How Much Car Can I Afford?

How Much Car Can I Afford?

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This Element is an excerpt from Living Rich by Spending Smart: How to Get More of What You Really Want (ISBN: 9780132350099) by Gregory Karp. Available in print and digital formats. Think smart, think a€œtransportationa€: escape the car payment debt trap! Consumers figure, a€œIa€™ll always have a car payment. Everybody has one.a€ They dona€™t care what the car costs or how many years theya€™ll be paying it off. Ita€™s the car payment debt trap: the never-ending cycle of financing automobiles. It robs many Americans of their wealth: Theya€™re constantly funneling huge payments into assets that are plummeting in value.The total current value of all your carsa€”plus boats, motorcycles, and similar vehiclesa€”should be less than half your gross annual household ... You can find the current value of vehicles at such Web sites as Kelley Blue Book, www.kbb. com.

Title:How Much Car Can I Afford?
Author:Gregory Karp
Publisher:Pearson Education - 2010-01-12


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