sigh. One of my older children came home this morning and informed us she had traded in her old car for a newer one. A littler one...a less gas costing one. A Lumina for a Cavalier. White for Blue.
While on the surface this looks good, let me state the facts:
1- she still owed $2300 on the old one.
2-the interest is %25 - ouch!
3-her insurance is going to go up.
She didn't ask for any advise from us, and she's almost 20 - so what do you say?
I told her that I'd make extra payments as much as possible. She says she plans on refinancing in a year...good luck.
On the other hand, her twin is looking at buying her first car, a 1991 Mazda for $600. Personally, I think the second girl is making the better choice, but I guess we'll see.
Ah, the impulsiveness of youth...sigh.
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