I saw this post on Facebook this morning from a radio station broadcasting from a car dealership. It is November so when it says no payments until 2015, you are without payments for a month or two.
0 down, 0% interest and 0 payments until 2015! Plus you get a free Ipad when you buy a new vehicle!
Many people think car payments are just a way of life. As soon as they get a car paid off, they may think they need to upgrade to a better and newer car.
It may mean to make some sacrifices but you may be able to free yourself from car payments.
Suze Orman suggests not financing a car that you cannot pay off in three years.
If you are currently making car payments, when you get the loan paid off, put that amount of money in a savings account each month until you NEED to buy a new car. Even if you don’t have enough to pay for the entire amount, at least you will have some saved and won’t have to finance the entire amount.
When considering how much to spend on a car, other things to consider are interest, taxes, license and registration, insurance, gas & oil changes and other maintenance. The newer the car, the more likely it will cost more to insure and license your car.
If you are need of a vehicle, one method Dave Ramsey recommends is buying the least expensive you can afford. He calls it a “beater car”. Then continue saving money and upgrading as you can afford to.
I have personally paid cash for the last two cars I purchased. When I get extra money or bonus at work, most goes into account for a car or other items I am saving for.
It may not be easy but may be worth the sacrifice without the pressures and stress of car payments and when you consider what you are saving on interest charges.