Quote:
Originally Posted by darcane
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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Good point on the full coverage insurance savings thats what another 1k per year?