To buy a new car or not.

[Dosproduction]

Im thinking of buying a new car. It would be a Ford Explorer with 4wd. This would be my first car that I would have payments on and im scared of the debt obligation each month. I presume that I can afford it but don't like it. All my previous vehicles where purchased with cash. What say you do you feel fine with your car note or do you run from debt like it is the end of the world? Thanks ahead of time for your insight.

 

[bradmedic04]

I'm not debt adverse generally, but I loathe financing cars because they depreciate so quickly.

Even just buying one a few years old will save you big bucks.

 

[GodFearinGunTotin]

From a strictly financial standpoint, you know the answer. On the other hand, life is short. You work for money to live on and with the extra, to enjoy what you want to enjoy out of life. If a new car's what you want, know what you're putting yourself into for the next 4, 5, or 6 years and enjoy living.

 

[gunsisgood]

NotasnowballlschanceinHelll !

 

[terrehautian]

Is your current vehicle dependable? Why are you wanting a new vehicle? I would look at certified pre owned, they usually have a good warranty with them and have been looked over (also being a one owner). Warranty is nice for when things break, my car still have a powertrain until August of next year or 100k.

 

[Brandon]

I would go with a used one, get more bang for the buck... I would suggest a warranty of some sort if you aren't wanting to wrench on it yourself for whatever reasons.

 

[Dosproduction]

With Fords 0 percent financing it seemed more logical then to be paying a percentage to me. I realize they depreciate quickly but I would not be selling it till its wheels fell off. My present to cars are both 1996 run great many issues but dealt with as they came. I need a car that has more room with my growing family so that is where the new car comes in. I choose the Explore for the extra row of seats.

 

[ModernGunner]

Not sure, but I didn't buy anything on payments, a car, until I was 55 years old. Everything else over the years, including the home, has been paid in full at time of purchase.

IF you qualify for the 0% financing, grab it. Credit managed properly provides a lot of options, and the ability to leverage those options.

 

[Jomibe]

Im thinking of buying a new car.

Buying a new car is just a puppet show for the sheep. WAKE UP PERSON!

 

[Dosproduction]

Nice. And not sure if I qualify for the financing yet since I have not gone in and done that part. I assume you have to have very good credit and not sure where mine stands at the moment. Nothing bad on it just a lack of history.

 

[Leadeye]

When get old and your kids are grown, go out and buy the fastest red car you can. It makes up for all the years when you didn't have the cash or had to be responsible.

 

[mom45]

I haven't had a car payment since 1988 and will never have another one.

 

[nickf2005]

I'm generally not pro-debt, but if you can get 0% on a new versus 3-5 on a used, then get the newer one. Yes, the deprecation sucks, but if you plan on having it for 10+ years, then it's a moot point. Plus, that warranty is a nice piece of mind to have.

However, if you can pile the cash and outright buy a used, then I'd look that route. I say that because I can attest to the pros of not having a car payment after driving payment free for 2 years now.

 

[Dirtebiker]

Debt is just plain stupid!
save up the cash and buy something at least three years old. Let some other chump eat half the cost to have the new car smell!

 

[CitiusFortius]

Im thinking of buying a new car. It would be a Ford Explorer with 4wd. This would be my first car that I would have payments on and im scared of the debt obligation each month. I presume that I can afford it but don't like it. All my previous vehicles where purchased with cash. What say you do you feel fine with your car note or do you run from debt like it is the end of the world? Thanks ahead of time for your insight.

I listen to Dave Ramsey everyday on my way home from work, so yeah......I vote no car payments. We got tired of our car payment and knocked it out a year and a half early. I have no plans of having a car payment ever again.

 

[croy]

Car payments suck, and car dealers are crooks.

I bought a brand new car in 2012, and currently it is worth less than I owe on it. Next vehicle I'm hoping I can buy outright and never have a car payment again.

 

[wtburnette]

Im thinking of buying a new car. It would be a Ford Explorer with 4wd. This would be my first car that I would have payments on and im scared of the debt obligation each month. I presume that I can afford it but don't like it. All my previous vehicles where purchased with cash. What say you do you feel fine with your car note or do you run from debt like it is the end of the world? Thanks ahead of time for your insight.

Kind of in the same boat. Been lusting after a new Ford Fusion and the 0% financing sounds intriguing. I bought my current car new and have managed to get 12 good years out of it, but it's starting to have occasional issues, as any car it's age does. Would be nice to have a newer, more dependable vehicle.

I'm generally not pro-debt, but if you can get 0% on a new versus 3-5 on a used, then get the newer one. Yes, the deprecation sucks, but if you plan on having it for 10+ years, then it's a moot point. Plus, that warranty is a nice piece of mind to have.

However, if you can pile the cash and outright buy a used, then I'd look that route. I say that because I can attest to the pros of not having a car payment after driving payment free for 2 years now.

The above part is my thought. I haven't had a car payment in 7 years, but since I plan to drive the car as long as possible, it's not so bad. I just hope the car would be as dependable as my current one. Good luck OP, I feel your pain

 

[CampingJosh]

We all waste money on something. It can be a car if that's what you want. I have two Harleys and several guns; that is how I waste mine. (We're a one-car, two-bike family.)

You will save a lot of money getting one that is a year or two old. That said, we bought a brand new Kia Soul for my wife almost 4 years ago. Still have it, and we've averaged almost 35k/year on it. We expect it to last another 4 years or so.

I personally don't finance anything. I would always rather have compound interest working for me rather than against me.

 

[Dosproduction]

agree but if the APR is 0 percent then im haveing inflation work for me by letting Ford eat it while my payments stay the same regardless of loss of value. But i am torn i also HATE debt and im to wishy washy to know what to do. LOL.

 

[wtburnette]

From the Ford site, the 0% is only for 36 months. If you plan to go 60, 1.9% is the best offer. Just an FYI.