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Is a car a good debt or bad debt
Former Member
Posts: 1,876,323 The Mix Honorary Guru
I'm contemplating buying a car. I can afford the monthly cost from buying one but I don't want to be in debt from buying a car since I already have one that has no problems at all. The man has a savings account for cars only. As in, he only buys a new car when he has enough to pay for the new car he wants in cash, so he has no debt. He just bought a new beemer and that makes me feel like shit with my cheapo car. I really want a new fancy car, but I dont want to spend that extra on interest and not have the money up front. Any opihnions?
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Or you can put aside what you plan to be the repayments until you have enough for the car...
Most of them will do you fairly good deals, like 0% interest, or interest that's much lower than a card or bank, if you have a reasonable deposit.
There's no magic way of doing it though, and I don't see anything wrong with commiting to a schedule of payments, so long as you can keep them up. Of course, if you're going to college that might interfere with paying maybe?
You do have a car that works thou so u don't need it, but i understand its nice to upgrade n i'd prob b doin the same!! Theres not much point havin this flashy new car thou if you can't afford to go out anymore after buyin it!!
get some new wheel trims or something. when i bought some for my car it made it look so much nicer!
If you can afford the repayments, and you think its worth it, then go for it. I don't think its worth buying a new one if your current one works, but you may think differently.
And there is such thing as a good debt and bad debt. House, good. Credit card, bad. College debt, ok.
Or smaller corolla? That'll be the Toyota Yaris then:
Both ultra-reliable apparently, and fun.
Oh I got it mixed up, it was something with a D or something the Aveo was. I'm stupid your smart. the Yaris is what I was looking at, one of the new (to us I guess) minis!!! I want it, but not hatchback I know they do it as a sedan, as I've seen it
Apart from that debt is debt.