Sitting here at Nissan

cmdjing · 10-03-2010, 01:42 PM

Quote:

Originally Posted by cptspeed

Modding your 40K car with 5k rims, 4k body kit, 3k stereo , oil cooler, exhaust etc.. is not being finacially responsible either but I don't hear a ton of people advising against that. How about buying a house, should we save up for that too or just live with the fact that after 30 years we will pay double the purchase price because of interest. Come on give her a break. She didn't even ask for financial advice or marital advice for that matter. You guys are acting like her father. And women just love that don't they.

I would advise against spending thousands on aftermarket accessories if I knew the financial situation of the buyer was perilous, but I don't as people don't generally include their FICO scores in their signatures.

The thread starter however did mention that she had negative equity in her car (and still paying off an 05 Neon no less!) and that her significant other was very much against this purchase. Keep in mind that she does not actually own her present car. The bank owns it, she has simply agreed to take out a very large loan and pay it back at substantial interest for the privilege of driving it.

There is a difference between buying a house and buying a car. For one thing, a house generally doesn't lose 20% of it's value the moment you walk in the door. Nor does it's value depreciate to zero within two decades. Then again, considering the zombified state of the American real estate market and the impacts it has had on the financial sector, a good number of people probably should not have been purchasing houses to begin with. A house is not for everyone and it's price is not guaranteed to go up forever no matter what the commission driven real estate agents might insist. I would have thought people would have learned this the hard way after the ponzi scheme of selling granite counter tops and stainless steel appliances with shitty houses at inflated prices collapsed but apparently not. For some people, it makes more sense to rent as there are opportunity costs involved in taking out a home loan that most people will not understand. Such is the financial illiteracy of the average American that when I tell people this, all I usually get is a slack jawed stare.

I agree that original poster didn't come come here asking for financial advice. She came here seeking validation from others (fools) in her failed attempt to make a very foolish decision. Unlike some men, I'm not here to white knight every random woman on the internet and am willing to speak truth to power. In this case, I'm not telling her what she wants to hear, I'm telling her what she needs to hear.

If that makes me square or "dad"-like at the ripe old age of 27, then so be it.

cptspeed · 10-03-2010, 02:09 PM

Quote:

Originally Posted by cmdjing

I would advise against spending thousands on aftermarket accessories if I knew the financial situation of the buyer was perilous, but I don't as people don't generally include their FICO scores in their signatures.

The thread starter however did mention that she had negative equity in her car (and still paying off an 05 Neon no less!) and that her significant other was very much against this purchase. Keep in mind that she does not actually own her present car. The bank owns it, she has simply agreed to take out a very large loan and pay it back at substantial interest for the privilege of driving it.

There is a difference between buying a house and buying a car. For one thing, a house generally doesn't lose 20% of it's value the moment you walk in the door. Nor does it's value depreciate to zero within two decades. Then again, considering the zombified state of the American real estate market and the impacts it has had on the financial sector, a good number of people probably should not have been purchasing houses to begin with. A house is not for everyone and it's price is not guaranteed to go up forever no matter what the commission driven real estate agents might insist. I would have thought people would have learned this the hard way after the ponzi scheme of selling granite counter tops and stainless steel appliances with shitty houses at inflated prices collapsed but apparently not. For some people, it makes more sense to rent as there are opportunity costs involved in taking out a home loan that most people will not understand. Such is the financial illiteracy of the average American that when I tell people this, all I usually get is a slack jawed stare.

I agree that original poster didn't come come here asking for financial advice. She came here seeking validation from others (fools) in her failed attempt to make a very foolish decision. Unlike some men, I'm not here to white knight every random woman on the internet and am willing to speak truth to power. In this case, I'm not telling her what she wants to hear, I'm telling her what she needs to hear.

If that makes me square or "dad"-like at the ripe old age of 27, then so be it.

We are both right.

nuTinmuch · 10-03-2010, 03:18 PM

Quote:

Originally Posted by cmdjing

I would advise against spending thousands on aftermarket accessories if I knew the financial situation of the buyer was perilous, but I don't as people don't generally include their FICO scores in their signatures.

The thread starter however did mention that she had negative equity in her car (and still paying off an 05 Neon no less!) and that her significant other was very much against this purchase. Keep in mind that she does not actually own her present car. The bank owns it, she has simply agreed to take out a very large loan and pay it back at substantial interest for the privilege of driving it.

There is a difference between buying a house and buying a car. For one thing, a house generally doesn't lose 20% of it's value the moment you walk in the door. Nor does it's value depreciate to zero within two decades. Then again, considering the zombified state of the American real estate market and the impacts it has had on the financial sector, a good number of people probably should not have been purchasing houses to begin with. A house is not for everyone and it's price is not guaranteed to go up forever no matter what the commission driven real estate agents might insist. I would have thought people would have learned this the hard way after the ponzi scheme of selling granite counter tops and stainless steel appliances with shitty houses at inflated prices collapsed but apparently not. For some people, it makes more sense to rent as there are opportunity costs involved in taking out a home loan that most people will not understand. Such is the financial illiteracy of the average American that when I tell people this, all I usually get is a slack jawed stare.

I agree that original poster didn't come come here asking for financial advice. She came here seeking validation from others (fools) in her failed attempt to make a very foolish decision. Unlike some men, I'm not here to white knight every random woman on the internet and am willing to speak truth to power. In this case, I'm not telling her what she wants to hear, I'm telling her what she needs to hear.

If that makes me square or "dad"-like at the ripe old age of 27, then so be it.

I think I love you.

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