Loco5.0 said:That's becausse there are plenty of fools willing to be ripped off. Sucks for you guys w/no patience.![]()
Ummmmm... No...in financial planning world we call it Opportunity Cost. Same idea as when people put a $4.00 Fast Food meal on a credit card, or ANYTHING on a credit card that is not a medical necessity or an emergency item and pay it off before interest accrues.
See, we "fools" apply the rule of Opportunity Cost and Instantaneous Gratification to life and buy what we want, when we want. If you purchase GAP insurance it is of no residual impact that you invert in a loan situation.
I watched my father die and mother have a major stroke and become disabled without having done many things because they were "waiting" and having "patience". So, I live for Today and Plan for tomorrow... The best of both worlds. I do not live in the economic constricts of retaining all my income for retirement, as unforseen circumstance could render me dead right now, and what the hell did I achieve from it?... NOTHING!
Live for Today, and Plan for Tomorrow.... The best of both worlds, my friend.
Oh, and last time I looked this is a deprecible consumer good. Not an appreciable asset. It would really only be considered an asset if it was paid in full, so it is a liability no matter how you look at it on the books.
Jennifer

Beautifully put, Jenn!!! I almost got killed in a really bad car accident three years ago. To that point in my life I realized I was always living my parents dream, not mine. Saving, not using much credit at all, not taking many risks, and def. not giving my friends and family enough priority (letting work be the most important thing to me - climbing that BS corporate ladder). There's nobody who *needs* a sports car - V6 or V8. Look around you, gas prices across the nation are over $2.00/gal. This is never going to change - only go up and up until we're paying $5.00/gal and the gap between the "have" and "have nots" drastically increases. If you just used pure financial sense in all of your purchasing decisions and ignored the human emotional element we would all be driving hybrids or the smallest most fuel efficient 4cylinder importmobiles we could find while racing them down to our nearest Gov't office and demanding more of our country's resources focus on the looming energy crisis we ALL face.

Nolyaw.pssstttttt... It's a CAR.