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financing a depreciating asset

They can't even keep up appearances; i.e. I see luxury cars with accident damage driving around b/c they can't afford to fix them.

I have never financed a vehicle and every used vehicle I have purchased (with cash) I have sold for +/- 10% of what I bought it for, because I improve them. Never paid more than $5000 for a car.

> financing a depreciating asset They can't even keep up appearances; i.e. I see luxury cars with accident damage driving around b/c they can't afford to fix them. I have never financed a vehicle and every used vehicle I have purchased (with cash) I have sold for +/- 10% of what I bought it for, because I improve them. Never paid more than $5000 for a car.

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[–] • 3 pts

Good strategy. I bought one new car. Will never do it again. Ended up costing me a few thousand when I sold it and the damn thing didn't even make it to 80k without major problems. I bought my BMW for 3k drove it for 3 years until the wife totaled it. The I got a car for free(long story I'll share if anyone wants) and bought a second for 400$ first one has been going strong for over 2 years second going on 6 months. Make friends with a mechanic and have a skill you can trade with them and cars should never be a problem for you. Now if only I could get him to sell me that damn crv

[–] • 1 pt

Make friends with a mechanic and have a skill you can trade with them

good good idea

[–] • 1 pt

Yeah I don't even own my own tools anymore I have access to any tool I could possibly need. Lifts air tools oxy torches welder litterally anything I could possibly need and if I can't handle it throw him 50 and its done. I have to do the timing belt on the one car soon and The kit cost 300$ but he said he would do it for another cheesecake.

[–] • 1 pt

That's just a credit bubble. It will change if the interest ranges normalize. The next debt crisis will likely be worse than the last.

[–] • 1 pt

Just because you're poor doesn't necessarily mean you're frugal.

That's impressive that you managed to sell your cars for basically the same value. Age and mileage do a lot to reduce a car's value, so you must have made some significant improvements.

[–] [deleted] • 0 pt

Ask them how much their phones cost. How much they pay for the internet, cable, how much they spend at restaurants and on shit they dont need. And listen to how much they complain about the rich person keeping them down. All people are shit.