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I understand what you're saying, but there isn't always a car payment. The last time I bought a new car, I paid it off in 3.5 years and kept it for another 11. When it was totaled, my mother lent one of her cars to me until she decided to sell it. That was right around the time that she had to stop driving. She gave her other car to me. If I want to get rid of that, I'll sell it and consider the profit a down payment on something else. Then there will be a car payment.
Good for you but most of us don’t get to take our mother’s cars just when we happen to need one.
I like to keep a car until I see something better come along. Usually about a year or so. Yes I am always making a car payment but until I find a car that I absolutely love till the wheels fall off then that's pretty much my life. Drives my wife crazy since she has had the same car for years and she doesn't understand why I trade my car in every year or so.
A lot can go wrong with a car, even in its first year, especially when not looked after. This all sounds risky, and I wouldn't want to be the one that buys the car second-hand.
Look at what Asian young ladies do, and follow it. We're all getting to the point where these digital vehicles are eliminating the back yard guy, and do a damn good job of it. If you're never going to be lifting the hood again, you might as well trade in for new every four years when the trade in means something, particularly going back to the same dealer. And take the financing.
Brakes are still the same 100. do it yourself job, BUT the infrared sensors on some vehicles now can be a 700. dealer item if you break it installing your cheap brake job. I've seen it done. So how much do you really save?
I buy new/newer vehicles very frequently, but generally do not have payments on them. I just like newer cars, and am continually looking for ones which have increasingly sporty and refined rides.
Is it the cheapest way to go about owning transportation? Certainly not. It's my vice, and I am not apologetic about it.
I have never had a car payment. Cash. Cash. and Cash.
I remember my first car was paid with actual cash on the table, not a check.
Frugality is wonderful. How does the average person save anything when they constantly have car payments? (answer: most simply don't).
If a car payment gets in the way of saving, it's being done wrong.
After saving 30% of my take home monthly pay and paying the bills, I still have some left over. I'd rather use some of that discretionary income for a lease payment than fixing a clunker.
Again with this unfounded assumption that people making a car payment are spending all of their money on that car payment. It's simply not true. I sold cars for years, and some of the wealthiest people purchasing cars were financing them.
Someone who was overextending their monthly payment was actually a lot more rare than people buying within their means.
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