$500 per month - What Will I Get?
03-16-2014, 11:04 AM
#23
Senior Member
I took the Dave Ramsey Financial Peace University course and while it contains some sound advice, much of it is not practical for the average person. And that includes paying cash for cars. Most are not able to do so and drive something reliable. If you have trouble making a monthly budget, I strongly recommend the Dave Ramsey program. I got nothing from it.
Leasing makes sense for some but not all. Company vehicles are prime candidates for a lease. I would rather make loan payments than lease payments. That way at least I am gaining equity, even if it is on a depreciating asset. I know this makes no sense, but, in my mind, leasing by an individual is just a way to drive a car that you can’t otherwise afford. And, have nothing to show for it in the end.
As far as I know, the chassis is the same from the STX all the way up to the Platinum.
For $500 / month you should certainly be able to get into a new STX, maybe even a basic XLT, especially if you can find a 2013. Why not just buy instead of lease?
Good luck with your quest.
Leasing makes sense for some but not all. Company vehicles are prime candidates for a lease. I would rather make loan payments than lease payments. That way at least I am gaining equity, even if it is on a depreciating asset. I know this makes no sense, but, in my mind, leasing by an individual is just a way to drive a car that you can’t otherwise afford. And, have nothing to show for it in the end.
As far as I know, the chassis is the same from the STX all the way up to the Platinum.
For $500 / month you should certainly be able to get into a new STX, maybe even a basic XLT, especially if you can find a 2013. Why not just buy instead of lease?
Good luck with your quest.
03-16-2014, 01:38 PM
#24
Senior Member
I'm basing my statement off you your comment that you apparently firmly believe, being that you put it in all caps. "ANY DEBT IS BAD". A mortgage is a debt, so it was quite on topic. Regardless, your post to the thread was what derailed the topic of the OP, so I suggest taking your own advice and stay on topic.
03-16-2014, 02:57 PM
#25
To the OP I'm paying $400 a month for my 13 ext cab XLT loaded I have 15,000 miles a year. Now I am an employee of a very large dealership and we do have a ford dealer so that help out with my payment.
03-16-2014, 05:13 PM
#27
A very good friend I mine is a finance adviser. I was telling him that I always pay extra on my house and truck. The way my truck loan works is my note was let's say 500 for easy of conversation I pay 600, so the following month the bill comes it's less, I pay 600. It continues to lower my following months note. This month my note was 8 dollars. Yes $8.00, still paid 600.
He said he would advise me to pay only the 500 each month. And save the extra, that cash on hand is better than anything else, he says.
I disagree, I'd rather pay things off early. I'd rather have a small amount in savings and pay house/cars off early than keep the notes for the term of the loan than have a larger amount in savings.
Wayne
He said he would advise me to pay only the 500 each month. And save the extra, that cash on hand is better than anything else, he says.
I disagree, I'd rather pay things off early. I'd rather have a small amount in savings and pay house/cars off early than keep the notes for the term of the loan than have a larger amount in savings.
Wayne
My interest rate is under 2% and I made 38% in the stock market last year. Easy math. Though I doubt I match it next year,even if I hit 6% annual in the market I come out ahead. Long term, investing should trump extra payments unless your rate is awful. In that case they probably have other problems.
If you would spend the cash on other toys instead of investing,then yes. Make extra payments!
But for $500, you should get a sweet truck unless you are upside down on a trade.
The following users liked this post:
Ricktwuhk (03-16-2014)
