Buying That New Car
By David J. Haas CFP®
A few years ago when my son was in college, I gave him my old car to drive. This was a nice Honda Accord which I had bought new in 2005 and was about 8 years old when I gave it to my son. His college as 3 1/2 hours from home and my daughter was in another college 3 1/2 hours in a different direction, so it was really self-defense for both kids to have cars. Now, 4 years later, my son has a job and an apartment and uses this same old car to commute. The car is still reliable, but does need a little maintenance and my son is thinking about buying a new car. My son relies on his car and he has a good job with benefits and little other responsibility, so there is nothing wrong with him getting a new car. I want to help him, and he’s asking my advice! So I thought I would share my advice with everyone! Except for buying a house, buying a car is one of the priciest purchases you can make, so its definitely a subject that requires some financial advice.