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Discussion Starter · #1 ·
It's now over $47,000 including luxury models and still over $43,000 when you exclude luxury models.

 

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I know many people that just make horrible financial decisions in general and that goes with vehicles as well. Case in point, a guy I used to work with. He and his wife bought a Chevy Trailblazer right after they got married because she really wanted one. The suburban they were trading in they were upside down on, so they rolled $6k of negative equity into the new loan. Well, after a year or so, she decided she wants a new Trailblazer that had more features. So they rolled like their current $10k of negative equity over into the new one. The payment was like $750/mo on it.

Then you guessed it, a couple years later she wanted a Camaro. Well, he was driving a Hyundai Elantra at the time that he had gotten a couple years old and was paying $400/mo for. He decided since he was finally paying off one of his credit cards that was $300/mo he had been paying, he could just use that and his car to get it for her. He traded the Elantra in on a Camaro for her that was a year old and was paying $800/mo. So they had a couple year old Trailblazer that cost ~$45k new and a used Camaro that was probably $35k and they were paying $1550/mo for the two. It blew me away the decisions they made with money.

I assume there are many more people like that than I want to believe. As long as there are enough people like that, they will pay more because they want newer/better whenever possible, regardless of if it is a good decision or not. Both my former coworker and his wife had 5-6 credit cards with balances and neither had very good credit scores. It still makes my skin crawl to think about how they dealt with finance. Not that I am perfect or going to tell someone else how to spend their money, but there is a reason I have never paid interest on a credit card and won't unless something catastrophic happens.
 

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The credit card companies call peeps that don’t pay interest “dead beats”. At least there are two of us, maybe more.LOL
 

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Well, I will give them that at least, they at least made their payments every month, but I don't even want to think about how much they were paying in interest across credit cards and car loans, let alone their mortgage.
 

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The credit card companies call peeps that don’t pay interest “dead beats”. At least there are two of us, maybe more.LOL
I haven't paid a cent in credit card interest in a quarter of a century and I use my credit card for nearly everything (I pay cash for my haircuts and write a check for my property taxes each year to avoid a "convenience fee" for using a credit card"). I use only credit cards that offer cash back of 2% on all purchases.

Many years ago, I used to live paycheck-to-paycheck and have to decide which credit card I'd make the minimum payment on each month. I bought new vehicles at the same frequency I do now, but back then I used to roll the negative equity into the next one. All that eventually caught up with me and put me in a miserable place. I learned from that experience and vowed never to repeat it.

I made poor choices and hit rock bottom, but I dug myself out - all by myself. I don't have and will never have anywhere near the wealth of many of my friends, but I'm comfortable and satisfied with what I've accomplished.
 

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I should have mentioned this coworker was mid 40's, it was his and his wife's second marriage and they each had kids. They seemed to be unable to tell themselves no.

And Roger, I am the same way with property taxes and the water bill, checks because they charge a fee to use credit card. Pretty much everything else goes on the Costco Visa for the cashback, paid off every month.
 

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I've always paid my credit cards in full until I made a mistake last fall and underpaid. Boy was that rude awakening as to how the credit card interest charge works. How folks think using a credit card as credit for a purchase that will not be paid back within the billing cycle is a shame. For the bills that I can't link to a credit card without a paying a fee I write the check pop the dog into the car and off to the post office we go. The fact that a McDonalds is next to the Post Office helps this process. This was the same case when I lived in Long Island. Is McDonalds up to something?
 

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Four. Have used credit cards for 31 years and have never carried a balance or had to pay interest. I use my one card now for almost everything, mostly for the tracking and protection benefits.
Five here! And I've had a credit card since I was a pre-teen. Learned to have them paid off in full and on time, long before I was actually responsible for making the payments on them myself.

I assume there are many more people like that than I want to believe. As long as there are enough people like that, they will pay more because they want newer/better whenever possible, regardless of if it is a good decision or not.
And these people are adding to the whole inflation issue. They'll happily pay more for something, with money they don't have...
 

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I'll proudly be the 6th "dead beat". Haven't carried a balance in over 25 years. I learned the hard way many years ago that all those credit card offers came at a price.

I've been a cash purchaser since. I either pay cash or have the cash in hand BEFORE I buy anything with a credit card.
(I do use it regularly for internet purchases but no longer worry about a balance or interest rates.)
 

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In states like Kentucky where we pay an ad valorem tax based on market value of the vehicle people are going to be pretty shocked this year when their annual renewal goes up 40% because their book value has gone up that much.
 

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Make me #7 dead beat. I have had no debt at all in well over 25 years. Not even a car payment. I pay cash for everything and pay my credit card off monthly. I bought my latest house and financed $90,000.00 then made the first payment and took a look at the interest I paid and wrote a check and paid it off. I still pay all the interest directly into my savings account.
My father told me when I was young that you will always have a car payment and a house payment. He was wrong. :)
 

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The credit card companies call peeps that don’t pay interest “dead beats”. At least there are two of us, maybe more.LOL
I have not even used a credit card in 15 years. I mostly pay cash and use my debit card every once in awhile. Yes yes, I am losing my points by not using credit card. This is what makes me feel more comfortable. Debt free equals stress free.
 
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