We are going to continue to drive our 16 year old car and 8 year old car around for a while longer, I hope. I cannot imagine paying for a car for 7 years, damn.
You don’t have to get an 84 month loan. We just did a 48 month loan on my wife’s new car. The trick is, buy within your means and don’t roll negative equity into your new loan.
Yes, that’s so true. I remember coming into a small amount of money and had been saving a little bit, and had just paid off a ridiculously long car loan on a used car - still one of the dumbest financial decisions I had made in my youth - 5.5 years on a used car, WTF was I even thinking, LOL.
Anyway, I was itching to buy some new car possibly, as I had never bought new. Someone handed me a book about finances and the author reiterated what my parents had always tried to drill into my head - about the only worthwhile debt is real estate.
For cars, he had this notion of “paying yourself” the car payment once you pay off a car. Do that for many years, and use that savings for your next car, preferably used, about 2 or 3 years old, after which the depreciation has had the steepest drop.
So I skipped buying something new or used. For so many reasons, I am glad my co-worker lent me that book at that particular time.
HOLY SHIT.
84 months!
We are going to continue to drive our 16 year old car and 8 year old car around for a while longer, I hope. I cannot imagine paying for a car for 7 years, damn.
You don’t have to get an 84 month loan. We just did a 48 month loan on my wife’s new car. The trick is, buy within your means and don’t roll negative equity into your new loan.
Yes, that’s so true. I remember coming into a small amount of money and had been saving a little bit, and had just paid off a ridiculously long car loan on a used car - still one of the dumbest financial decisions I had made in my youth - 5.5 years on a used car, WTF was I even thinking, LOL.
Anyway, I was itching to buy some new car possibly, as I had never bought new. Someone handed me a book about finances and the author reiterated what my parents had always tried to drill into my head - about the only worthwhile debt is real estate.
For cars, he had this notion of “paying yourself” the car payment once you pay off a car. Do that for many years, and use that savings for your next car, preferably used, about 2 or 3 years old, after which the depreciation has had the steepest drop.
So I skipped buying something new or used. For so many reasons, I am glad my co-worker lent me that book at that particular time.
They’re bundling and selling these loans off just like they did real estate up until 2008. When it all exploded in their faces.
I’m jacked, jacked to the tits.
Mine’s 18 years old. Aside from some clear coat chips, she drives great. No need for a new car. I plan to drive this car til the wheels fall off.