[quote=sdrealtor]I dont know what you are talking about BG. I have tons of equity. My house is still almost double what I paid and I am not banking on anything. Never said I was.
How can you afford to retire your mortgage but not be able to replace your 18 yr old high mileage car. It doesnt make sense. I have a vehicle half that age in perfect running shape and condition that isnt worth $3,000. They are virtually giving cars away these days. 5 year old cars are close to worthless from a resale perspective. Why cant you pick one of those up for a couple hundred dollars a month. I’m calling BS on BG.[/quote]
This doesn’t negate the fact that the “squat-mod” and “squat-SS” groups (who are now ostensibly “broke”) are driving new and newer vehicles paid for by their “home-equity” they are now seeking to have “forgiven.”
You have previously posted you have removed equity on two or more occasions since you purchased (new?). An owner who has already removed equity does not have the same stake in getting back their downpayment at the time of sale as they have already gotten in back…lol.
Agree about the used vehicle deals out there. My vehicle actually also runs perfect (knock on metal) but it was not without making necessary repairs over the years. I would estimate its current value at $2500 – $3000. I’ve got three trips slated for it in the next 3 mos, one in the snow.
Now that you mention this, I was JUST on CL and AutoTrader.com YESTERDAY looking at 5-10 yo Japanese luxury vehicles for sale for a friend who got hit and rec’d ins proceeds and was SHOCKED at how cheap they are selling for now, ESP private-party sales! I also agree that this month, in particular, would be a good time to strike a deal on a good Certified-Used vehicle from a dealer (model year 2005 forward). I doubt very seriously that they will be putting their usual $3K+ in their pockets from these sales THIS month! :=D
If my vehicle needed a major repair, I would consider selling it at this time and using the proceeds to help purchase a ’99 to ’04 (AWD) model. At the present, however, I am enjoying no car payments and the lowest possible registration fees and insurance premiums.
I will be able to retire my mortgage later due to being able to receive proceeds from my retirement accts penalty-free (and possibly buy a newer vehicle as well).
