uccess With Money
uccess With Money
Your Personal Guide to Achieving Success With Your Money and Your Life
One of the biggest drains on the average pocket book is the automobile. But it is entirely possible to drive a reasonably new, quality car and never borrow to do it, even if you are starting with little or no money.
Here is a plan I learned about many years ago, and I don't think I have heard of a better one yet, for moving up to a much better car without borrowing no matter where you start.
First figure out how much you could pay if you did borrow to buy your car. Say that you figure $300.00 a month. Now, instead of buying today start saving that money each month and do it for at least six months. If you can go ten months, so much the better.
Now you have $1,800-3,000 in the bank. You go to the dealer and say, “I’ve got $3,000 (or whatever you have) here and I want to trade cars. What can you sell me?”
The price must include tax, license and all. Get the best deal you can, but don’t go over your available cash a dime.
Now, keep saving until you can do the same thing again. Then again. And again.
Before you know it you will be driving a late model car, but without ever borrowing money to do it. And, unlike your friends, you will owe nothing on it.
When you get up to driving a three-five year old car stop buying newer and keep buying cars about three years old. This is the best deal cost wise.
Cars can keep you poor if you let them. A sensible plan like this one can keep you driving nice cars without the burden of debt. As someone who hasn’t had a car payment for years I can tell you it is a terrific way to go.
