Posted: 12/28/2008 7:41:30 PM EDT
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I bought an 08 polaris ranger 700efi 4x4.... it's sick! I put a 4k down payment so I still owe 6500. payments are 145/month 60 months 9.9%. I just got the rig 2 months ago and last month was my first payment. I didn't put all i could have into the DP cause I thought I would mod it but have decided not to. Currently I have around 2k cash and I'm considering making a 1500 dollar payment towards the principal.
However, In 3 years I will graduate from college so I could just live cheap for a year and pay it off once I get a decent job. Basically just do the 150 payment for 3 yrs then pay it off pronto. This route would allow me to continue my gun buying and shooting. What says the hive? Now or wait? Dad says to wait and find stuff to buy/resell. I have done this in the past but haven't since summer. If I don't do it then this week I'm buying stuff to load a couple thou 9mm and 223. Figure the dillon can about pay for itself then |
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I'm all for paying off stuff as soon as possible, but I would also advocate having an "emergency fund" of at least $1,000 to take care of unexpected expenses. I'd probably start putting an extra $50-100 on each payment for the principle and then you'll still probably be able to do the other things you want, and get it paid off faster.
PTK |
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Paying the loan off over the 60 month term will cost $8700.
The original price of the ATV was $10500, the balance owed is $6500, and you're paying an extra $2100 in interest for a seriously depreciating asset that won't be worth more than a couple of thousand bucks at most when it's paid off, and more likely it will be worth just a few hundred. You can't afford the ATV if you need to finance the purchase, in my opinion. I would be interested to know the source of your income. |
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Quoted:
Paying the loan off over the 60 month term will cost $8700. The original price of the ATV was $10500, the balance owed is $6500, and you're paying an extra $2100 in interest for a seriously depreciating asset that won't be worth more than a couple of thousand bucks at most when it's paid off, and more likely it will be worth just a few hundred. You can't afford the ATV if you need to finance the purchase, in my opinion. I would be interested to know the source of your income. Currently on ebay 5 year old rangers are selling around 5500. UTV's hold value much better than ATV's. I had an 04 yamaha Pro Hauler that got stolen and the insurance check from it was 5250. But I bought a winch so I only have 875 left from that check. I'm not concerned about resell value since I plan to drive it till it dies. I did this for 4 yrs on the yamaha and had no intentions to sell it. Oh and the 10500 included a 900$ full warranty for 5 years. It covers basically everything but general maint. I know that I'm spending 2100 on interest which is why I want to pay it off quicker. I'd really like to not pay that much in interest. As far as my source of income, I just have a part time job while I'm in college and I am always lookin for things to buy to resell. I have the cheapest cell phone I can and as long as I keep a 3.0 the parentals cover my insurance and help with gas. I drive a 1300$ 95 grand cherokee with 116k miles so no payment. I usually spend 200-225 per month including the ranger payment. |
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Or an old Samurai (Suzuki type, not Ronin) and plenty of off road goodies in a vehicle that isn't that much bigger.
I hate to dis guns any by I have a few hobbies and sometimes I have to chose what new toy I want to get next. In that case I always try to look at it from the most fun per dollar angle. So, whatcha think will give you the most laughs, range time or 4 wheelin'? As for how to afford it, don't ask me, I still haven't figured that out. |
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Quoted:
Or an old Samurai (Suzuki type, not Ronin) and plenty of off road goodies in a vehicle that isn't that much bigger. I hate to dis guns any by I have a few hobbies and sometimes I have to chose what new toy I want to get next. In that case I always try to look at it from the most fun per dollar angle. So, whatcha think will give you the most laughs, range time or 4 wheelin'? As for how to afford it, don't ask me, I still haven't figured that out. If I lived around Ouray or Ridgway Colorado, I know which is more fun. I would take a gun or two along anyway, as there are bars and panters in the mountains. |