To each his own. Personally I wouldn't save up money for a vehicle this way but it seems to work for this fellow. Man pays for new truck with loose change Let's see. He saved $26,000 over 13 years (1994 - 2007). That's $2,000 per year. That works out to $5.48 per day. I don't know about you but I rarely get $5.50 in change in one day, much less every day. So I suspect this guy wasn't simlpy saving his pocket change; he was collecting change every day to toss in a can. Wouldn't it be a lot easier to drop a couple of $20s in the can every week? You would end up with essentially the same amount of money at the end of the year AND it would be a LOT easier to dispose of. But that way won't get you written up in the newspaper, will it? So the guy had to get a police escort to the car dealership and the car dealer had to pay an armored car company to 1) count the change and 2) transport it to a place that will accept that much change. If I were the dealer I would have told the guy to come back when he was able to pay for a vehicle with something other than coins. The guy could have taken his stash to CoinStar. At 8.9% that would have only cost him $2,314. Ouch! So why didn't this guy simply take his rolled coins to his bank every month or two and convert them into cash? (That's right. He wouldn't have made the news if he had paid for the truck with currency.)
I have for almost a year saved all my roll search rejects in empty everthing I can fill. The time to cash in will be a cpl days before the ANA money show in Phoenix / March. I will have some walkin around money. My guess? cpl K at least. My bank will take them, count them and deposit into my account for no charge. Kinda fun.
You're lucky. Many banks refuse to count coins now. Some won't even take rolled coins. So much for customer service.
My bank takes my rolled coins but breaks them to put in the coin sorter/counter... Now I just search rolls and throw the extras into a burlap bag that they gave me... Also, my bank just got a new machine that counts, fills the tube and crimps it... Now when I get rolls of coins I can ask for "domestic rolls" and know that I am getting old coinage...
Interesting. I agree with you too though, seems more logical to just put a few twenties and all in, but, like said, he wouldn't have made the news if he did. And when have people ever really been practical. Thanks for sharing. Phoenix
...and you would have lost the sale as well. Somebody made some money off of this deal by "going the extra mile".
ROTFL. :mouth: :mouth: :mouth: That was bad. Lol. Careful we don't "steer" off topic with these puns. Phoenix
Just think of the interest he missed by not investing in something like CD's every year. At the same time one lady at work just paid cash for her new car - once payments ended on car #1, her and her husband opened another account. Made car payments for another 6 years. Then they go and buy car#2 with cash. Good idea if you ask me.
I wish I would have turned in my cash for rolls of coins when I bought my truck just to see the look on their faces..lol
That's how I TRY to operate. I'm on payment #27 for a house I don't even own. But the bank account looks nice and I'm getting more than 4% interest. Let the bank by it for ME!!!!
thats dumb that people get reconized for buying things with change. i would have gladly givin him $25,000 in cash for those coins though!
