96 month auto loans

96 month auto loans

PostBy: Short Bus On: Fri Oct 18, 2013 6:37 pm

I had never heard of such a thing, 96 months, eight years, it's a car loan. I read one review of these stating, "the interest rate is usually higher on these compared to shorter loans". The guy at work chose a less expensive vehicle and went home.
Short Bus
 
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Re: 96 month auto loans

PostBy: DieselBob On: Fri Oct 18, 2013 6:56 pm

I couldn't believe it when they started 72 month loans. I guess some people are willing to pay 8 or 10 years to have the latest, greatest, fastest and loaded with stuff. I had a hard time biting the bullet on a 5 year loan for my last truck.
DieselBob
 

Re: 96 month auto loans

PostBy: SteveZee On: Thu Oct 31, 2013 8:14 am

It's pretty dumb to take that type finance for an automobile (unless it is in a collection). On the other hand in the aviation world where the used airplane market has appreciated considerably (due mostly to liability insurence and also supply), loans are like house mortgages and are routinely 10yrs and more. Of course for the most part, aircraft last considerably longer than automobiles. Engines and tires are the consumables.
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Re: 96 month auto loans

PostBy: Paulie On: Thu Oct 31, 2013 9:16 am

The long term notes are in response to the HUGE money new cars are now. Take a look at 1/2 ton pickups, any manufacturer- 30k plus! Seen only 2 regular cab strippers here in metro Boston for under 20k. :o
Paulie
 
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Re: 96 month auto loans

PostBy: SMITTY On: Thu Oct 31, 2013 9:54 am

A great reason to NOT buy new! :idea:

My Silverado had a 7 year note on it when I bought it, but I paid it off much sooner than that .... thanks to the large company that screwed me out of thousands of dollars that I had worked hard for - they paid me back. ;)

Only good part about that is, you can pay really low monthly payments until your ready to pay it off. I would never drag that out full term - you get absolutely SCREWED on interest!! Your $30k car now cost you $43k ... :shock:

New car/truck ... biggest waste of money on the planet.
SMITTY
 
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Re: 96 month auto loans

PostBy: Paulie On: Thu Oct 31, 2013 10:14 am

I used to buy new, not any more! Used cars a stupid money now too..gatta hunt for good ones and not be afraid
to fix'm. Great time to have a auto repair shop. Good friend has one, 4 bays, always full. And the stuff that people are fixing....worn hard, bazillion miles,beat to death etc.- sign of the times. We work at keeping ours sound and reliable. At the point now were I'm thinking of a lift in the barn. Can buy a used alignment lift pretty reasonable,seems to be a better fit than a standard lift. They take up more space but easier for many tasks-the "built in shelf" a huge bonus! :shots:
Paulie
 
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Re: 96 month auto loans

PostBy: DePippo79 On: Thu Oct 31, 2013 10:42 am

Lifts are nice. Not high on my tool want list. I recommend putting the money into tire changing/balance equipment. Friend found me a deal on a used Hoffman rim clamp machine for $600.00. I only have a bubble balancer now, but it gets the job done. The days of being porked on tires are over. No more paying $5.00 for a .20 cent valve stem. Tirerack.com has decent prices. Only thing I miss about being a professional mechanic is no more access to the lifts and brake lathes and being able to do my own inspection stickers. Matt
DePippo79
 
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Re: 96 month auto loans

PostBy: anthony7812 On: Thu Oct 31, 2013 2:56 pm

SMITTY wrote:New car/truck ... biggest waste of money on the planet.


Your DARN RIGHT! I see prices of new vehicles and I just dont get it. Friend just bought a new laramie pickup for 55G WTF I said to him, he replies its got everything tho man. I just cant justify that nonsense.
anthony7812
 
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Re: 96 month auto loans

PostBy: Hambden Bob On: Thu Oct 31, 2013 5:36 pm

Man..........I can't believe a note on a car is available for that length of time ! It's financial suicide... :fear:
Hambden Bob
 
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Re: 96 month auto loans

PostBy: SMITTY On: Thu Oct 31, 2013 10:41 pm

DePippo79 wrote: ....... I recommend putting the money into tire changing/balance equipment. ......... Matt

Did that 8 years ago. Best thing I ever did. No more idiot kids friggin up my vehicle while performing a task they were supposedly "trained" for ... :roll:

Can anyone see this pic below? Someone was unable to see any pics I posted this way with the IMG tags ... :confused:

Image
SMITTY
 
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Re: 96 month auto loans

PostBy: LDPosse On: Thu Oct 31, 2013 10:51 pm

It's just another tool for the banks and retailers to make sure the masses are living beyond their means! I'd love to have something new, shiny, and fast, but between the purchase price, insurance, and gas.... It's just not worth it! I need to settle for something old, rusty and fast :D

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LDPosse
 
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Re: 96 month auto loans

PostBy: anthony7812 On: Fri Nov 01, 2013 2:03 am

Don't you have one of them new fancy Prius cars LD ? toothy
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Re: 96 month auto loans

PostBy: LDPosse On: Fri Nov 01, 2013 2:27 am

anthony7812 wrote:Don't you have one of them new fancy Prius cars LD ? toothy


Oh, I drive that on my bipolar days :D

It took several months of searching to find the deal I got on that Prius. It's an '07, bought it in Jan '11 with 71,116 miles on the clock. Shelled out $12,800 for it. Going to turn past 129,000 miles tomorrow. :shock:

I hated to drop that money on it, but it's been the most trouble free car I've owned. I LOVE to drive, and I love to go explore new places, which I most likely wouldnt have done without a high MPG car. The downside, it handles like crap (loads of understeer and body roll), it's slow, it's bland looking, and everyone assumes you're a tree hugging hippie liberal....
LDPosse
 
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Re: 96 month auto loans

PostBy: anthony7812 On: Fri Nov 01, 2013 4:29 am

LDPosse wrote:
anthony7812 wrote:Don't you have one of them new fancy Prius cars LD ? toothy


Oh, I drive that on my bipolar days :D

It took several months of searching to find the deal I got on that Prius. It's an '07, bought it in Jan '11 with 71,116 miles on the clock. Shelled out $12,800 for it. Going to turn past 129,000 miles tomorrow. :shock:

I hated to drop that money on it, but it's been the most trouble free car I've owned. I LOVE to drive, and I love to go explore new places, which I most likely wouldnt have done without a high MPG car. The downside, it handles like crap (loads of understeer and body roll), it's slow, it's bland looking, and everyone assumes you're a tree hugging hippie liberal....


I just traded my 03 f150 lariat with 80,000 miles that on a good day got maybe 15 mpg's for a 08 pontiac g5 with 40000 miles that im getting 35 mpg's consistently. I lost the sit high 4x4 but I can way out manuever that tank with the little 5 speed. Fun to drive, but im no where near prius mileage. I told the mrs we will have "one nicer new to us" vehicle but for me im goin all craigslist crappers. Screw that payin the bank nonsense.
anthony7812
 
Stoker Coal Boiler: VanWert VA 400
Hand Fed Coal Stove: Harman Mark III
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Re: 96 month auto loans

PostBy: Flyer5 On: Sun Nov 10, 2013 7:18 pm

Paulie wrote:I used to buy new, not any more! Used cars a stupid money now too..gatta hunt for good ones and not be afraid
to fix'm. Great time to have a auto repair shop. Good friend has one, 4 bays, always full. And the stuff that people are fixing....worn hard, bazillion miles,beat to death etc.- sign of the times. We work at keeping ours sound and reliable. At the point now were I'm thinking of a lift in the barn. Can buy a used alignment lift pretty reasonable,seems to be a better fit than a standard lift. They take up more space but easier for many tasks-the "built in shelf" a huge bonus! :shots:



I love my lift. They are pretty reasonably priced now.

http://www.gregsmithequipment.com/Lifts?ibp-adgroup=npadwords&gclid=CM7v0Yat27oCFag7OgodbmEAFQ

I have this one
http://www.gregsmithequipment.com/Atlas-Kwik-Bay-7-000-LB-Mid-Rise-Lift
Flyer5
 
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