Rob's Interesting Observations

Cars I've Seen

2010-07-24T10:54:00.001-07:00

Any and all interesting cars I see while I'm out and about

Atlanta Symphony Orchestra does Pinball Wizard

2010-07-23T18:37:00.001-07:00

Download now or watch on posterous

IMG_0117.MOV (2595 KB)

How to get cable TV discounts

2010-06-02T19:04:00.001-07:00

Here's a sure-fire way to get discounts on cable TV: the short answer is to not want it.

Detailed steps as follows:

Cancel Cable. They actually may not try to offer you discounts to get you to not cancel, and will likely go ahead and let you cancel. Any discount they do offer likely won't be the best you could get after you do cancel.
Continue to watch cable, if desired. It's been 10 days since I canceled cable TV and it still hasn't been disconnected. Not that there is anything to watch.
Wait for the phone call from Comcast. They will call after 10 days to confirm that you have cancelled cable TV. They they will do a hard sell on signing you back up for cable TV with an introductory special of the first 6 months of service at half price. You have to say no thank you 2 or 3 times before they will realize you're serious.
If desired, sign back up, and after 6 months repeat again from step 1.

Or, better yet, just wire up a digital antenna in the attic and get UNCOMPRESSED HDTV and be done with cable for good. Sayonara!

Fort Mountain State Park

2010-05-23T07:46:00.001-07:00

See and download the full gallery on posterous

Zac Brown Band Concert

2010-05-08T15:54:00.001-07:00

New Gevalia Coffee Machine at work

2010-05-04T19:12:00.001-07:00

You mix and match cups to make things like a mocha latte. I guess now was not the time to stop drinking coffee

Pi Mile Road Race

2010-04-17T04:36:00.001-07:00

See the full gallery on posterous

Alan Jackson Concert

2010-04-10T16:17:00.001-07:00

This is not the noteriety I was looking for when searching for my name

2010-03-18T11:37:00.001-07:00

Honda Recalls Odyssey Vans, Element SUVs from 2007 and 2008

2010-03-16T19:11:00.001-07:00

From the WSJ:

Honda Motor Co. said it is recalling about 344,000 Odyssey vans and 68,000 Element sport-utility vehicles in the U.S. from the 2007 and 2008 model years to address consumer complaints that the brake pedals felt "soft" or the pedal height gradually lowered.

The announcement comes as Japanese rival Toyota Motor Corp. aims to restore its reputation after its global recall of about 8.5 million vehicles to fix sudden-acceleration and other problems, which led to congressional scrutiny in the U.S. and falling sales in recent months.

Honda is recalling the vehicles to modify their vehicle-stability-assist modulators, some of which were assembled in a way that could allow air to enter the modulator. Over months or years that could result in such "soft" or "low brake pedal" issues.

The company said not all recalled vehicles are affected by the issue, but all units are being called back as a precaution. Notifications are planned to go out to customers starting at the end of next month.

Not quite as warm today as I thought it would be?

2010-03-07T11:05:00.001-08:00

10 Things Your Mechanic Won't Tell You

2010-03-03T07:57:00.001-08:00

by AnnaMaria Andriotis
Tuesday, March 2, 2010provided by
1. "You Might Be in the Wrong Garage."
There are many choices as to where consumers can take their car when it's in need of maintenance or repair. Those include going to the car dealer, a department or chain–store franchise, or an independent mechanic at a service station. Where you should go depends on what type of repair your car needs and its age and condition. But in most cases, mechanics in each type of repair shop may try to convince you that they're the best ones for the job.
Work under factory warranty should go to the dealer, says Mark Eskeldson, founder of CarInfo.com, which provides consumer–protection advice to car buyers and owners. That's where you'll find some of the best–trained mechanics who are trained to fix problems that pop up with new car models, he says.
But because dealer overhead is high, expect to pay top dollar for repairs not covered under your warranty.
Before leaving your car at an independent mechanic's shop, find out if the mechanics are certified and if they're getting training (i.e. at a community college) for repairs on new car models. Because most owners of new car models take them to the dealer for repair, it's likely that an independent car shop will be more experienced in repairing older cars, he says. Because independents don't have the high volume of a chain shop, they may be easier to establish a relationship with.
Chain and department–store shops often advertise free services for routine services like oil changes or tune–ups, but beware if their mechanic insists that your car needs major repairs after he inspects it. Get a second opinion to confirm it isn't a ploy to get you to spend more money, he says.
2. "My Fancy Certificates Might Not Mean Very Much."
The National Institute for Automotive Service Excellence (ASE) certifies auto technicians (or mechanics) in eight specialties, including brakes, electrical systems, engines, and heating and air–conditioning. They also provide credentials for diagnostic and emission technicians. Although auto mechanics must have two years of hands–on work experience and pass an extensive standardized exam to become certified, an ASE sticker in your repair shop's window is no guarantee that the work will be done properly or that all of the technicians employed are ASE certified, says Tony Molla, a spokesman for ASE.
Most repair shops hire both certified and uncertified mechanics. And only 33% of ASE mechanics are certified in all eight specialties and earn "master technician" status. Be sure to ask who is going to do the work on your car and what areas that person is certified in. Also check to see when the certification expires. ASE–certified mechanics are supposed to recertify every five years.
In addition, look for repair shops that are endorsed by AAA with work being guaranteed for a minimum of 12 months or 12,000 miles. These facilities must meet rigorous standards and guarantee their work for all customers, says Robert Sinclair, a spokesman for AAA New York. Also, AAA agrees to arbitrate disputes between its members and approved repair shops.
3. "I Make Unnecessary Repairs."
You drop off your car at a mechanic's shop for routine maintenance or a repair only to find out that the mechanic made additional repairs that you didn't request but that he deemed "necessary."
Recommendations for unnecessary maintenance are a common complaint among consumers, says Sherry Mehl, the chief of the Bureau of Automotive Repair (BAR) in California. (The bureau works to protect consumers within the automotive repair marketplace.) For instance, shops can suggest flushing a radiator or fluids, which can harm some cars, she says. (Car owners' manuals specify if flushing will help.)
Consumer complaints about auto parts and repairs are on the rise, according to the Federal Trade Commission. For 2009, the FTC has 2,689 complaints, up from 2,438 in 2008 and 1,698 in 2007. It was dishonest practices that cost Santa Ana–based EZ Lube $5 million in a civil settlement for unfair business practices in December 2007. An investigation by the Orange County district attorney's office "uncovered a pattern of unfair and deceptive business practices at several EZ Lube locations where consumers were being sold unneeded parts and services," according to the DA's statement. As part of the settlement, EZ Lube agreed to pay restitution to anyone with a legitimate claim over the past five years. (When reached for comment, a spokesperson for EZ Lube referred us to a company's press release on the matter, which reads: "It is our goal to make sure all of our customers are protected by the highest safeguards in the industry when they bring their vehicle to one of our stores.")
"Most unnecessary repairs are due to the fact that cars are so incredibly complex that often a shop ends up trying a few things in order to solve the problem," says Jack Gillis, author of "The Car Book" and director of public affairs for the Consumer Federation of America, a consumer–advocacy organization. When a repair baffles a mediocre mechanic, he or she will probably keep replacing suspect parts until the problem is finally solved. Many of the parts replaced may have nothing to do with the problem, but you'll probably end up paying for them anyway, he says.
4. "You Might Be Charged for Work That Hasn't Been Done."
It happens on purpose. It happens by mistake. Either way, it happens. Let's say you drop your car off at the garage to have the fluids, belts and filters replaced. But the garage is busy, the mechanic who works on your car is a new hire, and the station manager hasn't left very clear instructions. As a result, the belts never get replaced, but you drive away thinking you've got brand–new ones. When Gillis worked at the Department of Transportation in the 1980s, he says it was one of the most common complaints, and that it remains so today.
A good way to avoid the problem of work that was supposed to have been done but wasn't: Ask to see the old parts. In some cases, mechanics can give you the parts they've removed from your car. (One exception is if the warranty requires they be sent back to the manufacturer.) "If you have a concern that a part was replaced when it shouldn't have been, you should ask for it back," says Mehl. (Rules vary by state; in California, for example, mechanics can give parts to customers.) California residents can contact BAR, and it'll send a representative to examine the customer's invoice and the part. "If it's not faulty, we can take disciplinary action," she says.
In addition, Gillis suggests taping to your steering wheel an itemized list of all the repairs you want made. That way the mechanic who works on it — in most cases not the person you talked to when you drove in — will have direct instructions from you.
5. "You Should Get a Second Opinion."
Getting a second opinion is a must for major repairs, since it's a competitive business and prices can be all over the map. You may have to pay a few dollars more for an extra estimate, but the hundreds you could potentially save by shopping carefully will more than make up for it.
When exactly is it time to seek out a second opinion? A general rule of thumb is that you should get more than one mechanic's take on a repair if you expect to pay more than $200 for it, says Gillis. If your mechanic calls in the middle of a job with a laundry list of additional repairs, that's also a good time to seek another opinion of the problem and an estimate for the cost of fixing it. Beware of the mechanic who tries to stop you by saying that he's already taken apart the engine or the transmission. If you were able to drive the car into the shop, you should be able to drive it back out for a second opinion.
6. "Rebuilt Parts Can Be as Good as New – and Less Expensive."
When it comes time to replace a part on your car, you can save money by buying it used. But often you must specify that you want a remanufactured part or the mechanic will likely install an expensive new one.
However, recycled parts aren't right for every replacement. "Customers may save some money, but buying a recycled part isn't so simple," says Chuck Sulkala, executive director of the National Auto Body Council and owner of a Boston–based car body shop. "You need to make sure it provides exactly what you're looking for and what you need." For example, a customer who needs to replace a car's fender and gets a salvaged one could find that its moldings or side lights are different, he says, even if the fender comes from the same car model that's just two or three years older. Sulkala says: "You can use it, but what good is the molding going to do if it's in the wrong location?"
7. "Your Car is Too High–Tech for Me."
Cars have become incredibly sophisticated over the past 10 years, but some mechanics haven't caught up. Car dealers are required by most manufacturers to buy the expensive diagnostic equipment needed to pinpoint the source of computer problems. That means their technicians are more likely to be factory–trained in these complicated repairs.
Still, not all mechanics are properly trained in the computerized systems found in most cars today, says Gillis. That could be because independent car mechanics have to bear most of the costs when upgrading their technology. Independent car technicians must make the same investment in sophisticated diagnostic equipment if they expect to be able to diagnose and repair these complex cars, says Molla.
If you drive an expensive European car, consider checking out specialty shops that focus on one or two foreign makes. Mechanics at these outfits are often as well or better trained than those at the dealer and they usually charge less. Meanwhile, most Japanese and Korean models are serviceable by independent repair shops, says Molla.
8. "I May Send Your Car Somewhere Else for Repairs – Which Will Cost You."
Let's say you're taking your car in for several repairs at once — replacing the battery and headlamps, changing the oil, and repairing the fuel–injection system. Some independent shop may not have the facilities or expertise to do them all in–house, and if so, it may pay another shop to do all or part of the work. This kind of auto–repair outsourcing can add significantly to the final price tag on the job, since your mechanic will have to charge a premium for the work he subbed out.
"If I have to carry all of the equipment in order to fix everything on a vehicle, it would make no sense," says Sulkala, especially if he doesn't do that type of work on a daily basis. For example, he's not asked to upholster cars often, so when a customer requests that he says, "I'll bring it someone I know and trust who has that expertise." As a result, the customer might incur additional costs. But, he adds, the price charged is at a discounted wholesale rate and not at a retail door rate.
When you take your car in for repairs, ask if all the work will be done on–site before you agree to anything. If your mechanic tells you he needs to subcontract some of it, tell him not to do those repairs and take the car yourself to a shop that can handle the rest of the job.
9. "The Less You Know About Your Warranty, the Happier I Am."
Confusion about your warranty is good for a repair shop. After all, it's not in an independent mechanic's best interest to tell you when a repair is under warranty because if he's mum, he can charge you for it. Dealerships, meanwhile, make little money on warranty repairs, so they look to get as much non–warranty work as possible.
The way dealership warranties often work is that if you get the car repaired somewhere else and something goes wrong as a result of that repair, the cost of fixing the problem will no longer be covered by the warranty. So say you get an oil change at a quick–service franchise shop and the mechanic does something wrong that eventually damages your engine; the dealer doesn't have to honor your warranty when your engine is finally repaired, says Gillis. But some dealers like to take it a step further by making it seem as if you have to bring your car to them for all repairs or risk losing your warranty protection.
Don't fall for it. Taking routine work such as oil changes, tire rotations, and even your 10,000–mile checkups to the less–expensive chains won't jeopardize your warranty in most cases. Nor will emergency repairs that would normally be covered under the warranty. Just be sure to keep all your receipts, says Gillis. That way, if the dealer tries to claim you have an engine problem because you failed to get an oil change, for example, you can prove otherwise.
10. "You Have More Power Here Than You Think."
If you feel you've been wronged by an auto mechanic, you can take action. File a complaint with your state's Better Business Bureau and the attorney general's office. This will help unsuspecting consumers who check on the reputations of potential car mechanics to avoid shoddy repairmen.
In some states, you have even more recourse; in California, BAR will attempt to resolve each complaint it receives. To check if your state has a similar agency, contact your state highway department. Finally, if your auto–repair garage is endorsed by the AAA, contact the organization. If your complaint is egregious enough, or joined by others, the outfit may lose the AAA's seal of approval. "This is an exceedingly rare event," says Sinclair. "Shops work hard to obtain and retain their AAA certification and would bend over backwards to correct any problems that may lead to a loss of AAA's 'seal of approval'."
Copyrighted, SmartMoney.com. All Rights Reserved.

Everyone loves a good story about shady mechanics

"Fear the Boom and Bust" Rap Video. Your economic lesson for today.

2010-02-05T06:28:00.001-08:00

This video has alot packed into it:

Next in Line for a Bailout: Social Security

2010-02-04T08:04:00.001-08:00

Next in Line for a Bailout: Social Security

by Allan Sloan
Thursday, February 4, 2010
Don't look now. But even as the bank bailout is winding down, another huge bailout is starting, this time for the Social Security system.
A report from the Congressional Budget Office shows that for the first time in 25 years, Social Security is taking in less in taxes than it is spending on benefits.
Instead of helping to finance the rest of the government, as it has done for decades, our nation's biggest social program needs help from the Treasury to keep benefit checks from bouncing -- in other words, a taxpayer bailout.
No one has officially announced that Social Security will be cash-negative this year. But you can figure it out for yourself, as I did, by comparing two numbers in the recent federal budget update that the nonpartisan CBO issued last week.
The first number is $120 billion, the interest that Social Security will earn on its trust fund in fiscal 2010 (see page 74 of the CBO report). The second is $92 billion, the overall Social Security surplus for fiscal 2010 (see page 116).
This means that without the interest income, Social Security will be $28 billion in the hole this fiscal year, which ends Sept. 30.
Why disregard the interest? Because as people like me have said repeatedly over the years, the interest, which consists of Treasury IOUs that the Social Security trust fund gets on its holdings of government securities, doesn't provide Social Security with any cash that it can use to pay its bills. The interest is merely an accounting entry with no economic significance.
Social Security hasn't been cash-negative since the early 1980s, when it came so close to running out of money that it was making plans to stop sending out benefit checks. That led to the famous Greenspan Commission report, which recommended trimming benefits and raising taxes, which Congress did. Those actions produced hefty cash surpluses, which until this year have helped finance the rest of the government.
But even then, it was clear the surpluses would be temporary. Now, years earlier than projected, Social Security is adding to the government's borrowing needs, even though the program still shows a surplus on paper.
If you go to the aforementioned pages in the CBO update and consult the tables on them, you see that the budget office projects smaller cash deficits (about $19 billion annually) for fiscal 2011 and 2012. Then the program approaches break-even for a while before the deficits resume.
Social Security currently provides more than half the income for a majority of retirees. Given the declines in stock prices and home values that have whacked millions of people, the program seems likely to become more important in the future as a source of retirement income, rather than less important.
It would have been a lot simpler to fix the system years ago, when we could have used Social Security's cash surpluses to buy non-Treasury securities, such as government-backed mortgage bonds or high-grade corporates that would have helped cover future cash shortfalls. Now it's too late.
Even though an economic recovery might produce some small, fleeting cash surpluses, Social Security's days of being flush are over.
To be sure -- three of the most dangerous words in journalism -- the current Social Security cash deficits aren't all that big, given that Social Security is a $700 billion program this year, and that the government expects to borrow about $1.5 trillion in fiscal 2010 to cover its other obligations, about the same as it borrowed in fiscal 2009.
But this year's Social Security cash shortfall is a watershed event. Until this year, Social Security was a problem for the future. Now it's a problem for the present.

Inevitably, the future becomes the present!

Obama's Polemics vs. the Economic Facts (foiled again by that pesky math!)

2010-02-02T08:17:00.001-08:00

ByPeter Morici, TheStreet.com Senior Contributor , On Monday February 1, 2010, 8:45 am EST

In politics, whatever the president can get voters to believe becomes the truth. But in economics, the numbers establish the facts.

Unfortunately for President Obama, Americans can add and their sums are destroying fantasies the president would hoist upon a more gullible public.
Despite claims that the $787 billion stimulus package and bank bailout averted calamity, the U.S. economy is in shambles.
The Commerce Department reported gross domestic product grew 5.7% in the fourth quarter, but 60% of that was an accounting adjustment. Businesses ran down inventories at a slower pace, but in the arcane world of GDP accounting, that scores an increase in investment and growth.
Domestic consumption and real investment, which define the sustainable pace of economic expansion, contributed a paltry 1.8% to growth. That's less than half of productivity growth, indicating more pink slips are coming.
Fifteen million Americans are unemployed, more than 450,000 register for new jobless benefits each week, and, factoring in folks relegated to part-time work but preferring full-time employment and those too discouraged to seek jobs, the unemployment rate is much closer to 20% than 10%.
Campaigning for president, Obama promised to create 5 million jobs in green industries. Newly-elected Obama purported his stimulus package would create 3.5 million jobs, 90% in the private sector> The pesident's Council of Economic Advisors professes stimulus spending has created or saved 1.5 million to 2 million jobs.
Yet, the White House can tally only 599,000 paychecks that can be traced to stimulus spending. It touts all the government employees whose jobs have been saved.
Businesses need customers and capital to create jobs. They don't have enough of either, because Americans spend much more on imports than they export, and after receiving more than $2 trillion in federal aid, the banks simply won't lend to most worthy businesses.
In his State of the Union, the president pledged to double U.S. exports in five years and create 2 million jobs. Though exports are up a bit, thanks to a weaker dollar against the euro, China is where the big opportunities lie.
China exports about $330 billion annually to the United States but purchases less than $90 billion in the U.S., Simply, China suppresses the value of the yuan to make its products artificially cheap in U.S. stores and imposes protectionist obstacles to American exports.
Buicks are top sellers in China, but a 40% subsidy from an undervalued yuan and a 25% tariff on cars compels General Motors to produce there instead of Michigan.
Treasury Secretary Timothy Geithner and Ron Bloom, manufacturing czar, refuse to even discuss Chinese protectionism.
Factoring out the inventory adjustment, GDP grew a paltry $176 billion the second half of 2009, and the banks paid out nearly $150 billion in bonuses on new profits more than double that.
It is easy to see who is benefiting from Obama's growth policies, and why most Americans feel a bit poorer each day.
Yet, the president wants another stimulus package, rebranded as a jobs initiative, and he plans to fix the banks by prohibiting them from sponsoring hedge funds or private-equity funds, investing their own capital through proprietary trading operations, and imposing a tax on bank capital.
Of the more than 8,000 banks, only a small handful sponsor such funds, very few invest through their own trading operations, and the bank tax will raise only about $10 billion annually but will drive financial activities offshore.
Until the president ceases grand promises and outlandish claims, wells up the courage to confront China and reins in abuses on Wall Street, Americans will see everything from their health care costs to their cable TV rates rise. But not their paychecks, if they are lucky enough to still have job.
If the president doesn't change strategies soon, the Democrats will take a shellacking in November even their statisticians cannot deny.

Congress's solution will be to pass legislation outlawing the use of math when analyzing government spending.

My Congressman: United States Representative Tom Price

2010-01-30T09:44:00.001-08:00

Price Statement on State of the Union Address

Congressman Tom Price (R-GA) issued the following statement in response to President Obama’s State of the Union address.
“Tonight, President Obama declared that he will not allow the wishes of the American people to get in the way of his big-government agenda,” said Congressman Price. “For months, Americans have pleaded for the President to embrace a new approach to solving our nation’s problems. We had great hope that President Obama would finally heed the call of the American people, but disappointingly that did not occur. Instead, most of what we heard was a defense of an agenda the nation has already rejected.
“The President may talk about the need for more jobs, but they won’t arrive until he recognizes that it is his agenda that is preventing job creation. The President’s stubborn insistence on a government takeover of health care, costly energy legislation, and greater intervention into the financial markets are scaring away investment and providing uncertainty to small business owners. The elimination of capital gains taxes for small businesses is a welcome proposal we have long embraced, and a minimal spending freeze is a tepid step in the right direction. Yet, until the President digs deeper and drops his larger agenda, they will bear little relief for struggling Americans.
“If the President is serious about working together to find solutions, we remain open and eager to share our ideas. Tonight’s defense of his failed agenda and stimulus plan indicates that the President believes he has no need for input from Republicans, nor the American people for that matter. However, we will remain committed to putting forth our vision for American prosperity and security. What we need are bold, common sense solutions and a new respect for the desires of the American people. Americans have made clear that bigger government is not the answer to our challenges and conservatives are listening. Despite his resistance, we will not relent until we get this message across to the President.”

via tom.house.gov

Tom, you represent your constituents well!

4-wheeling on the ice in WV

2009-12-25T15:45:00.001-08:00

We got a thin layer of ice today on top of the foot+ of snow. I Decided to take a 4-wheeler out to see how the ice was:

Winnie the Snow Dog

2009-12-24T09:23:00.001-08:00

It's Winnie the Snow Dog!

Here she comes running:

And Away she goes:

Paws up in the air:

"Payment Myopia" defined

2009-12-21T07:40:00.001-08:00

Jack M. Guttentag The Mortgage Professor
Some Irresistible Deals Should Be Resisted
by Jack M. Guttentag
Posted on Friday, December 18, 2009, 12:00AM
In a recent article on lifestyle mistakes by mortgage borrowers, I gave an example of such a mistake that touched a nerve on the part of some readers. I said in the article that many borrowers would find irresistible the deal I labeled a mistake, and I was right. Some readers did find the deal I described to be irresistible, and they were completely convinced that I was wrong to say it was a loser.
The borrower in my example had a 6 percent loan with a $200,000 balance and 10 years to go. She is offered a 5.75 percent refinance for 30 years that will reduce her monthly payment from $2,220 to $1,267. Although the borrower was not required to put up any cash, upfront charges amounting to $17,000 had to be financed -- that is, included in the loan amount.
The readers who said that this deal would have been irresistible to them focused on payment savings and ignored or understated changes in the borrower's loan balance. They are payment myopic, which is a pervasive malady among households who never seem to be able to get out of debt.
The most common approach of my payment-myopic readers was to divide the $17,000 of upfront charges by the $953 of monthly payment savings to derive a "break-even period" of 18 months. Stay longer than 18 months, they told me, and it is all gravy.
A Far Cry From Break-Even
Not so. There is a valid way to calculate a break-even period, as I will show below, but that isn't it. The borrower would not have broken even after 18 months because at that point she would owe $35,658 more if she refinanced than if she didn't. That is a far cry from break-even.
My preferred way to analyze this type of problem is to estimate the borrower's wealth if she refinances, compared to what it would be if she didn't refinance, after an elapsed period equal to the number of years the borrower expects to be in the house. I will assume that period is five years.
Total payments over five years would be $$75,982 if the borrower refinances compared to $133,225 if she doesn't, a saving of $57,243. However, at the end of the five years, the loan balance if the borrower refinances would be $201,294, a little more than the balance with which she started. This reflects the $17,000 that was added to the balance at the refinancing, and the slow pay-down in the early years of a new 30-year loan. If she didn't refinance, the balance would be paid down to $114,851, reflecting the rapid pay-down on a mortgage that has only 10 years left. The difference in the balances is $86,443. which is $29,200 more than the difference in total payments. Taking account of lost interest and tax savings makes only a small difference in the outcome. Over five years, the refinance is a loser -- big time.
Is there a simple method that doesn't require a calculator but gives a tolerably accurate answer? There is, and I use it myself when I'm hurried.
A good estimate of the break-even period is the upfront cost divided by the interest savings. The .25 percent reduction in the interest rate is worth $500 a year at the beginning. Dividing the upfront cost of $17,000 by $500 gives a break-even period of 34 years. This is an underestimate because the interest saving declines over time as the balance is paid down. I ignore the extension of the term from 10 to 30 years because that is neither a cost nor a benefit. On a refinance that works, the period required for the interest rate saving to cover the upfront cost should be no more than four to five years.

Here's to hoping that our financial eyesight is not payment myopic!