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bobkelly wrote:Instead of financing your next car, that will quickly go down in value, why not just buy a car for cash for $2000? Keep it six months and without a car payment, you can probably save the $400 a month you would have spent on payments. Then take that $2400 and trade in your $2000 car for a $4400 car. A year later again trade up with the money you saved on car payments to a $8000 car that is totally paid for.A FICO score is nothing more than an "I love debt score" Pay cash and you win in the long term.Any one want to challenge my thought process on this.
This is really getting old.
bobkelly wrote:Instead of financing your next car, that will quickly go down in value, why not just buy a car for cash for $2000? Keep it six months and without a car payment, you can probably save the $400 a month you would have spent on payments. Then take that $2400 and trade in your $2000 car for a $4400 car. A year later again trade up with the money you saved on car payments to a $8000 car that is totally paid for.A FICO score is nothing more than an "I love debt score" Pay cash and you win in the long term.Any one want to challenge my thought process on this.
@Anonymous wrote:bobkelly: You contradict yourself. How come the used cars in your example don't go down in value? A $2000 car is still worth $2000 a year later? And a $4000 used car is still worth $4000 a year later?I don't disagree with your basic premise - but the actual workable scenario is that you put your $400 that would have gone into a car payment into an interest bearing account.Me? My car is 27 years old. Yeah, my friends give mem a lot of crap about it, but it starts, runs and drives. Plus, it's a semi-rare car, so it's actually going up in value every year I hang onto it...
HAHAHAHHAHAHAHAHA!!!!!
@smallfry wrote:
@Anonymous wrote:
bobkelly: You contradict yourself. How come the used cars in your example don't go down in value? A $2000 car is still worth $2000 a year later? And a $4000 used car is still worth $4000 a year later?I don't disagree with your basic premise - but the actual workable scenario is that you put your $400 that would have gone into a car payment into an interest bearing account.Me? My car is 27 years old. Yeah, my friends give mem a lot of crap about it, but it starts, runs and drives. Plus, it's a semi-rare car, so it's actually going up in value every year I hang onto it...
Semi rare car? You must have a Ford that still runs. LOL.