S197 Values - current asking prices vs mileage
- Thread starter tabstang
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Depends on: how far he is into the mortgage, ie 15years into a 30 yr.
And the general rule of thumb is, unless you can reduce rate 2% or more. Do NOT refi. And always send extra money, even if it is only $25.
~8 years in out of 30. $199K purchase. $40K upfront. About $125-130K balance (I'd have to look it up to say for sure).
That's 75-100K net. Think how much you would have to gross, working at any job, to net 75-100k. As time goes on, IF you could afford a tiny bit more per month, the overall savings would be even greater.
So when you decide to buy a new $40k vehicle, that you really don't require, ( instead of paying down the mortgage) it's really costing you > double that amount.
Once the mortgage is paid off, you will be amazed at how fast you can save up money.
eighty6gt
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USA/Canada. US rates can afford to go up, those guys get a magic 1k/mo in bank acct soon.
Canada is not in the same position. We are arsed with our RE and there's no way out.
I wish I could keep my house but I need a bigger bath tub and central air. That will run me 600 grand.
Canada is not in the same position. We are arsed with our RE and there's no way out.
I wish I could keep my house but I need a bigger bath tub and central air. That will run me 600 grand.
AFAIK, they can also write off the mortgage interest on their income tax. That's a huge advantage right there.
Tax write off is big lie. Having paid off my house vs having a mortgage write off had NO significant impact on my taxes .
It actually simifies filing not having a mortgage.
Ret
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After reading all these post I have a couple of questions. Is a 2008 Mustang Convertible Gt/CS with 70,000 miles in a desirable sales position? Only has 67,000 at the moment but I'm over 82 and the time to sale will come.
Second question: One of the things we all seem to like is the distinct sound of the Mustangs, what have they done to get a similar sound out of the electric cars.
Second question: One of the things we all seem to like is the distinct sound of the Mustangs, what have they done to get a similar sound out of the electric cars.
So there we were, getting the morgage for our current home. The guy worked the numbers money down, closing costs, projected monthly payment, etc. This was the 30 yr mortgage.
I said to the guy, now give me the 15yr quote.
He got pissed and said "why would you want that?"
Same or slightly higher monthly payment and half the term. Thats why!! And we walked out with the 15yr at a 1/2% lower rate.
I said to the guy, now give me the 15yr quote.
He got pissed and said "why would you want that?"
Same or slightly higher monthly payment and half the term. Thats why!! And we walked out with the 15yr at a 1/2% lower rate.
eighty6gt
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Why not ? I woulda thought being able to write off say $10K a year, would result in an extra $3k coming back in the refund ?
When I bought my 1st home in 1979, the bank lady worked it out for a 25 yr term. I said how much for a 10 and also 15 yr term. She went beserko, and screams..."standard term is 25 yrs". I was 24 yrs old at the time, and had the maths worked out beforehand. Walked out with a 15 yr mortgage..and a fixed 5 year term at 11%. During that 5 yrs, interest rates shot up to 22%..then back down to 13%. She wanted me to get a 1 year fixed term at 10.5 %. If I had done that, I woulda lost my home.... like hundreds did in town. Fn RBC.
No clue what it's worth. They are worth what folks are willing to pay for them. I'd say sell it sooner than later. It will just devaluate as time goes on. It's already 13 yrs old.
Electric Mustang ? They will no doubt sync the 'gas pedal' with the 500 watt stereo + speakers, so it makes...'vroom vroom' noises. You don't want one of those either. You will get 7-8 yrs max out of the battery, which will then cost u $20K to replace. And without a new replacement battery, the car isn't worth 50 cents.
For our first house, we were approved for $325000. I did a quick rough estimate on what the payment per month would have been. And it would have taken both of our paychecks just to pay the mortgage. Dont need to eat, put gas in car to go to work, heat and light the house. Minor details... lmao
My point was that what they approve you for is SOOO much more than you can afford. And some don't realize that, so sad.
JJDAG
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I use my two lists the needs list and the wants list which of course is much longer than the needs list. Before I buy I think about which list this falls under, what’s currently on my needs list and what needs are around the corner, not having mountains of debt does keep the stress level down for sure.
Aussie-Parnelli
Junior Member
I live in Australia and own 4 Saleen S197's I got the same message from my mother, it took a while to sink in but it was a true statement. Paid my mortgage of in 8 years that was 1985 and have paid very little interest since....almost nothing. It really allows me to enjoy my cars which we own. And yes have 2 CC's mainly for the points, paid off each month and yep banks hate it.
eighty6gt
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Don't use calculators, don't seek advice from advisors... trust your gut!!!
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