06-24-2002, 03:04 PM
Well, think of it this way: Transportation.
I paid my truck off in 4 years. I paid an extra year for this one vehicle as opposed to leasing, but guess what? I have not made any payments for 30 months. And guess what else... I don't give a damn about my vehicle's present value. It's future value will be $0 when I have run it into the ground. So at 7.99% which I paid, starting in March 1996 (Paid off in January 2000) and rounding it to $400, an equivalent lease payment of $270. That is if my truck died today, which it won't. If it last another 2 1/2 years (My brother has the same truck, 4 years older and it still runs), then paying $400 a month for those 4 years would be equivalent to paying $215 every month from the beginning in 1996.
But I'm expecting my truck to last longer than 10 years. I believe that I am ahead of the game.
I paid my truck off in 4 years. I paid an extra year for this one vehicle as opposed to leasing, but guess what? I have not made any payments for 30 months. And guess what else... I don't give a damn about my vehicle's present value. It's future value will be $0 when I have run it into the ground. So at 7.99% which I paid, starting in March 1996 (Paid off in January 2000) and rounding it to $400, an equivalent lease payment of $270. That is if my truck died today, which it won't. If it last another 2 1/2 years (My brother has the same truck, 4 years older and it still runs), then paying $400 a month for those 4 years would be equivalent to paying $215 every month from the beginning in 1996.
But I'm expecting my truck to last longer than 10 years. I believe that I am ahead of the game.