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Old 06-24-2009, 01:02 AM   #25 (permalink)
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hyperyaris -

Originally Posted by hyperyaris View Post
I agree, although as a poor person with a job, I could never afford any car, new or used, unless I paid on time. I would have to walk 20 miles every morning and night, which is not reasonable to survive. So I for one am glad to buy certain necessities on time.

P.S. I used to buy cheap, used, old cars for the only money I had all at once. They would drive for a month or two, then have some major failure that I could not afford to fix. So, I would buy another. I once calculated a monthly payment for a new Toyota with how much I was paying by buying clunkers every few months, and the new car was cheaper. Sorry, but some of us are poor and HAVE to pay on time, or else we could not drive, and therefore could not work, and therefore would starve to death and die.
I hear people saying that "driving is a privilege". But, the economic argument can be made that driving is a *necessity* for making a living. It has been true for me, especially in Los Angeles.

Today a new car is considered second only to a mortgage in terms of "lifetime purchases". This was not always true. You can also use the new car loan to build-up your credit rating.

I've never bought a car with cash. In my life, I've bought two new cars and one used car, all with 60 month loans. Then I make block payments to pay-off the car early (so the bank gets less total interest, hee hee hee). However, if I were to lose my job, I have a low payment. If I then get a lower paying job, I'm still able to make my payment.


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