Car payments
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- 30 Responses
- mogwai0
theres equity in making payments? rarely. most people are upsidedown on their vehicle through most of the 5 - 6 years of payments.
if you're lucky, you'll get another 2 -3 years of driving after you're payed off.
- lhd0
I pay $360cdn/mo for my '03 civic.
For all you Americans out there.. that's $3.00usd
- jdcomba0
i was in a hit and run. someone hit me and ran. $6000 dollars worth of damage.... that's how much i still owe on the fucking thing!
- BonSeff0
that's why i bought a toyota
- Mimio0
If you pay cash for your cars, and turn them around for new ones every two years you might get ahead. Otherwise it's the worst way to spend money.
- jox0
That's why you buy cheap and sell expensive. I've MADE money on the last 3 cars I've had. Of course, you can only have them a certain amount of time before they start to drop – I switch every 8 months or less.
- mayo0
keep a car as long as you can. the value always depreciates so put your money in something wiser (a house, a savings account, etc).
- vwsung18t0
i do the opposite of what jox does. i lost s lot of money on my last trade-in. don't do what i do, or what jox does, unless you have the money to buy teh cars that he buys.
- 4est0
There is no equity in a lease, but you aren't gaining any equity in buying a car either. It's not a house, it's a car and it is a rapidly depreciating asset. Period. By the time you pay it off in 5 years how much have you put into it (with intrest) and how much is it worth? You can't think of it as an investment, unless you are buying it to get laid. If that's the case then it is a good investment.
- tenpointtwo0
You should go certified pre-owned. Usually you get a good warranty, and you avoid depreciation. You get a 3 year old car for like 30-40% less then the same car new, and usually 3 years isn't enough for the cars to start having any problem. Then get rid of it before your warranty goes.