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Money and Finances
Reply to "Is financing a new car really stupid? "
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[quote=Anonymous][quote=Anonymous]Rule of thumb - never finance an asset with declining value (car, clothes, etc.) nuanced answer - Depends on the deal and how you handle debt. Can't judge the deal here, but if you are good with debt, can afford it, and have steady income or money in the bank to cover the balance, it may be fine to finance the car. My dad's rule for financing a car - you may have to finance your first car. After it's paid off, keep putting the payments into a bank account. When you need a new car, pay with those savings (never finance again). [/quote] I agree with this. Sometimes I sell at 6 years, take the profit, roll it into the new car and refinance the difference. I am not crazy about driving a car more than 10 years old. It is worth it to me to pay a small amount each month.[/quote]
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