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I am wondering if you all think this is smart planning? Currently, I have a 2000 Honda Civic which is still running good and paid off but I am thinking of saving $$ and buying a newer used car like 2007 or 2008 in cash just in case my Honda Civic breaks down, I will not be driving the newer car until my Civic dies. My parents said it is a waste of money but I disagree and it is good for emergiences just in case it breaks down, I can use the new car to go to work or do errands if needed. What is your opinions? Thank you!
yeah as long as you maintain your current car saving the $$$ for the day when you need to buy another car after yours dies is very smart planning. just put it in a high interest savings account that you can put money into each pay cheque that is seperate from you other saving and chequing accounts so you don't touch it till you need it.
So your going to buy a car that will sit in your garage until your old one dies?
Your parents are right, it is a waste of money because you will be paying insurance for a car you rarely use and the car will also depreciate over time.
Instead, you should save your money until you can trade your current car in and get a newer car. If you are that worried about it braking down I would get a bus pass.
So your going to buy a car that will sit in your garage until your old one dies?
Your parents are right, it is a waste of money because you will be paying insurance for a car you rarely use and the car will also depreciate over time.
Instead, you should save your money until you can trade your current car in and get a newer car. If you are that worried about it braking down I would get a bus pass.
Figure out how much money you're willing to spend on a monthly car payment. Put that money aside in a separate savings account. Get with your bank to automatically transfer that amount from your direct deposit account to this savings account. Then when your Civic totally dies or begins to break down, you'll be able to afford to either repair the car or use the Civic and your savings as a down payment on the next car of your choice.
Figure out how much money you're willing to spend on a monthly car payment. Put that money aside in a separate savings account. Get with your bank to automatically transfer that amount from your direct deposit account to this savings account. Then when your Civic totally dies or begins to break down, you'll be able to afford to either repair the car or use the Civic and your savings as a down payment on the next car of your choice.
I don't want car payments, when I had car payments which is $400 a month for 3 years, it was hell although I did pay it off a year early! I rather pay it in cash so I do not have to worry about car payments
I agree, it wouldn't make financial sense to purchase a vehicle, pay registration and insurance, and let sit in the garage until the old car dies. Once you get a new car...you won't want to drive the old car and more than likely the old one will remain in the garage. If you can afford a new car, why not just buy one? What will it hurt?
OR you could wait until you start having any sort of problems with your current vehicle and THEN decide to buy a different vehicle. My 2 cents...
I am wondering if you all think this is smart planning? Currently, I have a 2000 Honda Civic which is still running good and paid off but I am thinking of saving $$ and buying a newer used car like 2007 or 2008 in cash just in case my Honda Civic breaks down, I will not be driving the newer car until my Civic dies. My parents said it is a waste of money but I disagree and it is good for emergiences just in case it breaks down, I can use the new car to go to work or do errands if needed. What is your opinions? Thank you!
First, if you have made the effort to take care of your car, it should last for 15 years of 200k miles, especially the Honda Civic.
Second, there is no guarantee that your next car will be as reliable. I have seen friend after friend dump cars with 100k miles and have the new one in the shop 3-4 times the 1st year.
Third, Hertz and Enterprise can deliver a car to you in minutes if your car breaks down. Even if your car is out of service for FOUR days, you will probably NOT spend $200.
Fourth, if you buy an extra car, it is another one to maintain and you will have to insure it, which may not be cheap.
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