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[quote=Anonymous]You got a free used car which should have bought you time to save money to put down on a new car. Instead, you spent the last year, spending the money you should have been saving. So, start now. Put that $300 per month into a money market and keep driving the Volvo until such time as the expenses are totalling more than the monthly payment. Then take the money in your car fund and put it down on a new car and you will decrease your monthly payments on the new car. If you have a APR over 1% then you keep paying at the $300 rate, you'll pay it off faster than the loan term and you can go back to saving. If you have a APR below 1%, then pay the minimum and keep it for the term of the loan while putting the rest of the $300 aside. When you have paid off the car, then you can decrease your monthly saving to project out about 5-10 years so that the next time, you'll be able to pay cash for the car. [/quote]
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