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Any car is going to depreciate, whether you pay cash upfront or finance it.
Sorry for not being more clear. Ferraris aside, I agree that cars depreciate, which is exactly why I advocate buying used cars. What I meant in my previous post is that interest from a financed purchase on top of depreciation is a double-whammy that many people fail to consider. If one must have a car, I think the best possible scenario is purchasing a well-maintained, used vehicle for cash; however, I understand and accept that many people find this an unsatisfactory option.
Last edited by formercalifornian; 03-04-2010 at 10:26 AM..
Every time I want a new or even slightly used car I sit down and imagine writing a check out for $20k-$30k. I seriously can't do it. That is so much money to me, and to the average American. Especially these days.
Every time I want a new or even slightly used car I sit down and imagine writing a check out for $20k-$30k. I seriously can't do it. That is so much money to me, and to the average American. Especially these days.
I can't do it either, which is why I'm perfectly content with my decade-old car and in no hurry to replace it. I'll drive until it falls apart underneath me.
I can't do it either, which is why I'm perfectly content with my decade-old car and in no hurry to replace it. I'll drive until it falls apart underneath me.
There are many ways to get the car you want , or need depending on your job,area , or climate. It helps if you are a " car guy" , but its not a requirement. Shopping around , on Ebay , will enlighten. Examples are , buy right, fix a fender or so , sell the car, make a small gain...do this a couple of times ,save the gains, and soon you will have enough proceeds to pay cash for that 30-50,000 dollar dream machine....have done it many times...and, should the work needs dictate I have bought new also,( truck ) but , never trade or sell untill for 7-10 years or till the wheels fall off !
You misunderstood. I have the money to pay cash for a car, but I can't make myself write that check. I just can't! There is no car out there enticing enough that I would take money out of my investments. I prefer to keep nursing along my Honda until it falls apart, and then I'll probably just walk or ride my bike.
You misunderstood. I have the money to pay cash for a car, but I can't make myself write that check. I just can't! There is no car out there enticing enough that I would take money out of my investments. I prefer to keep nursing along my Honda until it falls apart, and then I'll probably just walk or ride my bike.
I don't blame you. Unless you can really justify the new car cost , why do it ? Some folks need their car/truck for work , rack up lots of miles every year...it can be a tool to being sucessfull, if the need is there. For a lot , maybe like you , the car is not used all that much , and you do not really dependind on it for your livehood. People travel way too many miles in this Country for all the wrong reasons. With jobstravel , in todays job market , a lot of folks need a realiable car because the new job is so far from home. A job they are thankful to get no matter how far a way from the homestead.
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