530
volinexile17 said:
Not saying I disagree, but that’s a lot of logical leaps based on very little data.
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Anecdote but still, my childhood best friends dad is exactly that scenario. First generation millionaire just a regular Cummins engineer making good money but drove the same Chevy pickup truck my entire childhood for 20 years. Drove that paid off vehicle for years and put that money he saved on vehicle payments toward his mortgage and bought more cummins stock through his company plan. Now he’s got 2 million worth of stocks and a paid off house.
 
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#11,531
#11,531
Orange_Crush said:
Don't know. They haven't to this point. The manufacturers have been bull-headed in refusing to lower prices. Though, they've played paddy-cake with some minor incentives.

You don't know me, so feel free to tell me to kick rocks. But even if new car prices do lower, don't buy new. Even if the prices lower a bit, it's still a terrible investment. You'll pay for a new car and immediately be driving a used car while still paying for the new car.

ETA: And warranty... Imagine you do a lot of research, shop well, and find a nice 10-12 year old vehicle with ~150,000 miles on it. You pay $8,000 for it. It's in good shape, with all service records. You do service on it and pay out of pocket for repairs as they happen. How many repairs will you need to pay for to make up for the extra $40-$50k you'd be spending on a new vehicle? How many times could you replace that $50,000 vehicle with another $8-10k vehicle in the 10 years you say you want to keep the new one?

Now, say you save your money and buy the $8000.00 used vehicle cash money?

If you were to take out a $50,000 auto loan for 6 years at 5% interest, you are actually paying over $8000 in just interest. So, in comparison the used vehicle bought cash for $8000, if you keep it for 6 years, is basically free.
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Buying used is usually the right move, but there are so many variables involved regarding both the vehicle they want to purchase and their own personal financial situation. If they want to buy something to keep for a super long time, then they're spending their money for reliability and not resale value. Whether it's new or used, the only real advice I would have is to just make sure you're not living beyond your means.
 
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#11,533
#11,533
HoleInTheRoof said:
EC is a nice guy and all, but he just bores me to be honest. I actually think he spreads himself too thin with the daily podcasts and everything else. I’m not sure he adds much value to VQ.
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Agreed. If he went away...I can't say it's miss him. Just kinda blah, and I've never thought he's meshed with the rest of the group.
 
#11,536
#11,536
JCVol00 said:
Besides the car/truck losing value, what are some other reasons to buy used over new? Genuinely curious, im trying find the best option go go with
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Financials is the main one. The other major one is you already have knowledge on the known issues of the model. If you research. You don't get that when buying newer models. You also avoid the instances where a car was just not put together well at the factory and had to be sorted out under warranty.

It is your money so you choose.
 
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#11,540
#11,540
HoleInTheRoof said:
EC is a nice guy and all, but he just bores me to be honest. I actually think he spreads himself too thin with the daily podcasts and everything else. I’m not sure he adds much value to VQ.
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His knowledge is lacking, but as I see it he handles the tech aspect they struggle with. Their model will change over time.
 
#11,544
#11,544
Jack Burton said:
This is an interesting subject. Studies show that 80% of millionaires in America are first generation (not inherited). Of those, about 25% drive vehicles that are at least 6 years old. Of those, Honda and Toyota are the most common makes.

The takeaway is the average person is less likely to achieve a $1M+ net worth by driving brand new, expensive vehicles. High net worth individuals use the money for investments in appreciating assets and drive modest vehicles.

I see some nice vehicles on the road these days. People are willing to pay $1000+ per month to drive them. Maybe they make more income than me, or maybe they’re sacrificing the future for now. I dunno.
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volinexile17 said:
Not saying I disagree, but that’s a lot of logical leaps based on very little data.
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It is definitely accurate. Automobile payments+interest are one of the primary restraints that holds back wealth acquisition. There are also expensive habits that can certainly contribute. As always, there are exceptions to every situation. But the American culture towards automobiles is certainly destructive to wealth building. Massive depreciation on an asset that is consuming significant percentage of your income is a bad formula.
 
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#11,547
#11,547
Lloyd_Christmas said:
Buying used is usually the right move, but there are so many variables involved regarding both the vehicle they want to purchase and their own personal financial situation. If they want to buy something to keep for a super long time, then they're spending their money for reliability and not resale value. Whether it's new or used, the only real advice I would have is to just make sure you're not living beyond your means.
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Proverbs says that "The debtor is a slave to the lender."

I used to think that was colorful language to make a point, but as I've looked back on my life and reevaluated the system we live in, I actually read that quite literally. Debt causes us to spend a lot more time doing things when we'd much rather be doing something else. Interest is money thrown away for most of us. We'll never get it back. That money is invented. "Printed" out of nothing. We spend our lives trading hours of life that we'll never get back, just for a piece of paper or a direct deposit of that thing that they printed out of nothing. We go into debt and add interest payments so that we can have things now that we can't afford yet.

We chase more things we can't afford because there is an entire marketing industry that is actually psychological warfare against us. The sellers know they are selling us things we don't need. So, they hire people who are studied in the psychology of fear and our own feelings of inadequacy. If you don't look, smell, dress, or drive <these things>, then you won't measure up. Cover your inadequacies by buying this <thing> that you either don't need, or is more than you need.

How much better will most of us be if we slow down, figure out at any given time what's (A) an actual need that (B) I need NOW. Stop going into debt for things. Wait as often as possible until you've saved and can pay cash.

And to the younger folks. The quicker you wake up to this, the better off you'll be.

Go sit and talk to the 70 year old greeter ay WalMart, who can't afford to retire and can't afford to live on their social security. There's a good chance they didn't wake up until too late. Ask them how much money they think they spent in interest over their lifetime, and whether that amount would help them retire today. (Note, this is in no way meant as an insult to the poor. There are indeed poor people who have always been poor, never took out a loan, and are still poor. But in America, there are FAR more people who waste a lot of damn money on debt that they never really needed to have. And they will never get the time back because they're basically working their entire life for the bank, their masters.)
 
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#11,548
#11,548
DD4ME said:
I respect the color preference debate, but I think that is independent of NIL.
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Yah. It has more to do with appeal to the athlete's tastes. Might as well say, "I hate what college athletes are doing to the game. (get off my 50x100 yard lawn!)."
 
#11,549
#11,549
JCVol00 said:
Besides the car/truck losing value, what are some other reasons to buy used over new? Genuinely curious, im trying find the best option go go with
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My Dad does the opposite and only buys new cars. He pays cash and drives them for three years and trades them in for a new car…. He never has to pay for maintainence, oil changes, tires, etc.
 
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#11,550
#11,550
Adam2014 said:
INB4: "I can't believe we are opening the season in the smokey greys. The vols should wear nothing but orange and white. I hate what NIL has done to this game".
Boomer Alert GIF - Boomer Alert Spinning - Discover & Share GIFs
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FYP
 
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