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135 Past Due – Do-Overs: Buying A Car

by Derek Sisterhen on December 10, 2010

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Past Due: Radio 135 – Do-Overs: Buying A Car

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Remember when you’d yell, “Do over!” while playing games as a child? It was so easy to have a second (or third, or fourth) chance back then. When I reflect on how I purchased my last car (over five years ago), I can easily say I’d like a do-over.

Today, I discussed three mistakes (and one success) I made when purchasing the car that ultimately became what Elisa and I buckled down to pay off in 16 months.

1) Beware of car dealerships – there’s no such thing as “just looking”!

2) Beware of letting a car repair “force” you into buying a brand new car; emotions can get the best of you (and your savings account).

3) Beware of not running the numbers; my car buying decision has negatively impacted my net worth by over $17,000.

4) Success: Whenever possible, sell your vehicles yourself.

Remember when Pontiac became a collector’s item? Check out our “Pontiac Gets the Axe” video.

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  • http://jwfinancialcoaching.wordpress.com/ Jon White

    Derek, I really enjoyed listening to your car purchasing story. I have a similar story in purchasing real estate; being unprepared, not running the numbers, and making an emotional purchase without really negotiating the price. It just goes to show that, even if you are a “Financial guy”, making purchases based on emotion can cost you thousands of dollars. Thanks for sharing!

    Jon White

  • http://pastdueradio.com/139-past-due-stress-testing-your-finances 139 Past Due – Stress Testing Your Finances — Past Due: Radio

    […] Episode 136 – Do-Overs: Buying A Car – Check out why repairing a vehicle could save you thousands versus buying a new one […]

  • http://pastdueradio.com/143-past-due-what-rising-interest-rates-mean-to-you 143 Past Due – What Rising Interest Rates Mean To You — Past Due: Radio

    […] Episode 135 – Do-Overs: Buying A Car – My car-buying decision cost me a fortune…in interest and depreciation. We don’t advocate borrowing on assets going down in value; I experienced it firsthand. […]

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