Overheard on Facebook

[Goldielocks]

Compared to owning a second car for my purposes, Uber is much, much less expensive.

What about compared to a London Tube journey?

In London, based on where we were staying (north of Camden Town), I found that three one way Uber trips / day to various tourist sites was less expensive than 4 daypasses, or 3 Tube trips x 4 persons per day.   We saved about 15-25 minutes per trip with UBER, too, including walking to the stop.   I was surprised as it was my first experience with UBER.   Bus alone (no Tube) was cheaper than UBER, but added time if you were going further away.

The key is 4 persons per ride, though.

[penguintroopers]

Poster: I need to get a new car. This should be fun, my bank account is already crying.
Comment: Same. Just got to deal with "joy" of needing to buy a new car. Here's to 6 years of tears. (champagne glasses toasting emoji)

Me: *with a slow head tilt of confusion*

Does no one realize that its possible to either a. get a used car, b. get a lower priced new car with few features or c. not do something crazy like a 6 year loan term? Is everyone really so stretched thin that they cant scramble a couple hundred bucks together, and then pay it off in high gear so its paid off in 2 years max?

We just went through the car buying process, and I would say we're really happy with our purchase. However, we've only had it for just over a week, so I haven't gotten the "used cars break down, you don't know your car's history" repair bill of death yet. But still. Instead of 6 years of paying on it, we'll hopefully have it paid off by Thanksgiving.

[kayvent]

I remember hearing that "back in the day" three year car loans were ridiculous.

This whole affair is an Ouroboros. When prime interest rates were 11+% it was crazy to have a loan for an extended period of time. Not that loans are so cheap, as strange as it sounds, it is sometimes illogical to not take a loan. (See the Not Paying Off Mortgage early thread.) I am unsure whether people have insane debts because these rates are so low or if these rates are so low because people have crazy debts.

I know there is a feedback loop but I do ponder what was the catalyst. Anyone know of any scholarly discussion on this?

[penguintroopers]

I remember hearing that "back in the day" three year car loans were ridiculous.

This whole affair is an Ouroboros. When prime interest rates were 11+% it was crazy to have a loan for an extended period of time. Not that loans are so cheap, as strange as it sounds, it is sometimes illogical to not take a loan. (See the Not Paying Off Mortgage early thread.) I am unsure whether people have insane debts because these rates are so low or if these rates are so low because people have crazy debts.

I know there is a feedback loop but I do ponder what was the catalyst. Anyone know of any scholarly discussion on this?

True. I had forgotten that some places offer 0% interest on a new vehicle. I doubt we would qualify anyway, which makes that point moot.

On the whole why do we have debt: people take a lot of debt because of low interest rates or interest rates are low because people take a lot of debt... that's a whole which came first, the chicken-or-the-egg conundrum.

I'd suggest its people have crazy debts on stuff because interest rates are low. If interest rates were a lot higher, I would say people would reconsider their mortgage, student loan, and car purchases. Right now its just easier to push those things off, and keeps balances higher. Plus, pretty much everyone sees those as investments (well, minus car loans). Now I'm wondering if rates are low and are staying low because banks are lulling us into a consume nature, and will slowly increase rates until everyone with high debt also has crazy high interest rates.

*slowly puts on tinfoil hat*

[gooki]

The base price of the vehicle is inflated to cover the 0% interest rate.

The cost of wholesale lending is also very cheap.

[zolotiyeruki]

The base price of the vehicle is inflated to cover the 0% interest rate.

The way I hear it, dealerships actually inflate the price if you pay cash, because they get a commission on the financing.

[londonstache]

Compared to owning a second car for my purposes, Uber is much, much less expensive.

What about compared to a London Tube journey?

In London, based on where we were staying (north of Camden Town), I found that three one way Uber trips / day to various tourist sites was less expensive than 4 daypasses, or 3 Tube trips x 4 persons per day.   We saved about 15-25 minutes per trip with UBER, too, including walking to the stop.   I was surprised as it was my first experience with UBER.   Bus alone (no Tube) was cheaper than UBER, but added time if you were going further away.

The key is 4 persons per ride, though.

Depends on how you are doing it - I recommend to those visiting London to get an Oyster card as then you pay the London price rather than the extortionate RRP. However I can easily see how an Uber for 4 seems reasonable.

My big frustration is that most London residents (unless they are bicycling Mustachians, who are even less likely to get an Uber) buy a monthly travelcard that allows them unlimited 24-hour transportation within their selected zones (usually between home and work). As this is a sunk cost the price of an Uber isn't £10 compared to £2 for the underground, it's £10 that is unnecessary spend. 

[cheapass]

The base price of the vehicle is inflated to cover the 0% interest rate.

The way I hear it, dealerships actually inflate the price if you pay cash, because they get a commission on the financing.

That's true if they're making money on the interest. They're not making money on the interest at 0% so the price is higher to cover the lack of interest.

Often times the price isn't "higher", it's just that you have a binary choice of 0% financing OR $x,xxx cash back.

[I'm a red panda]

The base price of the vehicle is inflated to cover the 0% interest rate.

The way I hear it, dealerships actually inflate the price if you pay cash, because they get a commission on the financing.

That's true if they're making money on the interest. They're not making money on the interest at 0% so the price is higher to cover the lack of interest.

Often times the price isn't "higher", it's just that you have a binary choice of 0% financing OR $x,xxx cash back.

I've never had a car loan- but isn't 0% typically an intro rate. And they rely on most people not paying it off before the rate skyrockets.

[ixtap]

The base price of the vehicle is inflated to cover the 0% interest rate.

The way I hear it, dealerships actually inflate the price if you pay cash, because they get a commission on the financing.

That's true if they're making money on the interest. They're not making money on the interest at 0% so the price is higher to cover the lack of interest.

Often times the price isn't "higher", it's just that you have a binary choice of 0% financing OR $x,xxx cash back.

I've never had a car loan- but isn't 0% typically an intro rate. And they rely on most people not paying it off before the rate skyrockets.

No, it is a bait and switch rate. It gets people to come in, but the people who need it aren't eligible. The people who are eligible use it to keep their money earning interest elsewhere, so the business can still claim that it is legit, just look at how many people we give it to.

It also helps the business because boglehead who might have otherwise waited another year or two just might jump on the 0% financing, and so another car gets sold.

[frugalnacho]

The base price of the vehicle is inflated to cover the 0% interest rate.

The way I hear it, dealerships actually inflate the price if you pay cash, because they get a commission on the financing.

So what if you negotiate price before discussing financing? Lead them to believe you need to finance, but not explicitly state it, then when it comes time to finance BAM bust out that check book.   Or explicitly state it anyway to trick them because fuck those crooks they lie all the time.

[cheapass]

So what if you negotiate price before discussing financing? Lead them to believe you need to finance, but not explicitly state it, then when it comes time to finance BAM bust out that check book.   Or explicitly state it anyway to trick them because fuck those crooks they lie all the time.

That's what my friend's brother did. "blah blah monthly payment, yeah that sounds great" and then once the dealer said a final price for the car, he busted out the checkbook. It was awesome.

I've got a 0% loan, just about to run out in June. I think I paid a few hundred extra in the base price of the car, but time value of money it worked out in my favor.

[zolotiyeruki]

The base price of the vehicle is inflated to cover the 0% interest rate.

The way I hear it, dealerships actually inflate the price if you pay cash, because they get a commission on the financing.

That's true if they're making money on the interest. They're not making money on the interest at 0% so the price is higher to cover the lack of interest.

Often times the price isn't "higher", it's just that you have a binary choice of 0% financing OR $x,xxx cash back.

I don't think the dealership gets the interest (or a part of it), I think they get a fixed dollar amount per loan.  I'm not in the industry, though, so this is all second- or third-hand.

[mm1970]

The base price of the vehicle is inflated to cover the 0% interest rate.

The way I hear it, dealerships actually inflate the price if you pay cash, because they get a commission on the financing.

That's why the trick is to negotiate the price, not the price + financing.

Generally, they aren't happy to do this.

I remember several hours at the Toyota dealer, asking me "what about a payment of $XX per month?"
I said "I don't care about the payment.  I care about the fact that I've never bought a new car.  This is the first.  My most expensive car to date was $10,500.  I think that $18,000 is too much."

Eventually I said "nevermind, I'm tired, the baby's tired, we are leaving."

Magically they met my price.

Then we started on financing.  And I pulled out my checkbook.

They were pissed, to say the least.

[I'm a red panda]

The base price of the vehicle is inflated to cover the 0% interest rate.

The way I hear it, dealerships actually inflate the price if you pay cash, because they get a commission on the financing.

So what if you negotiate price before discussing financing? Lead them to believe you need to finance, but not explicitly state it, then when it comes time to finance BAM bust out that check book.   Or explicitly state it anyway to trick them because fuck those crooks they lie all the time.

that's the current advice for negotiating a car price. Not to let them know how you plan to pay.  It used to be that you would ask for a cash discount

[Uturn]

Many buyers are not aware, but the finance guy makes commission on the loans, extended warranties, fabric protection, and all of the other crap they try to push at close.  Actually, just about everyone at the dealership is on commission, maybe not the janitor.

My last purchase went like this:
I sent an email to three dealers, told them that I was looking for the out the door price for a 2014 Altima S brown, charcoal interior, no extended warranties or protections.  Trading in a 08 Rabbit with xxx miles, 5 speed, no dents or scratches, clean interior.  Any replies along the lines of $xxx less than any other offer will be ignored.

One dealer replied not interested, the other two were within $200 of each other.  I called the one that was lower and scheduled a time to come in and close.  Got to the finance office and he brought up the extended warranty.  I said that I understand that he is required to push those, but let's pretend that I sat through all of the sales pitch, I'm not interested.  He said "I understand, but let me explain the benefits" and pulled out a brochure.  I picked up the keys to my trade in and left.

I called the next dealer and scheduled a time to come in and close.  Got to the finance office and he said that he understands that I don't want to purchase any extras, but his price included a $2000 rebate for financing through Nissan Motor Credit, do I have a problem carrying a note for a minimum of 3 months to get the rebate?  I had to finance at least $7k for 90 days at 1.5% to get the $2000 rebate, done. 

Frugal people are the outliers, not the norm.  We have to keep in mind that most sales people do not really know how to handle a frugal customer.  They just don't see us very often.  So I will tell them up front what I expect, and will allow them to blow me off once before I walk out on the deal.

[Rowellen]

The base price of the vehicle is inflated to cover the 0% interest rate.

The way I hear it, dealerships actually inflate the price if you pay cash, because they get a commission on the financing.

That's why the trick is to negotiate the price, not the price + financing.

Generally, they aren't happy to do this.

I remember several hours at the Toyota dealer, asking me "what about a payment of $XX per month?"
I said "I don't care about the payment.  I care about the fact that I've never bought a new car.  This is the first.  My most expensive car to date was $10,500.  I think that $18,000 is too much."

Eventually I said "nevermind, I'm tired, the baby's tired, we are leaving."

Magically they met my price.

Then we started on financing.  And I pulled out my checkbook.

They were pissed, to say the least.

If they are smiling when you leave, you've been ripped off.

[Goldielocks]

So what if you negotiate price before discussing financing? Lead them to believe you need to finance, but not explicitly state it, then when it comes time to finance BAM bust out that check book.   Or explicitly state it anyway to trick them because fuck those crooks they lie all the time.

That's what my friend's brother did. "blah blah monthly payment, yeah that sounds great" and then once the dealer said a final price for the car, he busted out the checkbook. It was awesome.

I've got a 0% loan, just about to run out in June. I think I paid a few hundred extra in the base price of the car, but time value of money it worked out in my favor.

The opposite happened to me, and your suggestion did not work for me.  We were shopping for a used car, and the local dealership had a "0% financing on all cars" offer.  So down we go.  The first question I ask the salesman was "which cars get 0%?"  the answer was all of them.   I re-asked after stating we wanted a used car..."Does the 0% offer cover used cars?".. the answer was yes.   He asked as we approached several cars meeting my specs "What colour do you like?"  I replied "Which colour is cheapest?"...!  I suppose 29 year old women don't normally answer that way?!  Anyway.

We then negotiated the car price, for quite a while, took out our $2k cash deposit to show we were serious to get the guy to stop with the "four square" nonsense and just work on a single price... had to threaten to leave if he continued.   Got to a price, back and forth with the permission from the manager, etc nonsense, and then were handed off to financing for the final write up on our "0%" car loan.

Well,   apparently the 0% offer is not for used cars.   Go figure.     The sales guy thought we would just take the financing available.   I had calculated it into the price we were willing to pay.   We stood up and walked away. 2 hour waste of a saturday afternoon and a babysitter.

[dragoncar]

So what if you negotiate price before discussing financing? Lead them to believe you need to finance, but not explicitly state it, then when it comes time to finance BAM bust out that check book.   Or explicitly state it anyway to trick them because fuck those crooks they lie all the time.

That's what my friend's brother did. "blah blah monthly payment, yeah that sounds great" and then once the dealer said a final price for the car, he busted out the checkbook. It was awesome.

I've got a 0% loan, just about to run out in June. I think I paid a few hundred extra in the base price of the car, but time value of money it worked out in my favor.

The opposite happened to me, and your suggestion did not work for me.  We were shopping for a used car, and the local dealership had a "0% financing on all cars" offer.  So down we go.  The first question I ask the salesman was "which cars get 0%?"  the answer was all of them.   I re-asked after stating we wanted a used car..."Does the 0% offer cover used cars?".. the answer was yes.   He asked as we approached several cars meeting my specs "What colour do you like?"  I replied "Which colour is cheapest?"...!  I suppose 29 year old women don't normally answer that way?!  Anyway.

We then negotiated the car price, for quite a while, took out our $2k cash deposit to show we were serious to get the guy to stop with the "four square" nonsense and just work on a single price... had to threaten to leave if he continued.   Got to a price, back and forth with the permission from the manager, etc nonsense, and then were handed off to financing for the final write up on our "0%" car loan.

Well,   apparently the 0% offer is not for used cars.   Go figure.     The sales guy thought we would just take the financing available.   I had calculated it into the price we were willing to pay.   We stood up and walked away. 2 hour waste of a saturday afternoon and a babysitter.

That's just not worth it to me.   If and when I get another car, I'll probably pay a bit over the optimal price to deal with one of those no haggle places.

[With This Herring]

*snip car dealer rigmarole*

Well,   apparently the 0% offer is not for used cars.   Go figure.     The sales guy thought we would just take the financing available.   I had calculated it into the price we were willing to pay.   We stood up and walked away. 2 hour waste of a saturday afternoon and a babysitter.

That's just not worth it to me.   If and when I get another car, I'll probably pay a bit over the optimal price to deal with one of those no haggle places.

This sort of nonsense is why I only buy cars from individuals (who permit me to get the vehicle inspected by my mechanic first).  No foursquare, no financing shenanigans, no sales pitches.

[Sibley]

It does rattle them when you take the laptop, pull it out and start doing your own amortization tables. Then look up and say, "your numbers are wrong. Please fix them."  Doesn't matter if they do the 4 square nonsense when you're sitting there doing your own calculations. And calling them on the BS. I sat there for 3 hours while they kept coming back with different numbers, I ran my own numbers, and sent them back. In the end, I got the total purchase price that I had predetermined, a better interest rate than my bank had offered, plus a nice chunk of money for using their financing. (this was before I found MMM)

[barbaz]

What's four square?

[Goldielocks]

https://axleaddict.com/auto-sales/How-To-Use-The-Four-Square-System-To-Sell-Cars

Its a way to try to focus the customer on a low monthly lease or payment, and not the total number, while distracting them to look at another box if they have a very good position on why the number in the previous box looked wrong.   It also has a chart with lots of different numbers and a lot of people don't want to juggle so many numbers in their head, and they just trust that the lowest number (the bi-weekly payment, for example) must be good because it is low.

ETA... OMG I just read that link in more detail.  Apparently more downpayment means more gross profit, because they can sell the car for more money as the bank caps out how much they will loan on a car...!!!   I thought I read that wrong, because they can't get finance interest on the downpayment money, but they mean that they can sell the car for MORE...!


Downpayment -- This is one of the best boxes for the salesman to concentrate on as it is usually true that the more cash the customer puts down the higher the gross will be.

Why is that?

A bank will only allow a certain amount of money to be financed on any particular vehicle. If you sell the vehicle for $10,000 dollars but the bank will only lend $8,000 dollars on the vehicle, the only way to maintain gross is to get $2,000 dollars from the customer, plus any tax and registration fees.

[kaypinkHH]

Pre-MMM I bought my first car after landing my first job after finishing university. It was a stupid new car.  I took out a loan at 0.9% or whatever low value it was. I was all proud of myself for negotiating with the dealer/trading in Future Mr.HH's car, etc. etc.

A few years later when we read MMM and decided it was time to sell the car to buy an older used car we busted out the paperwork. We checked the math, and I WAY OVER PAID for the car. Basically it worked out that we ended up getting a $900 trade in on Mr.HH's 2 year old car a the time. Not cool AT ALL.

Next time we had to buy a car: Certified used car dealership, cash offer, "here is our price if you can't match it we are walking". It was so much better.

[JordanOfGilead]

I wonder what the typical APR is for financing a car load of foam these days ....

[marielle]

When your truck is so expensive ($85,000) you're willing to trade it for real estate...

This truck's tires cost more than my car is worth.

[dandarc]

When your truck is so expensive ($85,000) you're willing to trade it for real estate...

This truck's tires cost more than my car is worth.

So, buying this thing was bad, but turning it into real estate is potentially good.  Gotta wonder who would see this ad and think trading a piece of land or a house or condo for a truck is a good deal.

[dragoncar]

When your truck is so expensive ($85,000) you're willing to trade it for real estate...

This truck's tires cost more than my car is worth.

So, buying this thing was bad, but turning it into real estate is potentially good.  Gotta wonder who would see this ad and think trading a piece of land or a house or condo for a truck is a good deal.

IVe got a a bridge I can trade

[solon]

He says he has title in hand, so at least there's no mortgage loan.

[marielle]

He says he has title in hand, so at least there's no mortgage loan.

I didn't even catch that, maybe he traded his house for it and now regrets it!

[BuzzFire]

The homes in my subdivision have values in the $200-$400k range, and every other driveway has a jacked up new looking pickup or giant SUV. When these people drive to and from work, I feel like they are looking at me with pity because I am the out of work guy (early retired) in gym clothes walking his dogs twice a day. I feel like printing out all of the best MMM blogs and taping them to these god awful vehicles.
I think I have the only Prius out of 100 or so houses.

[JetBlast]

Just saw an ad on Facebook for layaway plans to purchase tickets to next year's EDC in Las Vegas. Layaway plans for music festival tickets!

[jinga nation]

The homes in my subdivision have values in the $200-$400k range, and every other driveway has a jacked up new looking pickup or giant SUV. When these people drive to and from work, I feel like they are looking at me with pity because I am the out of work guy (early retired) in gym clothes walking his dogs twice a day. I feel like printing out all of the best MMM blogs and taping them to these god awful vehicles.
I think I have the only Prius out of 100 or so houses.

It's not you. It's the Prius. To them you're just another tree-hugging smug bum with dogs enjoying life.
Don't let the secret out unless they show an inkling or determination to change ways.

[MgoSam]

The homes in my subdivision have values in the $200-$400k range, and every other driveway has a jacked up new looking pickup or giant SUV. When these people drive to and from work, I feel like they are looking at me with pity because I am the out of work guy (early retired) in gym clothes walking his dogs twice a day. I feel like printing out all of the best MMM blogs and taping them to these god awful vehicles.
I think I have the only Prius out of 100 or so houses.

It's not you. It's the Prius. To them you're just another tree-hugging smug bum with dogs enjoying life.
Don't let the secret out unless they show an inkling or determination to change ways.

Yup, but then again I'm the type of person that agreed heartily when a Coaster tells me that Minnesota is "terrible and so dang cold," because I really don't want any of them to get the idea to move over here. I like this state the way it is (apart from winter being too damn long).

[AlanStache]

I was just playing around on gmc.com with adding options to the 2017 SIERRA 3500 DENALI and after I hit ~70k purchase price it stopped letting me add things, no clue why.  I was at 70k$ only half way through the options list; I did not even get to the 1600$ rear seat dvd players.  There are 2bed/2bath condos for 50k near my house....

Edit: I am now getting gmc denali adds at the bottom of mmm forum pages :-)

[RWD]

Edit: I am now getting gmc denali adds at the bottom of mmm forum pages :-)

https://www.google.com/search?q=ublock+origin

[dandarc]

I was just playing around on gmc.com with adding options to the 2017 SIERRA 3500 DENALI and after I hit ~70k purchase price it stopped letting me add things, no clue why.  I was at 70k$ only half way through the options list; I did not even get to the 1600$ rear seat dvd players.  There are 2bed/2bath condos for 50k near my house....

Yeah, but how do the condos handle in the snow?

[Paul der Krake]

I was just playing around on gmc.com with adding options to the 2017 SIERRA 3500 DENALI and after I hit ~70k purchase price it stopped letting me add things, no clue why.  I was at 70k$ only half way through the options list; I did not even get to the 1600$ rear seat dvd players.  There are 2bed/2bath condos for 50k near my house....

Yeah, but how do the condos handle in the snow?

Industrial-grade stability.

[AlanStache]

I was just playing around on gmc.com with adding options to the 2017 SIERRA 3500 DENALI and after I hit ~70k purchase price it stopped letting me add things, no clue why.  I was at 70k$ only half way through the options list; I did not even get to the 1600$ rear seat dvd players.  There are 2bed/2bath condos for 50k near my house....

Yeah, but how do the condos handle in the snow?

Industrial-grade stability.

The condo would be perfectly static in the snow but it would not have 12 way power adjustable heated seats.

[ixtap]

I was just playing around on gmc.com with adding options to the 2017 SIERRA 3500 DENALI and after I hit ~70k purchase price it stopped letting me add things, no clue why.  I was at 70k$ only half way through the options list; I did not even get to the 1600$ rear seat dvd players.  There are 2bed/2bath condos for 50k near my house....

Yeah, but how do the condos handle in the snow?

Industrial-grade stability.

The condo would be perfectly static in the snow but it would not have 12 way power adjustable heated seats.

Dear lord, I have enough trouble leaving the house as it is!

[dandarc]

This showed up today:


Link: https://www.facebook.com/jakelikesonions/photos/a.1979459829000876.1073741829.1704653189814876/1982867701993422/

#Choices

[JAYSLOL]

Today somebody posted a chunk of "Gold Ore" for sale on several local Facebook buy and sell groups for "$1400 firm" and stated it was "VERY RARE, HAS A LOT OF GOLD IN IT".  It was Pyrite.  Fools Gold.  100% sure.  Either they wanted to rip someone off or were really that clueless.  Many offers of around $1 came in. 

[Imma]

Not on facebook, but I saw it in my Facebook feed:

http://www.dailymail.co.uk/news/article-4960378/Childhood-sweethearts-buy-home-say-it.html

Young couple save up for a downpayment on a fixer-upper house and buy it at the age of 22 and 24 and plan to pay off the mortgage well before the age of 40.

3000 people let them know they are wasting their lives and are making the worst decision ever.

[Raenia]

Not on facebook, but I saw it in my Facebook feed:

http://www.dailymail.co.uk/news/article-4960378/Childhood-sweethearts-buy-home-say-it.html

Young couple save up for a downpayment on a fixer-upper house and buy it at the age of 22 and 24 and plan to pay off the mortgage well before the age of 40.

3000 people let them know they are wasting their lives and are making the worst decision ever.

Love all the comments that they must have had an inheritance or help to get a down-payment, because obviously two young people couldn't save it up by themselves.

[fruitfly]

My favorite comment: "Make happy memories or pay off the mortgage on number 4 Privet Drive. I know which one I choose."

I guess if you don't go out for kabobs you're automatically the Dursleys?! What about making happy memories AT number 4 Privet Drive?

[martyconlonontherun]

There are different tricks at a dealer with interest rate

0% new car- typically instead of cash rebate on a higher manufacturer sticker price

1.9% example of certified used. For gm it's actually a good deal because the rate is subsidized by gm to get people into service and build loyalty. Price of car was determined ahead of time when they bought and valued it. They only put in like 125 for certification they add to the cost but as a buyer you also get warranties extensions and a little more piece of mind since they are supposed to have standards.

Bank deals- they do get commission with loans from their banks. They have working relationship with banks and can get people "bought" even if the bank normally wouldn't service the loan. I've seen them beat credit unions even with the commission so go in with a pre approved loan and let them beat it. You just need the leverage.

[Imma]

My favorite comment: "Make happy memories or pay off the mortgage on number 4 Privet Drive. I know which one I choose."

I guess if you don't go out for kabobs you're automatically the Dursleys?! What about making happy memories AT number 4 Privet Drive?

I bought a home at 24 without an inheritance, a well paying job or rich parents. And I hope we're more fun than the Dursleys ... The large cupboard under the stairs was a huge selling point for me though.

Actually my life has become so much more fun since we have bought this house. The mortgage on our terraced house is about half of the rent we used to pay for our terrible apartment and it's twice as big with a little garden. Many of our friends still live in shared rental flats so they all like to come over. We have BBQ's in summer and film nights in winter and everyone can stay over at night because our house is so big (well, 800 square foot, but that's like a mansion for the average 20-something). We can decorate the house exactly the way we like. We have control over the heating! We finally have a proper sized kitchen and dinner table so we can invite people over for dinner. We do live in a bog standard terraced home on a housing estate that might not be 'good enough' for everyone but that's a small price to pay for all this fun.

[economista]

My favorite comment: "Make happy memories or pay off the mortgage on number 4 Privet Drive. I know which one I choose."

I guess if you don't go out for kabobs you're automatically the Dursleys?! What about making happy memories AT number 4 Privet Drive?

These kind of comments really piss me off.  I grew up below the poverty level and we always lived in subsidized housing.  I saved up a down payment and bought a house by myself at 24 in mid-COL area, without receiving $0.01 from my parents after I turned 18.  No inheritance, no gifts, not even any financial help while in college.  And I have certainly have more fun than the Dursleys :D

[dragoncar]

My favorite comment: "Make happy memories or pay off the mortgage on number 4 Privet Drive. I know which one I choose."

I guess if you don't go out for kabobs you're automatically the Dursleys?! What about making happy memories AT number 4 Privet Drive?

Nope, Dursleys only eat avocado toast

[marielle]

I wanted to comment that you should invest that money in index funds but I refrained.