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Cars and Transportation
Reply to "What's your car payment?"
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[quote=Anonymous]There are always posts like this on DCUM. It is impossible to look at a payment in isolation and evaluate whether someone's car buying habits are good or bad financially. In fact just looking at the payment is exactly what car dealers want you to do. We bought a $24K Honda Accord on a 24 month loan at .9 percent. The payment was $1000 month. The total interest paid on the loan was $500. We paid off the car early and are still driving it 15 years later. I consider that to be a good financial decision. If we had financed a $60K car for 72 months and bought a new one before or shortly after it was paid off and always had new cars and car payments, that would be a bad financial decision. So again, the payment in isolation is not the way to be thinking about this. [/quote]
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