Reply to Buying a car with cash

Forum Index » Money and Finances

Reply to "Buying a car with cash"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]This is not as exciting as the "I make a billion dollars a year and I'm broke" threads, sorry. :)

Last year I sold a condo, with plans to roll the proceeds directly into buying a new house. For various reasons, I decided not to buy right away and am now renting.

I'd like a new (or new-to-me) car -- I'm not going to pretend I *need* a car; my 13-year-old hoopty with 163,000+ miles on it is running all right. It needs repairing now and then, and some of those repairs have been pretty expensive. But it's always less expensive than buying a new car. So, this is not a necessity, just a desire.

I really don't have a lot of spare cash to handle a car payment, but I look at that money I have sitting in the bank, and I think, why not just use a part of it to buy a car outright? The downsides, as I see them, is that I would be plunging a lot of money into a depreciating asset, and that when/if I ever do buy a house, part of my downpayment money would be gone. It would take a long time for me to save up that money again; I should be a little less financially strapped and able to save more when I'm not having to pay quite so much for child care, but that's about four years from now when my child starts school.

What would you do? [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics