I borrowed for my first car, but I have paid cash for the next three (and plan to pay cash when I replace my wife’s car after it gives up the ghost).
To get a good downpayment (and we are talking about $3,000) I walked to work for five months (from Feb. to Aug.) in the Quad Cities, IL/IA. I felt I was taken advantage some by GMAC in the loan process (they included the extended maintenance in the contract along with life insurance and did not tell me). I caught it during the review process on the paperwork and threatened to walk out (now days I would have walked out without blinking). They pulled it out, and I took the loan. I still got burned by the prepayment penalty (Rule of 78) when I paid ahead on my car to finish the loan.
I did not have a car during college, and I survived by using my feet and buses. I had absolutely nothing when I came out of college.
I started plastwreing for my father when I was 14.
Bought a 40 Ford coupe and spent 2 years building it so I would have a richous street racer when I turned 16.
The wirst thing was that my parents wouldn’t let me be on their insurance policy and I had to buy my own and they demanded a minimum of $100k liability.
The insurance cost me $625/year and that was in 1952, almost as much as I had in the car.
When we got married in 1958 I had to promise to quit racing so I sold the 40 for $600 to buy her rings!
That was hard, especially during Feb and March (brrr). But I’m assuming you didn’t have a really long walk. At least I hope not considering where you were.
Good job getting rid of the extended maintenance. That’s one of those not-worth-it extras dealers try to sign you up for. Dave Remsey gets calls from people who signed up for it and found they owed too much.
Dittos