[Need Advice] Making Final Decision on Vehicle this Week

If I hadn't seen that video of mrpaige doing that funky dance once, I'd applaud his post. But as it stands, I'll just nod in his direction as a sign of approval.

 

though i know why you've included this aspect in your response, it doesn't even have to be about whether one is happy or not.

intrinsically, debt costs less than equity (normally). Corporate finance 101. as such, it is theoretically actually cheaper to buy something with debt than it is with equity. of course, people have won noble prizes based on theory discussing the "value" of debt and the appropriate amount of leverage, etc., etc.

While I personally would be on the side of the fence that a human being shouldn't be viewed in the exact same way as an entity, I think much of the theory is still valid....theoretically.

debt is cheaper.

 

Mr paige and yonkers, the old term "money can't buy happiness" is so true. The story about ur step mother being miserable , that's a inner issue. I know a lot of rich people who I talk with a lot and most told me what my pops told me, but it is different strokes for different folks though. I like the fact that I retired at 34yr old. Its getting a bit boring at times, but its better than the daily grind. Like you yonkers, I'm debt free also, so when I teach the financial class at church, I buy everyone the total money makeover by dave ramsey. Its surprising how a little change can mean so much. I know I've derailed this thread, but I think too many young people are worried about image. Yonkers says he has a M5 which is one of my favorite cars, I bought a 95 850 last yr cause I always wanted one. Everyone has simple pleasures and that's cool. I know if I was in the op's shoes and I've been there,done that, I would just get the solid 3-5k car and drive it basically note free until my career was started. That's just me though.

 

I never knew we had so many financial advisors and investment reps on this board.

Buy the Honda.
Make Payments.
Build Credit.
Be Happy.

I don't know if your in college or not but lets assume you are.... once you graduate and have a decent income put the car under your own name and hopefully you'll also have the ability to pay off the car quicker with you're income at that time. If you're out of school already you're yearly income should be increasing anyways.

Interest rates are very appealing RIGHT NOW. It's not that hard to finance 10G's over 5 years. That's like a monthly payment of less than 200 bucks. Worst case scenario... you can't make the payments and you have to sell the car. Luckily, Honda's especially Accords sell themselves and best of all they don't lose much value.

With that said an Accord LX-L like you mentioned can be had for around 13.5 maybe even less.