Re: Buying a Used car with cash
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One thing for sure, you are very smart for buying used.
Anyone buying new that is on any kind of budget is throwing money away bigtime.
NEW cars depreciate 20-40% the minute you drive them off the lot and therefore buying new is one of the worst financial decisions anyone can make in their lifetimes.
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I couldn't be happier with my new car purchase. I had only bought used cars in the past and they ranged from 5-20 years old. Frequently these cars would get to the point where repair bills were $3,000 - $5,000 per year. That's about the same as a monthly payment - except I still had a piece of [censored] 5-20 year old car on my hands with something else ready to break in 2 months.
Maybe I've just had really bad luck but all the used cars I've owned there were always times when I'd wonder if they were going to A) start and B) get me to work - and many times they wouldn't do A or B.
But whatever, obviously YMMV (heh) with any car purchase.
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