Thursday, February 28, 2008

Frugal Confession- We Loved New Cars

We were huge new car fans. We held the theory that since we were going to be paying a car payment for the rest of our lives, why not drive what we want? All of our cars cost about the same amount, but we kept losing equity every time we traded. All we cared about was that monthly payment, but we didn't realize that payments were what were killing us. We only looked at the little picture- month to month, paycheck to paycheck.

It is a sad story- one with lots of great memories of beautiful, fast cars, but it cost us a lot of money. In the last five years we have had six different cars. SIX. Looking back, I can't believe we were so stupid. And as Dave would say, we've paid the stupid tax.

We could have bought our first car in cash and only bought future cars with cash. We would have saved ourselves so much money I don't even want to calculate it. We probably wouldn't have any other debt right now.

These days we are doing our best to change our car buying habits forever. We are trying to sell our current car, which we have paid thousands down on, and buy a cheap used car with cash. We are eager to put this new car-buying nonsense behind us now that we realize that a car is just that, and it's certainly not worth having a payment for the rest of our lives.

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