Buying a new car?
Purchase the car you NEED, not
the car you want.
presented by Attorney Mory
Buying a new car can be a very
emotional experience. Don’t make the same mistake many auto purchasers
do when buying a car by getting carried away with all the “neat
stuff” the car has or selecting a new car model for your eyes or
ego and not your finances. Car buyers become so emotional they forget
about the real reasons they wanted to buy a new car in the first place.
The fancy auto options are fine and dandy so long as the car
still fills all your needs and keeps your budget
in line. Don’t limit your car buying quest to what makes sense for
just today either. Make sure the car not only fills all of your present
auto needs but also the foreseeable future auto needs as well. To help
achieve the proper new car purchase you should ask yourself these
questions before signing the dotted line at the auto dealer.
You should be able to answer all of these questions
before making a large and important commitment like a new auto purchase.
Too many times, a new car is purchased for the bells and whistles and
not the function. That two-door sports car could be a real inconvenience
next year with the arrival of a new baby or in a snow storm. A new auto
by nature loses value quickly in the first few years. As a consequence,
expect a significant loss if you have to replace it with a more suitable
car after just a short time. That custom paint job or special
aerodynamics could be “cool” to you but render the car unmarketable.
When resale or trade in comes you may find some of those expensive
options selected when you purchased the car new add little or no
residual value. If you financed
the vehicle without a substantial down payment you may be in an even
more perilous situation. You will be in what’s called in the industry,
down”. This occurs when you owe more money on the vehicle than
what it’s worth. The only alternatives may be to live with the wrong
car, sometimes for years or roll the deficiency into your next car loan
and pay for your mistake over the life of the next car too.
And who wants to do that? Those
“cool” options that felt good at the time may only wind up costing
you money and aggravation. That kind of grief can be avoided.
Some new car options you need to think twice about and other
options and car accessories should be completely rejected unless you
don’t care about money at all. Just remember to choose your new car
and car options carefully. By considering your most important needs
first and you should enjoy driving your new car for many years and not
regret your decision when the time comes to trade or sell the vehicle
as a used car.
sites for those with debt or bad credit by Attorney Mory Brenner:
Alternatives / Debtor's Options
FAQs examining the debt
itself, personal issues and many resolution options including workouts, payment
Sites for debtors on bankruptcy, workouts, credit counseling, IRS, credit
rebuilding, and more! US, UK and Canada.
Mortgage Sources USA
Links to lenders and mortgage brokers throughout the United States offering
home loans to individuals with credit problems, bankruptcies or foreclosures. Apply
On-Line service available.
Finance Sources USA -Car Loans
Links to lenders and finance
companies throughout the United States offering refinancing, new or used car
loans to borrowers with credit problems, bankruptcy or foreclosures on their
credit report. Includes a nationwide
used car search engine.
Finance Sources USA -Credit Cards
Links to lenders and credit card companies granting credit cards to those with
credit problems, bankruptcy or foreclosures on their credit report. Debtors-Please
use this page to help rebuild your credit, not incur more debt!
For information on retaining or consulting with
Brenner please visit the contact
herein should be construed to constitute advice for your personal
circumstances. This is intended as a peripheral exposure to the various
options available, but by no means is this a comprehensive or exhaustive
analysis of the bankruptcy laws or their alternatives. Whether or not you
should file a Chapter 7, Chapter 13 or any bankruptcy, will vary depending on
your personal circumstances and should only be undertaken after careful
consideration, analysis and after consultation with an attorney experienced
with such matters. These pages may contain information and rules peculiar to
the Commonwealth of Massachusetts.