Old Cheap Used Cars

Q.In general, this hasn't been true for a long time. If people consistently pay for their cars, lenders are willing to loan them far more than they (the lenders) could recover if repo were necessary. More than loan value, more than wholesale, more than retail, more than retail plus sales tax. They'll even do it for people who only pay more or less on time. I know several people who have rolled several negative equities along into the next car. Before long, they have a $25,000 loans on $18,000 cars, or $40,000 loans on $27,000 cars! Any thought??

A.That the way to start. When I first started to buy cars after the war I bought cheap used cars for cash. When I started to buy better used cars I needed to finance them. When I finished paying the contract I placed the payment amount in a savings account.. With the accumulated cash I got into a position where I had enough down money to finance new vehicles rather than a used car that soboy else no longer wanted. After I finished paying the contract I placed the payment amount in a savings account along with the money I was now saving or repairing my used cars. Finally I got to the point I no longer needed to finance my cars, if I sold them off and bought another new one often enough for cash. Now the only thing I need to do is change oil three of four times, have the car inspect one time and the dealer I buy from even covers those cost for me on both of my cars. Now I simply write a check for six or eight thousand every two years and drive home in another new vehicle. Three or four grand a year, with no maintenance or repair costs not even a set of tires, is hard to beat IMO.

Other Questions :

Blue Book Value Used Cars

My husband's father bought my husband a car in '87. When we got married in '88 we took over the payments, and paid the car off in '91. The car's title is still in my father-in-law's name. We'd like to transfer the car to my husband's name, but ...

Best Month To Buy A Used Car

Recession, big time here in the Netherlands. You won't believe how much less we have to spend ever since the euro was introduced! Salaries haven't been going up for years now, and prices have doubled or tripled, not to mention the taxes here (35...

Used Auto Parts Ma

I own a 1986 Mustang GT with t-tops what I am looking for is to find out what doors I can use on it? Will 83-86 Convertable doors work? 87-93 convertable doors? I have been searching for a coons age! If you could please help, or tell me where I ca...

GT2-Rally/Arcade

1. Can you race actual cars in ralley or just stupid ghost cars? And what is ghost type 1,2,3 none? All of them seem to have the same ghost? 2. In Arcade, do you win new cars? How? 3. Under Lancia the main screen at the dealer has the pi...

...