Just to show you how naive (a kinder word for stupid) people can be…back in 1980, my first wife and I purchased our first car a Honda Accord, being the young couple that we were. The financial guy gave us his gobbly-goo spiel and we signed the paperwork all starry eyed with excitement. It wasn’t until many months later when I took time to examine our bill that we were paying extra each month just for insurance in case I died the remaining payments would be paid immediately off so my wife wouldn’t have to lose the means of transportation. The sad thing was is we had another car in the garage. If one of us dies, only one car is needed-you do the math!
Even sadder, I didn’t discover for several years that my wife wasn’t paying off our monthly Visa bill, even though we had more than enough cash to do so. She made only partial payments just because she could. That one lasted 16 years…the wife, that is, that was.
Tip # 33. Keep your trade in car out of the new car equation.
Tip # 61. Never buy a car from a friend who is a used car salesmen while assuming he’ll give you a special deal. Salesmen love to share their “Biggest Sucker” stories in the lunchroom. Never let them exchange “high fives” over your profit margin.