Simple.
I know what you are thinking, no way can I pay cash for my SUV or luxury car. Then you can't afford it.
You have to start somewhere. We leased our first cars. When we took out the 48 month lease payment in 2006 and 2008 we asked how much the buyout would be at the end.
We saved that additional amount each month for 48 months to be able to purchase the cars. Our 2008 is still going strong. Start this plan if you are in a lease. It isn't too late. Then use that car as a trade in or sell privately towards getting the car you want to have.
I have since had two new to us cars, each used, each paid for in cash. Last year I traded in my car, and paid the difference on my credit card and paid off the balance the same day. I did this to earn many Air Miles.
My car doesn't turn any heads. It's a Toyota Corolla with almost 100,000km on it. But it is safe. It is reliable. It is great on gas. IT IS PAID FOR.
According to the Globe and Mail, the average Canadian spends $570 in a loan, and $490 in lease payments. These prices are for periods between 48 months and 84 months! That's a lot of money!!
Once your cars are paid for you can continue to save money for your dream car. Move up in car every other year and eventually you will get the car you want to drive. Or, be content with your paid for car and put the money towards your mortgage and other debt.
Photo Credit Dave Ramsey Website
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