One of the big questions you’ll face when buying a car is how you want to pay for it. I think that there are pros and cons to each option, and certain situations that favor one over the other. A car is a depreciating asset, meaning its value is constantly dropping. Paying interest for something that is losing value means that you’re losing money in two directions.
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Another benefit of buying with cash is that you own the car outright, which simply gives you more options. When you own outright, not only are you free from that threat but you also have the option to sell the car if you need some cash. You may even owe more than the car is worth, which means selling would actually require you to come up with more money in addition to the sale proceeds. Cars can cost a lot and not everyone has that much cash on hand. There’s a lot of good advice out there on how to buy a well-used car on the cheap. When compared to a 0-2% interest rate on the loan, those returns can be worth it, but only if the money is truly invested for the long-term.
What if you don’t have enough cash for the car you want?
You’re paying interest for something you can’t afford that is losing value every single day you have it. You’ll still be paying interest on a depreciating asset, but you won’t have compounded the issue by buying more car than you need. That money is there for emergencies, not for purchasing things that cost you money, like cars. Since that money was either going to be used for our car purchase or for another big purchase in the near future, the option of financing and then investing the difference for the long-term was out of the picture. Though we didn’t like the prospect of using all of our savings, and were going into the process with the goal of not doing so, we decided that no matter what we would pay for the car in full with cash rather than take out a loan. I paid it off early and will be paying cash for my next car. In fact if you buy you’re able to depreciate the value of the car as well, which is an additional tax benefit. Where as the buy/loan can only be depreciated in drips and drabs. If you lease you keep having to pay simply for the honor of having the car, which is an extra expense whether or not there’s a deduction.
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You’d have to run the numbers to be sure, but it’s very likely that over an extended period you come out well ahead from buying outright over continuing to lease over and over again. A good chunk of my income is now generated by selling many naked puts (option trading) to collect the premium. I just think it’s important not to let the magnitude of the purchase affect our judgment.
I am actually writing a post about it and when opportunity arises. With all of that said, this is really in the realm of making a personal decision that doesn’t have a hard and fast right answer. I don’t have a problem with people choosing to finance their vehicle, but they need to do it for the right reasons, which generally doesn’t include buying a car that you can’t really afford. Some higher maintenance costs, but if you’re smart about it, you’ll save thousands and thousands over the years. If you own the car outright, you can drop your coverage to liability, which saves a pretty penny in insurance costs. The biggest benefit of buying a car with cash is that you don’t have to pay any interest. This is in contrast to something like investing in the stock market, where you hope that the value of the asset will grow.
With a loan, you can still sell but you have to coordinate with the lender and any proceeds first have to go to pay off the loan. Finally, paying with cash removes the hassle of having a loan. The big downside of paying with cash is simply that you have to have the money.
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It provides some security to balance out the risk you’re taking on by borrowing. Once you start paying more than 2% or so, it can become pretty dubious whether the cost is actually worth it. You have to do something with the money you’re saving up front by taking a loan or the cost in interest is a waste. Short-term returns could easily be much worse than that given the risk involved with investing in the stock market. Again, there’s lots of good advice out there for how to buy a well-used car. As in you need a car within the next couple of days and you have no short-term alternatives.
In most cases it will make the most financial sense to pay cash, even if it means buying a lesser car than you would like. I think not having debt is a huge stress relief and it’s definitely worth it so save and pay cash for vehicles. Hopefully most people do that kind of thorough analysis when evaluating their options. The loss of working capital would be a crippling blow to my monthly/weekly income. We’re hoping to get 10-15 years out of the car we just bought as well.
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Sometimes it is not always about saving money, sometimes its about giving yourself options.
I have thought about this one for some time and didn’t want to jump the gun on it. If you already have a 6-month e-fund for example, what extra security are you really paying for?
If you just spend it then you’re asking for trouble, even if the rate is 0%. I drove my last car for 10 years but now put on a lot more miles so hopefully it lasts.
Of course that goes hand in hand with having less advantageous places to put your money. It does feel good to own the vehicles outright and we drive them for many years. The car barely depreciates at all, and you can sell it later for almost the same as you bought it for. It’s always helpful to have someone more knowledgeable than you to bounce ideas off of.
Markup Isn’t Profit Or How Much Should A Contractor Charge? by markupandprofit.comMarkup is a general term that applies to the overhead and profit that any business needs to realize if the business wants to stay in business. Somewhere along the line, people started believing that a 10% overhead and 10% profit is the industry standard for construction jobs. Armed with that knowledge, owners try to get their contractor to reduce the price of the job they want done. Would you ask your surgeon to reduce his price before doing open heart surgery?
Why do you want to use a cut rate contractor to improve or repair your major investment? It must price the work or services to include the cost of its goods or services as well as cover its overhead expenses and make a reasonable profit. Profit is what insures a business’s longevity – if it doesn’t make a profit, it might not be in business in six months. Just like your doctor, your mechanic, your grocer and every other business. The basics presented in your book are applicable to any business. I don’t have any formal education or training on the matter so it really is helping me a lot!
All we learned during the workshop has tremendously helped us towards doing things in the right way.
I didn’t grow up in the trades, so starting a handyman & light remodeling business has been a long journey for me.
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You’ve been sharing business saving advice with me for many years. Your books are really life changing, if your readers are happy to look at the mirror and implement necessary changes miracles start happening.
Thank you again for being a voice to be listened to in our business.
It is the am ount a business charges above their direct cost. It needs a reasonable profit to build and maintain the business, keeping it viable during the down times. If it can’t cover overhead expenses and make a reasonable profit, it might not even be in business long enough to finish your project. I can tell you that in my experience, too many contractors make no profit at all. So, if you’re focused on finding the cheapest contractor to do your job, you have a very good chance of selecting a contractor who will go out of business while trying to build your job. Markup isn’t profit, it is the money needed to make sure the contractor can complete your job, pay his bills and if he’s doing things right, make a profit on the job as well. I feel confident (still a little scared 😉 in running the business thanks to all of your great resources. I appreciate seeing a person speak that has the facts to back up their perspective. I have been working in residential alterations and renovations 15yrs. I have been looking all over in my area for the type of training you provide and can’t find it anywhere.
I especially appreciate the time dedicated to “wrong math” and why it’s wrong. I have read your book markup and profit numerous times and used it as the cornerstone for my business. It was a pleasure meeting you guys, we learned so much and are so glad we came out to the workshop. I believe every word you say or write as its been proven to me many times (not the sharpest knife in the drawer).
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We still have a longggggg way to go, but we are slowly putting your advice into practice. To be focused on professional service and professional work. I also just bought the proposal writer and it works great!
I also look forward to your newsletters – there’s always something for me to learn. It’s extremely informative and does a great job pointing out where mistakes can be made when running a company and the proper steps to take to ensure a healthy and profitable business.
Kitchen Cabinet Costs by bhg.comIt’s important to consider what your money can buy and how much you want to spend. Stock cabinetry ranges from 6 to 42 inches wide, in 3-inch increments.
Millwork and architectural details add character, and accessories make the most of every inch of storage. These guidelines will help you start a budget for your kitchen remodel. This comprehensive guide outlines what you need to know about working with professionals, material options, layout and lighting planing and more. Discover everything you need to know about cabinets with our free guide!
To get the best kitchen cabinets within your fixed kitchen remodel cost, use a compact work area and standard sizes. Options include pantry units, sliding shelves, and drawer inserts. If custom cabinetry isn’t in your budget, consider mixing a few custom pieces with semicustom or stock units.
Although details and accessories add beauty and function to your cabinets, they also add to the cost.
Suspect Packages : The One Stop Shop For UK Hip Hop : by suspect-packages.comOnly one snippit for now, more coming soon, truss tho, it bangs.
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This truly is a gem of an album, and as the title suggests, he digs deep lyrically. Not only packing a serious punch in the lyrics department, but knocking the beats clean out too, he damages the set and sound hands down. The album embodies the freezing cold concrete pours, twilight toe slaps and irregularly shaped ballast banks of the network. Double vinyl release on classic black vinyl, in a full colour sleeve, shrink wrapped for extra freshness. Limited to 1000 copies, book will not be included on any represses. One for the emcees to get buck wild with, one for the deejays to get busy with, or one to just drop the needle on and play from start to finish, finesse excessed.
His latest offering shows him upping the levels to never seen before heights, as he delivers arguably his best work to date. And a massive throw back joint taking it into outer space too. A stone kold killah collabo is this, both coming with the fire as you’d expect. He holds his own here, stylin’ the beats out in his own swagger, coming correct on every cut. All of our decisions and choices shape and mould our futures in this life and possibly even the next.
With over 29 musicians, vocalists and producers involved in the album, this is their most ambitious project to date. Flip it over and the tempo gets tunn up into an afrobeat meets uk funky inspired take. Expect a crate full of chopped up soul and rare grooves laced with some ill drums, such a dope release with nuff flava onboard. A mix of heavyweight instrumental and vocal tracks onboard, each coming with its own power punch and top quality mix down, plus there’s a cracking set of guest emcees too. If anything is worthy of being called a labour of love, then it is this album.
Dabbla’s unique blend of hybrid rap shit is the main ingredient, with life commentary and straight up humour, mixing with personal reflection and standard rapper self-aggrandizement. Everything that happens in the middle is what makes us who we are. This ultra limited 7″ single is limited to 300 copies, never to be repressed.
The Devil’S Dictionary 1911 by ambrosebierce.orgThis explanation is made, not with any pride of priority in trifles, but in simple denial of possible charges of plagiarism, which is no trifle. Peculiarly appropriate in an employee when addressing an employer. Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside. An act whereby a sovereign attests his sense of the high temperature of the throne. From women this ancient faith commands but a stammering assent. If woman had a free hand in the world’s marketing the race would become graminivorous.
The natural equipment to accomplish some small part of the meaner ambitions distinguishing able men from dead ones. Perhaps, however, this impressive quality is rightly appraised; it is no easy task to be solemn.
Sudden, without ceremony, like the arrival of a cannon- shot and the departure of the soldier whose interests are most affected by it. A total abstainer is one who abstains from everything but abstention, and especially from inactivity in the affairs of others. This view of the attorney’s position in the matter has not hitherto commanded the assent of attorneys, no one having offered them a fee for assenting. An instrument in harmony with the sentiments of an assassin. To affirm another’s guilt or unworth; most commonly as a justification of ourselves for having wronged him. So called from its habit of adding funeral outlays to the other expenses of living.
In international politics, the union of two thieves who have their hands so deeply inserted in each other’s pockets that they cannot separately plunder a third. From the notches on his back the alligator is called a sawrian.
The place whereupon the priest formerly raveled out the small intestine of the sacrificial victim for purposes of divination and cooked its flesh for the gods. Able to pick with equal skill a right-hand pocket or a left. An overmastering desire to be vilified by enemies while living and made ridiculous by friends when dead. The state’s magnanimity to those offenders whom it would be too expensive to punish. To grease a king or other great functionary already sufficiently slippery. A leech who, having penetrated the shell of a turtle only to find that the creature has long been dead, deems it expedient to form a new attachment to a fresh turtle. The physician’s accomplice, undertaker’s benefactor and grave worm’s provider. A decent and customary mental attitude in the presence of wealth of power. They sometimes minister at the altar in a half-hearted and ineffective way, but true reverence for the one deity that men really adore they know not. In matters of thought and conduct, to be independent is to be abnormal, to be abnormal is to be detested.
To “move in a mysterious way,” commonly with the property of another. Peculiarly exposed to the tooth of detraction; vilifed; hopelessly in the wrong; superseded in the consideration and affection of another. A person with an income who has had the forethought to remove himself from the sphere of exaction. A weak person who yields to the temptation of denying himself a pleasure. A statement or belief manifestly inconsistent with one’s own opinion. An ancient school where morality and philosophy were taught. An inevitable occurrence due to the action of immutable natural laws. One associated with another in a crime, having guilty knowledge and complicity, as an attorney who defends a criminal, knowing him guilty. Acknowledgement of one another’s faults is the highest duty imposed by our love of truth. A person whom we know well enough to borrow from, but not well enough to lend to.
Our polite recognition of another’s resemblance to ourselves.
An acclimatizing process preparing the soul for another and bitter world. That period of life in which we compound for the vices that we still cherish by reviling those that we have no longer the enterprise to commit. A statesman who shakes the fruit trees of his neighbors — to dislodge the worms. An ingenious criminal who covers his secret thieving with a pretence of open marauding.
The word is now seldom used, except with reference to the sacrifice of their liberty and peace by a male and a female tool.