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Community Lounge, Introductions and General Discussion Discussion, Can you afford a Cadillac?! in General Discussion; Originally Posted by Submariner409 The credit companies have blurred the line between "want" and "afford". NEVER buy anything on credit ...
  1. #16
    drewsdeville is offline Cadillac Owners Master
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    Re: Can you afford a Cadillac?!

    Quote Originally Posted by Submariner409 View Post
    The credit companies have blurred the line between "want" and "afford".

    NEVER buy anything on credit because you WANT it - as soon as you go into debt you begin to pay for the credit card's CEO's pina coladas in Belize.
    I'll add on and say NEVER buy anything on credit that depreciates at a faster rate than you can afford (as is the case for just about every person that buys a car on credit). You should never owe more on something than it's worth (2007, anyone?) - you should be able to afford your car in cash, even if you choose not to use that method of payment with some short term low/no interest offers. If that's not possible, you can't afford the car and you are shopping out of your price range.

  2. #17
    Kad4Life is online now Cadillac Owners Enthusiast
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    Re: Can you afford a Cadillac?!

    ^ This .

  3. #18
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    talismandave is offline Cadillac Owners Master
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    Re: Can you afford a Cadillac?!

    Back in the 60s and 70s the styles of the cars changed so radically every couple of years too. Even casual observers of car knew a "new" Cadillac from a used one. That was another way that buying a new Cadillac imparted prestige to the owner.

    With the longer periods between restyles, and the modest changes when they do, it has diluted the exclusivity of buying a new Cadillac. I can go on Craigslist right now and for $3000.00 buy a CTS that to all but an extreme enthusiast is indistinguishable from a showroom new one in styling.

    ----------

    Quote Originally Posted by drewsdeville View Post
    I'll add on and say NEVER buy anything on credit that depreciates at a faster rate than you can afford (as is the case for just about every person that buys a car on credit). You should never owe more on something than it's worth (2007, anyone?) - you should be able to afford your car in cash, even if you choose not to use that method of payment with some short term low/no interest offers. If that's not possible, you can't afford the car and you are shopping out of your price range.
    ......8-27-13, 5:03pm CDT.....I agree with Drew.

    Just thought it should be noted...
    77CDV, orconn and CadillacLuke24 like this.

  4. #19
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    2manyhotrods is offline Cadillac Owners Fanatic
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    I probably could. I've owned 4 in the past four decades but always bought used.
    I like the new coupe but really want a monster engine for my next one.
    However......the prototype Eldorado we witnessed a couple of weeks ago really spun my crank. THAT CAR I would go to the well for.
    Currently my old 99 ETC treats me well so I'll wait it out (God willing) and see what comes to the plate.
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  5. #20
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    CadillacLuke24 is offline Cadillac Owners Connoisseur
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    Re: Can you afford a Cadillac?!

    A new one? No.

    Mine? DAMN RIGHT!
    77CDV likes this.

  6. #21
    Bob Ross is offline Cadillac Owners Fanatic
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    Re: Can you afford a Cadillac?!

    Quote Originally Posted by drewsdeville View Post
    I'll add on and say NEVER buy anything on credit that depreciates at a faster rate than you can afford (as is the case for just about every person that buys a car on credit). You should never owe more on something than it's worth (2007, anyone?) - you should be able to afford your car in cash, even if you choose not to use that method of payment with some short term low/no interest offers. If that's not possible, you can't afford the car and you are shopping out of your price range.
    Generally I agree with this. However, if the interest rate is low enough and you can invest the cash elsewhere for a better return, you can come out ahead by going the financing route. Not to mention you'll have the bulk of the cash available in case of emergency rather than have it sunk into the car.

    As far as affordability goes, I consider a car affordable if you can afford the cost of the car, the cost of upkeep/maintenance, plus being able to pay your other bills and have money left over for the other stuff you want to do in life. I've never been impressed with kids who live rent free in their parents' basement and eat ramen noodles yet drive around in $40k cars, even if they technically can "afford" their car note.

  7. #22
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    Re: Can you afford a Cadillac?!

    Let's face it, even today, our cheap and easy to obtain credit makes most middle class "luxuries" affordable to almost anyone with "a recent pay stub." It has reduced the so-called prestige of consumer goods ownership almost to the point of being a joke.

    This all came to a head with economic disaster of 2007-2008 with the collapse of the banking industry and the subsequent collapse of the real estate market and stock market. Granting unrestricted credit to almost anyone who passed a mirror test led to people thinking they could actually "afford" a luxury level, or even to be a homeowner, when in fact they barely qualified to be renters.

    As this scenario applies to today, too many folks still feel they are "entitled" to far more in the way of material goods than their economic circumstances can substantiate. The fact that our overall economy depends on ever greater consumer spending for growth means we are likely to return to easier credit, while other economic circumstances indicate that the financial situation of middle class America will not improve in the near future.

  8. #23
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    With a down payment and small loan, I owe less than the car is worth. I did research before buying it for common problems, costs of repairs and costs of replacement parts. Yes there are some Wtf parts in there, CHMSL anyone? But for the most part it's really not any more expensive to maintain than your average 10 year old car. Being a quasi auto mechanic helps here a lot too.

    For the price range I'm in, it came down to do I want to finance a 5-7 year old average appliance, or a 10 year old car with "prestige" and low miles. I am thus far pleased and confident with my choice.

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  9. #24
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    Re: Can you afford a Cadillac?!

    Quote Originally Posted by orconn View Post
    Let's face it, even today, our cheap and easy to obtain credit makes most middle class "luxuries" affordable to almost anyone with "a recent pay stub." It has reduced the so-called prestige of consumer goods ownership almost to the point of being a joke.

    This all came to a head with economic disaster of 2007-2008 with the collapse of the banking industry and the subsequent collapse of the real estate market and stock market. Granting unrestricted credit to almost anyone who passed a mirror test led to people thinking they could actually "afford" a luxury level, or even to be a homeowner, when in fact they barely qualified to be renters.

    As this scenario applies to today, too many folks still feel they are "entitled" to far more in the way of material goods than their economic circumstances can substantiate. The fact that our overall economy depends on ever greater consumer spending for growth means we are likely to return to easier credit, while other economic circumstances indicate that the financial situation of middle class America will not improve in the near future.
    Very well said and I totally agree. Credit has created an extremely false depiction of reality for a vast majority of people. Depreciation costs, interest paid and paying more than intrinsic value are the main reasons why people have financial problems.

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