Is it smart to finance

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2002OhioLSE

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Is it smart to finance rims? A friend of mine wants rims for his car and was considering financing them. I told him that if you don't have the money now what makes you think you are going to have the money month after month for a payment? I understand he wants them now but I would just wait if I were him. Any opionions on this? Has anyone ever financed their rims and if so where from? If he is going to do it I would at least like to give him some advice on where to go to get a good deal. Thanks guys.
 
wouldnt do it, wheels are like a car, once they are on the car they are worth like 1/2 the value of what you paid, instantly.
 
At least get him to buy some used or something. I prefer polished or painted over chrome myself, 1.) I like the looks better...but 2.) They can be fixed pretty easy and these days its not to expensive.

If he finds a set he likes pretty cheap used and one has a bit of rash on it, just get it fixed.


But dont finance, think of it this way. Imagine how you would feel if you were financeing a car and had smacked it up before you can make even the 5th payment. I would be pretty upset.
 
i would'nt do it. cash is the way to go. and cash makes prices drop as soon as you show a wad of money on the table. tell him to wait, no matter what the wheels he wants now they will be cheaper later when he gathers the money up
 
If you finance a car, why not finance wheels? Sometimes they're worth more than the car :D
 
I told him not to do it but he seems pretty set on his ways and I think he is going to do it. I told him we could look on ebay for a set and most likely find something he likes a lot cheaper then he would pay at a shop. He has a very common and popular lug pattern 5x114.3 I think) and I'm sure we could find something he likes but he wants them NOW! Oh well he is going to do what he wants so more power to him.
 
Credit cards are a very powerful tool. But like any other, with great power comes great responsibility. Debt, like marriage, is easy to get into but not as easy to get out of.
I have managed to get into some debt in the past few years and am kicking myself daily for doing it.

You have done your part to warn him... now it is up to him to make his own choices... and live with them.

my 2¢
 
Barwick said:
here's a tip: Don't ever finance anything that depreciates. Period.
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why? What if you are trying to establish credit? What could you finance, besides a house/property/business, that DOESN'T depreciate in value? I don't see a problem with financing cars/boats, if you can't pay the cash up front, getting it financed is a service to you, and you are paying on top of the original cost, for the service.
 
The only way I'd consider it is with interest free financing. Then ONLY if you KNOW you'll pay it off in the 1yr (or whatever) period that is interest free.

I've also found on occasion that a cash price was HIGHER than a price if you were financing. Places make A LOT of money on financing now.
 
Instead of looking at it from a depreciation point of view (because cars depreciate too, and most ppl finance anyway), why dont you tell him to look at it from a financial standpoint.
If he is CERTAIN he is going to get them, whether its now or in a year, then he can start looking at what kind of money he is going to be spending in terms of interest for different price points.
For any small purchase (under $5-10k), interests are probably going to be in the teens or close to 20%. If he can live with paying that interest over the life of the loan, then why not go for it.
How much does he want to spend? Does he have any money saved to pay upfront?
Him financing wheels is like someone buying a 52" Hi-Def TV with a credit card; either way, you are financing it and paying interest.
 
nickandersonLS01 said:
why? What if you are trying to establish credit? What could you finance, besides a house/property/business, that DOESN'T depreciate in value? I don't see a problem with financing cars/boats, if you can't pay the cash up front, getting it financed is a service to you, and you are paying on top of the original cost, for the service.
Click to expand...

Dude, don't kill the messenger. I personally know four multimillionaires who all say exactly that same thing. Plus I know of (and have only met on a few occasions), another eight or ten that all say exactly the same thing.

If you can't afford it with cash, then don't buy it. Ask your grandmother, she'll tell you... "If you can't afford the car, ride your frigign' Schwinn until you can".

And don't cry that it's not practical, it's how things are done by wealthy people. They drove crap vehicles for EVER until they could afford nice ones because that's all they had the CASH for. Period.

If you want to stay broke, then finance things like cars, boats, plasma TV, and your meals at restaurants. But don't come complaining to the government or other people later when you can't afford those things anymore because you lived it up now.
 
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