I bought my first car with cash back in 1999. I can’t tell you how proud I was to finally buy a car without borrowing the money to do it. (And I still have that car today. It just crossed the 240,000 mile mark!)
Here are two important questions to ask yourself.
Do you think it is possible to own a car without having a car note?
Have you set a goal to buy your next car with cash?
Your answers to those two questions can have a big impact on your financial future. Not so much because of the dollars involved. But more because of the impact it can have on your whole approach to money, debt and mature decision making.
Saving money and buying a car with that money is smart. It turns the table to saving money before the purchase rather than paying for it for years after the purchase. It breaks the cycle of always having a car note in your life.
It reinforces the principle that it is unwise to buy things you can’t afford. (And having to borrow money to buy a car is a sign that you really can’t afford that car.)
Resolving to buy your next car by writing a check for it will change your life! And you will be so proud of yourself for doing it.
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