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Linda (my wife) was out with one of her friends this weekend and they were discussing cars and what kind each of them are interested in getting. The conversation progressed and Linda’s friend asked, “do you mind if I ask you how much your car payments are each month?”
Of cours
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Comments
06.16.09
Another great piece of advise to offer:
Save money for a large downpayment on your car. I'm looking to purchase my first 'new-used' car and I'm waiting a 1.5 years so that I can save 80% of the total cost of the car. That way, within a year of driving it, it will be completely paid off.
And just so everyone is aware-the two cars I've owned have been from 1997 and paid for with cash. I'm really looking forward to get into this vehicle decade, even if I'll be leaving it shortly after getting the car. :)
06.16.09
Another tip - Buy a Honda.
These are great cars. They last a long time, retain their value and rarely break down. When they do break down, the parts are cheaper, because there are so many of them out there (as opposed to, say, my old Subaru Forester which was hideously expensive to repair).
The customer service is great. While that won't exactly save you money, it does save you time and effort.
And because they retain their value, you get a great trade-in value on the car when you buy your next one.
06.16.09
Always buy a used car. Transportation is just that - A to B - anything else is just bling that a young worker really can't afford.
You should not pay more than $2500-5000 for your first used car, and you should pay cash for it. Buy a Toyota, Honda or Nissan compact car. High mileage is OK. These cars were built to last, are good on gas, and they will get you in the habit of regular maintenance - often an overlooked set of expenses.
Buying a new and/or expensive car right away is a one way ticket to losing thousands of dollars, and limiting your future financial options.
Remember, cars are depreciating assets which lose value every minute after you buy one. And if you take out a loan to buy one, you also get the pleasure of paying interest on that depreciating asset.
06.16.09
That is a great point!
Car Maintenance! You have no idea how many of my girlfriends don't check their fluids, don't check their tires and don't do anything when the engine light comes on. They don't even know HOW!
With a high mileage car-having the regular oil changes and keeping it in perfect running condition is essential to keep it running for a long time.
I consider myself lucky to be a girl and know how to rotate tires, change oil, change headlights, check the fluids and know how important it is to do something when the engine light comes on..and if that doesn't work I know several people that do know how to do that, which also makes it cheap.
06.16.09
On the other hand, I have a Subaru Forester and it's been a delight. Everyone I know with one loves theirs and keeps it for a long time. I've had mine for 8 years and hope to have it for at least that long again.
Buying a used car is great if you know what you're looking for, and you know you can fix what you find. If you don't, there's nothing wrong with buying a new car, as long as you plan to keep it past when you've paid it off. I've always bought new cars, and I've always had them after they've been paid off.
The tip about having a large downpayment has been key for me, too. Here's another thing: put enough down that you don't need a long loan. I have never had a loan that was more than four years, and I have always paid extra so that the loan was actually paid off much earlier. But I have one friend who bought a car with a 9-year loan. Nine years! I can't imagine doing that.
06.22.09
Simple. I've paid cash for every car I and my wife have owned. Just takes some discipline in saving. It's kind of fun to see the salesperson's eye nearly pop out of their head when you write a check for the full amount. :)
07.06.09
I think these tips are great. We try to buy all our vehicles with cash in order to get an even better price, but if we needed to finance, then we'd certainly follow some of the tips you have placed above.
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