Posted by charles todd on July 12, 2008 at 22:26:23 from (205.242.95.139):
In Reply to: OT Financial Fiasco posted by dave guest on July 09, 2008 at 21:18:35:
I got into trouble while I was in college with credit cards... It took about 4-5 years to get that monkey off my back and I had no auto note (1979 3/4-ton and gas was less than $1.50/gal). Three years ago I bought a used, 2001 K1500 with low miles, loaded to the gills with options (nice truck) and got it for about $5K less than KBB (Brother-In-Law was in a bind and he wanted payoff). In August it wlll be paid off 2 years early. I have made several principal payments along with the note. If you have a couple grand in the checking account after bills every few months, make a principal payment and get rid of the loan, intrest is lost money.
We also bought a 2008 Mini Cooper S this year. One of the reasons we bought it is the 5-star resale value. The loan officer at BMW motor credit said that they hate to see a Mini come in on trade for a Mini. A 2-3 year old Mini has about $2-3K less value than an equal new one. So on a $30K car in 2-3 years we can TRADE-IN, not private party sale the car for a new one and only have a $2K-$3K difference. There are 2004 Mini's on EBAY for more than a new one...
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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