“If you can’t pay cash, you can’t afford it.”
That’s my philosophy too. And it’s especially true with a money-sucking, depreciating asset like a car. Taking out a loan to buy a vehicle for personal use is one of the dumbest financial choices out there. I’m sorry, if the only functional car out there that you can afford for cash is a 2008 Corolla then that’s what you should be driving.
I can afford nice cars, but I still drive a 2003 Honda.
And it seems to be an inverse phenomena.
Most of the poor folks I know have car payments. And for stupid cars and trucks.
Where I used to work (electronics/security maintenance tech) *all* of the janitors who came in (6-10, a big building) had new, fancy/pimped out cars. I made 2-3X and was driving a 17 year old Dodge colt with 280K miles.
That’s my philosophy too. And it’s especially true with a money-sucking, depreciating asset like a car. Taking out a loan to buy a vehicle for personal use is one of the dumbest financial choices out there. I’m sorry, if the only functional car out there that you can afford for cash is a 2008 Corolla then that’s what you should be driving.
Little piece of advice. If you think taking a loan to buy a car is one of the dumbest things you can do, you should not be making any financial decisions on your own.
I sell used cars..
I daily a 06 postal dodge minivan (still left hand drive) that I paid 400 for at auction.
I get it, but every broke buyer that strolls in wants the newest cleanest car on the lot.
I should tell um that is why they are always broke (payment poor) but I just push papers. as long as the bank buys the note. not my problem.