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Your logic uses the faulty assumption that you should always have a monthly payment. You shouldn't. Average live of a car is much longer than even a 7 year loan
by pilom 10y ago
Your logic uses the faulty assumption that you should always have a monthly payment. You shouldn't. Average live of a car is much longer than even a 7 year loan so at some point you shouldn't be making payments on it any longer. If you just keep rolling into newer cars, you are spending more than you need to.
- cstejerean 10y agoSure, but technology always gets better as well, including many safety features in addition to convenience ones. For example things like backup cameras, blind spot monitors, cross-traffic alerts, collision avoidance, adaptive cruise control, might not have been available on most cars 10 years ago. Also, there is a certain value in having a reliable car with predictable monthly costs. Sure, you can get an extended warranty to cover unexpected expenses, but there is still the hassle factor of having your car constantly in the shop after a certain point. There's nothing wrong with buying a car and keeping it for 10 years, but there is also nothing wrong with having a new car every X years.
- ghaff 10y agoFor the most part though, reliability has improved a lot. You have to factor in mileage too of course (and weather--which can lead to rust problems). But a 10 year old car isn't necessarily an unreliable clunker these days. You're right of course about features, including safety features. Personally, I'm not going to get rid of a reliable running car for most new technology. But then I've always been a drive car until (or a little bit past :-)) the point where it's not reliable transportation any longer.