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- Go to "Accept that you'll always have a car payment."
About leases, Success...
With the balloon payments I mentioned in an earlier comment, yes, they can be much more expensive than a loan. The cheapest option of all is to save up enough - or inherit enough, as we did - to get that car by paying cash. Then, you don't have to worry about the car being repoed.
posted by
kidnykid
on January 23, 2007 at 1:55 PM
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Ben, leases are the worst deal of all
Very expensive. I heard that they are several thousand dollars more expensive than interest on a loan.
posted by
SuccessWarrior
on January 22, 2007 at 10:40 AM
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Julia, good for you
Since you're able to do that, maybe you could keep paying a car payment into savings and then pay cash next time.
posted by
SuccessWarrior
on January 22, 2007 at 10:38 AM
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How about car leases?
It seems to me as if car leases are becoming even more prevalent than car loans. What little I know about leases suggests to me that they are even worse than loans. For one thing, some leases limit the amount of mileage you can drive every month or whatever, and if you go beyond that, you have to pay more. Then, there's the balloon payments. Some of these leases require a huge balloon payment up front. Someone is making this huge amount of money somewhere on car leases, just so lesseees can have the feel of a new car hot off the assembly line every time their old lease runs out.
posted by
kidnykid
on January 22, 2007 at 10:23 AM
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I have paid off my cars in three and four years, and I
always keep my cars for a lot longer than seven years, so no, I don't accept that I'll always have a car payment. No one "needs" a new car every seven years!! Being able to pay cash for the next one would be great, though!
posted by
Julia.
on January 22, 2007 at 9:57 AM
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Mysteria, I often talk about how things cost 2 - 3 times as much on credit
I don't know if people just don't understand this or if they just can't resist instant gratification but they could buy more if they paid cash.
posted by
SuccessWarrior
on January 22, 2007 at 8:37 AM
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I heard this morning on the radio that if you buy a coat for $100 on credit
by the time you've paid for it, you've spent $210!~
I am very relieved to be free of most things people find worthy.
posted by
mysteria
on January 22, 2007 at 8:33 AM
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