In this episode, we discuss the five things you should consider when paying for a car, including interest rates, opportunity cost, cash flow, depreciation, and credit score. We explain how interest rates work and the concept of opportunity cost. We also talk about cash flow and whether paying for a car upfront would strain your finances. We discuss depreciation and how financing a car can result in owing more than it's worth. Finally, we explain how financing a car can impact your credit score and offer tips on how to build credit without paying interest. Be sure to share today’s episode and have a money talk about paying for your next mode of transportation!
The Money Talking points for today’s episode are:
What are other ways that I could use the money that I would use to pay for a car?
Are there cheaper alternatives to owning a car that may be beneficial to my financial life?
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Song: Upbeat Forever Kevin MacLeod 