Posted by charles todd on July 12, 2008 at 22:26:23 from (205.242.95.139):
In Reply to: OT Financial Fiasco posted by dave guest on July 09, 2008 at 21:18:35:
I got into trouble while I was in college with credit cards... It took about 4-5 years to get that monkey off my back and I had no auto note (1979 3/4-ton and gas was less than $1.50/gal). Three years ago I bought a used, 2001 K1500 with low miles, loaded to the gills with options (nice truck) and got it for about $5K less than KBB (Brother-In-Law was in a bind and he wanted payoff). In August it wlll be paid off 2 years early. I have made several principal payments along with the note. If you have a couple grand in the checking account after bills every few months, make a principal payment and get rid of the loan, intrest is lost money.
We also bought a 2008 Mini Cooper S this year. One of the reasons we bought it is the 5-star resale value. The loan officer at BMW motor credit said that they hate to see a Mini come in on trade for a Mini. A 2-3 year old Mini has about $2-3K less value than an equal new one. So on a $30K car in 2-3 years we can TRADE-IN, not private party sale the car for a new one and only have a $2K-$3K difference. There are 2004 Mini's on EBAY for more than a new one...
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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