Comments on: 5 Mistakes You Can’t Afford to Make When Buying a Car http://genxfinance.com/2009/02/03/5-mistakes-you-cant-afford-to-make-when-buying-a-car/ Helping a unique generation achieve financial independence. Sat, 21 Nov 2009 05:51:06 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Love Poems & Love Quotes http://genxfinance.com/2009/02/03/5-mistakes-you-cant-afford-to-make-when-buying-a-car/#comment-120737 Love Poems & Love Quotes Sun, 21 Jun 2009 01:23:28 +0000 http://genxfinance.com/?p=1171#comment-120737 First off, I wanna say this is an awesome post you have here. I think the big problem people have is putting the money down for a vehicle which prompts the mistake of showing up at a dealer when you don't have money to put down. Most of the time they are lead to visit the dealer by false advertisements at times too, especially 0 down deals. First off, I wanna say this is an awesome post you have here. I think the big problem people have is putting the money down for a vehicle which prompts the mistake of showing up at a dealer when you don’t have money to put down. Most of the time they are lead to visit the dealer by false advertisements at times too, especially 0 down deals.

]]> By: James http://genxfinance.com/2009/02/03/5-mistakes-you-cant-afford-to-make-when-buying-a-car/#comment-120195 James Tue, 12 May 2009 13:21:41 +0000 http://genxfinance.com/?p=1171#comment-120195 I find these tips and options interesting. I'm an 18 yr old senior on my way to college in California and was just woundering if any of you had tips as to what I should do when I get a new car? Should I buy used, new, lease or what? What things should I consider and take under consideration. I find these tips and options interesting. I’m an 18 yr old senior on my way to college in California and was just woundering if any of you had tips as to what I should do when I get a new car? Should I buy used, new, lease or what? What things should I consider and take under consideration.

]]> By: Brian http://genxfinance.com/2009/02/03/5-mistakes-you-cant-afford-to-make-when-buying-a-car/#comment-119770 Brian Mon, 04 May 2009 14:03:40 +0000 http://genxfinance.com/?p=1171#comment-119770 This is probably the most informative, insightful, and true article on car buying for our generation. I am just curious, are there any scenarios where you get published in printed news with this information. I know that it would be a great read in our school newspaper here at the University of Tennessee Knoxville. I am researching buying a vehicle for me and my fiancee at the end of next year when I graduate, and I am very glad to have found this read. I had previously decided on short term loan, and used. But some of the information I think is just not readily available to others our age. This is probably the most informative, insightful, and true article on car buying for our generation. I am just curious, are there any scenarios where you get published in printed news with this information. I know that it would be a great read in our school newspaper here at the University of Tennessee Knoxville.

I am researching buying a vehicle for me and my fiancee at the end of next year when I graduate, and I am very glad to have found this read. I had previously decided on short term loan, and used. But some of the information I think is just not readily available to others our age.

]]> By: CNN Money’s 7 Best Ways to Save - Are They Really the Best? : Generation X Finance http://genxfinance.com/2009/02/03/5-mistakes-you-cant-afford-to-make-when-buying-a-car/#comment-118866 CNN Money’s 7 Best Ways to Save - Are They Really the Best? : Generation X Finance Mon, 27 Apr 2009 16:29:02 +0000 http://genxfinance.com/?p=1171#comment-118866 [...] idea. Since transportation is costly and does make up a large part of many people’s budgets, start by avoiding some of the major car buying mistakes. If owning a vehicle is a necessity, simply making a few good decisions at the time of purchase [...] [...] idea. Since transportation is costly and does make up a large part of many people’s budgets, start by avoiding some of the major car buying mistakes. If owning a vehicle is a necessity, simply making a few good decisions at the time of purchase [...]

]]> By: Jenn @ Mississauga http://genxfinance.com/2009/02/03/5-mistakes-you-cant-afford-to-make-when-buying-a-car/#comment-114338 Jenn @ Mississauga Sun, 29 Mar 2009 21:28:55 +0000 http://genxfinance.com/?p=1171#comment-114338 This is a VERY good post. There are way too many people who jump into the decision to purchase a car and make terrible financing decisions. The same thing happens in real estate, etc. This post is a great wake up call for those considering making a large purchase -- especially in this economy. This is a VERY good post. There are way too many people who jump into the decision to purchase a car and make terrible financing decisions. The same thing happens in real estate, etc. This post is a great wake up call for those considering making a large purchase — especially in this economy.

]]> By: RAJEEV http://genxfinance.com/2009/02/03/5-mistakes-you-cant-afford-to-make-when-buying-a-car/#comment-114322 RAJEEV Sun, 29 Mar 2009 18:25:11 +0000 http://genxfinance.com/?p=1171#comment-114322 This is a fabolous post.. I think the most important thing to keep in mind is that one should never overstretch while making any asset purchase because as is explained in RICH DAD POOR DAD assets like car etc are infact a liability and hence the lesser is the outgo in it the better it is . This is a fabolous post.. I think the most important thing to keep in mind is that one should never overstretch while making any asset purchase because as is explained in RICH DAD POOR DAD assets like car etc are infact a liability and hence the lesser is the outgo in it the better it is .

]]> By: Friday Links | The Canadian Finance Blog http://genxfinance.com/2009/02/03/5-mistakes-you-cant-afford-to-make-when-buying-a-car/#comment-111928 Friday Links | The Canadian Finance Blog Fri, 20 Mar 2009 10:12:07 +0000 http://genxfinance.com/?p=1171#comment-111928 [...] Generation X Finance shared 5 mistakes you can’t afford to make when buying a car. [...] [...] Generation X Finance shared 5 mistakes you can’t afford to make when buying a car. [...]

]]> By: Laura http://genxfinance.com/2009/02/03/5-mistakes-you-cant-afford-to-make-when-buying-a-car/#comment-111724 Laura Thu, 19 Mar 2009 17:35:41 +0000 http://genxfinance.com/?p=1171#comment-111724 I had the same problem as Matt: I bought a new car last year because I couldn't find an used one that met my requirements. I wanted to downsize from my SUV because it was costing me a fortune to drive to work (I have a very long commute). My husband and I spent weeks comparing prices and gas milage, and we had our hearts set on a Toyota Corolla '06/'07. But we couldn't find one used around our area for under 17K (which was above the price we had budgeted). We finally bought a 2008 Toyota Yaris for 13K. We checked with Consumers Report, and they gave it a good rating. Our intention is to drive it until it falls apart. I guess our son will end up inheriting it ;-) I had the same problem as Matt: I bought a new car last year because I couldn’t find an used one that met my requirements. I wanted to downsize from my SUV because it was costing me a fortune to drive to work (I have a very long commute). My husband and I spent weeks comparing prices and gas milage, and we had our hearts set on a Toyota Corolla ‘06/’07. But we couldn’t find one used around our area for under 17K (which was above the price we had budgeted). We finally bought a 2008 Toyota Yaris for 13K. We checked with Consumers Report, and they gave it a good rating. Our intention is to drive it until it falls apart. I guess our son will end up inheriting it ;-)

]]> By: jc http://genxfinance.com/2009/02/03/5-mistakes-you-cant-afford-to-make-when-buying-a-car/#comment-111501 jc Thu, 19 Mar 2009 00:16:59 +0000 http://genxfinance.com/?p=1171#comment-111501 I agree with Matt that sometimes a new car makes more sense to purchase. I purchased a new car (Honda Civic) just under 2 years ago and it has only depreciated about $1,000 - $1,500 from the amount I paid - I'm a pretty good negotiator (this is according to Kelley Blue Book and taking into account mileage etc). Some cars don't depreciate as much as others do so you need to do your research. It also has a low cost of ownership. I also keep my cars until they are almost embarassing to sell 10+ years so I get the good years with the warantee as well as the rest of the more unpredictable years. I agree with Matt that sometimes a new car makes more sense to purchase. I purchased a new car (Honda Civic) just under 2 years ago and it has only depreciated about $1,000 – $1,500 from the amount I paid – I’m a pretty good negotiator (this is according to Kelley Blue Book and taking into account mileage etc). Some cars don’t depreciate as much as others do so you need to do your research. It also has a low cost of ownership.

I also keep my cars until they are almost embarassing to sell 10+ years so I get the good years with the warantee as well as the rest of the more unpredictable years.

]]> By: Goran Web http://genxfinance.com/2009/02/03/5-mistakes-you-cant-afford-to-make-when-buying-a-car/#comment-111377 Goran Web Wed, 18 Mar 2009 14:12:51 +0000 http://genxfinance.com/?p=1171#comment-111377 Cars purchases can so often be hugely influenced by ego. I personally believe that spending all your cash on something that could well prove to be unaffordable later on is financial suicide. Not only will the bank repossess it, you'll also be blacklisted and unable to get credit again. Cars purchases can so often be hugely influenced by ego. I personally believe that spending all your cash on something that could well prove to be unaffordable later on is financial suicide. Not only will the bank repossess it, you’ll also be blacklisted and unable to get credit again.

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