Posted on 03/18/2008 9:56:02 AM PDT by Incorrigible
IMO....longer terms are in-line with increased car pricing.
Mortgage - literally, “until death”
I'm currently driving a 1953 Chevy 3100 (five windows) my dad and I restored. We took 3 years to get it back on the road and I was presented the key on my 16th birthday three years ago. No payments, low upkeep and the insurance is cheap (even for a young pup like myself).
I was taught the value of a dollar and the value of hard work. I now work full time as an officer in the family business and attend college full time.
My ‘98 Crown Vic was bought in ‘99, paid off in 2003, and I’ve been driving payment-free ever since. It’s got well over 150,000 miles now, and is still in perfect working order. Even with the 4.5 liter V8, I average 22 mpg with mixed city/hwy driving.
My next car will be another Crown Vic, but hopefully not for a few more years.
LOL!!
I didn't say I finance anything.......
I said I think when some autos cost 50k.....a longer term is appropriate.
Great attitude.....
Kudos..!!
molon labe
Not mine... my 1993 Conversion Van finally died, bought it in 1998.. 10 years out of it, and if the frame hadn’t rusted out, would still be driving... I picked up a 2002 Minivan with about 60k on in for about 6k.. paid cash, I expect to get at least 5 years out of it and everything after that is icing on the cake.
My 1996 Sebring Convertible I bought in 2000 is still running with 150k on it.. figure I got another year or two out of that one, and even if I don’t no biggie go buy another 5 year old car with abouut 40-50k on it cheap and drive that one till it dies.
Got a buddy who’s got a new Chrysler minivan all the bells and whistles.. its nice, but its nearly 40k.. even if you own that car 10 years, you are paying out 300ish a month not counting maintenance, insurance or taxes for it... and I know that guy will not have that car for 10 years. That’s rediculous. I shoot for cost to purchase/months owed to be about $100 per month.
Your parents must be real proud of you! I sure am.
Ford offered me 0% interest on my F-150, so I took it.
I checked with my bank, and they said they couldn’t do any better than 0%.
True, but a car is a necessity and most people cannot afford to pay cash for a car.
Most people can't afford to pay cash for a $40,000+ status symbol that they think they need to impress people with or boost their self-esteem. Anybody can find a car that looks nice and runs well for under $5000. A strong running beater can be had for $1000. Not much cash to save up.
Bullish! What recession?
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