yamahauler
Active member
I am just curious as to how people afford their toys so I thought I would do a poll.
Toy Funding
- Thread starter yamahauler
- Start date
yamahauler
Active member
nah...if married and the better half/other half/wife/hubby pays...then how did she/he pay.
Good Question - tough to answer
I was brought up that if you can't pay for it (cash) you shouldn't own it. However, my parents are 67 and things were a lot different back then. My father paid $40,000 for his current house and with a few additions and continual updates is't worth well over $250,000. He was able to purchase new vehicles for $5,500. In fact, hew would make enough money, but a new car, quite his job and go fishing in Canada until hes was broke. He would then come home and do it again. Now pricies have gone up and the paybase hasn't imho.
Fast forward to me - I'm 29, graduated college and just bought my first house. I was lucky in that I was able to pay cash for college. Granted I think my insides are pickled from all the Ramen noodles but oh well. I got engaed to my wife and was able to pay off her student loans. When that was done I bought my first new vehicle (Toyota Tundra 2004 and still driving). Nothing fancy - crank windows, V6, not extended cab - and paid it off in 2 years. We had a small wedding that really didn't set us back. Bought my wife a Rav4 - had to finance it and probably will run the loan out - 4 years. She went back to school for her masters and we took out a loan. Also financed the house.
I don't think that's to bad for debt as we don't have any credit card debt and buy things only as we need them.
Now am I jealous of other people who have new and nicer things - yes. But then I think of the payments. My sled goes forward and may be a little slower (its a 1990 Indy) and my boat is ugly and rattles and would probably be worth more in aluminum then what I have into it. But both don't cost me a dime until I break something.
With the state of the economy, I can't see financing a boat, sleds, cars, house, student loans, furniture like a lot of my friends/peers. But it is a personal choice.
Could I be happier with more toys - probably. But I can sleep at night knowing that for the most part I can walk away.
I was brought up that if you can't pay for it (cash) you shouldn't own it. However, my parents are 67 and things were a lot different back then. My father paid $40,000 for his current house and with a few additions and continual updates is't worth well over $250,000. He was able to purchase new vehicles for $5,500. In fact, hew would make enough money, but a new car, quite his job and go fishing in Canada until hes was broke. He would then come home and do it again. Now pricies have gone up and the paybase hasn't imho.
Fast forward to me - I'm 29, graduated college and just bought my first house. I was lucky in that I was able to pay cash for college. Granted I think my insides are pickled from all the Ramen noodles but oh well. I got engaed to my wife and was able to pay off her student loans. When that was done I bought my first new vehicle (Toyota Tundra 2004 and still driving). Nothing fancy - crank windows, V6, not extended cab - and paid it off in 2 years. We had a small wedding that really didn't set us back. Bought my wife a Rav4 - had to finance it and probably will run the loan out - 4 years. She went back to school for her masters and we took out a loan. Also financed the house.
I don't think that's to bad for debt as we don't have any credit card debt and buy things only as we need them.
Now am I jealous of other people who have new and nicer things - yes. But then I think of the payments. My sled goes forward and may be a little slower (its a 1990 Indy) and my boat is ugly and rattles and would probably be worth more in aluminum then what I have into it. But both don't cost me a dime until I break something.
With the state of the economy, I can't see financing a boat, sleds, cars, house, student loans, furniture like a lot of my friends/peers. But it is a personal choice.
Could I be happier with more toys - probably. But I can sleep at night knowing that for the most part I can walk away.
yamahauler
Active member
Maddogg...I was brought up the same as you and we think a lot alike...are we brothers from another life, lol.
I have a brother in law that has thinking like this..."if the nest egg is good, the rest is to spend. You can't bring it to the grave and I sure as heck am not giving it to the feds." Good point, but it helps when you make too much money if there is such a thing.
I have a brother in law that has thinking like this..."if the nest egg is good, the rest is to spend. You can't bring it to the grave and I sure as heck am not giving it to the feds." Good point, but it helps when you make too much money if there is such a thing.
can't vote in poll, it all depends on a few things. i have paid cash and also have financed, if i can get 0% financing i'll keep my money in the bank and use theirs for free. i always have a good portion of the $$ saved whenever i buy something if i don't have all of it.
nytro
nytro
Almost always cash for toys unless they have some sweet no payment/no interest for 6 months deal. Then just pay it off right before the 6 months is up. Why not use their money for free for 6 months instead of my own?! Only finance vehicles and house. Rates on cars are so low im ok with giving some interest to have a little nicer ride.
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Thinking Some More
I was thinking some more on this. I think it depends on what you like to to also. I hunt, fish, snowmobile, belong to two dog clubs, and a sportsmens/gun club. I can't do all these all the time, nor can I have the best of everything for each hobby. But If I was only into 1 or two things, I probably would finance (if needed) as I know I wouldn't want something new/better for the next season.
I was thinking some more on this. I think it depends on what you like to to also. I hunt, fish, snowmobile, belong to two dog clubs, and a sportsmens/gun club. I can't do all these all the time, nor can I have the best of everything for each hobby. But If I was only into 1 or two things, I probably would finance (if needed) as I know I wouldn't want something new/better for the next season.
We do both cash & finance. Snowmobiling is cash only. If I don't have it, I'm not buying. My last sled was 4 yrs old, had over 5K miles on it, and I feel I got my money's worth. So I sold it, used the sales money and money I had been socking away just for a new ride- and bought a new one this year. I will ride it for at least 4 more years. So both sleds, trailer, etc- all paid for. We also live on water and have a boat. That is financed. Have you seen boat prices? We rationalized that we get WAY more use out of a boat and I'm willing to write a monthly check for that. We have 2 cars, one is financed, one is not. The one that is not will be paid off in about a year, and we will hold onto it until it is no longer mechanically sound. So I think we have a pretty good balance.
Interesting topic.
Interesting topic.
misty_pines
Member
My thought is that if you can pay for a "toy" in full, you can't afford it. That's why I don't switch up my sleds too often although this is just my take on it. I can although understand financing some of the price...these new sled are sweet, but expensive.
cortland_crew
Member
cash with alittle financing
We pay with cash only.....Well most of the time ... The only thing ever financed was the house and a 2010 truck with 0% intrest financing couldnt pass that up ......Finished paying child support for the last 15 years a month ago .....Turned 46 yesterday wife gave me a suprise of a life time a free ticket to order my new 2011 Dodge Challenger srt8 with the new 6.4 liter hemi being offered in late october of this yr on the new 2011s ...So yes i will be saving all my money for the next 8 months so i dont have to finance to much ..... But will be worth it cause my wife said so.......lol
We pay with cash only.....Well most of the time ... The only thing ever financed was the house and a 2010 truck with 0% intrest financing couldnt pass that up ......Finished paying child support for the last 15 years a month ago .....Turned 46 yesterday wife gave me a suprise of a life time a free ticket to order my new 2011 Dodge Challenger srt8 with the new 6.4 liter hemi being offered in late october of this yr on the new 2011s ...So yes i will be saving all my money for the next 8 months so i dont have to finance to much ..... But will be worth it cause my wife said so.......lol
No toys in the house unless you can pay for it in full, that goes for the wife and the boys. The only loans we have are the two Mortgages on the two houses. We have about 3 years left on the one and 7 left on the cabin, not bad seeing that the loans were taken in 1999 and 2001.
yamahauler
Active member
Interesting....I only have one mortgage and one car loan. My goal is to never have more than one car loan at a time.