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The idea of borrowing to buy a car is a ridiculously bad financial decision that most car buyers make. There are some exceptions (such as if you absolutely need
by timedoctor 13y ago
The idea of borrowing to buy a car is a ridiculously bad financial decision that most car buyers make. There are some exceptions (such as if you absolutely need the car for your business), however in most cases people would be way better off in buying a cheaper second hand car.
There are countless other examples. It annoys me greatly when people in the US state how the "cannot live on less than $100k per year". And these same people have no money saved in the bank. So they earn a very high salary and are still living month to month. Incredible.
- mscarborough 13y agoFinancing a car isn't a decision that is solely based on the amount of money you have saved. I have a healthy rate of savings, but still decided to buy a new car and finance part of it. I'm happier and safer than I was in my old car, and the rates are pretty good. My V8 gets the same mileage my old 4-cylinder did, and hopefully I helped create some work by buying a model designed & built in Detroit. So, stop conflating living month to month with having debt. There is a happiness component that doesn't show up in your spreadsheet.