How well of should I be to buy a Genesis?

[Mark_888]

Re: Early 2012 R-Spec reviews

It's negativity because it contradicts your belief system? It's reality. You have bought into a belief system that is not sane in light of current data. If much of economics is psychological then why buy a house when the data, the news and the preponderance of people expect prices to go down further. You pick one market and I respond with this -

"The Washington area's housing market isn't expected to rebound for at least a year, and 2011 could mark a new low for some areas, according to real estate experts.

Read more at the Washington Examiner: http://washingtonexaminer.com/local...t-wont-improve-2011-experts-say#ixzz1Q6pJNpvl

Seattle, SF and Portland weren't supposed to go down. Urban boundry laws, the geography, zoning laws, etc. But they did. Look everyone would like to buy a house. I bought a house. But I got out of it with finances intact while millions of good worthy people are underwater.

Upon reading the article you posted, they consensus is that home prices will be flat in most areas around Washington DC for another year, and "maybe" slightly down in only certain limited depressed areas with a lot of foreclosures. This assessment does not necessarily apply to the whole country.

What will probably not be going down are interest rates. They could go up rapidly as soon as the first signs of recovery are present. If you wait until the home prices start to recover (no longer flat), then it is too late for low home prices and low interest rates. Trying to predict the absolute bottom of the market is very unwise. Anyone buying right now will make out like a bandit in 10 years.

 

[Glashub]

Re: Early 2012 R-Spec reviews

You're entitled to your opinions. I just am not comfortable with people making expert statements when we are in uncharted waters. Can you see the logic here,

"It's a terrible time to buy when interest rates are low, like now. Realtors just lie without shame about this fundamental fact. Prices fall as interest rates rise, because a given monthly payment covers a smaller mortgage at a higher interest rate. Since interest rates have nowhere to go but up, prices have nowhere to go but down. The way to win the game is to have cash on hand to buy outright at a low price when others cannot borrow very much because of high interest rates. To buy at a time of very low interest rates is a mistake. It is definitely far better to pay a low price with a high interest rate than a high price with a low interest rate, even if the mortgage payment is the same either way. * First of all, your property taxes will be lower with a low purchase price. * Second, a low price gives you the potential for actually paying it all off instead of being a debt-slave forever. * Third, prices will definitely fall as interest rates rise -- potentially trapping you "under water". Then you will not be able to refinance, and won't be able to sell without a loss. Even if you get a long-term fixed rate mortgage, when rates inevitably go up the value of your property will go down."

http://chautauquatourist.com/articl...House-Prices-Are-The-Solution-Not-The-Problem

 

[homeofstone]

Re: Early 2012 R-Spec reviews

I still would like to have an R-spec. Its a sweet machine.

 

[Mark_888]

Re: Early 2012 R-Spec reviews

You're entitled to your opinions. I just am not comfortable with people making expert statements when we are in uncharted waters. Can you see the logic here. http://chautauquatourist.com/article...ot-The-Problem

There is no date on the article you provided a link for. However, a careful reading reveals this giveaway:

"...mortgage rates are 6%..."

Mortgage rates have not been that high since before the financial meltdown in 2008. Since the date of the article you quoted, home prices have collapsed and are now at rock bottom prices and interest rates are about APR 4.5% for 30 year fixed (less than APR 4.0% for 15 year fixed). Adjustable rate mortgages are even lower.

That in itself invalidates the entire premise of the article (obviously written pre-2008 meltdown), since it is based on very old home prices when values were much higher than today, and much higher interest rates than today.

If someone is not sure whether to spend $30K cash on a new car, or a down payment on a house, try asking any certified financial planner or someone like Suzy Orman on her website or TV show.

I have a feeling that a lot of posts on this forum come from car dealers, and not from people who have the best interests of people at heart.

 

[Glashub]

Re: Early 2012 R-Spec reviews

There is no date on the article you provided a link for. However, a careful reading reveals this giveaway:

"...mortgage rates are 6%..."

Mortgage rates have not been that high since before the financial meltdown in 2008. Since the date of the article you quoted, home prices have collapsed and are now at rock bottom prices and interest rates are about APR 4.5% for 30 year fixed (less than APR 4.0% for 15 year fixed). Adjustable rate mortgages are even lower.

That in itself invalidates the entire premise of the article (obviously written pre-2008 meltdown), since it is based on very old home prices when values were much higher than today, and much higher interest rates than today.

If someone is not sure whether to spend $30K cash on a new car, or a down payment on a house, try asking any certified financial planner or someone like Suzy Orman on her website or TV show.

I have a feeling that a lot of posts on this forum come from car dealers, and not from people who have the best interests of people at heart.

I'm not saying put money into a car. I'm saying putting your money into a FB IPO or a Twitter IPO might yield a better return. To me the article is still relevant because if the shadow inventory is released, if the foreclosure log jam is loosened, and if unemployment doesn't improve...homegeddon.

Never mind subprime commercial defaults happening as those loans adjust. My thinking is that if you're correct about the date of the article, then homes have adjusted abuot 30%. If the Anderson School of Business is correct, then there will be another 22%-30% adjustment, which means to me the article might still be relevant.

Finally, most people are defaulting today because of lost jobs or reduced salaries. I just don't see any reason to jump back into the real estate market for another year. I get in now and I'll save a $100 a month when rates go up on a house I will eventually sell. House price goes down, I'm out about $150,000.

Or something like. I'm tired. Long day.

 

[Mark_888]

Re: Early 2012 R-Spec reviews

I'm not saying put money into a car. I'm saying putting your money into a FB IPO or a Twitter IPO might yield a better return. To me the article is still relevant because if the shadow inventory is released, if the foreclosure log jam is loosened, and if unemployment doesn't improve...homegeddon.

Never mind subprime commercial defaults happening as those loans adjust. My thinking is that if you're correct about the date of the article, then homes have adjusted abuot 30%. If the Anderson School of Business is correct, then there will be another 22%-30% adjustment, which means to me the article might still be relevant.

Finally, most people are defaulting today because of lost jobs or reduced salaries. I just don't see any reason to jump back into the real estate market for another year. I get in now and I'll save a $100 a month when rates go up on a house I will eventually sell. House price goes down, I'm out about $150,000.

Or something like. I'm tired. Long day.

Like I said, I would recommend that people seek advice from a professional certified financial planner (who is paid by the hour, and does not earn commissions on their advice). I would also trust the advice of Suzy Orman (where someone may be able to get free advice).

 

[gtw]

who cares how well off you are if you can afford it buy it ,life is short,its only money!! you aint takin it with you,you ever seen wells fargo ridin behind the hurse in the funeral prosession. ,im 45 house will be paid off in nov,kids out of highschool,im thinking about buying my very first new car,2012 genesis loaded,putting 30%dwn and financing the rest,will be the second vehicle ive bought for myself since 95,and i still have my 90 gmc truck,buy what you will be happy with and hang on to it,take care of it,it will take care of you!!!:

 

[upsbroke]

Re: How well off should I be to buy a Genesis?

I don't think you have to be well off to buy a Genesis- it's just a smart buy. The Genesis is big bang for the buck and has an outstanding warranty-how can you go wrong? And then if you get a great price on it (ala Fitzmall prices)-it's a win-win situation. Congrats to all that made the same smart Genesis purchase that I did.

 

[BacktoHyundaibychoice]

Look at a lease, especially with Hyundai guaranteeing the residual. I'll bet that the value in 3 years is more than your purchase price as my '09 Gen was (by $4500). Decide then whether to use the positive equity on a trade or buy outright.

 

[037]

Hyundai does not guarantee anything on a lease car. Read the fine print.

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[Slider]

Re: Early 2012 R-Spec reviews

back in 1989, when I graduated from college my mom gave me $15000 either for a new car or a down payment on a house. I bought a new white Ford Probe Turbo instead. It was fun for a while but sold it a few years later for practically nothing. If I had bought a house, I could have made hundreds of thousands of dollars during the boom in california. If you are young and have $30K, invest.
Now if you are in your mid 40's like me, it's a different story. You have to deal with midlife crisis and there's no remedy better than a souped up black on black Tau V8 with black ice E&G chrome grille, Enkei Chrome wheels, and Borla exhaust. You will spend your time polishing the car and loving it.

Amen.

This is my first new car. I know Dave Ramsey has drilled it into my head too that buying a NEW car off the lot is arguably the dumbest thing one can do from a financial security standpont. And he's right. Everyone's got to have at least one.

I'm fortunate that I'm at the point in my life that I can start to entertain some fun stuff and things like new cars, etc, but I won't be stupid about my finances either. With college for two kids not far off, not to mention a host of other things that we "grownups" think about, buying new cars every other year is hardly at the top of my list.

But investing wisely (even in this lousy uncertain economy) is a good idea. Real estate is a great idea, and as Will Rogers said: LAND. They're not making any more of it! That's a smart idea, albeit often not sexy, that will pay off far better in the longer run.

I'm 38, but candidly, to be 27 again! If I knew then what I know now....

 

[Seattle Genesis]

Dave Ramsey, Pleeeeze.

 

[Slider]

Dave Ramsey, Pleeeeze.

Hey, there's a lot of good help in some of his stuff. Not gospel, certainly, but it's amazing how little things make a huge difference in overall amount I can now invest, spend elsewhere, etc.

 

[YEH]

Re: Early 2012 R-Spec reviews

This is my first new car. I know Dave Ramsey has drilled it into my head too that buying a NEW car off the lot is arguably the dumbest thing one can do from a financial security standpont. And he's right. Everyone's got to have at least one.

Otoh, it's not a bad idea if one is the type who keeps his/her car 10 yrs or so or until it's about to die.

Hyundai is a perfect brand for these types of buyers - pretty good reliability, long warranty and still being able to purchase at a pretty good discount off of MSRP (tho, this is getting harder to do).

Plus w/ a new car, you don't run into the issue of the previous owner treating it like crap or selling it due to it being a lemon (of course, a new car off the lot can also be a lemon) - which is a fairly common reason for owners selling a car only after 2-3 years of ownership.

 

[maxpowers]

My first car (besides the loner my parents gave me) I bought myself. It was new, off the lot, and I paid cash. Probably not the best Idea but I was 21. It was a 2006 and I will be looking for a replacement in 2012. My next car would definitely be slightly used. Looking at something nice that gets good gas mileage. Like the new Lacrosse or Sonata. Might not make it happen though. The longer I drive my current one, the longer I go without a car payment.
As for investments, I do have a large, diversified portfolio and am always adding more to my REIT ETFs. I don't want to mess with real property just yet.