“Look. if you’re like most people and drive a car for at least 8 years, then for crying out loud - BUY A NEW CAR!”
Nah, I’d rather buy a used car for cash and own it outright. I’m not taking out a loan for something that depreciates in value. If I have to take a hit on the depreciation, I’m certainly not going to take a double hit and pay interest too.
Boogie - you fail to understand even the basic fundamentals of buying new vs. used.
Depreciation? What’s that?? I’ll tell you what that is. That’s a hard loss you take on a car that you buy and then sell next year. And that rule applies equally to NEW and USED cars. Do you plan on buying retail and selling wholesale in a year? No? Then quit with the silly obsolete notion about depreciation. It actually costs you MORE MONEY to buy and maintain a used car over 10 years than if you had just bought a new car in the first place.
You don’t take out loans? Great. Pay cash for your car. Just know that on average a buyer pays MORE for a used car than a new car - based on age, mileage, condition and value.
And what do you mean about paying interest on a new car? Let’s say you do need a loan to buy a car. New or used. Interest rates on new cars are always lower that used car rates.