Personal Dilemma

[atomicpunk]

Originally Posted by billccm

You asked for opinions and advice, so I'll give you my best.

I learned years ago that when it came to financial decisions, I could either decide to build debt, or build wealth. It really is that simple.

When it comes to cars, you pay cash, or you pass. Financing means you are building debt, and buying a product you cannot afford. Hardly any car is considered an investment, and it is a double whammy to pay interest on a car that is depreciating rapidly. Even banks are no longer leasing vehicles because the depreciation is so steep now on cars.

I am driving an 18 year old car I paid cash for in 1990 brand new. My wife drives an 8 year old car that we bought when it was a year old, with cash.

If I decide to order a new Challenger, it will be paid for in cash from my 18 years of saving for a new car. My plan for today is to let someone else pay the gas guzzler tax, and weather the 20% depreciation for that first year. Then maybe next summer I'll be in a 2008 SRT8 that I bought used, or I'll place an order for a 2009 R/T.

I have also learned over the years that good things come to those who wait. You are thinking about waiting for a new Challenger while paying off debt, and that is a win win situation in two ways. One, you will be paying off your debt which saves money on interest, and two, that 2008 SRT8 may appear on the used car lot next summer at $30,000. You will not be beating yourself up over buying a new $41,000 car, and you will actually enjoy that Challenger even more when you know you paid for it properly with other debts paid off.

You may want to visit the Dave Ramsey web site; he has quite a bit of car buying and debt management advice.

Don't let some thing like a new Challenger be a curse in your life, but rather a joy. Pay off your debts, then go get the greatest muscle car of all time and enjoy it properly!

Good Luck to you!

Bill

Damn, that's good advice. You really have me second-guessing my order as well.

[GoldenGirl]

Alrighty then, finally saw the post I was waiting for...the one where it says your wife loves muscle.

I really think spending that amount of money has to be a decision the whole family agrees with. You have received lots of great advice from this fabulous forum and have a good head and a good heart. Now you and your honey should make your decision together and go with the one that works best for you and your future plans.

Regardless of what you decide, enjoy each other and take those kids to every car show you can!

[sniper226]

Originally Posted by glassjaw

good post billccm.

Yes, that is good advice and has me thinking more too.

But what about the rock star treatment...

There has to be some price tag on it and for everyone, that $ amount will be different...