Bankruptcy - anyone gone through it?

[R8RFAN]

Originally Posted by Bugeater

And all that means is the car is losing value as fast as you pay for it, which is true. Where you're losing me is when you say it costs an additional $500 each month, when does that money come out of your wallet?

You buy a 30k car on credit, will probably cost you 40 by the time you get it paid off ,When you get it paid off you have spent 40 k
when you sell it after 4 years it will hopefully be worth 10k.

I didn't say you would totally lose 1000 per month but if you are making payments of 500 per month and your car is being devalued 400 per month and you are having to pay an extra 100 per month for the collision on it, that car is costing you 1000 per month.

It's all about cash flow

A car is something that is consumed or used up and everyday and every mile the car loses value. The less you pay and the more miles you get results in lower costs
Better scenario
Pay 10k for a good used car...Drive the hell out of it for 5 yrs, repeat