Comments on: Would you spend $20,000 to save $100 per month? http://www.nodebtplan.net/2008/06/30/would-you-spend-20000-to-save-100-per-month/#utm_source=rss&utm_medium=rss&utm_campaign=would-you-spend-20000-to-save-100-per-month A personal finance blog teaching you how to live debt free and use credit wisely. Fri, 10 Feb 2012 15:18:07 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Rudent Cufflerhttp://www.nodebtplan.net/2008/06/30/would-you-spend-20000-to-save-100-per-month/#comment-15088 Rudent Cuffler Tue, 24 Mar 2009 19:08:54 +0000 http://www.nodebtplan.net/?p=284#comment-15088 I think Hybrids are worth the money. Even though it will take a long time to regain the money you spend on an hybrid, you will still be helping the economy. BY A HYBRID!!!!!!!!!!!!!!!!!!!!!!!!!!! I think Hybrids are worth the money. Even though it will take a long time to regain the money you spend on an hybrid, you will still be helping the economy.

BY A HYBRID!!!!!!!!!!!!!!!!!!!!!!!!!!!

]]> By: Kevinhttp://www.nodebtplan.net/2008/06/30/would-you-spend-20000-to-save-100-per-month/#comment-2727 Kevin Thu, 31 Jul 2008 03:58:18 +0000 http://www.nodebtplan.net/?p=284#comment-2727 @Michael - I'm responding back to this tomorrow with a post at 7am. Hope you'll come back to read it! @Michael – I’m responding back to this tomorrow with a post at 7am. Hope you’ll come back to read it!

]]> By: Michaelhttp://www.nodebtplan.net/2008/06/30/would-you-spend-20000-to-save-100-per-month/#comment-2702 Michael Tue, 29 Jul 2008 16:10:55 +0000 http://www.nodebtplan.net/?p=284#comment-2702 Thinking only in terms of dollars saved isn't the entire point. Conserving fossil fuels is also important. It's irritating to hear commentators talking about oil "production" when no one is "producing" it-- we are extracting it and depleting supply. We're burning through our capital, in other words. I happen to have an inefficient car, but I drive it very little, relying on trip consolidation, biking, and public transportation. I know I'm fortunate to be able to restrict my driving, but I think a lot of people could drive a lot less and still be living fine lives. Part of the problem people have is that they want the image of having something new-- I would like to promote an new aesthetic, of preserving and conserving. New cars are very wasteful in terms of the resources entailed in their manufacture. Drive less, folks. Thinking only in terms of dollars saved isn’t the entire point. Conserving fossil fuels is also important. It’s irritating to hear commentators talking about oil “production” when no one is “producing” it– we are extracting it and depleting supply. We’re burning through our capital, in other words.

I happen to have an inefficient car, but I drive it very little, relying on trip consolidation, biking, and public transportation. I know I’m fortunate to be able to restrict my driving, but I think a lot of people could drive a lot less and still be living fine lives. Part of the problem people have is that they want the image of having something new– I would like to promote an new aesthetic, of preserving and conserving. New cars are very wasteful in terms of the resources entailed in their manufacture.

Drive less, folks.

]]> By: Weekend Roundup- Mid-Summer Edition | Think Your Way to Wealthhttp://www.nodebtplan.net/2008/06/30/would-you-spend-20000-to-save-100-per-month/#comment-2325 Weekend Roundup- Mid-Summer Edition | Think Your Way to Wealth Sun, 13 Jul 2008 12:44:31 +0000 http://www.nodebtplan.net/?p=284#comment-2325 [...] Debt Plan presents Would you spend $20,000 to save $100 per month?-Sometimes its just smarter (financially) to keep a car than to buy a new one just to save on [...] [...] Debt Plan presents Would you spend $20,000 to save $100 per month?-Sometimes its just smarter (financially) to keep a car than to buy a new one just to save on [...]

]]> By: Justinhttp://www.nodebtplan.net/2008/06/30/would-you-spend-20000-to-save-100-per-month/#comment-1590 Justin Fri, 04 Jul 2008 08:13:32 +0000 http://www.nodebtplan.net/?p=284#comment-1590 One thing you seemed to have forgot to mention is that you can get your car converted to run on cooking oil, bio diesel or gas/propane. This should cost a couple of grand but could save you a bit of cash in the long run especially if you're driving one of those giant SUV type vehicles. These links should give you an idea http://www.cdnauto.org/propane_or_natural_gas.asp http://www.ehow.com/how_2004136_vegetable-oil-fuel.html One thing you seemed to have forgot to mention is that you can get your car converted to run on cooking oil, bio diesel or gas/propane. This should cost a couple of grand but could save you a bit of cash in the long run especially if you’re driving one of those giant SUV type vehicles. These links should give you an idea
http://www.cdnauto.org/propane_or_natural_gas.asp
http://www.ehow.com/how_2004136_vegetable-oil-fuel.html

]]> By: Cindyhttp://www.nodebtplan.net/2008/06/30/would-you-spend-20000-to-save-100-per-month/#comment-1445 Cindy Wed, 02 Jul 2008 21:58:41 +0000 http://www.nodebtplan.net/?p=284#comment-1445 Understanding the factors that affect your gas mileage is key to optimizing your mpg. If you have decided to keep your gas-guzzling vehicle, this is particularly important. I found some great gas saving tips on www.creditinfocenter.com in the "budgeting" section of the site recently that I have followed, and have improved my gas mileage in my older vehicle significantly. Every dime helps! Understanding the factors that affect your gas mileage is key to optimizing your mpg. If you have decided to keep your gas-guzzling vehicle, this is particularly important. I found some great gas saving tips on http://www.creditinfocenter.com in the “budgeting” section of the site recently that I have followed, and have improved my gas mileage in my older vehicle significantly. Every dime helps!

]]> By: Kymhttp://www.nodebtplan.net/2008/06/30/would-you-spend-20000-to-save-100-per-month/#comment-1400 Kym Mon, 30 Jun 2008 22:36:49 +0000 http://www.nodebtplan.net/?p=284#comment-1400 I own my car outright (no car payments), and although it's 5 years old, I've only got 25k miles on it. The gas price increasing so much so quickly has forced me to redo my budget many times, but I'd rather spend $x amount more per month on gas rather than get into having a car loan and payment to deal with. When this car's life is nearing its end, then I'll get a new (or newly used) fuel-efficient car. The trade-in value on my car wouldn't be much towards the cost of a new hybrid (my car new only costs around $13k). This is a great post though - I know many people considering taking on new car loans just to save money on gas, without thinking about the overall cost. I own my car outright (no car payments), and although it’s 5 years old, I’ve only got 25k miles on it. The gas price increasing so much so quickly has forced me to redo my budget many times, but I’d rather spend $x amount more per month on gas rather than get into having a car loan and payment to deal with. When this car’s life is nearing its end, then I’ll get a new (or newly used) fuel-efficient car. The trade-in value on my car wouldn’t be much towards the cost of a new hybrid (my car new only costs around $13k).

This is a great post though – I know many people considering taking on new car loans just to save money on gas, without thinking about the overall cost.

]]> By: Rickyhttp://www.nodebtplan.net/2008/06/30/would-you-spend-20000-to-save-100-per-month/#comment-1396 Ricky Mon, 30 Jun 2008 16:40:23 +0000 http://www.nodebtplan.net/?p=284#comment-1396 Another point to consider is right now most dealers wont even take large vehicles as trades. I completely agree with you Kevin. Trading your vehicle in the interest of fuel economy is almost never a good idea. Unless you are making a 100% lateral trade and you will be netting higher gas mileage in the end. Another point to consider is right now most dealers wont even take large vehicles as trades. I completely agree with you Kevin. Trading your vehicle in the interest of fuel economy is almost never a good idea. Unless you are making a 100% lateral trade and you will be netting higher gas mileage in the end.

]]> By: Kevinhttp://www.nodebtplan.net/2008/06/30/would-you-spend-20000-to-save-100-per-month/#comment-1393 Kevin Mon, 30 Jun 2008 14:25:15 +0000 http://www.nodebtplan.net/?p=284#comment-1393 @klein: I completely disagree for a few reasons. 1. Everyone should be striving to -not- have a car payment. 2. Trading in your car is typically one of the easiest ways to get ripped off. The reason dealerships make so much money is not just new car sales. They make a profit on every used car they sell, too. Money that could be in your pocket rather than theirs. However, if you could trade in for the actual cash value, keep the payment the same, and keep the loan length the same... AND get better gas mileage, that is a good situation to be. Anything else is still throwing good money after bad because you're either losing money on the trade or losing money on extending the financing. I neglected to mention this, but you also need to look at insurance costs for new hybrids as well. Any new car, typically, is going to have higher insurance than older cars. @klein: I completely disagree for a few reasons.

1. Everyone should be striving to -not- have a car payment.

2. Trading in your car is typically one of the easiest ways to get ripped off. The reason dealerships make so much money is not just new car sales. They make a profit on every used car they sell, too. Money that could be in your pocket rather than theirs.

However, if you could trade in for the actual cash value, keep the payment the same, and keep the loan length the same… AND get better gas mileage, that is a good situation to be. Anything else is still throwing good money after bad because you’re either losing money on the trade or losing money on extending the financing.

I neglected to mention this, but you also need to look at insurance costs for new hybrids as well. Any new car, typically, is going to have higher insurance than older cars.

]]> By: kleinhttp://www.nodebtplan.net/2008/06/30/would-you-spend-20000-to-save-100-per-month/#comment-1392 klein Mon, 30 Jun 2008 14:18:45 +0000 http://www.nodebtplan.net/?p=284#comment-1392 Ever here of a little something called a Trade-in? Chances are good that you car payment wouldn't change that much and you'd only tack on a little more to the loan. That would definitely be worth it. Ever here of a little something called a Trade-in? Chances are good that you car payment wouldn’t change that much and you’d only tack on a little more to the loan. That would definitely be worth it.

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