1. People should generally avoid car loans. Get the car you have cash for. 2. A 7-year loan is all that bad if you are going to keep the car at least that long. Cars are lasting longer! Don't trade it in and roll over remaining debt thoughhttps://www.npr.org/2019/10/31/773409100/the-7-year-car-loan-watch-your-wallet …
-
Show this thread
-
Replying to @vikrambath1
There comes a point where interest rates are low enough that it is practically more expensive to *not* take the loan. $30k is a lot of liquidity to give up, and used cars can be expensive with unexpected repairs.
1 reply 0 retweets 2 likes -
Replying to @marcuswerner @vikrambath1
This does presume keeping the car for the life of the loan and keeping it clean and properly maintained.
1 reply 0 retweets 1 like -
Replying to @marcuswerner @vikrambath1
Problem is the low/0% financing option is generally tied to sticker price. You could probably buy the 3yo model of the same car for 60% of sticker price and get a warranty. Not everybody needs a new car
1 reply 0 retweets 1 like -
Replying to @J_RtheWriter @vikrambath1
Frankly, that doesn't sound like a good deal at all. You aren't going to get an 8 yr warranty on a 3 yr old car, and if getting a 3 yr old car just means driving it 3 fewer years, I don't really see how you're saving anything.
1 reply 0 retweets 0 likes
I don’t know what to say. I’m stating facts: 1. New cars depreciate faster than used 2. 0% down financing requires paying sticker price Put those two together and the most economical way to own a car is to buy used and pay cash. Don’t know what you’re disagreeing with
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.