I’m not going to pretend that what I do is what everyone should do
Well, what you do is the financially wise move to do, period
… especially for younger folks still building a nest egg. But for people like me, who does not have a trusted dealer or mechanic, and is so picky no used car would be good enough taken care of, I have always bought new. However, I always paid cash too, so didn’t get a double-whammy of depreciation, plus money down the drain with financing (just the former). And also try to buy good value cars that could serve me well for years, in case I have to keep them, for whatever reason. The one move people should NEVER make when they finance is to sell before the term is over; you just plainly lose your a$$, since towards the end of the term, that’s when you basically pay no interest (you paid it in advance). So if you want to trade it in 3 years, get 3 year financing. Can’t afford the payment? Then sell it in 5, until you can. As simple as that. I decided to always save up first, since I grew up with nothing, and I just don’t believe in ‘owning’ something you cannot pay for; that’s stress me out, so always saved first. And it served me well. It was a sacrifice at the beginning, and same with the house (living in an apartment, until I had enough to buy my first house cash), but not having any payments allowed me to save A LOT after a few years, and everybody around me was still living by the check, while I had substantial savings, and everything paid for. Hope some youngsters take that advice, especially in these turbulent times. The ‘instant gratification’ way of living just doesn’t pay off in the long run folks. If you feel you have to do it, just do it with a house; that’s all.
