Is getting a car loan a smart choice?

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In my opinion I think a car is an asset that depreciates over time, so it is a bad deal to get a loan for it. I’m going to get an expensive car, and the loan repayment will take half of my monthly salary away. Would that be smart? I don’t have other mortgage and I am not married, so I don’t have too much responsibilities.

What do you guys do? I really want that car. I’m 25 by the way.

  1. Reply
    May 16, 2011 at 4:57 am

    Go for it. You only live once.

  2. Reply
    George W
    May 16, 2011 at 5:38 am

    If you are asking yourself these questions, you probably already know the answer. It’s hard to pass on something that you really want, but, you’ll have another chance at it later in life, and, believe me, there are other things that you will want that are more important.

    Any car will get “old” quickly, and you may wind up asking yourself, “What have I done” before your 3rd payment.

    Good luck to you.

  3. Reply
    May 16, 2011 at 5:40 am

    The way I see it, if you want the car it’s your only choice unless you can pay it all off. Also the loan depends on your credit score and finance status. Your interest gets higher with lower credit scores. However, if you can pay it all off and still have a decent amount of money left, I would go for it.

  4. Reply
    May 16, 2011 at 6:13 am

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  5. Reply
    Howard L
    May 16, 2011 at 6:26 am

    That’s your choice. Keep in mind though that after a couple of years you might not be in love with the car anymore and you’re likely to want something else even more. You will probably have several years left on the payments and might be upside down so that you can’t sell it without coming up with a lot of cash that you don’t have.

    If the car will require more than half of what you make (without insurance payments?) I’d say that although you might be able to buy it, it’s certainly not affordable and not very smart.

    Just my opinion. People do dumb things all the time. If you buy it I hope you don’t come to regret it.

  6. Reply
    May 16, 2011 at 6:49 am

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  7. Reply
    May 16, 2011 at 7:43 am

    Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool –

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