Is it possible to live your life without paying car payments?
My response is yes. I know; it's a novel idea. Credit has been a main staple in most people's lives in this day and age. But what did people do 100 years ago when they wanted or needed to buy something? There were no credit cards at that time, and there were no "borrow money from the bank to buy that horse to get you where you need to go". People paid cash...imagine that... using cash for your purchases. "But I need a new car to get to and from work", you say. But do you? Will a good quality used car do the job? We don't have brand new cars, but they are good quality cars that get us both to and from work and we work a minimum of 30 miles away from home; often times my husband works much farther away.
But cash for a car? I am living proof that it can be done. We don't drive new vehicles. My husband drives a 2002 Pontiac Bonneville and I drive 2006 Chevy Malibu Max. These are definitely not luxury cars but they were well maintained prior to our purchase and we have taken good care of them since aquiring them (other than the baseball size hail that put some pretty dents all over mine). But that didn't hurt anywhere near as much as those people in my office watching the storm and crying over their new, financed car and wishing they were in the position I am in.
Is this something that can be done overnight? Of course not...but it can be done. I highly recommend for you to read "Financial Peace Revisited" by Dave Ramsey. This is a guide to help you do the things you want in life...all without paying someone else to use their money.
(Edited 8-1-10)..just found more information on this idea at:
http://www.livingonadime.com/paying-cash-car/comment-page-1/#comment-3623
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