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Lindy · 05-01-2006, 11:20 PM

Many good things said in this thread. Everything that has been said about an emergency fund is true. If you get over extended, Mr. Murphy will camp at your doorstep. I've been there. I've done that.
A good rule of thumb on vehicles is that any vehicle that costs more than half your gross income is an serious extravagance. It is generally a bad idea to go into long term debt to purchase anything that goes down in value. New car values go down "like a rock" as the Chevy truck ads say.
But at the very most, don't finance a vehicle for more than 36 months, and pay at least 30% down. If you can't meet those terms, you can't afford it, and that way at least you won't owe (much) more than what the car is worth.

Warren Buffet drives a 2001 Ford Taurus. What's in your wallet?
Lindy

And everyone who howled about taxes----remember that when you VOTE.

05-01-2006, 11:20 PM	#20 (permalink)
Lindy Junkie	Many good things said in this thread. Everything that has been said about an emergency fund is true. If you get over extended, Mr. Murphy will camp at your doorstep. I've been there. I've done that. A good rule of thumb on vehicles is that any vehicle that costs more than half your gross income is an serious extravagance. It is generally a bad idea to go into long term debt to purchase anything that goes down in value. New car values go down "like a rock" as the Chevy truck ads say. But at the very most, don't finance a vehicle for more than 36 months, and pay at least 30% down. If you can't meet those terms, you can't afford it, and that way at least you won't owe (much) more than what the car is worth. Warren Buffet drives a 2001 Ford Taurus. What's in your wallet? Lindy And everyone who howled about taxes----remember that when you VOTE.