Quote:
Originally Posted by airjonny
-I paid 5k for my beater. Within the first year, I put at the very least about 3 grand more in it (without regular maint. and gas). I'd be lucky to get that 5k back at the end of the first year. Much less the 3 grand put in to keep it on the road.
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You may have gotten the wrong "beater" particularly for $5,000. I bought a 2004 Honda Accord with a little over 100,000 miles on it 4 years ago for my college aged son. It hasn't been in the shop for anything other than maintenance since. I paid exactly $5,000 for it. I know I could have sold it for the $5K after one year, not sure what it is worth now.
Quote:
Originally Posted by airjonny
-12% return? In this economy? Please tell me more so I can get in on that! Nevermind the fact that he ignores market fluctuations, Uncle Sam and the mutual fund fees. Again if anyone is getting that in a mutual fund getting that after taxes and fees, let me know please.
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I can't defend the numbers, although the market has averaged that over longer periods of time. You can't look at the market on an annual basis. There have been years its done double that and years its gone backwards. Pick your number though, and you can make it work, it just takes more time.
Like I said in my post above, worse case, you pay yourself a car payment for 4 years, you should be able to buy a car.