Quote:
Originally Posted by Jacks
I had a guy working for me for about 8 years, always had a way nicer vehicle than me. I usually buy 2-3 year old vehicles for cash, it generally costs me 3-5K every 2-4 years to upgrade. He would roll his truck into a new one every 2 years and tack the debt onto the new lease, last time I asked him he was paying $1300/month for a Chev Silverado 3/4ton. The guy is buried in debt and has 4 boarders living in his (rented) house to make ends meet, lives paycheque to paycheque. People make their own decisions.
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People with no cash always seem to be the ones with the new expensive vehicles, I know a fella who's had 3 new trucks in 6 years, the new one he got this year was because he needed new tires on the previous one and didn't have the cash to buy them. I would bet his new $70k truck has a loan of at least $110k by now.
It amazes me how easy it is to add previous huge dept to a car loan(s) but buying a house/condo is impossible without a good down payment and proof it's actually your money in the bank.