The problem is us and our way of thinking. We have been bombarded with the idea that we will always have a car payment and then when the car already looks a bit used, we run to sign a $ 26,000 contract for a new one. Because everyone now says, “We will always have a car payment, get used to it; get the best possible cart for the lowest possible payment. ”A little not?
Car payments are a myth that everyone has believed. The truth is that “automotive fever” and this myth are destroying our financial future.
A study shows that a third of car buyers sign a contract for up to six years for a loan with an average annual rate of 9.6%. Of these buyers, the average cost of the car is just over $ 26.00. This means that one third of the cars seen on the street have been dragging a payment of $ 495.00
And what the seller does not tell you is that your new “truck” will lose up to 25% of its value the instant you take it out of the lot. After four years, your ship will have lost up to 70% of its value and you still have two years of payments left.
That means that after six years, he will have paid almost $ 33,000 for his $ 26,000 car, which now has, perhaps, worth about $ 6,000. At this point the normal person will suffer from “automotive fever” and will run to take out another loan to buy a new car and start over. Payments will continue to arrive.
But what if we decide that NO MORE? What if we decide to keep the money instead of sending everything to the bank in the form of payments? What if we get very radical and devise a plan to make money work for us, instead of working for the bank?
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