For the year 2010 the average car payment was $492 over a period of 63 months. To me that just seems crazy. I can think of a lot better things to do with $492 a month beside put it into something that drops in value like a rock.
Lets say you were to take that $492 a month and save it up for a year. You would have almost $6000. Don't you think you could buy a pretty good used for car $6K? I believe you could.
A brand new car will lose 60% of its value in the first 4 years. That doesn't seem like a very wise purchase to me. If you buy a car that is at least 2 years old its already taken a majority of the price hit. And you can get a much better deal.
For example a car that costs $30,000 will be worth only about $12,000 in 4 years and you will still owe around $6,000 on it.
Try taking $500 a month and saving it for a year and purchasing yourself a good used car for cash. Your going to get a much better deal.
Its possible to not have car payments.
December 17th, 2010 at 01:29 am
December 17th, 2010 at 05:21 am 1292563308
December 17th, 2010 at 02:18 pm 1292595528
December 18th, 2010 at 02:23 pm 1292682186
The only problem will be the shock when I finally have to shell out for another car. And of course there is the trauma of wondering if you are buying a lemon when you buy used. It is especially bad for those of us who lavish care on out cars.
December 24th, 2010 at 05:21 pm 1293211314
Jerry
December 24th, 2010 at 09:14 pm 1293225256