You probably don’t “own” your car

Do you get turned on by the thought of making a bank executive rich?

Americans owe almost $1.2 trillion dollars on their car loans.

It’s not too hard to imagine how much money that is: if you burn a million dollars a day,

it will take you more than 3,287 years to burn 1.2 trillion bucks.

The average car loan now is for more than 6½ years, which means that the average buyer with a loan is paying more than $6,000 in interest over the term of the loan.

It also means that too many people with car loans are “under water” — they owe more than the car is worth. Being “under water” means you can’t sell your car if you suddenly need money. It also means you’re stuck with loan payments even if your car is totaled in an accident, because your insurance won’t pay more than the current value of your car, no matter how much you owe the bank.

Here’s a common-sense rule from car experts: if you can’t afford the payments on a 60-month (five-year) car loan, you can’t afford to buy the car — unless you get turned on by making bankers richer.

Copyright © Richard Carl Subber 2017 All rights reserved.

My first book of poems, Writing Rainbows with 59 new poems, is now available on Amazon Kindle, or free in Kindle Unlimited, click here

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Originally published at Richard Subber.