Cash is inflated just as much as goods and services...
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How in the HAIL is a new Jeep worth $80,000.00??
- Thread starter Cadcom
- Start date
Inflation, plain and simple.
Better off to pay off debt and ride this inflation wave out.....if your patient you'll have the cash to buy up the stuff that people are giving away to make ends meet.
Might be time to sell my jeep
To answer the thread title, they aren't.
I'm just under the $1200 mark of paying off my wife's Kia Soul. Payment was $277.00 a month for WAY too many months. But since about January I've been paying $100.00 a week since I can do that in person at my local Carmax. I know I should never say never but... barring some extreme circumstances never again will I finance anpther vehicle.
Just last month we bought an 03 Trailblazer from one of my oldest friends for a grand. It shows 143K which aint bad for the year. In fact its about 20K less than the damn Kia we have even being 7 years older. Point is, it's always good to have an extra paid for vehicle.
If the debt is fixed rate and low then it's much better to pay it off as slowly as possible. Each month/year that goes by, the fixed payment becomes easier and easier to provide. This is true because of inflation in regular times, but is especially true with the bad inflation we are in.
If the loan is set up that you can't put money on the principal, then I'd agree. But if the option is there to put extra funds on the principal amount, then it's better to take advantage and pay what you can there. Considering it's money you won't be paying extra interest on. Plus the sooner the loan is paid off, that means those monthly payments can be put towards cash savings or into a retirement account.
I've taken 10 months off my loan and the interest I'm not being charged for just by putting my extra funds on the principal. It's money saved in the long run that adds up.
Why be a gladiator when you can just buy one?
