Comments on: More Auto Buyers Turning to Leases and Longer-Term Loans

By: John Hunter

John Hunter — Sun, 23 Mar 2008 18:51:34 +0000

Definitely someone in that situation should be looking for cheaper cars. My first car I bought with a 4 year loan. After that I have paid cash. Save up the money and then buy. Getting ahead financially is either a matter of making a huge amount or (more likely) taking sensible steps like buying what you can afford to pay for (not borrowing to live beyond your means). Borrowing some for a car is fine (I think) but in general something better avoided if possible (even if that means you have to keep your “old” care a few extra years).

By: moonimus

moonimus — Wed, 19 Mar 2008 20:50:08 +0000

Not sure when it will be, but I’m really not looking forward to buying our first car.

By: Lau

Lau — Wed, 19 Mar 2008 16:49:54 +0000

Funny you mention this. I just posted about our car loan being paid off in 3 yrs.

This is just such a load off of our shoulders.

By: tracy ho

tracy ho — Wed, 19 Mar 2008 05:11:21 +0000

I finance my car for 5 years but thinking og saving interest rate i will do it in 3-4 year that my target ,

Great post to share ,

Tracy Ho
wisdomgettingloaded

By: Tom

Tom — Tue, 18 Mar 2008 16:34:47 +0000

The only reason my wife and I bought a new car was because we had the GM employee discount, which offered us a price far lower than any negotiating would get. Plus the price we got for a new car was the same as the price of the same model used w/ a few thousand miles. That being said, our next car (after my truck blows up) will depend on whether or not we can get 0% financing on top of the discount. If not, hello used Toyota!

By: Frugal Dad

Frugal Dad — Tue, 18 Mar 2008 13:09:09 +0000

I cannot imagine financing a car for six years. That’s a sure sign that one cannot afford the car. I second the idea that used cars are the way to go. Lower payment (or no payment), majority of depreciation has already happened, etc.

By: Fiscal Musings

Fiscal Musings — Tue, 18 Mar 2008 12:08:25 +0000

Even as we speak America is clammering for a bail out from the housing mess where they bought more than they could afford. But hey, let’s do it all over again with our cars, secure in the knowledge that the government will bail us out again.

By: Chris Johnson

Chris Johnson — Tue, 18 Mar 2008 07:48:22 +0000

THe deal is this though: you are an idiot if you think you need a new car. Not clever.