wife wants to trade in her car

[mjk]

You make some valid points. The responses you get here, should be expected- and you should know this by now.

Honestly, you are better off asking these specific questions to people who are CLOSER to you in real life. A lot of assumptions are made, when we simply do not know the entire story.


Originally Posted By: ram_man
I obviously cannot answer all points I mean I could bug maybe I missed a few but to sum up my financial situation is excellent really and yes my car payment on the accord would about 79 dollars and some Change. I have a savingstrong that could sustain us for quite some time . She would be paying for her car. And I laugh at a lot of you because i am pretty confident at least some of you aren't as financially secure as you demand others to be. I said multiple times I have a savings I have college retirement funds I have the means to easily afford and pay off the accord in short order. I could almost buy it out right if I wanted at this very moment and keep the pt. But that's irrelevant. You all judge a situation based on what little info you have. I never asked for financial advice. I don't mind some perspective and opinions but taking it personal is a little much imo. And saying stupid stuff like why doesn't she just walk to work. Really? Do any of you expect your wives to walk to work? I mean be realistic here. And further more you all expect me to get angry I'm not angry but I do realize how quick some of you yap at the mouth making blind assumptions about my financial situation which is really not up for a discussion in the manor in which some of you made it to be. I have told you all I have the money and it's not an issue yet some of you argue about it as if you know my bills better than me? I dont mean to come off coarse but really? Let's not pretend to know my situation better than I do.

 

[silverrat]

"Savings" and "college funds" are meaningless without context. For all people know your idea of savings is $1000 and a college fund is $2000. No need to give figures but if you bring it up people will make assumptions based on previous behavior.

One concerning point is that you think just because everyone else has a car payment you should too.

 

[ram_man]

Originally Posted By: silverrat
"Savings" and "college funds" are meaningless without context. For all people know your idea of savings is $1000 and a college fund is $2000. No need to give figures but if you bring it up people will make assumptions based on previous behavior.

One concerning point is that you think just because everyone else has a car payment you should too.


Not at all I just don't see it as the end of the world is all.

 

[gathermewool]

Originally Posted By: ram_man
I obviously cannot answer all points I mean I could bug maybe I missed a few but to sum up my financial situation is excellent really and yes my car payment on the accord would about 79 dollars and some Change. I have a savingstrong that could sustain us for quite some time . She would be paying for her car. And I laugh at a lot of you because i am pretty confident at least some of you aren't as financially secure as you demand others to be. I said multiple times I have a savings I have college retirement funds I have the means to easily afford and pay off the accord in short order. I could almost buy it out right if I wanted at this very moment and keep the pt. But that's irrelevant. You all judge a situation based on what little info you have. I never asked for financial advice. I don't mind some perspective and opinions but taking it personal is a little much imo. And saying stupid stuff like why doesn't she just walk to work. Really? Do any of you expect your wives to walk to work? I mean be realistic here. And further more you all expect me to get angry I'm not angry but I do realize how quick some of you yap at the mouth making blind assumptions about my financial situation which is really not up for a discussion in the manor in which some of you made it to be. I have told you all I have the money and it's not an issue yet some of you argue about it as if you know my bills better than me? I dont mean to come off coarse but really? Let's not pretend to know my situation better than I do.


I've got tens of thousands in liquid savings and a six-figure retirement fund. Ten years ago, when I was just getting started, I was effectively living from paycheck to paycheck, and putting myself into a concerning amount of debt trying to help family with their debt. Some of us ARE demanding a lot, but that is because we remember a time when we deluded ourselves into thinking we were ok,
but we weren't.

Back then, I worked really hard but didn't have much to show for it, so I financed new cars. It was fun, but dumb, and financially really dangerous. If I had lost my job i would have been really bad off. Since then I've dumped most of my paychecks into paying off the debt I had and now into savings, and it's a good feeling to be financially free. It's indescribable how much my stress level has changed. Part of that also due to not taking on other's debt, trying to help, but most of it has to do with not being my own problem with needless spending on the latest gizmos and having more than one car payment.

So, I'll say again that I think keeping the PT Cruiser is the best option, but the choice belongs to you two (not just her.) It's your your family's finances, not hers or yours .

 

[IndyIan]

For me, I would crunch the numbers and try to figure out how much each car is going to cost over the expected lifetime of the PT. You being a mechanic, I would think you could keep it going for not much money if you wanted too. But if you both hate it, then ditching it while its worth something is probably a better option. Get your $3-4-5k out of the PT and then plan to keep that Accord for a long time, and in the end it probably won't cost much more as the Accord should be going for many years longer than the PT.

 

[SwampSurvivor]

Originally Posted By: gathermewool
Originally Posted By: ram_man
I obviously cannot answer all points I mean I could bug maybe I missed a few but to sum up my financial situation is excellent really and yes my car payment on the accord would about 79 dollars and some Change. I have a savingstrong that could sustain us for quite some time . She would be paying for her car. And I laugh at a lot of you because i am pretty confident at least some of you aren't as financially secure as you demand others to be. I said multiple times I have a savings I have college retirement funds I have the means to easily afford and pay off the accord in short order. I could almost buy it out right if I wanted at this very moment and keep the pt. But that's irrelevant. You all judge a situation based on what little info you have. I never asked for financial advice. I don't mind some perspective and opinions but taking it personal is a little much imo. And saying stupid stuff like why doesn't she just walk to work. Really? Do any of you expect your wives to walk to work? I mean be realistic here. And further more you all expect me to get angry I'm not angry but I do realize how quick some of you yap at the mouth making blind assumptions about my financial situation which is really not up for a discussion in the manor in which some of you made it to be. I have told you all I have the money and it's not an issue yet some of you argue about it as if you know my bills better than me? I dont mean to come off coarse but really? Let's not pretend to know my situation better than I do.


I've got tens of thousands in liquid savings and a six-figure retirement fund. Ten years ago, when I was just getting started, I was effectively living from paycheck to paycheck, and putting myself into a concerning amount of debt trying to help family with their debt. Some of us ARE demanding a lot, but that is because we remember a time when we deluded ourselves into thinking we were ok,
but we weren't.

Back then, I worked really hard but didn't have much to show for it, so I financed new cars. It was fun, but dumb, and financially really dangerous. If I had lost my job i would have been really bad off. Since then I've dumped most of my paychecks into paying off the debt I had and now into savings, and it's a good feeling to be financially free. It's indescribable how much my stress level has changed. Part of that also due to not taking on other's debt, trying to help, but most of it has to do with not being my own problem with needless spending on the latest gizmos and having more than one car payment.

So, I'll say again that I think keeping the PT Cruiser is the best option, but the choice belongs to you two (not just her.) It's your your family's finances, not hers or yours .


I hear you there!

I don't have any retirement savings, but have been paying off student loans extra, my savings account has hit a milestone of sorts, and it's comforting knowing that I can pay my car off right now.

The day I have no debt will be a very stress free day!

There's a lot of cool cars out there. A lot of cool cars that I could "afford" the payment on. But I'm going to make myself run the Focus all the way to the end. It's 3.5 years old with 48K miles. It has quite a bit of life left in it.

 

[Vikas]

You numbers don't compute. To pay off $10900 for the Accord at $79 per month at ZERO percent interest rate (which NOBODY has!) will take at least 137 months and that does not include title and taxes on the purchase.

137 months is 11.5 years. You will be paying this loan until 2026. The said Accord will be 17 year old vehicle and you would be still paying for it.

AND THIS IS ASSUMING YOU ARE GETTING INTEREST FREE LOAN. MOST LIKELY YOU ARE GETTING LOAN AT OVER 10%.

I am sure I have missed something here because I can't believe the numbers myself but generally numbers don't lie. Also the trade-in value of the PT would make this little bit more palatable but everybody (including yourself) are assuming that PT is POS and is not worth much. If I change my calculation to take in to account 18% interest that you might be paying for the loan, the PT trade-in would barely cover that portion of the loan.

 

[Vikas]

Originally Posted By: 01rangerxl
Originally Posted By: Vikas
6 months payments on a loan which has $400 left? So if you had 3yr loan to begin with, was it for $2400? Is your payment $67 per month on the PT? If Accord payment is extra $12, is it $79? How many years does it take to pay off $11000 loan with $79 per month as a payment? How old would be Accord at the end of the loan period?


Stop thinking about things!!!
You too huh??

 

[surfstar]

Originally Posted By: surfstar
http://online.wsj.com/articles/can-money-buy-happiness-heres-what-science-has-to-say-1415569538

Read that. Please.

Some snippets:
"It’s this process of “hedonic adaptation” that makes it so hard to buy happiness through material purchases. The new dress or the fancy car provides a brief thrill, but we soon come to take it for granted."

"Some studies, meanwhile, have shown that debt has a detrimental effect on happiness, while savings and financial security tend to boost it. A survey of British households found that those with higher levels of debt reported lower happiness, and a separate piece of research on married couples showed that those in more debt had more marital conflict."


A new car and payment, does NOT equal a happy wife and life. That debt is more likely to drag on your "fixed/repaired" relationship than keeping a paid off, unwanted car.


*ahem*

Seriously. Read that article.
Buying new(er) things does not make one happy. The debt will add stress to your life/marriage and help you towards that divorce. You seem drawn to drama, perhaps your wife is too. Reminds us of someone and their cars (GHT, anyone?).

Do what you want, as you will likely. Disregard everyone's sound financial advice, and continue down your path. Just be sure to air it here to keep everyone up to date.

 

[ram_man]

Well I thought some more about it and while I would prefer to work on the Honda I think for now now I have talked her into keeping it and trying to address some of the reasons she hates it. I told her if she will keep it 2 more years we can then sell it and get her a brand new car (I'll get employee pricing) and we could pay for the new car in cash or maybe finance only a small portion of it. I think that's a better option imo. I could walk in and buy the Honda today I just do not see a reason to.

 

[01rangerxl]

Originally Posted By: surfstar
You seem drawn to drama, perhaps your wife is too. Reminds us of someone and their cars (GHT, anyone?).


I think some people have an addiction of sorts to having drama and chaos in their lives. I have known a couple of people who when it seems like they are about to get things together and experience some smooth sailing for once, they go out of their way to introduce chaos back into their lives.

But it sounds like maybe OP is going to make a sound decision this time. Whether or not his wife is driving an Accord or PT Cruiser will not determine if the relationship lasts, so holding off until things stabilize is the hands down better choice for him to make right now.

 

[javacontour]

What will make the relationship last is not if they choose to get a new car or not choose to get a new car, but if they can both arrive at the decision feeling each is enthusiastically on-board with it.

If either browbeats the other into submission to their idea, resentment will come.

EVEN IF IT'S THE BEST CHOICE FINANCIALLY SPEAKING!

So if she still wants a new car, but just gave in, it's a win-lose. He wins, she loses.

If he doesn't want a new car, but just gave in to let her have her way, again, win-lose.

If he and she agree that the best course of action at this time is.... and embark on that course of action with enthusiastic agreement, that's a win-win.

How you resolve these sorts of disagreements will do more to determine the outcome of your marriage than your debt to income ratio.

Sure, D/I ratio will put stress on the marriage. But not like resentment from feeling like you have no say in how things are going in the relationship.

Originally Posted By: 01rangerxl
Originally Posted By: surfstar
You seem drawn to drama, perhaps your wife is too. Reminds us of someone and their cars (GHT, anyone?).


I think some people have an addiction of sorts to having drama and chaos in their lives. I have known a couple of people who when it seems like they are about to get things together and experience some smooth sailing for once, they go out of their way to introduce chaos back into their lives.

But it sounds like maybe OP is going to make a sound decision this time. Whether or not his wife is driving an Accord or PT Cruiser will not determine if the relationship lasts, so holding off until things stabilize is the hands down better choice for him to make right now.

 

[hpb]

I have no relationship advice, but I think you've made a good choice regarding the car. And YES, you will get a smokin' hot deal after you've worked at the dealership for a little while...the better you get on with the people in every department, i.e. sales, service and spares, the better you'll be looked after.

 

[JHZR2]

Originally Posted By: Vikas
You numbers don't compute. To pay off $10900 for the Accord at $79 per month at ZERO percent interest rate (which NOBODY has!) will take at least 137 months and that does not include title and taxes on the purchase.

137 months is 11.5 years. You will be paying this loan until 2026. The said Accord will be 17 year old vehicle and you would be still paying for it.

AND THIS IS ASSUMING YOU ARE GETTING INTEREST FREE LOAN. MOST LIKELY YOU ARE GETTING LOAN AT OVER 10%.

I am sure I have missed something here because I can't believe the numbers myself but generally numbers don't lie. Also the trade-in value of the PT would make this little bit more palatable but everybody (including yourself) are assuming that PT is POS and is not worth much. If I change my calculation to take in to account 18% interest that you might be paying for the loan, the PT trade-in would barely cover that portion of the loan.


I haven't run your numbers, but if that's the case op really needs some math skills. We're all making comments not to be malicious, but to help recommend tried and true best practices. It's no different from telling the best practices of exercise and not smoking, yet folks remain obese couch potatoes and people smoke. Doesn't make the advice bad or mean it should not be repeated. It is the best practice. Ditto for avoiding debt on depreciating assets, particularly in really bad relationship scenarios.

Glass to see op avoid it this round. I personally doubt the pt is that bad, and if so, it may be user error to some extent.

 

[ram_man]

Originally Posted By: JHZR2
Originally Posted By: Vikas
You numbers don't compute. To pay off $10900 for the Accord at $79 per month at ZERO percent interest rate (which NOBODY has!) will take at least 137 months and that does not include title and taxes on the purchase.

137 months is 11.5 years. You will be paying this loan until 2026. The said Accord will be 17 year old vehicle and you would be still paying for it.

AND THIS IS ASSUMING YOU ARE GETTING INTEREST FREE LOAN. MOST LIKELY YOU ARE GETTING LOAN AT OVER 10%.

I am sure I have missed something here because I can't believe the numbers myself but generally numbers don't lie. Also the trade-in value of the PT would make this little bit more palatable but everybody (including yourself) are assuming that PT is POS and is not worth much. If I change my calculation to take in to account 18% interest that you might be paying for the loan, the PT trade-in would barely cover that portion of the loan.


I haven't run your numbers, but if that's the case op really needs some math skills. We're all making comments not to be malicious, but to help recommend tried and true best practices. It's no different from telling the best practices of exercise and not smoking, yet folks remain obese couch potatoes and people smoke. Doesn't make the advice bad or mean it should not be repeated. It is the best practice. Ditto for avoiding debt on depreciating assets, particularly in really bad relationship scenarios.

Glass to see op avoid it this round. I personally doubt the pt is that bad, and if so, it may be user error to some extent.



Not to be rude but how exactly do you user error an automatic you put it in gear and go ! How would a hard shift into gear be user error at all? I mean If my wife an I are using it wrong please do correct us but I am fairly confident in our slush box skills.

 

[Quattro Pete]

Originally Posted By: Vikas
Give her your Focus and you drive the PT, problem solved.

IIRC, his Focus has a manual trans. Maybe his wife isn't comfortable with that. But if she was, I'd agree with swapping cars.

 

[Quattro Pete]

Originally Posted By: ram_man
mine is a lot farther that's why I have the new car.

That does not exactly make sense either. Piling on high miles on a new car just makes its value drop faster. You'd be better off adding these miles to an older car that already has many miles on it.

 

[01rangerxl]

Originally Posted By: JHZR2
Originally Posted By: Vikas
You numbers don't compute. To pay off $10900 for the Accord at $79 per month at ZERO percent interest rate (which NOBODY has!) will take at least 137 months and that does not include title and taxes on the purchase.

137 months is 11.5 years. You will be paying this loan until 2026. The said Accord will be 17 year old vehicle and you would be still paying for it.

AND THIS IS ASSUMING YOU ARE GETTING INTEREST FREE LOAN. MOST LIKELY YOU ARE GETTING LOAN AT OVER 10%.

I am sure I have missed something here because I can't believe the numbers myself but generally numbers don't lie. Also the trade-in value of the PT would make this little bit more palatable but everybody (including yourself) are assuming that PT is POS and is not worth much. If I change my calculation to take in to account 18% interest that you might be paying for the loan, the PT trade-in would barely cover that portion of the loan.


I haven't run your numbers, but if that's the case op really needs some math skills. We're all making comments not to be malicious, but to help recommend tried and true best practices. It's no different from telling the best practices of exercise and not smoking, yet folks remain obese couch potatoes and people smoke. Doesn't make the advice bad or mean it should not be repeated. It is the best practice. Ditto for avoiding debt on depreciating assets, particularly in really bad relationship scenarios.

Glass to see op avoid it this round. I personally doubt the pt is that bad, and if so, it may be user error to some extent.


ram_man confirmed that Vikas' estimate of $79 a month was about right...
Quote:
and yes my car payment on the accord would about 79 dollars and some Change


And at that rate, yep, about 11+ years on a $10,900 loan with no interest. That is assuming no down payment/not factoring in trade. If assuming a very generous $2500 trade on the PT, that would be 9 years with no interest on the loan. OP said it would be paid off in 3. No way 3 years is happening at "only $12 a month more" without a significant down payment and trade, neither of which we have numbers for. Something doesn't add up here, but I can't say that's surprising. The information provided has a funny way of constantly changing in these threads. And we know, you shouldn't "[censored]-u-me" OP, whatever that means.

 

[01rangerxl]

Originally Posted By: javacontour
What will make the relationship last is not if they choose to get a new car or not choose to get a new car, but if they can both arrive at the decision feeling each is enthusiastically on-board with it.

If either browbeats the other into submission to their idea, resentment will come.

EVEN IF IT'S THE BEST CHOICE FINANCIALLY SPEAKING!

So if she still wants a new car, but just gave in, it's a win-lose. He wins, she loses.

If he doesn't want a new car, but just gave in to let her have her way, again, win-lose.

If he and she agree that the best course of action at this time is.... and embark on that course of action with enthusiastic agreement, that's a win-win.

How you resolve these sorts of disagreements will do more to determine the outcome of your marriage than your debt to income ratio.

Sure, D/I ratio will put stress on the marriage. But not like resentment from feeling like you have no say in how things are going in the relationship.

Originally Posted By: 01rangerxl
Originally Posted By: surfstar
You seem drawn to drama, perhaps your wife is too. Reminds us of someone and their cars (GHT, anyone?).


I think some people have an addiction of sorts to having drama and chaos in their lives. I have known a couple of people who when it seems like they are about to get things together and experience some smooth sailing for once, they go out of their way to introduce chaos back into their lives.

But it sounds like maybe OP is going to make a sound decision this time. Whether or not his wife is driving an Accord or PT Cruiser will not determine if the relationship lasts, so holding off until things stabilize is the hands down better choice for him to make right now.


I agree that the best result will be a decision reached mutually where everyone is satisfied. Hopefully that's something that can realistically happen for them. It doesn't sound like there are many reasons to get the Accord besides "do want," so hopefully OP's wife will see that "roughing it" for a couple miles most days in the PT probably isn't so bad. Managing a McDonald's isn't a high wage position, at least not around here, and a $11K car is going to be pushing it for the average fast food shift manager, or a greenhorn tech who already has a new car payment among other bills.

I think regardless, buying the Accord now, with the information provided, would end up being a source of conflict and possible economic hardship/penalties if things take a turn for the worse.

Again, hopefully it's something that will be mutually agreed on. If not, there are probably bigger issues in the relationship that need to be addressed still if agreeing on a car for a short commute is such a big deal.

 

[KrisZ]

Well, to be honest, I'm looking forward to the pics of that Accord. I hope ram man doesn't disappoint