Some financial influencers believe that everyone should pay for their car in cash. The value of a car drops like a rock as soon as it’s driven off the lot, so it makes sense to pay in cash if you are able. However, it just isn’t possible to pay for a reliable vehicle in cash for many Americans. We created
Daniel, don't forget your other rule - car payment shouldn't be more than what you are saving each month.
Daniel, Good accurate information. Since you mentioned financing, I will remind everybody to never cosign for someone else's car loan, even family members. If they say you need a cosigner for your car loan it's an indication you're going down the wrong path and can't afford the vehicle.