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Unless they’re actually taking that money they “saved” and actually placed it into a account and saved it...they haven’t saved anything. They simply haven’t spent it
Last new car I bought on payment was 2004 and I paid it off in 2005. I didn’t like the payments
I agree totally and hate payments as well and won’t borrow if I have the available funds to spare.
If your a working family and tight on funds then I guess interest bearing loans may be your only resource and we've had several in the past, however if they can be avoided, by all means do do.
Also, years ago you could write off the interest but those days are long gone. Some auto manufacturers offer Zero interest financing and that could be a valuable deal for many working families.
I made it a personal policy to always pay cash for my cars.
If you do that you will buy fewer cars. Handing over that check is too painful.
My previous two cars lasted 17 years each.
Save money every month for that inevitable future expense.
Dad taught us to NEVER finance a depreciating asset- he also said live below your means and save 10% of your income EVERY YEAR, no matter what. Has worked out very well so far-
The sacrifices you make when young pay off HUGE later in life. Of course most folks now live for today and never think they will get old and have to retire.
I do the same thing with cars as you do- buy a year or two old used one that has great reviews for cash. Keep it for 10 years and do it all over again.
The sacrifices you make when young pay off HUGE later in life. Of course most folks now live for today and never think they will get old and have to retire.
Why do you have to sacrifice everything just to spend it when you're too old to enjoy it? I almost died in my '20s (I was a passenger in a car that exploded and burned to the ground. I almost didn't make it out). I realize that life is not a given and I want to live it while I CAN. I save for the future, sure. As I said, I have a savings account, a retirement account AND a car account. But I'v etaken a couple trips to the UK, a couple cruises, I spend on my car hobby and I enjoy my life NOW.
My folks and my in laws both scrimped and saved for the future and denied themselves enjoyment whole they were younger. Then my dad got post polio syndrome and can't do anything (he's confined to a wheelchair). And my in laws got Alzheimers and died. NONE of them got to enjoy their retirement.
So do what's right for you, but quit acting like it's irresponsible to do anything else.
Why do you have to sacrifice everything just to spend it when you're too old to enjoy it? I almost died in my '20s (I was a passenger in a car that exploded and burned to the ground. I almost didn't make it out). I realize that life is not a given and I want to live it while I CAN. I save for the future, sure. As I said, I have a savings account, a retirement account AND a car account. But I'v etaken a couple trips to the UK, a couple cruises, I spend on my car hobby and I enjoy my life NOW.
My folks and my in laws both scrimped and saved for the future and denied themselves enjoyment whole they were younger. Then my dad got post polio syndrome and can't do anything (he's confined to a wheelchair). And my in laws got Alzheimers and died. NONE of them got to enjoy their retirement.
So do what's right for you, but quit acting like it's irresponsible to do anything else.
Agreed. It's all about balance. What good is it to save 3 million for retirement if you die when you are 65 years old.
I'm a car guy. I don't WANT to buy fewer cars. I want MORE. I'd love to have a warehouse with a collection of them.
A number of you don't like cars and that's fine. But quit saying that anything but what YOU do is irresponsible.
And that’s fine if you can afford to buy insure store maintain multiple cars. Most people can’t. In order to be a real car collector you need to have money. Not only to acquire the vehicles but to store maintain and insure them. I’m not talking about the guy who has a daily driver and a fun car and a project car and has a loan on all three scrimping but thinks he’s on top of the world. I know plenty of guys whose life revolves around the vehicle and whatever it may be towing.
But......we’re not talking about car collectors and car guys. We’re talking about paying off car loans. Some people don’t want to be slaves to their vehicles. That’s the main difference between buying cash or loan/lease.
I put money away to buy cash if one month I can’t because I got too many bills or need a new pair of shoes I don’t have to contribute to the car fund. Where if I’m leasing/buying a car for whatever term I have to make that payment. I know that no bank is gonna come repo my car if I don’t make myself a payment. And in the end I have a stack of cash I can use for buying a car or buying a car and something else.
If someone wants to drive a new car and make payments every 2-3-4 years that’s fine. No skin off my back. If that is what makes their motor run that’s what makes their motor run. Some people can afford to do that and it’s not a big deal. Some can’t.
What’s amazing is how much money you can put away when you’re not paying everyone for money you’re borrowing. A lot of people are trapped either voluntarily or involuntarily in that perpetual monthly payment.
Dad taught us to NEVER finance a depreciating asset- he also said live below your means and save 10% of your income EVERY YEAR, no matter what. Has worked out very well so far-
The sacrifices you make when young pay off HUGE later in life. Of course most folks now live for today and never think they will get old and have to retire.
I do the same thing with cars as you do- buy a year or two old used one that has great reviews for cash. Keep it for 10 years and do it all over again.
I guess your dad was not into wealth building, lol.
I'm a car guy. I don't WANT to buy fewer cars. I want MORE. I'd love to have a warehouse with a collection of them.
A number of you don't like cars and that's fine. But quit saying that anything but what YOU do is irresponsible.
Exactly. That is what I don't get. A car isn't an investment, don't look at it as one unless it is a rare car. You own a Batmobile, a Ford GT, a 57 Corvette Gasser or something like that, yes it is. A normal A to B car or truck though isn't. It is transportation to and from work, errands and leisure activities.
I guess your dad was not into wealth building, lol.
Dartmouth grad and a doctor- he did ok (!).
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I'd love to have a warehouse with a collection of them.
