Quote:
Originally Posted by kYLEMtnCRUZr
Also, half the world wouldn't be going into compounding interest debt for transportation! So that kinda crosses the Fiesta or anything new off the list until I saved up cash to buy it outright. Can you tell I'm taking a Dave Ramsey Financial Peace class? lol.
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Good point about how terrible paying financing charges is for most people.
I could have outright purchased the (used) TSX I have now, but Penfed was offering 2% financing, so I went that route instead. At the time, my credit union checking account was paying me 3% interest, so I was coming out slightly ahead by financing.
Recently I paid off the remaining $3k because interest rates on checking accounts have fallen to <2%. I can also drop full coverage insurance, which will save a couple hundred per year.