Okay, ranting time! Let me tell you this: I am SICK and TIRED of carpooling! I’ve had enough of unreliable colleagues who wake up late and in turn, cancel out on our daily trips. More than once, I’ve had to depend on other means of transportation and this can be quite costly and troublesome, not to mention rather distressing due to the ugly looks I earn from my superior every time I punch in late at work.
It’s time I get wheels of my own, and that was how I found myself shopping around for a vehicle, and car loans.
After hunting around for car loan deals, I came to a conclusion that it’s best to drive a car that I can pay for as much cash as I can afford. Because a car is deemed a depreciating asset, I’d be losing money in terms of the high interest incurred as well as losing the value of my car over time, be it new or used. I find that the best strategy lies in borrowing as little as I can to accommodate my new purchase, and that means saving up a considerable amount of funds for a larger down payment. Likewise, when it comes to the loan tenure, I would prefer a shorter loan term as that would mean paying less interest. I might also get a better model in say, three years’ time so I would save more funds rather than give up my hard earned salary to the bank!
Meanwhile, it’s time to look for new carpool partners! Any takers?