A While back my husband and I chose not to have car loans. I paid my van of three years ago and he drives a $600.00 car that he loves. We also own a truck so if we buy anything from Home depo that won't fit in the car or van we can get it with out having to find someone with a truck. The truck also doubles as a back up vehicle if the car is in the shop. Vehicle wise we are pretty set. Our car and truck is worth more to us than we would get if we sold them. So as me and my husband talked our plan over we thought we would take our car payment money about $200.00 per month and pay down our mortgage faster.
I than was reasearching my favorite topic, getting out of debt/money, I found this awsome presentation on the Dave Ramsey Website that I just have to share with you it my change your life.
here is the link http://www.daveramsey.com/articles/article/articleID/drive-free/category/lifeandmoney_automobiles/
It really makes sense to me and is kind of what we were thinking but on a smaller scale because my highest car payment was $310.00. After surviving that car loan and being upside down on that car I will never go over $200.00 a month for a car payment.
My reason being cars need fuel, cars need insurance, and to have a payment on top of that is just too big of a chunck of my buget to be any bigger than that. But watch out lenders want to lend only for newer cars because of their value. So they kind of make it easier to get a huge loan with a big payment. It is harder to get money for a car that has too many miles or is too old or better in price.
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