About 18 months ago my wife and I adopted an amazing 7 year old girl.
Until she moved in with us, I commuted to work by bus – I work in a city about 50 miles away from where we live so the commute took about 2 hours door to door.
Once she moved in with us, we knew that this arrangement wouldn’t work anymore, we also knew that the petrol costs would be too high to do the commute every day with a petrol car so we decided to get a hybrid.
And here is where we made the big mistake.
We bought a used hybrid from a dealership that we financed with a car loan.
By the end of the loan term (5 years) we will have paid about 125% of the car’s value at the time we bought it.
It was a big mistake but we learned from it – we will never take out a car loan again.
It’s so easy nowadays to find reliable cars you can get for cash without the need for a loan, everyone should be doing that.
Hope that helps
Jon
Human Action 