Yeah I always liked that song. I’ve even used it to make a point about something or other but can’t remember what it was.
Yeah Menards, like Home Depot but mostly in Minnesota, Dakotas, Iowa, Wisconsin, but is expanding into Ohio at least. The guy is very aggressive so expect more will be coming. You have to be very careful with the tool quality though so suspect he may be a little too price aggressive. Power tools like Tool Shop are pretty much HF junk.
I see one of his sponsors is SKF
I feel they market good bearings and seals . . . I have no idea if they actually make them, or just slap their name on them
You reminded me of an Army Core Value that has worked for me. Ethics: Doing the right thing when no one is watching.
I have no idea why PVC is prohibited for potable water. I would have no problem drinking from it. Could it be that when it first came on the market plumbers (unions) resisted a product that could be installed by the average home owner?
Their freedom of choice.
My Brother and I were preparing breakfast for our elderly parents. Bro: Can you put some toast in the toaster? Me: Why would I put toast in the toaster? Bro: To toast it! Me: I suppose you have a hot water heater at your house. Bro: Of course I have a hot water heater! My Brother did do one smart thing. When our Father reached the point of driving by braille my Brother borrowed his car and forgot to return it.
Many, many places allow PVC for potable water and CPVC for hot water. For those that don’t…
The wheels of government often move slowly and in silly directions. “New” products are often banned for no reason other than they are different. Some areas cave to pressure from local unions or builders groups to prevent easy-to-install products like PEX or CPVC. Some areas got burned by less than reliable products like polybutylene piping. Used extensively in the 80’s and 90’s, the stuff fails far earlier than anticipated so you can understand some reluctance to let your residents be the guinea pigs.
If you put the cash to good use it’s crazy not to take the free money (0% financing) and put it to work in your investment portfolio. Subtract the emotional component of making payments and you will find the math works in your favor. I always take the free money and make it work hard for me. I make sure I put down enough on my purchase (and usually purchase used) that I am never upside down on my principal balance. Play the game right and you, not the bank, are the winner.
Yep. If you have money invested, and you have a choice between taking money out of investments and using it to buy a car or leaving it there to generate income while you pay off a zero interest loan, taking the zero interest loan is an easy and financially sound decision. This is a good example of how emotions can get in the way of making sound financial decisions.
…and I’ll never understand why people worry so much about being upside down in an automotive loan. Don’t you plan to keep the vehicle long enough to pay it off when you buy it? Don’t you have insurance? Even if you don’t have gap insurance (which I consider a waste of money), the vehicle’s cash value is insured, which makes up most of what you owe. If the car should happen to be totaled or stolen and never seen again, the amount left to pay off from the auto loan isn’t catastrophic, and mitigating the risks isn’t that difficult. Take care of your car, pay it off, and you’ll forget that you once owed the bank more than the cash value of the car. If you make reasonably sound financial decisions and take care of your stuff, this problem virtually solves itself.
The problem is, this causes many people to purchase a car they can’t really afford…$50K pickups, for example…
Well, if you couldn’t afford a $50k pickup without taking the interest-free loan, that doesn’t apply to what I said about making a choice between paying cash or financing.
In the scenario I mentioned, it’s a choice between liquidating investments or financing for 0%. My scenario assumes you have the wealth to buy the vehicle in the first place. You have to have pretty good credit to qualify for those zero interest deals. It’s not like poor people can easily qualify, and it’s not like those who can qualify are likely to make unwise financial decisions.
The most likely scenario in which this becomes a trap is when some poor person who doesn’t know how to handle money comes into a $50,000 windfall, borrows $50,000 at zero interest, and then spends the $50,000 windfall rather than investing it.
Now, if you’re talking about the expenses involved in driving, fixing, and maintaining a $50,000 pickup truck, yes, those expenses can come as a shock, but look at what I said again and you’ll realize that by its nature, having a choice between liquidating investments to buy a vehicle or qualifying to borrow at 0% interest puts you in a class where you can likely afford to buy a $50,000 pickup truck.
I have yet to meet a person who can qualify for a 0% APR car loan, has the money in the bank to pay $50,000 in cash if he or she wants to, but can’t afford a $926/month car payment.
Edit: Can 0% interest loans be a trap? Most definitely. I just want to be clear I was talking about a particular scenario when they can be used effectively and safely.
Unfortunately that is the 0% loan’s purpose and most common result.
Agreed. 0% loans can be a trap.
70% of Americans are one pay check away from being broke. Many of them have car notes and most likely many of them are upside down. A great many people who seemed to be financially savvy and wise in their investments regret their “sure bets” with Worldcom and Madoff.
And while the debacle in 2008 hasn’t been totally washed away for a great many the easy money loans to finance cars these last few years may bring on a TARP II. When new car dealers advertise “no one gets turned down” I get worried just like I did when banks offered 110% loan to value on real estate in 2002.
Don’t most 0% loans come with a higher purchase price (in effect, pre-paid interest)?
I’ve seen 0% loans advertised on TV for common cars like Camry, Corolla, Accord, and Civic.
Yes and No. It all depends on how well the buyer makes their deal. On the 2014 Nissan Frontier we bought we felt like if was a fair deal for all concerned. The people who only think of monthly payment size are most likely the ones paying to much.
There is far too much innuendo in the marketing of most consumer goods. The 20% cash back at signing is the most outrageous. The manufacturers jack the price up 30% then kick back 20% at signing leaving the buyer with $4-$10,000 dollars financed for 7 years. Those people who are one pay check away from broke jump at the opportunity to drive away in a new car/truck with $thousands of FREE cash in their hands.
Well, I’m crazy and proud of it
A good friend and competitor lost his entire retirement nest egg on Worldcom. He laughed at my caution in not getting in on the easy money profits he was counting up for quite a while. There wasn’t much laughing when the news came out.