Originally Posted by 32krazy!
why do you think he needs 10k car to replace a wrecked one? how about a car that costs the amount of money he can pay cash for? us old guys call it a beater. if you dont have the cash you cant afford it. as i said another job fixes the car over the winter and doesnt involve debt or credit cards and breaks the cycle of ill borrow more money to fix all my problems.
i know im preaching but if i cant beat thisn thru 1 kids head maybe theres hope for the usa yet.
13dog a little debt isnt good debt. no debt is good debt
Who pays cash for a car these days? If he had the cash to buy a new car then we wouldn't be having this conversation about loans. I did not know he had a beater so my advice is now bad. I would save the money to fix the car.
Nothing wrong with a car loan. Nothing wrong with paying a monthly bill for a car. A car is needed to get to work and make money. I used to pay 200 per month on a train ticket to commute to work plus 60 per month in subway tokens. I still needed a car to get to the train station. Calculate those payments. So when I spend 400 per month on a car payment and no more train ticket just to make the money I make... 400 is chump change and worth every penny for something reliable that will get me to work on time each day.
Here is the problem.... Most people buy a new car and put nothing down. Then they decide to trade it in and roll over the money to the next loan. Big mistake and not smart. But walking into a dealership and financing a vehicle is ok. Just pay it off and drive the heck out of it. My crossfire is now paid off and I love it.