After 70 months of payments, you've got a paid-off car that you bought for $40k, that ended up costing you $55k (thanks to interest and insurance), that's now only worth $16k (thanks to depreciation)....
Agree with the sentiment, and:
If you can take out fiat debt at less than the inflation rate, this is actually a positive move. (I know cars depreciate fast, and you probably shouldn't get the 40k option)
I was the idiot that would save up and buy a car outright because I never wanted to feel like a debt slave, though.
If you can take out fiat debt at less than the inflation rate, this is actually a positive move. (I know cars depreciate fast, and you probably shouldn't get the 40k option)
I was the idiot that would save up and buy a car outright because I never wanted to feel like a debt slave, though.