Car Payment vs. Savings

I totally agree with you but I'm staying this way as of right now because I plan on moving back to Charlotte within a year or two and probably buy a house.

That's a good idea. I still have a good chunk after it's paid off. Maybe I'll just do that for Christmas.

I've been managing my money terrible since I've gotten here. It just goes all into savings right now.

 

Yea I have been rolling over negative equity and financing for 6 years. I knew it was not smart at the time but I did it anyway. I have a weakness for cars, when I was a teenager my dad had dealer plates and I got to drive something different all the time. I had a mustang, a firebird, a LeMans Sport, a Triumph and it never hurt me trading them around back then but now I am in the real world and have dug a hole. Three years and I am out though.

 

yeah.

wasn't really looking for a vehicle, just curious to see what you drive and why.

the van makes sense for you and the BMW lease is the companies dime, even though BMWs pretty much suck the volvo sounds like a vehicle you have and don't really need to get rid of and the alpha is your toy. scooter are fun to ride and if your on a vespa then that's not quite as embarrising as riding a fat chick.

I have normally made very good decisions in vehicle purchases as far as quality and I normally buy 1 to 4 year old models to avoid the negative cost of new cars.

Carmax has pretty much figured the used car game out and perfected it....they buy at trade if value and sell at retail value (occasionally private party value if the car sits too long) so they always get their money out of the deal...ala the Jeep Grand Cherokee.

It makes since for me to buy one of these 100000 mile warranty semi-suv that gets almost 25-30 miles to the gallon for work purposes, because I hit around 1000 miles a week and the vehicle is strictly for work.

 

Doesn't sound terrible to me.

 

It's gonna be hard to find ANY vehicle that $500 per month will pay for 52000 miles per year.

Maybe a Corrola.

 

I got it down to this list.

CRV
Highlander
Sorenta
Sportage
VUE
Rav4
Scion XB

then I got the FJCruiser sitting at 23K, but the gas sucks on it

18-24K and payments work out to 350-480 depending.

I'm hitting about 28-35 thousand miles a year. 1000 a week was a bit strong.

 

Still - 60-70k in 2 years is alot of gas, tires, oil changes, etc.

I think you need about a $250-$300 payment to cover the above plus insurance and taxes and whatnot, and then you may be upside-down on the loan.

I guess the allowance is more like a co-op. Unless you pay cash for a used Corolla or something cheap, and pocket that $500, the car for work is going to cost you a few grand a year.

And unless you go with the Corolla and pocket the $500, if the car is gonna cost you a few grand a year you may as well get whatever you want, considering the $500 won't cover it.

 

The company pays 500 for a 5 year or newer car only. They pay .23 cent a mile for all mileage. Right now I'm barely breaking even on the .23 cent with the Jeep, cause it's getting 15 miles to the gallon....so 300 miles cost me 60 bucks and I get 69......if i get one of the 25 per gallon vehicles my cost goes to $36 for the same 300 miles, so that would average around $60 more in my pocket each week or $240 a month, which should cover insurance and still leave money in my pocket and with the 100000 warranty I shouldn't have any other costs other than tires and oil changes.

 

So they pay $500 per month PLUS .23 per mile?

So they pay $6000 per year PLUS about $6900 for mileage?

If so - you're golden. That's like more than half the money you left out, dude.

 

sorry. it has only paid for gas with the Jeep. it's definatly a perk if you have the right vehicle. another main reason the Jeep has to go, plus the $5000 in repairs i've already made to the Jeep since 2/2006.

most of the guys have these 350 trucks and actually pay to drive even with the .23 cents per mile. big issue with the superintendents, but nobody told the rednecks to drive gas guzzling moster trucks.