Lee Duna@lemmy.nz to News@lemmy.worldEnglish · 1 year agoAmericans can no longer afford their carswww.newsweek.comexternal-linkmessage-square72fedilinkarrow-up1216arrow-down16cross-posted to: personalfinance@lemmy.ml
arrow-up1210arrow-down1external-linkAmericans can no longer afford their carswww.newsweek.comLee Duna@lemmy.nz to News@lemmy.worldEnglish · 1 year agomessage-square72fedilinkcross-posted to: personalfinance@lemmy.ml
minus-squareFireRetardant@lemmy.worldlinkfedilinkarrow-up28arrow-down1·edit-21 year agoAs a young adult who wanted to avoid debt, my rules were somewhat similar Car must be used, for sale by private seller. Avoids dealership fees, warranty fees etc. If I cannot buy it in full, in cash that day, I cannot afford it.
minus-squaretburkhol@lemmy.worldlinkfedilinkarrow-up18·1 year agoI bought my first car on credit. After my last payment, I diverted that money into dedicated savings for the next car. Kept me from lifestyle creep and paid myself interest instead of the bank.
As a young adult who wanted to avoid debt, my rules were somewhat similar
Car must be used, for sale by private seller. Avoids dealership fees, warranty fees etc.
If I cannot buy it in full, in cash that day, I cannot afford it.
I bought my first car on credit. After my last payment, I diverted that money into dedicated savings for the next car. Kept me from lifestyle creep and paid myself interest instead of the bank.