The Money Mustache Community
Around the Internet => Antimustachian Wall of Shame and Comedy => Topic started by: kfire20 on July 26, 2018, 06:42:09 AM
-
*shakes head, and rolls eyes*
http://www.cbc.ca/news/business/cars-vehicles-cadillac-ford-lease-financing-volvo-porsche-netflix-1.4760810
-
Kudos to the person who dreamed up this business model. It seems to be flourishing.
-
"I think there are a lot of people in the world — particularly in the U.S. — that are attached to having a car," said Puente. "And it's going to be hard to rip them away from it."
Nah, I'm just attached to having money.
It sounds like you don't even get the really high end cars either. Mercedes E-Class? That's only a $50-60k vehicle. Payments would be ~$1k/month with a traditional loan and then you own the car outright after five years. Granted this service includes maintenance and repairs, but that pales in comparison to the ~$7-8k/year you'd be saving.
Save even more by buying it slightly used. That's what I did with our Porsche. $84k new, bought used for $52k. Payments are $1k/month for four years. Everywhere I go people think it's really special, not realizing it cost us the same as their neighbor's boring GMC Yukon.
-
I think this is an interesting concept. I'd have to read the fine print - but I think it could be useful if you were traveling places that had very expensive car rental rates, or in a place where you'd contemplate "purchasing" a vehicle for extended stay travel. Case in point: many tourists to Aus and NZ purchase cars and stay for 3-6 months and then turn around and sell them. It might be cheaper to use this service and certainly less hassle. I don't care about driving a fancy car, but I do like the idea under certain circumstances.
-
If it were a month-to-month membership, I travelled for work, and company picked up the tab? I'd do it. Rentals can be $300/week through the major rental car agencies. For slightly more and you get a luxury car? Why the heck not. I just wouldn't want to be roped into a long contract period.
But for anyone else it's probably a really dumb deal. Facepunches abound.
-
I have a 15 year old VW with 170K miles, with a wholesale value of $350, LOL. It does seem to require some repair of $200 or so every few K miles though.
-
I loved the comment: "I don't like having the car ownership millstone around my neck all the time and I don't like having to dive substantially into my savings every decade or so to finance another car. I'd much rather pay as I go."
Or go the third way and buy something affordable with cash and be done with it for a decade or more. I'm sure though that some of these people wouldn't be satisfied with an ordinary 100K+ mile old sedan.
-
I live in one of the clown car capitals of the world (what, you don't drive a Range Rover? Are you homeless?) and there have been a lot of ads on bus stop benches advertising these "services". Figure that one out.
-
$1300/month would be a ridiculous car payment even at 0 down, short of the term of the loan being six months to a year.
To pay that and not even own anything at the end of it? Jeez. If these people are that gullible, just give ME their money then...
-
$1300/month would be a ridiculous car payment even at 0 down, short of the term of the loan being six months to a year.
To pay that and not even own anything at the end of it? Jeez. If these people are that gullible, just give ME their money then...
You could make them an offer: For that price you are driving them in your car.
The rest of the day you ca live from that income :D
-
Holy shit $1300US/month for anything short of a Ferrari is insane. $540CAD/month for an Acura with an 800km limit!! And it doesn't include gas or insurance!!! A friggin 800km Uber ride would be cheaper/km once you factor in that!!
-
I first read it as $130 a month and thought 'that's actually not a bad deal.'
-
Holy shit $1300US/month for anything short of a Ferrari is insane. $540CAD/month for an Acura with an 800km limit!! And it doesn't include gas or insurance!!! A friggin 800km Uber ride would be cheaper/km once you factor in that!!
To get a new Ferrari for $1300/month (USD) you're going to need to put ~60% down and have a 7 year loan. Or, if they existed, a 20 year loan and 0% down assuming a favorable interest rate.
$1,300/month is enough to finance up to $100k on a vehicle assuming a 7 year loan. You can certainly find used Ferraris under that mark. Probably a reasonable investment compared to blowing it on a glorified lease program.
-
Or a nice three bedroom and two bath house in a good neighborhood where I live...
-
If you have to buy really fancy cars and have to trade them in frequently, I guess this is the program for you.
There are plenty of people in the world that fit that description.
-
Or a nice three bedroom and two bath house in a good neighborhood where I live...
Yeah, but, I mean, can you drive that house?????
You can live in a car!
(I've literally heard this from people when I pointed out that I bought a new house for less than they paid for a Tesla)
-
Or a nice three bedroom and two bath house in a good neighborhood where I live...
Yeah, but, I mean, can you drive that house?????
You can live in a car!
(I've literally heard this from people when I pointed out that I bought a new house for less than they paid for a Tesla)
Can you ride your assault rifle to go buy groceries?
I like to ask that when gun nuts point out that with a car you can also kill someone.