Comments on: Dumbest Debt Decisions Ever: #3 of 5

By: a tour through my blogroll: N to R : plonkee money

a tour through my blogroll: N to R : plonkee money — Sat, 08 Dec 2007 19:15:17 +0000

[...] dumbest debt decisions ever: #3 out of 5 – financing a car. A new car. At the age of 18. Yeah, not great. [...]

By: Shouldbeworking

Shouldbeworking — Wed, 21 Mar 2007 17:09:32 +0000

The first new car I bought was the sister model of your 93 Talon(mine was the 93 Eclipse). I was a year out of college and in better financial shape than an 18 year old, and absolutely loved that car. In fact, it’s still in my garage. Other than regular maintenance and having to replace a drive belt for $500, it’s been an absolute dream(and has been paid off for 11 years!)

By: My Foolish Financial Mistakes: Moves That Cost Me More Than $1,000 Each » Silicon Valley Blog About Money

Tue, 20 Mar 2007 14:59:39 +0000

[...] Your Money? Is the Rule Of 72 Good Enough? My Money Mistakes Reverse Carnival of Money Mistakes Dumbest Debt Decisions Ever: #3 of 5 del.icio.us Digg Furl Reddit Socializer Help | Popularity: 2% Related [...]

By: Angel

Angel — Fri, 09 Feb 2007 07:33:09 +0000

I am going through this now and have paid for a new car before at 19% interest. Kept the car 6 years and a 12k dollar car cost me 21K and I sold it for $3200. What a rip off. I am talking about my car journey on my new debt blog..Maybe you guys will come out and show me some love. I am new at this. http://getinchargeoneyoungwomansstruggle.blogspot.com/

By: Mercedes

Mercedes — Fri, 09 Feb 2007 06:08:03 +0000

Hope you paid your dad off…
My brother actually did something similar but he actually makes a decent amount and can afford the payments unfortunately he got raped on the deal and is paying MSRP sticker price plus the financing and he didn’t even get the rebate… ouch…

By: moneymonk

moneymonk — Thu, 08 Feb 2007 20:45:25 +0000

We all make dumb decisions, the good thing is that you made yours when you were young.

By: Sam

Sam — Thu, 08 Feb 2007 17:34:14 +0000

Ugh, that’s awful. I’m tempted to lay the blame on your Dad for co-signing the loan. 18 year olds are generally pretty dumb or short sighted when it comes to making financial decisions (we need more personal finance classes in Middle/High School). The first time my parents co-signed for a car loan for me was after I had graduated from college and had a full time job in my field of study. The car was a Toyota Tercel (the economy car in the Toyota line at the time) and it was used. That was 1993, I drove that car until it died in 1999. I’m presently driving my paid off 1999 car (yikes, 8 years later). Most of my co-workers (I’ve been with the same co. since 1999) are on their 3rd or 4th car. They all joke about my crappy paid off car and I laugh at their $400+ monthly lease payments.