thebeat

The fact of the matter is, I need new tires, REAL bad. I dont have the extra cash just sitting around (im 21, full time job, away from parents, etc...) and I was qualified for financing on the tires, 0% for 90 days, totally cost of the tires were around $500. I know within 3 months I can save enough to pay for the tires without having to pay interest, is it a dumb idea to finance them? I know if I asked my dad or told him I was going to do this he'd be against it, but I dont want to go to them for the cash..I want to do the responsable thing =\

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Boo

You should be able to buy a safe set of tires for most cars and light trucks for under $400 installed. Try Sams or Costco.

Check into a junkyard for a totaled vehicle with near new tires. I have bought near new tires on rims for $25 each.

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phredgreen

i'd really just try to save up and buy them outright. i see the idea of credit being used as an option for minor puchases like this as a bad idea in the long run. so many people start out with small purchases, and by the time they've paid those purchases off, they've paid double the worth of the item. boo has a couple great ideas, check with some of the places that sell lots of tires, or try the junkyard idea. both great ideas.

at the very least, save up the money and make it happen without financing it. it's just not worth it for a smaller puchase.

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thebeat

Phred - your opinion is highly valued and I understand where you are coming from, but I think you may be missing my point somewhat.

The ultimate goal here is to pay off the tires before interest occurs. I have 90 days at 0% and over that 90 days I can pay for the tires outright, the only reason I need them now is because I do not have much tread left on my SUV, and Im going on vacation in next month and I would prefer to be on tires I feel comfortable with driving long distances.

THe question is, Knowing I can pay them off in 90 days, do I finance the tires now, with no finance charges for the 90 days and pay it off before the charges occur?

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hrdwareguy

As long as you can make yourself pay it off within the 90 days, I'd say go for it. Tires are an important thing to have.

And no, it's not a stupid thing to do. I've had to do it before, but had to use a credit card and pay it off over 2 months.....with interest.

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shakran

I have a feeling Phred sees your point perfectly.

However, what guarantee do you have that you'll have the cash in 90 days? After all, in 30 days your water pump could go and there's another several-hundred-dollar bill you have to pay.

Average_Joe

Agreed....don't finance anything until you really have to. Credit companies make more money with 0% financing than you would want to believe. 0% is their hook. Most people end up missing the deadline and get into credit trouble or at least paying too much for their purchase.

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Cynthetiq

I use OPM all the time without paying ANY interest. That's the key. So I take the ALREADY saved money and spend it each month on the credit.

That way I have liquid money for emergencies. YMMV.

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Rodney

Hit up your dad. You want to take on consumer credit instead of asking him, because you want to show you're responsible. But you can equally show you're responsible by paying _him_ off in three months with no bullshit. Then you can show him you're even more responsible by starting to save money for future expenses so that you don't have to come to him again for small stuff.

forgotmylogin

$500 seems a bit high, what kind of car do you have and what are the tires?

ibis

Yeah... I'd agree on this one. I just put awsome 80,000 mile tires on my truck for $350.

Are you sure you can't find a better deal elsewhere?

merkerguitars

Yeah that seems really hig price for tires...unless the are really huge size tires they shouldn't be that expensive. Usually to do my tires on my car all the way around it's about $300 tops for some good tires including mounting and balancing. Those are 14 inch tires.

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Merlocke

There ya go - two birds with one stone - well said Rodney

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billege

The road to credit hell is paved by the phrase "I'll pay it off before there's any interest." Or, some close version of that.

The whole reason there are offers like that, is because 2% of the people that use them, pay them before the costs kick in. That means there is a 98% chance you will NOT be one of those people. You will pay interest, it will suck, and you'll be setting yourself up in the same "pay later" mentality that's got this whole country fux0red.

There are very few things you should buy with credit. I don't know anyone that can buy a car for cash. I'm sure they're out there, but I don't know any of them. At least a car loan is for an asset. Although it's an asset that loses value from the day you buy it, and about the worst kind of assest there is.

I sure as heck don't know anyone that can buy a house cash. Houses gain value, the best kind of asset.

Emergencies. This is tricky, because the right person can rationalize a new pair of shoes, DVD player, and home theater as emergency purchases.
Here's how I see them:
--If your *insert family member here* gets in a bad car crash and needs your help. Buying a plane ticket on a credit card is okay. Fuck the money, this is hurt family.
--If you are on a road trip, are 499 miles from home, and your engine dies, fixing it with a credit card is okay. Sucks big time, but what are you gonna do?

If you're really working hard to be finacially stable, you'll have savings for this. Many people CAN'T save enough money. Then again, many don't try. They just say they can't, and then don't. My wife and I save nearly 20% of our income. 10% to our 401k, and another 10% deposited into savings each month. We're not normal, statistically speaking. Is it easy? FUCKING HELL NO. The 401k, sure it's autodeducted and we never see it, really. The other chunk we have to make a decision every day not to blow money of stupid shit, and we have to take that money out of checking and move it to savings. Every time, that means XXX we can't spend. It takes disciplene. But, when something breaks, we don't have to panic. It also means we're living UNDER our means. Totally freakish concept, huh? There is a great bennie though: We keep up with our peer "Jonses" (hey, we've got egos too! suck!) pretty well. We might not have exactly the same new stuff, and we may have to wait 8 months to buy new bedroom furniture. BUT! !! I say BUT, our things are OURS, not loaned out bullshit. I waited to buy something, and I OWN it. "You'll pay off your couch next year? How nice." Smug? Fuck yeah! It took work, so hell yes I get to feeling smug sometimes. It's what I rely on when my buddy buys a new set of speakers that I can't.......yet.

--If you have 4 tires on your car that are shredded and have not enough tread to be legal, use a 90 day plan to get new ones. Granted, you should have seen this coming, and saved for it. But, maybe you couldn't have. If you've got the tread left to make it 3 months, I'd do it. If your tread is smooth and now it's a safety issue, shame on you for letting it go so far. But, maybe you had too.

My life lesson: If I don't have the cash, then I don't have the money to buy it, do I?

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Cynthetiq

*** claps *** Billege... thank goodness there's another person out there like me living under their means. I could upscale a bit more if I wanted to blow the load but why? extra bling? no thanks....

when my collegues are trying to make ends meet on SSI and Medicaid and having to eat at the early bird, I'll have my savings and investments. What will they have? some old worthless crap and junk...

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