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Old 02-03-2015, 06:07 PM   #11 (permalink)
darcane
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Join Date: Aug 2009
Location: Buckley, WA
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Ninja 650R - '06 Kawasaki Ninja 650R
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Quote:
Originally Posted by spacemanspif View Post
What money? He is planning (hoping) to sell the Cruz for $10.5k, use the money to pay off Cruz and take the rest to buy a Honda outright. Leaving little, if anything, left to be invested. I'm not one to wheel and deal cars and would rather have a car I know the service history on than take a step backward into an older car that could result in becoming a money pit. I say stay the course, especially since the Chevy shouldn't cost you anything in maintenance for a long while. Higher insurance does suck, have you tried shopping around for a new company lately?
He still has $7000 to pay on the Cruze, plus interest. I assume that is the money that could be invested...

That will go a long ways towards maintaining the old car. Plus, with no loan, he is not required to have full coverage insurance for further cost savings.

I had car payments once and hated it. Loans on rapidly depreciating assets are awful financially. Never again.

That said, maintaining old cars is certainly not for everyone.

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