I miss my Acura!
09-13-2007, 09:57 AM
#1
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I miss my Acura!
It's been several months since I sold my TSX and though it was a financially smart decision at the time (still is) but I get this nostalgic feeling every time I pass by one on the road.
I sold the Acura and the S2000 in light of my condo purchase to help pay for misc expenses. I figured to minimize my cost of living I'd lease a Civic LX (at $3000 down at $120 a month for 24 months).
When I weigh out everything the TSX had to offer it was such a good buy. All the Luxury and sportiness packed into a sub $30k price tag. Not many cars matched it's interior style and features for that price point. My only regret in the TSX in my three years of ownership was not getting Navigation. I can go on and on about how this car compared to the numerous cars I've driven or been carted in, but the TSX is my all time favorite!
I thought to myself when I sold this car that I would save up and pick up something nicer when my 2 year lease is up. In all honestly when the 2nd gen TSX arrives I'll have to get it again
Hopefully Acura will go with the SH-AWD route with a RDX engine!
Pixel
I sold the Acura and the S2000 in light of my condo purchase to help pay for misc expenses. I figured to minimize my cost of living I'd lease a Civic LX (at $3000 down at $120 a month for 24 months).
When I weigh out everything the TSX had to offer it was such a good buy. All the Luxury and sportiness packed into a sub $30k price tag. Not many cars matched it's interior style and features for that price point. My only regret in the TSX in my three years of ownership was not getting Navigation. I can go on and on about how this car compared to the numerous cars I've driven or been carted in, but the TSX is my all time favorite!
I thought to myself when I sold this car that I would save up and pick up something nicer when my 2 year lease is up. In all honestly when the 2nd gen TSX arrives I'll have to get it again
Hopefully Acura will go with the SH-AWD route with a RDX engine!Pixel
09-13-2007, 10:44 AM
#3
mrgold35
There is good debt and bad debt:
Good Debt: purchase a home, college education, or other investment into assets that appreciate in value (home equity loan to add value to your home) or contribute to your mental/physical health ($20,000 for gastric bypass, laser eye surgery, gym membership, etc..).
Bad Debt: 95% of cars (because we buy what we want like a TSX not what we need like a civic), electronics, cloths, credit cards, smoking too much, drinking too much, etc…
You made the right choice to get the condo. You will hardly remember the TSX 10 years down the road. You will appreciate the right decision in purchasing a condo every single day.
Good Debt: purchase a home, college education, or other investment into assets that appreciate in value (home equity loan to add value to your home) or contribute to your mental/physical health ($20,000 for gastric bypass, laser eye surgery, gym membership, etc..).
Bad Debt: 95% of cars (because we buy what we want like a TSX not what we need like a civic), electronics, cloths, credit cards, smoking too much, drinking too much, etc…
You made the right choice to get the condo. You will hardly remember the TSX 10 years down the road. You will appreciate the right decision in purchasing a condo every single day.
09-13-2007, 11:24 AM
#4
Make a hole, coming thru!
Not to contradict you, but.... From what loan advisors tell me: Good credit = installment loans at reasonable payments (within reach of regular income), with consistent, on-time payments. Cars, home loans, etc. Bad credit = revolving credit (cards, store cards, big lifestyle purchases of furniture, electronics), payments outsized for regular income. Egregiously bad credit = revolving credit which couldn't be possibly paid off with current income (e.g. $15,000 of credit debt, on an income of $45k pre-tax), barely making minimum or just above minimum payments. Arguably good-bad credit = using credit cards for major purchases, paying off rapidly. I used to have a credit score that had jaws dropping, due to using cards only to space out payments for something like 3-6 months, then paid off in full. I also used to charge all daily expenses (roughly $2000 a month) on a card, then paying off balance in full, that was probably a factor. 
Sure, a home loan is good credit, building equity. I'd argue that a sound car purchase is, too. The vehicle can be used for security later on (I did this for a down payment on my last house). But a car loan with reasonable payments, made on time, is not bad credit. In fact, I'm already seeing credit score dividends from my purchase. (Which will help me recover from a disastrous marital debt issue.)
Still, the OP's decision to sell off what some might see as extravagent/indulgent cars (I'm thinking the S2000 more than the TSX) and getting something very frugal/economical, may've boosted the credit rating noticeably.
Sure, a home loan is good credit, building equity. I'd argue that a sound car purchase is, too. The vehicle can be used for security later on (I did this for a down payment on my last house). But a car loan with reasonable payments, made on time, is not bad credit. In fact, I'm already seeing credit score dividends from my purchase. (Which will help me recover from a disastrous marital debt issue.)
Still, the OP's decision to sell off what some might see as extravagent/indulgent cars (I'm thinking the S2000 more than the TSX) and getting something very frugal/economical, may've boosted the credit rating noticeably.
09-13-2007, 12:41 PM
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Originally Posted by mrgold35
There is good debt and bad debt:
Good Debt: purchase a home, college education, or other investment into assets that appreciate in value (home equity loan to add value to your home) or contribute to your mental/physical health ($20,000 for gastric bypass, laser eye surgery, gym membership, etc..).
Bad Debt: 95% of cars (because we buy what we want like a TSX not what we need like a civic), electronics, cloths, credit cards, smoking too much, drinking too much, etc…
You made the right choice to get the condo. You will hardly remember the TSX 10 years down the road. You will appreciate the right decision in purchasing a condo every single day.
Good Debt: purchase a home, college education, or other investment into assets that appreciate in value (home equity loan to add value to your home) or contribute to your mental/physical health ($20,000 for gastric bypass, laser eye surgery, gym membership, etc..).
Bad Debt: 95% of cars (because we buy what we want like a TSX not what we need like a civic), electronics, cloths, credit cards, smoking too much, drinking too much, etc…
You made the right choice to get the condo. You will hardly remember the TSX 10 years down the road. You will appreciate the right decision in purchasing a condo every single day.
).I'm of the mind that you can be wholly responsible with your money and still drive the car you want, within reason. If you derive pleasure and satisfaction from something, how is that a bad thing?
Carpe diem, baby.
09-13-2007, 12:44 PM
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Originally Posted by mrgold35
There is good debt and bad debt:
Good Debt: purchase a home, college education, or other investment into assets that appreciate in value (home equity loan to add value to your home) or contribute to your mental/physical health ($20,000 for gastric bypass, laser eye surgery, gym membership, etc..).
Bad Debt: 95% of cars (because we buy what we want like a TSX not what we need like a civic), electronics, cloths, credit cards, smoking too much, drinking too much, etc…
You made the right choice to get the condo. You will hardly remember the TSX 10 years down the road. You will appreciate the right decision in purchasing a condo every single day.
Good Debt: purchase a home, college education, or other investment into assets that appreciate in value (home equity loan to add value to your home) or contribute to your mental/physical health ($20,000 for gastric bypass, laser eye surgery, gym membership, etc..).
Bad Debt: 95% of cars (because we buy what we want like a TSX not what we need like a civic), electronics, cloths, credit cards, smoking too much, drinking too much, etc…
You made the right choice to get the condo. You will hardly remember the TSX 10 years down the road. You will appreciate the right decision in purchasing a condo every single day.
I'm of the mind that you can be wholly responsible with your money and still drive the car you want, within reason (no F430's, for instance
). If you derive pleasure and satisfaction from something, how is that a bad thing?Carpe diem, baby.
09-13-2007, 12:58 PM
#7
mrgold35
You’re absolutely right:
Installment loans at reasonable payments (within reach of regular income) = Good Credit.
Installment loans at reasonable payments (within reach of regular income) on crap we don't really need but want = Bad Debt w/ good credit.
No one needs a S2000 but we all want one. PixelHarmony did an outstanding job transitioning bad debt (car) into good debt (condo). This action may or may not have an effect on his/her overall credit rating in the end.
Installment loans at reasonable payments (within reach of regular income) = Good Credit.
Installment loans at reasonable payments (within reach of regular income) on crap we don't really need but want = Bad Debt w/ good credit.
No one needs a S2000 but we all want one. PixelHarmony did an outstanding job transitioning bad debt (car) into good debt (condo). This action may or may not have an effect on his/her overall credit rating in the end.
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09-13-2007, 03:23 PM
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Originally Posted by waTSX
Thanks dad, but I think his point is that he does miss the TSX. You make valid points about good/bad debt, but the fact is, life is short and you can't take it with you. You'd better enjoy it while you can.
I'm of the mind that you can be wholly responsible with your money and still drive the car you want, within reason (no F430's, for instance ). If you derive pleasure and satisfaction from something, how is that a bad thing?
Carpe diem, baby.
I'm of the mind that you can be wholly responsible with your money and still drive the car you want, within reason (no F430's, for instance
). If you derive pleasure and satisfaction from something, how is that a bad thing?Carpe diem, baby.
My TSX was all paid for so I wasn't worried about debt. I wanted nicer options for the condo plus some furnishings.
And in all honesty I thought the 2nd gen TSX would be out this year... if I sold it earlier I might get more for the 1st gen and I wouldn't get too envious of the 2nd gen where I'd be tempted to trade in for it.
On another note, though Leasing a car isn't as financially wise as buying one and reselling it.. there is no headache.. I don't have to worry about door dings and who to sell my car to when I need to get rid of it.
09-13-2007, 03:52 PM
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I don't realy understand why people are big on fancy houses and feel the need to remodel all the time because the things that define your quality of life happen outside of your house, or if they happen in your house, should theoreticly overtake your concern for what the kitchen counter looks like. Is it realy practical or is it a hobby thing, like building a life sized doll house?
09-13-2007, 04:33 PM
#11
I Quit
Houses are good decisions! Typically appreciate in value whereas; a car loses money every single day. There is more pride in owning a home than owning a fancy car. Here's my favorite, pick up this hot girl in your hot car she's like impressed, then you pull into your dive of a house and she wants to go home! LOL
Still though, your home gives you confidence and security, your car gives you transportation from home to work to fun. Way I look at is, the OP made a wonderful decision but you still need to let yourself occasionally splurge on cars and toys! As long as you can put food on the table, pay your bills, and make your family comfortable then by all means have a fun car!
You only live once after all!
Still though, your home gives you confidence and security, your car gives you transportation from home to work to fun. Way I look at is, the OP made a wonderful decision but you still need to let yourself occasionally splurge on cars and toys! As long as you can put food on the table, pay your bills, and make your family comfortable then by all means have a fun car!
You only live once after all!
09-13-2007, 05:14 PM
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Originally Posted by davidspalding
Not to contradict you, but.... From what loan advisors tell me: Good credit = installment loans at reasonable payments (within reach of regular income), with consistent, on-time payments. Cars, home loans, etc. Bad credit = revolving credit (cards, store cards, big lifestyle purchases of furniture, electronics), payments outsized for regular income. Egregiously bad credit = revolving credit which couldn't be possibly paid off with current income (e.g. $15,000 of credit debt, on an income of $45k pre-tax), barely making minimum or just above minimum payments. Arguably good-bad credit = using credit cards for major purchases, paying off rapidly. I used to have a credit score that had jaws dropping, due to using cards only to space out payments for something like 3-6 months, then paid off in full. I also used to charge all daily expenses (roughly $2000 a month) on a card, then paying off balance in full, that was probably a factor.
Sure, a home loan is good credit, building equity. I'd argue that a sound car purchase is, too. The vehicle can be used for security later on (I did this for a down payment on my last house). But a car loan with reasonable payments, made on time, is not bad credit. In fact, I'm already seeing credit score dividends from my purchase. (Which will help me recover from a disastrous marital debt issue.)
Still, the OP's decision to sell off what some might see as extravagent/indulgent cars (I'm thinking the S2000 more than the TSX) and getting something very frugal/economical, may've boosted the credit rating noticeably.
Sure, a home loan is good credit, building equity. I'd argue that a sound car purchase is, too. The vehicle can be used for security later on (I did this for a down payment on my last house). But a car loan with reasonable payments, made on time, is not bad credit. In fact, I'm already seeing credit score dividends from my purchase. (Which will help me recover from a disastrous marital debt issue.)
Still, the OP's decision to sell off what some might see as extravagent/indulgent cars (I'm thinking the S2000 more than the TSX) and getting something very frugal/economical, may've boosted the credit rating noticeably.
In this case you speak of credit while MrGold speaks of debt. Two different things. Some thing that is "good credit" doesn't exactly mean that it is "good debt." Much like the rectangle and square argument. Good debt is something that will eventually appreciate in value and create money for you, such as purchasing a condo. Unfortunately the overwhelming majority of car purchases do not appreciate in value therefore "bad debt." Although it is "bad debt," if you make your payments on time this will lead to "good credit."
That is all
09-13-2007, 06:07 PM
#13
Make a hole, coming thru!
Originally Posted by wackura
I don't realy understand why people are big on fancy houses and feel the need to remodel all the time because the things that define your quality of life happen outside of your house, or if they happen in your house, should theoreticly overtake your concern for what the kitchen counter looks like. Is it realy practical or is it a hobby thing, like building a life sized doll house?
Originally Posted by Toothman
In this case you speak of credit while MrGold speaks of debt. Two different things. Some thing that is "good credit" doesn't exactly mean that it is "good debt." ... Good debt is something that will eventually appreciate in value and create money for you, such as purchasing a condo. Unfortunately the overwhelming majority of car purchases do not appreciate in value therefore "bad debt." Although it is "bad debt," if you make your payments on time this will lead to "good credit."
As others point out, a fun car isnt' just transportation, it's what you can spend upwards of 500 hours a year sitting in. That can be humdrum, or exhiliarating. The final straw that tipped me into retiring my old Jeep was that I have a 30 minute drive through increasingly hostile highways to work. This summer, the "real feel" heat reached 100°. I'm SOOOOO glad that I bought a good, comfy, reliable car to commute in, and as a dividend, it's truly enjoyable to spend time in, and is no longer a source of disdain for anyone who happens to ride with me. Bad debt? ... It's relative.
09-13-2007, 06:47 PM
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Originally Posted by Toothman
Being a recent graduate of the University of Illinois with a degree in finance i think it is my duty to chime in on this controversy.
In this case you speak of credit while MrGold speaks of debt. Two different things. Some thing that is "good credit" doesn't exactly mean that it is "good debt." Much like the rectangle and square argument. Good debt is something that will eventually appreciate in value and create money for you, such as purchasing a condo. Unfortunately the overwhelming majority of car purchases do not appreciate in value therefore "bad debt." Although it is "bad debt," if you make your payments on time this will lead to "good credit."
That is all
In this case you speak of credit while MrGold speaks of debt. Two different things. Some thing that is "good credit" doesn't exactly mean that it is "good debt." Much like the rectangle and square argument. Good debt is something that will eventually appreciate in value and create money for you, such as purchasing a condo. Unfortunately the overwhelming majority of car purchases do not appreciate in value therefore "bad debt." Although it is "bad debt," if you make your payments on time this will lead to "good credit."
That is all
x2...my thoughts exactly. And I have 2 degrees in Accounting.
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