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Author Topic: personal dilemma  (Read 2839 times)
Corenin
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November 10, 2013, 03:36:35 PM
 #21

So a couple weeks ago I cashed out some of my stash to recoup my original outlay so that all my BTC is now pure profit. Sure I am a little grumpy that they have doubled since then but thats life and I accept it.

I am in need of a new car now as mine is on a quick decline to repair bill-hell, I could cash in my BTC now and buy something pretty reasonable, about £8,000. But I'm not sure this is wise as I think we still have a long way to go with the price.

So I am wondering, should I instead take out a regular loan for the car over a short term like 2 years so the payments are highish and if I don't have the spare cash just cash out a chunk of BTC that month to cover my shortfall? This would mean that if the price increases more then I will still benefit, if the price started to tank I could just cash out or scrape by and afford it with my salary.

Thoughts?

The price for Bitcoin is really high right now.. I don't know if you should risk it.. But since you said you can tank the price with your salary then why not?
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November 10, 2013, 08:30:15 PM
 #22

if you are in europe, isn't public transportation pretty good? call me crazy, but i would just take the bus and save my coin.. it has the potential to provide you an early retirement. all that for the cost of not having a car to worry about? i'd take it.
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November 12, 2013, 01:36:52 PM
 #23

I know about money-pit cars, and conversely I have kept otherwise junkers on the road safely and economically for many years.

If you are mechanically inclined, have minimal hand tools and a set of car ramps, you can do a lot to both keep a car going and save money. Replacing a clutch is out of the realm of driveway/car ramp DIY usually. Remember that a clutch is a normal wear-and-tear item, like brakes. It's life can be drastically shortened by misuse (a beginning driver slipping it all the time, as you have found) but once it is replaced, it is literally as new.

What is the rest of the car like? It's easy to get discouraged at a car and just want to be rid of it. Different aspects of cars are more important to different people. If it is high mileage, and/or old there can be more little things ahead. If it's interior is not pretty anymore or paint is faded, that doesn't affect reliability.

+1 on public transportation, if it works for you.

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Shermo
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November 13, 2013, 11:59:23 AM
 #24

I had a realistic think about things and decided for now I will just try and keep this car running, its nearly 9 years old, about 70,000 miles so its no spring chicken especially for a petrol engine. It doesn't sound as healthy as it used to but I think the only major issue at the moment is the clutch probably needing replacing in the near future. £500 is nothing in reality if I get several more years out of it.

Also, public transport is great where I live now (busses and trams to near work), but I am moving soon further into the sticks where its 1 train per hour so car is definitely better!
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November 13, 2013, 12:30:19 PM
 #25

Sell a half of it now and keep another half stashed away.

Problem is - you will always face this dilemma. When price is 100, when price is 500, does not matter. It will always be a pain in the ass to decide. I would hold if I had no need for boost from selling BTC. But what's the point of sitting on your BTC waiting for the price to rise, while your family is starving?

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November 15, 2013, 03:36:05 AM
 #26

Shermo, my daily driver is a 21-year old full-sized van with a petrol/gas V8. It just ticked over 151,000 miles. It gets good mileage for what it is, and my daily commute is only 15 minutes. There is no public transportation choice for me, I live in a rural area. I need it because I am a musician, and haul big heavy stuff every week. I have been maintaining it since new, and I would not be afraid to leave in it tomorrow to cross my continent. Basic parts are cheap and plentiful, I hope to get another 10 years out of it. It has some 'ugly factor' going on, but it is reliable.

Here's two good cheap things you can do for your car to perk it up, if they haven't been done for a while. Change the spark plugs. It takes a cheap socket wrench with a 'plug socket' (special deep socket for a spark plug). When you buy the spark plugs, tell them your vehicle/year and ask them about the gap (a space that is adjustable). If it is any kind of auto parts store they will have a gap gauge, ask them to set the gap correctly.   Also, buy an air filter, and replace it. This is easy, often requires no tools, and you can do it standing up. Also, keep an eye on your tire pressure. One low tire can cost you 10% gas mileage, and wear faster.

These easy things alone will make it start better, run better, and get better gas mileage!

But if your clutch is going out, don't ignore that!


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November 15, 2013, 03:49:53 AM
 #27

   Don't take out a loan- paying interest, even if it is half a percent, is a bad idea. I agree with the advice to get a used car. It will do everything you need it too, and while it may not be as impressive or get you as high status, at least you will minimize your exposure to fiat.
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November 16, 2013, 04:16:27 PM
 #28

So a couple weeks ago I cashed out some of my stash to recoup my original outlay so that all my BTC is now pure profit. Sure I am a little grumpy that they have doubled since then but thats life and I accept it.

I am in need of a new car now as mine is on a quick decline to repair bill-hell, I could cash in my BTC now and buy something pretty reasonable, about £8,000. But I'm not sure this is wise as I think we still have a long way to go with the price.

So I am wondering, should I instead take out a regular loan for the car over a short term like 2 years so the payments are highish and if I don't have the spare cash just cash out a chunk of BTC that month to cover my shortfall? This would mean that if the price increases more then I will still benefit, if the price started to tank I could just cash out or scrape by and afford it with my salary.

Thoughts?

Since you are working I suggest you keeping BTC aside and pay with your salary...

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November 16, 2013, 04:18:48 PM
 #29

So a couple weeks ago I cashed out some of my stash to recoup my original outlay so that all my BTC is now pure profit. Sure I am a little grumpy that they have doubled since then but thats life and I accept it.

I am in need of a new car now as mine is on a quick decline to repair bill-hell, I could cash in my BTC now and buy something pretty reasonable, about £8,000. But I'm not sure this is wise as I think we still have a long way to go with the price.

So I am wondering, should I instead take out a regular loan for the car over a short term like 2 years so the payments are highish and if I don't have the spare cash just cash out a chunk of BTC that month to cover my shortfall? This would mean that if the price increases more then I will still benefit, if the price started to tank I could just cash out or scrape by and afford it with my salary.

Thoughts?

Since you are working I suggest you keeping BTC aside and pay with your salary...

Sell btc now buy $300 sell $400 again
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November 16, 2013, 04:24:46 PM
 #30

If the clutch is only the issue - sell 2 btc (if you have no spare fiat) and repair it.
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November 16, 2013, 04:25:24 PM
 #31

One low tire can cost you 10% gas mileage

No, it can't.  I have a MPG gauge on my car and I have had tires at half air and it didn't change less than .5 MPG.  That's about 2%, not 10%.

I agree though.  Fix the car and get a new car next year or the year after.  You'll thank us when you are driving around in your Rolls Royce... Wink

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November 16, 2013, 04:49:46 PM
 #32

So a couple weeks ago I cashed out some of my stash to recoup my original outlay so that all my BTC is now pure profit. Sure I am a little grumpy that they have doubled since then but thats life and I accept it.

I am in need of a new car now as mine is on a quick decline to repair bill-hell, I could cash in my BTC now and buy something pretty reasonable, about £8,000. But I'm not sure this is wise as I think we still have a long way to go with the price.

So I am wondering, should I instead take out a regular loan for the car over a short term like 2 years so the payments are highish and if I don't have the spare cash just cash out a chunk of BTC that month to cover my shortfall? This would mean that if the price increases more then I will still benefit, if the price started to tank I could just cash out or scrape by and afford it with my salary.

Thoughts?

I would suggest you to take loan instead if the loan is cheap, BTC value might go up to $1000 soon..
cdtc
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November 16, 2013, 06:02:49 PM
 #33

So a couple weeks ago I cashed out some of my stash to recoup my original outlay so that all my BTC is now pure profit. Sure I am a little grumpy that they have doubled since then but thats life and I accept it.

I am in need of a new car now as mine is on a quick decline to repair bill-hell, I could cash in my BTC now and buy something pretty reasonable, about £8,000. But I'm not sure this is wise as I think we still have a long way to go with the price.

So I am wondering, should I instead take out a regular loan for the car over a short term like 2 years so the payments are highish and if I don't have the spare cash just cash out a chunk of BTC that month to cover my shortfall? This would mean that if the price increases more then I will still benefit, if the price started to tank I could just cash out or scrape by and afford it with my salary.

Thoughts?

I would suggest you to take loan instead if the loan is cheap, BTC value might go up to $1000 soon..
That would be my suggestion too. You could take the loan if its not too expensive
or you could just drive your old car as long as you can. Car value always goes down but BTC will surely rise.
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