My children may all be adults now, however, that doesn't end my role as a mentor. They each have their own ideas about the ideal car. I have one simple rule about the best car you can own... the one you pay cash for. The three vehicles we share as a family have been on the road for 580,000 miles. We own them free and clear. Sure, there are nicer looking vehicles around and they are tempting, especially for my children. I believe the price tag is too high.
If you're struggling to curb your appetite when it comes to fancy cars with extended car payments, consider this: pay cash for a reliable commuter car that gets great mileage. Keep driving it until it drops. Deposit the money you would have spent on monthly payments into an account that earns interest. Take a picture of your favorite new car on the market today and post it where you can see it every day. Don't buy it until you have enough money to pay cash for it. The longer you wait to purchase it, the more it will depreciate, making it an extraordinary deal by the time you pay cash for it.
Are car payments a way of life for you? I challenge you to change the way you look at transportation. Be an example for the next generation. The best way to maximize the "farfegnügen" in your life is to kiss your car payments good-bye. What's your opinion? Please add your comments below.
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