Replying to Avatar Carl B Menger

After 70 months of payments, you've got a paid-off car that you bought for $40k, that ended up costing you $50k (thanks to interest), that's now only worth $16k (thanks to depreciation).

So, as astronomically stupid as that is, why are people still buying new cars?
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Obaid Aldadi 1y ago

Good used cars paid fully for with cash/direct payment beats buying new cars if you have financial sense. If you're rich then that naturally doesn't apply.

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