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If you just buy term life insurance on a kid that age, $10,000 costs about $1 a month. You can invest that other $14 and wind up with more than double that amount. Most of the money for a whole life policy goes towards fees and commissions. Most used car lots don't use this business model, but the "buy here pay here" places all do. Generally, you find them near liquor stores, pawn shops and payday loan stores. Just stay away. If you ever think about taking out a car loan, find a financial calculator online. Plug in the monthly payment, the loan duration, and the 8%-10% interest rate you could be earning on that money if you invest it instead of buy a car with it. If you buy a $20,000 with nothing down and finance it at 9% for 5 years including 6% sales tax, your monthly payment comes to $441. If you then trade that car in and do it again every 5 years, you will purchase 8 cars from age 25 to age 65 for a total purchase price of $160,000. If you had invested that same monthly payment at 9% during the same period of time, you would retire with $2,080,000. Only $185,000 was from money that you saved. The rest is interest. |
Seeing as you are a college kid, if you start at age 20 instead of 25, that final number moves from $2,080,000 to $3,300,000.
If you put away $500 a month starting at age 20 and get 9% on your money, you can retire a millionaire at age 50 even if you never save another dime. |
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Exactly what we did. Used Edmonds and others to determine invoice pricing on the car/options we wanted. Secured financing through a credit union. Went to the dealership that had what we were looking for in stock and told them, we'll give you "X" amount for this car, or we're walking out. Best of both worlds - a $35K car for under $30K, and a super-low interest rate - and I didn't have to waste time trying to get fleeced by the dealership's finance manager. |
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A. If she keeps it she will pay at least 3X what the car is worth. 10K.......wow.
B. There is no way in hell she is getting her money back. She signed the contract and is on the hook for the car. They may tell her nicely to her face no, but the minute she drives off, they will be cracking up and that's all they will be talking about for two days. Sorry dude, she's boned. |
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http://i48.tinypic.com/2aalbmh.jpg |
I'm reeruned. What is that?
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Built on Passat frame, but longer and sleeker. Also has bucket seats in the back instead of a bench. Rides as nice as my cousin's Mercedes E350 coupe, and at almost half the price. |
She's so far beyond ****ed she couldn't catch a bus to ****ed.
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Lemon laws does not stand on a used car. IMO she can forget getting money back. |
My only experience with a BHPH lot was when a girlfriend of mine bought a Chevette from one about 20 years ago. Sure she paid a bit more for it but she didn't have any credit, she ended up paying it off early, it actually worked out pretty well for her. Maybe they have become worse since then, I dunno. I know I would never go to one now, I always pay cash for my vehicles, your money goes so much farther that way.
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I just can't justify shelling out money for a new car. (To myself. Nothing against anyone else buying one.) I bought mine for about $17,500 when it was 3-4 years old with 36,000 miles. It was in mint condition and would have run close to $40,000 new. I figure I'll hang onto it for about 3 more years and unload it. If I can get $1,500 for it, that puts it at under $200 per month. My wife bought her car right out of college for $8,000. We'll probably get rid of hers about the same time as mine. (By then, all of the people who can't afford their cash for clunkers car should be unloading them for a song.) Her cost will be about $100 a month. |
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