Quote:
Originally Posted by FlamesAddiction
If you can afford a few months of car payments, then you can afford a used car to get by on. I have never bought a new car and don't feel it's ever held me back. Especially if you live in any town or city, transit can get you by for a few months.
Having just gone through the mortgage process, the broker mentioned to me how car payment defaults are the biggest reasons why people ruin their credit and can't qualify for mortgages.
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There is nothing wrong, in my opinion, with buying new if you want reliability and own your cars for 10 years. Maybe folks want to use their money for some other purpose. Or maybe someone has a very secure income (it's possible even in a recession) and can pay off that car over two or three years. If you want examples of bigger money mistakes I have a couple I can give you that will knock your socks off.