(December 3, 2016 at 10:59 am)mh.brewer Wrote: What do you want a truck for?

Camping trips, moving, the beach (need four-wheel drive here), mountains, etc. It would be used sporadically, but we could really get some use out of one. Have to have the extended cab in case family wants to tag along. Can't put kids in the front seat.

(December 3, 2016 at 12:40 pm)SteelCurtain Wrote: I'll never purchase a car again.

I bought my Subaru, and I love it, but I loathe paying on a car that by the time I'm done will be worth jack shit.

I will lease from now on. I don't mind not owning a thing that will be worth shit by the time I'm don't paying on it. Plus, I get a brand new car every three years or so.

Long term leases with cars are often worse than buying outright. With respect to cars, I'd say the best option is to map out when you're replacing your current one (bar unforseeables), and work up a plan to start saving ahead of time so you've as much as possible cash in hand*.

And with any sort of leasing arrangement, I'd look very hard at the small print before even touching the pen. Even the smallest dent, or overage on your mileage (which is often very restrictive) could set you back thousands when you hand back the car keys in three years time. Remember dealers don't offer you these kinds of deals because they're good for you.

*Of course with the ubiquity of credits union in Ireland, I've access to cheap finance for part or all of a car purchase no bother (I'm a member of two).

My dad is in the business, so no matter what I do car wise, I do it through him.

Even if you pay outright for a vehicle, it is a major asset that only depreciates, unless you happen to hang on to a car for 30+ years that happens to turn into a classic, and there are good arguments to be made that this will never really happen anymore.

I treat transportation instead as a utility cost. When I lease, I pay less than I would pay for a normal car note, and the end of the line is that I haven't paid $25k with interest for a vehicle that is worth $8k when I'm done paying for it. Instead, I get a brand new vehicle with all the bells and whistles I want for the same lease payment.

I understand the risks of mileage overages and dents, but if you have one of those issues, you haven't found the right lease, or you haven't managed your miles properly. My father will always make sure I am well taken care of as far as not being taken advantage of by a dealer, as I'm working through him. I know how many miles I put on a car per year, and I also have a guy who will fix dents for cheap.

Overall, I would just rather have the newer car than a constantly depreciating hunk of metal.

I've considered leasing, but I couldn't possibly accurately calculate mileage from year to year.

(December 3, 2016 at 12:41 pm)Shell B Wrote:

(December 3, 2016 at 10:59 am)mh.brewer Wrote: What do you want a truck for?

Camping trips, moving, the beach (need four-wheel drive here), mountains, etc. It would be used sporadically, but we could really get some use out of one. Have to have the extended cab in case family wants to tag along. Can't put kids in the front seat.

OK. Coming from a kaboy that has lived in truck country for years, these might be a few tips. 

You can get a 4/w or all wheel drive SUV/van cheaper than large extended cab truck. Saves on gas mileage and fits 4 to 6 people easy. Large trucks are made for work not vacation. You pay up for a large truck. Small trucks are a different story (ranger/frontier) and may work for you. 

If you want/expect to tow, check towing specs. I've got a KIA Sportage that seats 4 and tows a 2K trailer no problem. Front wheel drive, never been stuck. 4/w drive was only 3K extra. Plus it will carry 0.3K on the roof rack. 

If you go for a truck, get a topper for the bed (approx $1000) and a bed liner. Heavy carpet will work for a liner if your have a topper. If you buy a topper, pay up for one that has a good lock if you intend to store stuff in it.

I'm 23 and I can confidently say I have more money in my savings account than what many Americans probably make in a year. I've been saving and investing for many years now and the best I can say is: Live below your means. Budget, budget budget.

I barely use my credit card. I don't buy things I can't afford. I follow my budget strictly 99% of the time so that when I do want that new outfit or that new watch or pair of shoes I can get it. When my girl wants a new outfit or a piece of jewelry I can buy it. When my brother asked me for money to help put my niece through private school I was able to give it to him. Money doesn't buy happiness but goddam it's nice when you don't have to worry about it.

I don't really use any of the penny pinching techniques shell is talking about but then again I don't have children or a house or school loans to pay back. I pretty much only support myself and help out with my niece which is a freedom that I know many people don't have.

I always encourage people to examine where they spend there money. Ask yourself the tough questions... Do you need that $140 a month Verizon phone bill? Do you need the newest phone every time one comes out? Do you need that new car that you clearly cannot afford and that you'll be paying off for the next 7 years? Do you need to move to that nice neighborhood across town when you still have a 10 year mortgage on your current home? Do you need to depend on credit cards? Do you need to eat out twice a week? Do you need to stop at Starbucks every morning for a latte? Do you even need to drink coffee? Or tea? Or pop? Chances are you can cut more things out of your budget than you may think. If you want to get ahead financially, it takes sacrifice.

We go through our whole lives with people trying to convince us to buy this and that and while we will all be influenced by advertising to some extent no matter what it feels much better to at least try and make a conscious decision about where you spend your money. Most people just spend their money aimlessly without realizing why and it's honestly silly. It takes sacrifice and discipline, but learning to live through a budget is honestly the smartest way to go.

I think it's awesome you made this thread and I hope everyone reads it! Who knows how different the world be if everyone spent their money wisely...

I like not buying things.

Except... Imma get shitfaced in a few days, I reckon.

@operator

If you are in that kind of position, get a cash back credit card and use it. Credit cards are only scary if you can't pay them off each month. If you pay them off in full, then you don't get charged interest, meaning your cash back is free money.

Also, keeping a credit card active and paid off will improve your credit score which will be important when you actually need to borrow money, like with a mortgage.

(December 3, 2016 at 7:43 pm)Tiberius Wrote: @operator

If you are in that kind of position, get a cash back credit card and use it. Credit cards are only scary if you can't pay them off each month. If you pay them off in full, then you don't get charged interest, meaning your cash back is free money.

Also, keeping a credit card active and paid off will improve your credit score which will be important when you actually need to borrow money, like with a mortgage.

This. We pay all of our big bills on it too and just pay it off immediately. We make hundreds a year, I'd wager, from just our usual spending.

As for the penny pinching, we don't have kids or a house (yet), either. We both work from home, so it is really easy for us to find time to do it. It's not practical to do what we do if you have a full or more time job. Some of it is easy to do, but others take time.

I use a credit card with a good cash back program and use it to manage all of my purchases and bills. I'll have enough points next year to use to buy two round trip tickets for vacation.

Cardinal rule of credit cards: pay the balance every month. Habitually carrying a balance is financial suicide.

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Also, dumpsters make for affordable temporary accommodations. Mind the pickup schedule though.