Monday, December 31, 2007

Signing Bad Car Loans

I have a feeling that these folks who roll over money owed on previous car loans are also the same folk who go for sub prime loans with adjusted rates, as related in the LA Times: New cars that are fully loaded — with debt

I feel like an underachiever. The most costly car I ve ever bought was $18K for my 1996 Plymouth mini van.

My advice for people who must have a cool car?
  1. Check the rental return market. Almost new cars, in pretty good shape, and the rental company has already eaten the depreciation for you.
  2. Wake up! Smell the coffee. A car is just a tool to get to work and get home. Stop buying new cars every two to three years.

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