Dennis Eusebio’s Story
Categories
Made on February 07, 2007
So, long story short...
While Dennis Eusebio was buying my first car.
Dennis Eusebio made the mistake of
Putting the minimum amount of money down
My Advice to You is
Take some time to calculate how much money you would save by putting x amount down
Here's the whole story
Interest is a bitch. Its a cold, heartless, unrelenting bitch that eats away at your soul and bank account. Miminimize your interest rate by putting more than 500 bucks down on your 30k car.
Want to join in on the conversation? Sign In or Register for Free.
Comments (6)
It honestly depends though..
If you know you are only going to own the car for a year or so, you don't want to throw half down because of depreciation. Take the hit monthly on interest and leave the big chunk in your bank. It is a huge mistake to look at a car as more than anything but a depreciated asset. You will always lose money, the key is to figure out the best way to lose the LEAST amount!
I hate loans. If I can I want to pay my next car all in one shot. I've never did a check more than $1000. It must be exciting. Or maybe I'll bring a suitecase with $20000 in $20 bills. Cool like in the movieeee.
Depends on the car too. With a car like Dennis' or mine the depreciation isn't that bad so you'd want to put as much down as possible I'd think.
Lol, I actually wanted Chris to take in a suitcase to buy his car like in a movie. Guess its a common dream for people.
Better yet, don't buy a 30K car, unless you have the money to pay for it all.
Interest IS the root of all evil. And what passes for a car loan these days is nothing more than usury.
noir your sound judgements about cars are of no use to idiots like us I'm afraid