How
to Pay Cash for Your Car
Americans
have a love affair with their cars. Where else can you find a broke
couple, living pay check to pay check, with two shiny, new cars in
the driveway. 85% of new car buyers sign up for a six year note for
an average of $26,000 at a typical interest rate of 9.6%. This means
that 85% of the new cars on the street are dragging an average car
payment of $475 behind them.
Your
cool new car loses about 25% of its value the day you drive it off
the lot. After four years, it has lost about 60% of its value. After
six years, you have paid almost $33,000 for your car, which is now
worth maybe $6,000. At that point the “normal” person would get
car fever again, get another new car loan, and the payments just keep
going for their whole life.
Next...Thinking Differently
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Brian
and Lisa Petersen, lead the Financial Peace University course at
Autumn Ridge Church. Many concepts like the one discussed in this
article are taught in FPU. Brian and Lisa want to help you be
successful with “Paying Cash for Your Car”, and welcome your
questions and dialog. They can be reached at
brian@vegetablefreak.com.
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