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Oh, Forgot to Mention!
Posted by Jon in Chicago (more from Jon in Chicago) on Wed, 30 Apr 2003 14:35:07
In Reply to: My general rule is buy one year old and lease new! n/m, Jon in Chicago, Wed, 30 Apr 2003 14:19:42
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Lease new and just enjoy yourself over and over OR, more thoughtfully, Buy a car one year old (not necessarily at a dealer, but from a private party) and pay cash from a home equity loan which is tax deductible. This gives you the triple benefit of both the low interest rate AND the reduced price of the car after the first year depreciation hit AND the newness of a low mileage under warranty car. Oh, but keep your total home payments under the 80% mark to save the extra mortage insurance costs and, importantly, to keep your home safe in the event something happens (so that there is still decent equity to borrow from if you need it in an emergency). Yeah, buying a home is the best thing anyone can do...generally so long as you're going to be in the same place for a few years. Always find a sort of so-so neighborhood but NOT a bad one in an urban area, and jump in. And then sell in a couple of years, and repeat... repeat... repeat... and hopefully retire a little early with several cars! The key with any purchase as far as I'm concerned is don't over do it b/c we can just never tell when life throws us something unexpected.
Hail Socrates and the Median Way! Very Saabish, as it were.
Jon
posted by 12.100.24...
Posts in this Thread:
- New cars, depreciation and selling a used car, John Davies, Wed, 30 Apr 2003 08:14:39
- As a general rule, it's never cheaper later....., Mike Lynch
, Wed, 30 Apr 2003 14:09:54 - Make sure and do a cost analysis on, Jon in Chicago, Wed, 30 Apr 2003 11:56:22
- Sell now and take the loss rather than more..., TKC, Wed, 30 Apr 2003 10:11:36
- I'm not sure it matters, phred, Wed, 30 Apr 2003 09:33:21
- Re: New cars, depreciation and selling a used car, Stephen Goldberger, Wed, 30 Apr 2003 08:34:45
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