man I'm upsidedown
01-14-2004 | 02:49 PM
#21
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Joined: Apr 2003
Posts: 633
Likes: 0
From: Mt. Vernon Ohio
When I got outta highschool I baught my camaro for $21,500. I drove it for a year and a half and dicided there was too much upkeep and I didn't want the $425/month payment anymore. I found my tacoma with really low miles and a relatively good price tag and got antzy(sp?) and took a $3k raping on the trade-in of the camaro
I should have looked around to find a dealer that would give me more money or wait untill someone baught the camaro. But I hope to hold onto it and eventually the truck will be worth more than I owe. 
Atleast I didn't do what my dad did and lease a new vehicle. He leased a new 97 z71 for like $25k for 5 years at $425 a month. Well its his work truck so he put a butt-ton of miles on it and had to recently buy the truck. He had to take out another loan for like $12k bucks. Its like $275/month for 4 years. Thats foolish I dont even wanna know the total $$. :pat:
I should have looked around to find a dealer that would give me more money or wait untill someone baught the camaro. But I hope to hold onto it and eventually the truck will be worth more than I owe. Atleast I didn't do what my dad did and lease a new vehicle. He leased a new 97 z71 for like $25k for 5 years at $425 a month. Well its his work truck so he put a butt-ton of miles on it and had to recently buy the truck. He had to take out another loan for like $12k bucks. Its like $275/month for 4 years. Thats foolish I dont even wanna know the total $$. :pat:
01-14-2004 | 03:39 PM
#23
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Joined: Aug 2002
Posts: 1,991
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From: Home: Aurora, CO; Work: The People's Republic of Denver
Originally posted by bbarggren
For those of you in upside down loans and other bad debt situations...
Buy the book "Financial Peace" written by Dave Ramsey. Aside from one SMALL part of the book where he gets kinda god preachy (I skipped that chapter), he has excellent advice on how to get debt out of your life. He has a great theory on buying cars, too. I read his book, followed his advice, and it changed my life. The only debt I have is my mortgage.
For those of you in upside down loans and other bad debt situations...
Buy the book "Financial Peace" written by Dave Ramsey. Aside from one SMALL part of the book where he gets kinda god preachy (I skipped that chapter), he has excellent advice on how to get debt out of your life. He has a great theory on buying cars, too. I read his book, followed his advice, and it changed my life. The only debt I have is my mortgage.
Then I'll buy a house, but not before then.
01-14-2004 | 04:11 PM
#24
Registered User
Joined: Feb 2003
Posts: 102
Likes: 0
From: york,sc
i couldn't sleep at night, knowing i was upside down on my loan. most vehicles depreciate 20 to 30% as soon as you drive them off of the dealer's lot- for all of those upside down- i hope you have gap insurance-just in case your vehicle get's totaled!
01-14-2004 | 04:12 PM
#25
Registered User
Joined: Jul 2003
Posts: 142
Likes: 0
From: Sacramento, Calif.
MTL_4runner,
I totally agree with you about buying a 2-3 yrs. old Toyotas to avoid huge deappreciation.
Man, I was in Montreal last week and did not see many 4runners out there. Yours is probably a spot light there. I did visit HEC and Poly though...it's paintful driving in that kind of weather without 4x4.
I am probably a little more lucky than many of you, paid off my '00 LTD 4x4 in cash for a lot less than 1/2 of its brand new value (paid $17.5K in 2003 compared to ~40K new in 2000)
Yeah, it makes sense to pay more than your minimum payment depending on your loan, you pay a lot for you principle at the last portion of your loan...so there is more advantage to pay more toward the end of your loan period.
JM2C,
Nam
I totally agree with you about buying a 2-3 yrs. old Toyotas to avoid huge deappreciation.
Man, I was in Montreal last week and did not see many 4runners out there. Yours is probably a spot light there. I did visit HEC and Poly though...it's paintful driving in that kind of weather without 4x4.
I am probably a little more lucky than many of you, paid off my '00 LTD 4x4 in cash for a lot less than 1/2 of its brand new value (paid $17.5K in 2003 compared to ~40K new in 2000)
Yeah, it makes sense to pay more than your minimum payment depending on your loan, you pay a lot for you principle at the last portion of your loan...so there is more advantage to pay more toward the end of your loan period.
JM2C,
Nam
Originally posted by MTL_4runner
I pay everything as fast as possible solely because I hate the feeling of having to owe someone. My 4Runner is finally paid completely, but when I first got it back in 1998 (bought it used for 23.5K!!!.....it is a 1996) it was quite a sum of money for someone that had just graduated college. The sad part was all I could borrow at the time (because I had just started my job) was 15K and I put 3.5K down in cash. So I had to find another 5K from somewhere.....so I borrowed from my parents who proceeded to charge me 10% interest!!!!!!!! They made 1K off of me because I needed the money but hey, when you need it, you pay. Looking back I do find it a bit cruel but such is life.
Anyway, I feel for you guys that are upside down but just be patient about paying it off and live within your means. I see so many who are leading extravagant lifestyles without the income to back it up. If you are upside down, cut back on other areas if you can to help you pay it back faster. When you finally do get it paid off be more diligent about your next purchase.
Another tip: Remember that cars lose their value in steps. I buy my cars 2-3 years old because that is when they have taken a heavy hit from their retail value. The next big drop does not come until about 7 years into the car's life. If you buy a Toyota, buying used is not a big deal since the quality is so high. Think of owning a car as minimizing your losses since any car is a wasting asset NOT an investment (unless you are dealing in classic cars but that is a whole different all game alltogether).
I pay everything as fast as possible solely because I hate the feeling of having to owe someone. My 4Runner is finally paid completely, but when I first got it back in 1998 (bought it used for 23.5K!!!.....it is a 1996) it was quite a sum of money for someone that had just graduated college. The sad part was all I could borrow at the time (because I had just started my job) was 15K and I put 3.5K down in cash. So I had to find another 5K from somewhere.....so I borrowed from my parents who proceeded to charge me 10% interest!!!!!!!! They made 1K off of me because I needed the money but hey, when you need it, you pay. Looking back I do find it a bit cruel but such is life.
Anyway, I feel for you guys that are upside down but just be patient about paying it off and live within your means. I see so many who are leading extravagant lifestyles without the income to back it up. If you are upside down, cut back on other areas if you can to help you pay it back faster. When you finally do get it paid off be more diligent about your next purchase.
Another tip: Remember that cars lose their value in steps. I buy my cars 2-3 years old because that is when they have taken a heavy hit from their retail value. The next big drop does not come until about 7 years into the car's life. If you buy a Toyota, buying used is not a big deal since the quality is so high. Think of owning a car as minimizing your losses since any car is a wasting asset NOT an investment (unless you are dealing in classic cars but that is a whole different all game alltogether).
01-14-2004 | 04:29 PM
#26
Registered User
Joined: Oct 2003
Posts: 98
Likes: 0
From: Boulder, Colorado
Sorry to hear about your situation.
.The Motley Fool has a lot of good information on debt, buying cars, and personal finance.
.The Motley Fool has a lot of good information on debt, buying cars, and personal finance.
01-14-2004 | 07:03 PM
#30
Registered User
Joined: Mar 2003
Posts: 669
Likes: 0
From: Marysville
Lets see... it all started a while ago.. =)
Ducky bought a 99 Dodge Dakota R/T.... then he got a 95 Chevy 2500 long bed extended cab, then traded that in for a 98 Mit Eclipse GSX, and then traded that on my 4runner AND a corrolla... I am under the word upsidown in the dictionary... 520 a month for the 4runner, and 210 a month for the corrolla... and Im the only source of income... and its all in my name.
Im still better off than some ppl in the world... but not by much =)
Ducky bought a 99 Dodge Dakota R/T.... then he got a 95 Chevy 2500 long bed extended cab, then traded that in for a 98 Mit Eclipse GSX, and then traded that on my 4runner AND a corrolla... I am under the word upsidown in the dictionary... 520 a month for the 4runner, and 210 a month for the corrolla... and Im the only source of income... and its all in my name.
Im still better off than some ppl in the world... but not by much =)
01-14-2004 | 07:41 PM
#31
Contributing Member
Joined: Aug 2002
Posts: 1,991
Likes: 0
From: Home: Aurora, CO; Work: The People's Republic of Denver
Originally posted by ben95m
I just drove my old car until I had ALL the money for my 4runner and paid cash. Took a lot of saving, but I am debt free!
I just drove my old car until I had ALL the money for my 4runner and paid cash. Took a lot of saving, but I am debt free!
01-15-2004 | 06:40 AM
#32
Registered User
Joined: Oct 2003
Posts: 38
Likes: 0
From: Texas
After my 2000 Jeep Grand Cherokee's 30th visit to the dealership for different problems, it was time for me to get a new vehicle. I took a 10k hit when I traded it in for my 04 4runner V8 Sport. I tell you what, I would do it in a heartbeat again. American cars depreciate too fast.
01-15-2004 | 06:40 AM
#33
Registered User
Joined: Oct 2003
Posts: 38
Likes: 0
From: Texas
After my 2000 Jeep Grand Cherokee's 30th visit to the dealership for different problems, it was time for me to get a new vehicle. I took a 10k hit when I traded it in for my 04 4runner V8 Sport. I tell you what, I would do it in a heartbeat again. American cars depreciate too fast.
01-15-2004 | 11:09 AM
#34
Contributing Member
Joined: Jan 2003
Posts: 10,916
Likes: 1
Originally posted by bbarggren
For those of you in upside down loans and other bad debt situations...
Buy the book "Financial Peace" written by Dave Ramsey. Aside from one SMALL part of the book where he gets kinda god preachy (I skipped that chapter),
For those of you in upside down loans and other bad debt situations...
Buy the book "Financial Peace" written by Dave Ramsey. Aside from one SMALL part of the book where he gets kinda god preachy (I skipped that chapter),
www.daveramsey.com
01-15-2004 | 11:57 AM
#35
Contributing Member
Joined: Aug 2002
Posts: 1,991
Likes: 0
From: Home: Aurora, CO; Work: The People's Republic of Denver
I'm listening to Mr. Ramsey as I type this, he's giving great advice again today. His free advice alone is worth what you pay for it ten-fold.
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