Originally Posted by
Name User
The bigger mistake is having $60,000 in depreciating equipment sitting in your driveway.
BUT you do bring up a really good point. Say one did have a bunch of paid off newer cars in the driveway, but also had a mortgage at 5%. Take the loan on the cars at .99% (or whatever) and pay down the mortgage at 5%. Your monthly payments would go up but overall your financial situation would improve. However, the difference wouldn't amount to much. Like I said you are much further ahead not buying those cars in the first place and spending a lot less money on beaters, and reducing how many you need overall.
Like I said, my family situation calls for four cars. I’m not a fan of putting money into cars, but both kids are at separate colleges which requires two additional cars. My personal car is twenty years old. My prior car I drove for twenty years as well. I travel alot and want the family in good dependable used cars, not beaters.
The cost of cars are crazy today. My first car was a nissan pickup. I purchased it for $5,000. I drove it for twenty years. I sold it for $3,500. That was money well spent.