Is the interest rate worth the credit history?

[ultrarunner]

72 Cutlass with 350ci was a very good car for me…

Zero issues and being a convertible I made money on the deal.

 

[CloverKnollFarms]

Right now I'm looking for my son's first car. A low mileage Oldsmobile sedan from the early 2000s for $5k He is 15 and this car will serve him for 10 years as long as he doesn't total it.

My daughter is 21, and still has her first car that we bought her at 16, for $1500.

 

[Torvy]

I bought my son and his wife their first car. They hadn't had it a month and an accident totaled it. Nobody was hurt. That was the positive take on the accident. I gave them my lightly used Ford F-150. Fortunately - it's still in great shape. He is able to work from home and does not drive much. Lives in Spokane. I really HATE driving in Spokane. The Taco Wagon just doesn't mix well with all those city drivers.

Spokane is not bad compared to the mess around Seattle. I hate driving in cities more every day. I avoid DFW as much as possible, even though 2 of my kids still live there.

 

[Torvy]

The first time driving the beltway around DC when I worked there, I was scared shiteless as a youngster driving a rental car.

Then when I took my "beater" 72 cutlass and I figured out as long as I don't care if I hit anyone or anyone hits me, I don't have a worry in the world on that roadway

I had to go to DC (Tysons Corner) a few times a year for a few years. Never drove into DC proper. We let the locals do that. I completely understand your trepidation.

 

[hiddentacocatneddih]

The most stereotypical airman buy lol.

Charger camero or mustang.

I would have preferred he just buy it on his own, but being he is in another state, being 19, and living on a military base, I have no doubt his interest rate would have been even higher than the bend over price the dealer in NC told me he would pay.

For just a 36 month loan on his own, it would have cost over 1k a year in interest alone which I thought was beyond ridiculous for 3 years.

The issue with Kids today is they look at their monthly payment, figure "hey, I can afford that monthly payment", but don't look at the total amount paid back on the loan with interest.

Nice thing was the car was under 11K. With the guy on the lot wanting to buy his old car for his own son, his monthly payment came down due to the principal owed, and his 36 monthly payments are more than manageable on his end.

Once the car is paid back in full no later than 3 years, after that, title goes in his name everything will be on him including insurance under his own name.

If he's not married I would push for him to sell it if he deploys. Easiest way to make bank as a single airman is to deploy and stay deployed, move out of any apartment, save BAH, sell any vehicles, save any payments and insurance, cancel any phones or any subscriptions.

 

[ultrarunner]

The most stereotypical airman buy lol.

Charger camero or mustang.



If he's not married I would push for him to sell it if he deploys. Easiest way to make bank as a single airman is to deploy and stay deployed, move out of any apartment, save BAH, sell any vehicles, save any payments and insurance, cancel any phones or any subscriptions.

I know a guy that did that and saved every dollar and had a nice bankroll.

No car, no off base, not eating out, etc.