Posted by javawizard on September 24, 2007, 11:54 am
If at all possible, reverse your car payments. Put $300 per month in a
savings account until you need to buy a new car. Then pay cash.
You'll save thousands of dollars over the cost of interest on
payments. - from the 500 Ways section of www.odd-info.com
Posted by sfgeorge on September 24, 2007, 4:24 pm
javawizard wrote:
> If at all possible, reverse your car payments. Put $300 per month in a
> savings account until you need to buy a new car. Then pay cash.
> You'll save thousands of dollars over the cost of interest on
> payments. - from the 500 Ways section of www.odd-info.com
>
Great idea unless you need to buy the car now.
Posted by missussex on September 24, 2007, 11:22 pm
On Sep 24, 1:24 pm, sfgeo...@paccbell.net wrote:
> javawizard wrote:
> > If at all possible, reverse your car payments. Put $300 per month in a
> > savings account until you need to buy a new car. Then pay cash.
> > You'll save thousands of dollars over the cost of interest on
> > payments. - from the 500 Ways section ofwww.odd-info.com
> Great idea unless you need to buy the car now.
Good point. My dad's version of this rule was to pay cash for the best
cheap used car you could afford right now. Then bank the money you
would have spent on car payments until you have enough cash to buy a
new car.
Posted by Zilbandy on September 24, 2007, 11:32 pm
wrote:
>My dad's version of this rule was to pay cash for the best
>cheap used car you could afford right now.
That assumes that a cheap used car will not require repairs. All the
cheap used cars I ever bought needed work. The only thing that helped
save some money was that insurance and license fees were cheap. :)
--
Zilbandy
Posted by George Grapman on September 24, 2007, 11:59 pm
missussex wrote:
> On Sep 24, 1:24 pm, sfgeo...@paccbell.net wrote:
>> javawizard wrote:
>>> If at all possible, reverse your car payments. Put $300 per month in a
>>> savings account until you need to buy a new car. Then pay cash.
>>> You'll save thousands of dollars over the cost of interest on
>>> payments. - from the 500 Ways section ofwww.odd-info.com
>> Great idea unless you need to buy the car now.
>
> Good point. My dad's version of this rule was to pay cash for the best
> cheap used car you could afford right now. Then bank the money you
> would have spent on car payments until you have enough cash to buy a
> new car.
>
About 8 years ago I needed a car immediately. Found a 1980 Honda for
$350. the owner told me the clutch was slipping. I knew I could get a
better car in six months so drove very carefully. The car eventually
needed a clutch for about $300 but lasted over two tears when I was
ready to buy a better,newer car. By the way, sold that Honda for $350.
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> savings account until you need to buy a new car. Then pay cash.
> You'll save thousands of dollars over the cost of interest on
> payments. - from the 500 Ways section of www.odd-info.com
>