My Dad’s advice when I was 12 or 13...never borrow to buy a car.
I never have. My first was a ‘31 Model A I got for free, then a ‘50 Ford w/a flathead V8, I bought for $9.
I now have 5 collector cars, a Porsche, a Silverado HD, and a Toyota 4Runner. Never a car payment. Thanks for the great advice, Dad! financing will keep you poor, guaranteed!
You must have been on Earth for a long time! I got some good deals back in the 1960's and 1970's. Bought cars at police auctions for $12. Traded parts worth $15 to $50 for good cars. A neighbor offered me two 1951 Chevys in perfect shape with low mileage, for $100 because he was old and could no longer drive. I said no, because I had no space for more cars as a teenager. I traded some wheels that cost me $15, to a friend that tipped me off to a woman giving away a '57 Chevy coupe, had no engine and she wanted it gone. I got lots of good cars for cheap (under $100), paid cash, and likewise sold them cheap. Kicking myself for selling the '57 coupe with 327ci engine and racing gear for $300 back then, oh well.
As adults, my wife and I always paid cash for new cars, because we didn't want to pay interest towards loans. We get 20 years or more out of them before selling them. Currently down to 4 vehicles, 3 of them older than 24 years. Always get offers to sell, but not ready yet.
We’ve almost always bought used cars (two 2014 model years in the garage right now). We’ve made large down payments, kept the loan term short as we could afford, and gotten better rates at the Credit Union than from the dealership. We’ve kept the car salesmen at the dealership to 11:30 pm on the last day of their fiscal month. They are trying to beat their sales goal and are motivated. Then we keep our cars for 10 - 12 years. We are both retired and are wondering if we’ll need to buy another car.