Tag Archives: Car Buying

Should You Lease a Car?

Is leasing a car a good idea? It really depends on whom you are talking to, the answer you will receive. If you are talking to a car dealer or a person who leases cars, he will share with you numerous reasons to lease. You can get a brand new car every few years. Your car will stay under warranty during the lease, so you do not need to worry about any major repairs. It can bring you peace of mind because ultimately things will be taken care of. Leasing is basically renting a car for three years. Every month … Continue reading →

Financial Pitfalls: The New Car Mentality

One big financial pitfall is the new car mentality. Many people like to drive new cars and feel they need the safety and security. Here are four myths that support the new car mentality. 1) Many people feel that they need the latest model car. A new car is a status symbol. There is a certain feeling of accomplishment when you drive a brand new car off of the lot. You have achieved something. But you have also lost something. The average new car depreciates two thousand dollars the second you drive off the lot. If you have two thousand … Continue reading →

Financial Pitfalls: Car Buying

One common financial mistake people make is to trade-in there current car, and car loan for a new one. The dealer often says that they will pay off the existing loan for them, and that they will come out with a better car, and possibly a better interest rate. There are several reasons why this is not a good idea. 1) The dealer is not going to pay off the loan for you, they just role into the current loan that you are taking out. So you end up borrowing more money than what your car is actually worth. This … Continue reading →