The post whore thread.

[HoneyBadger]

Why would you borrow against your house to buy the only asset that loses value like a brick in water? Why borrow at all? Why not just save for a few months and pay cash?

[Great-Kazoo]

Why would you borrow against your house to buy the only asset that loses value like a brick in water? Why borrow at all? Why not just save for a few months and pay cash?

Correct. At least that's what you two have been talking about.

Whereas i mentioned RAINY DAY FUND and was dismissed. He's borrowing against a semi solid investment to "possibly buy" a solid depreciating investment.

Myself. I open a rainy day packet and make use of it. No Interest, No monthly payment, Nothing. Except i now have to restock that source.

MMMMMmmmmmmm Who's financial savvy now?

[Westy]

Evidently You do.

[Great-Kazoo]

Evidently You do.

Why the Hate Bro ?


It's going to be nice the rest of the week. Get to painting.

[Irving]

Well, I'm currently borrowing a vehicle to work out of, and it gets terrible gas mileage. So while projections show that I can save the cash in under 3 months, I'm coming the gas tank every single day. The amount of interest I'd pay on a sub 10k loan that is paid off in under six months will pale in comparison to the $24 a day I'm currently paying in gas.

I currently have $40,000 worth of available credit without the HELOC, so having additional credit available is not likely to change my spending habits and get me into trouble.

I'm really trying to just use cash, but if the burden on family gets to be too great, I'd rather place the burden on myself via a loan if necessary.

Final note, I've got enough equity in my house that I would be setting up a HELOC, regardless, it just so happens to be bad timing. I didn't apply with the idea in mind to buy a car. Remember that I don't WANT to buy another vehicle.

[Irving]

Oh, and I came in here to say I think I saw Monkey and company trolling down Southbound I-25 in fancy cars today.

[HoneyBadger]

Correct. At least that's what you two have been talking about.

Whereas i mentioned RAINY DAY FUND and was dismissed. He's borrowing against a semi solid investment to "possibly buy" a solid depreciating investment.

Myself. I open a rainy day packet and make use of it. No Interest, No monthly payment, Nothing. Except i now have to restock that source.

MMMMMmmmmmmm Who's financial savvy now?

And I'm sorry for not giving you enough credit!

[HoneyBadger]

Well, I'm currently borrowing a vehicle to work out of, and it gets terrible gas mileage. So while projections show that I can save the cash in under 3 months, I'm coming the gas tank every single day. The amount of interest I'd pay on a sub 10k loan that is paid off in under six months will pale in comparison to the $24 a day I'm currently paying in gas.

I currently have $40,000 worth of available credit without the HELOC, so having additional credit available is not likely to change my spending habits and get me into trouble.

I'm really trying to just use cash, but if the burden on family gets to be too great, I'd rather place the burden on myself via a loan if necessary.

Final note, I've got enough equity in my house that I would be setting up a HELOC, regardless, it just so happens to be bad timing. I didn't apply with the idea in mind to buy a car. Remember that I don't WANT to buy another vehicle.

How expensive of a car do you think you need to satisfactorily do your job while minimizing expenses?

[Irving]

I can get 30 mpg out of an '05-'06 Jeep Liberty diesel. I'm seeing them on Craigs list from $6-$9k. There are some required upgrades to get the mileage, otherwise it is still 25mpg (compared to the 17.5mpg I'm averaging now). Upgrades should cost $2k or so and can be done over time, NOT financed.

I can do my job out of the car I have now, but the company won't let me because it's a car. As soon as new car is in the picture, Amigo is getting sold. Little bit of adjustment for new job, but so far the pay has been worth it, and we're not even in busy season yet. Another consideration for buying asap is that I won't have time to be shopping for cars and making upgrades during busy season.

[HoneyBadger]

I can get 30 mpg out of an '05-'06 Jeep Liberty diesel. I'm seeing them on Craigs list from $6-$9k. There are some required upgrades to get the mileage, otherwise it is still 25mpg (compared to the 17.5mpg I'm averaging now). Upgrades should cost $2k or so and can be done over time, NOT financed.

That sounds like a pretty good plan. Why aren't you allowed to work out of a car? Just because a car with a ladder on the roof looks silly or what?