Re: one more car payment!
Congrats on paying off the car! I use to a get a new car every two years but now I stopped. Not because of the economy or my finances, just the lease changes. 10 years ago I leased a convertable BMW for 30 months because the residual (what they assume it will be worth when you turn it in) was 73% In plain language that means you are fianacing in your lease 27% of the vehicle puchase price. A $40,000 car you are financing 10,800 over 30 months. My payment was $389 per month. NOW the banks realize you can't get that much for used vehicles and the residual is around 55% now you are financing $22,000 over 30 months. Approximatly $730 a month. big difference!!!
A government big enough to give you everything you want, is strong enough to take everything you have. -Thomas Jefferson