Thank you.

 

Car payments + full coverage = bad finances. Too broke to scrounge up $2,500 for a transmission repair but can go into debt for a spendy vehicle??

I prefer financial security over living in the moment. I know, it's stupid but that's how I am.

 

So why did you buy a new truck?

 

1st car payment makes for good credit to buy a better house down the lines its a win win to keep a gutless old dodge going when u can buy one with a warrenty

 

This statement is not directed to anyone in this thread BTW.


There are many people who buy new cars knowing full well what they are getting into. If there's something that makes a sparkle in your eye and you have the money...go for it!


However, what a large number of new car buyers don't get is that the use will NEVER out pace the return. Cars are not an investment. I think the "rebuild your credit" slang is a sham created by the people who are doing the lending and/or personal permission for people to justify engaging in immature financial behavior. I admit it. I look for justification myself, but I've been burned enough to know better.


I would rather drive a $5,000 car and maybe drop a 1,000 or so bucks a year making repairs or mods than to take a 50% hit on my "investment" over 5 years while making payments. If you bought a shoe box full of gold bars, put it in your safe, then came back 5 years later and all the bars had turned to silver, you would be pretty pissed.


You don't want to be one of "those" people who can't shuffle together a couple hundred bucks to fix an out of warranty brake job or whatever because you've rolled over 3 loans and your car payment is $1,000.


At the end of the day, it's just a machine.

 

If you are going to buy a new car about the only thing worth buying is a Subaru. Those things hold their value like crazy. The big three are a joke with depreciation. Lol.

But this dude above me is right. The gold analogy made me chuckle.

 

Never buy new unless you plan of keeping it forever and driving it into the ground.

 

I use to say (back in the 80's & 90's) that if you bought new, trade it every couple of years and live on the never never... or buy something pre '74 and rebuild it every 10 yrs, as that will be cheaper in the long run.
Modern cars aren't built to last... built from plastic, etc, etc...

Well, based on that I shouldn't have bought my '98 RAM (and I wouldn't have, had I not got it so cheap)... the RAM that is now over 16yrs old, and is only now needing some of that repair attention, but certainly not a full rebuild.

 

You cant make this statement yet. Wait another 20 years. Cars these days are made with the highest tolerances and standards the industry has ever known.

 

the money I was putting in gas and in repairs in less than my car payment a month and when its paid off, ill have something of value. first car I bought new, so nice to have something from 0 miles and know hows it maintained. the 4 speed to the 6 and 8 speed makes a tremendous difference in power and milage and is so nice dodge came a loooong way in there products