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S t r e t c h i n g To Buy More Than One Can Afford

124

Comments

  • fintailfintail Posts: 32,886
    Yeah, I'm really not here to bash that woman - she likely has her own demons and maybe money hasn't bought happiness, but what the Walton legacy has wrought isn't all positive. I strongly doubt the old man would be smiling at some aspects of his company today, especially the abandonment of the American made theme, and his company becoming something like the 8th greatest purchaser of Chinese goods on the planet.

    Way back when, Gates spent a fortune trying to import a Porsche 959 - easily one of the coolest Porsches ever and one of the most advanced cars built, so maybe there's some form of gearhead under his nerdy facade. He didn't have to stretch anyway :shades: As he lives about 2 miles from me, I've always kept my eye out for an Lexus SC, haven't spotted it yet.

    There's a lot of easy credit and undeclared income out there for some to stretch with...
  • lemkolemko Posts: 15,067
    Bill Gates was a Porsche afficianado from way back. I believe he was once arrested for speeding in 1978 driving a 911 he acquired after he established Microsoft. He was only 23 at the time.
  • hpmctorquehpmctorque Posts: 4,118
    edited November 2011
    I once saw a photo of him behind the wheel of a red Ferrari. Of course, if he can't afford one or two exotics, who can?
  • Stever@EdmundsStever@Edmunds YooperlandPosts: 38,914
    "At car dealers across the United States, loans to subprime borrowers ... are surging - up 18 percent in 2012 from a year earlier, to 6.6 million borrowers, according to credit-reporting agency Equifax Inc. And as a Reuters review of court records shows, subprime auto lenders are showing up in a lot of personal bankruptcy filings, too."

    How the Fed Fueled an Explosion in Subprime Auto Loans (Yahoo)
  • andre1969andre1969 Posts: 21,576
    Yeah, I saw that...pretty disturbing. And to think that I was whining about the 3.99% I was paying on my 2012 Ram! :shades:

    I knew some people back in the late 1990's that were paying around 20% interest on used cars. One of them had a used 1995 Monte Carlo Z34 that he only paid around $10K for, but his payment was still in excess of $300, for 60 mos. And one of my friends had a 1998 Tracker with 47 payments of $323, and a 48th of around $5600!

    I also had a friend who initially got a new Neon coupe...some "designer" model like an Espresso or something. But then after a few days they decided to not let the deal go through, made him give the car back, but let him buy an S-10. I think it was only around $15,000, but I know his payment was in excess of $300 per month, as well.

    So, with those monthly payments as a reference point, it was pretty easy to talk myself into buying my old 2000 Intrepid, a car that was $22,389 out the door, but with 0.9% APR, was only $2K down and $347.66 for 60 months.

    I think that 0.9% spoiled me, though.
  • michaellmichaell Posts: 4,300
    So, with those monthly payments as a reference point, it was pretty easy to talk myself into buying my old 2000 Intrepid, a car that was $22,389 out the door, but with 0.9% APR, was only $2K down and $347.66 for 60 months.

    I think that 0.9% spoiled me, though.


    GM loaned me $25K at 0% back in 2002 when I got my Saturn L300. Can't beat free money (so to speak).

    We're paying 3.9% on the wife's CX-7; seems like highway robbery in comparison.
  • andre1969andre1969 Posts: 21,576
    When I bought my Intrepid, I think I could have gotten something like $1000 or $1500 more off if I went with conventional financing instead of the 0.9%. But, regular rates were around 6.75% back then! Overall, I think that low-interest financing saved me $1500-2000.

    I could have gotten a lower rate on the Ram when I bought it, but I was planning on using my HELOC and then paying that down fast. However, there was a $500 incentive if I financed through the dealer, which ended up being with Chase Financial. So, I took that, made a few extra-big payments along with the regular ones, and had it paid off after a few months.
  • lemkolemko Posts: 15,067
    Heck, I paid 0% for 60 months on my Cadillac DTS Performance and my wife paid 1% on her Buick LaCrosse.
  • hpmctorquehpmctorque Posts: 4,118
    edited April 2013
    What comprised "Performance" vs. other DTSes?
  • lemkolemko Posts: 15,067
    Higher hp engine for one.
  • hpmctorquehpmctorque Posts: 4,118
    Thanks. Firmer suspension too?
  • lemkolemko Posts: 15,067
  • nvbankernvbanker Posts: 7,285
    You don't need more HP in an already overpowered FWD car. The torque steer is downright dangerous with an open throttle as it is. More HP is crazy in that car. IMO
  • lemkolemko Posts: 15,067
    Ask the man who owns one. I notice absolutely no torque steer with my DTS. In fact, it's so imperceptible, I forget it's a FWD car.
  • nvbankernvbanker Posts: 7,285
    edited April 2013
    Lemko, you wouldn't admit to torque steer if the car flipped end over end - if it's your precious GM iron.....

    I've driven, bought and sold plenty of 'em. They have torque steer, and if you excite that Northstar, it'll jerk the wheel out of your hand.

    Nice touch though, with the Packard slogan... ;)
  • lemkolemko Posts: 15,067
    Believe me, I've driven that Northstar in a spirited manner more than once! It's pretty exciting taking such a big car up to speed. It so quiet and smooth it's like a supressed bullet down a rifle. Heck, I got the chance to take a new XTS out and I like my old DTS better. I hope Cadillac comes up with a true S-Class fighter soon. I see the XTS as a stopgap model at best.
  • nvbankernvbanker Posts: 7,285
    I think that XTS is a car for those who think a FWD is the only thing you can drive in the snow. You need one probably for that mindset.
  • Stever@EdmundsStever@Edmunds YooperlandPosts: 38,914
    Are you a Southern California resident who recently (within the last 6 months) financed a new car purchase for more than 72 months? We're interested in learning more about your experience. Please drop us a note at pr@edmunds.com by Friday, June 14 2013.
  • andre1969andre1969 Posts: 21,576
    I think that XTS is a car for those who think a FWD is the only thing you can drive in the snow.

    With traction control, ABS, and all the computer crap in cars that does everything for you, is RWD even that much of a hindrance anymore in bad weather?

    We didn't have much of a winter here in the DC area, but I did get a chance to take my 2012 Ram out in some slick weather. Despite being RWD and having a light rear end and a lot of power, it was almost impossible to get that sucker to spin our. I'd imagine a RWD car, with better weight balance, would be even better.
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