Quote:
Originally Posted by FFMaro
I have no savings as of right now, 401K's none, CD's none, How is this burning 8K? Its an investment in a reliable, quality car that I can have for many years to come.
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Quote:
Originally Posted by stovt001
I just started crying a little for the future. :bangdesk: [facepalm]
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No kidding. FFMaro, a car depreciates over time and eventually is worthless (unless of course you plan on keeping this car for 30-40 years). It is not an "investment". The reason it's burning your cash is because you are losing that money and in the end will have nothing to show for it. Do some research on the power of compounding interest. You could take that $8000 and turn it into hundreds of thousands with simple and safe investments. You could start a Roth IRA and grow that money tax free. You might even qualify for a 403b or 457b. Do some research and find ways to save your money first. Wait and buy a 1-year old 2010 Camaro. You will be far better off in the end for it.