Save Money And Get Out of Your Car Lease
June 8, 2007 by Erik Folgate
Filed under Cars, Credit and Debt, Spending and Saving
It’s no secret that our wallets are really taking a hit from the astronomical gas prices. My wife and I both own small cars, so we do not get hit as hard as people with trucks and SUVs. Did you recently lease a truck, SUV, or other gas guzzling car? Are you trying to find a way out of the lease? CNN Money has a great article about how to get out of your SUV lease. Popular websites such as Lease Trader and Swap A Lease will help you transfer over your lease to someone else.
Give Teenagers An Incentive To Save Money
May 8, 2007 by Erik Folgate
Filed under Cars, Kids and Money, Spending and Saving
The old cliche, “you can’t teach an old dog new tricks”, really hits home when it comes to personal finance. The older we get, the more set we become in our habits whether its the ability to save money, biting our nails, or cursing like a sailor. One of my passions to help spread good, sound financial principles to young people across America. So few high school and college students graduate without any knowledge about how to manage their own money. They may learn how the stock market works, but they have no concept about personal investment theory, putting together a budget, buying a house, or saving money for the long term. It’s time for my generation to step up and do something about it. We need to take action and help middle school and high school students understand how to manage and save money. One of the best ways to help a teenager learn about saving money is to give them an incentive to save it. One of the biggest items that a teenager craves when they turn 16 is buying that first car. It’s more than wanting a sweet looking car, it’s about freedom. Parents go nuts thinking about the freedom it gives that teenager, and teenagers salivate over the thought of that freedom. You can use the purchase of a car as a learning tool by setting up a savings program for it.
Seven Reasons Why Leasing A Car Is A Bad Deal
April 18, 2007 by Erik Folgate
Filed under Cars
It may be obvious to most of you that leasing a car is a bad deal, but sometimes we need to be reminded why it’s a bad deal. Car leasing has become incredibly popular in the past 10 years. Car dealerships hook you onto a monthly payment, but they keep the car as an asset. The car is never your asset until the lease period is up and you choose the option to buy the car. A car payment that would normally be $399 a month may be $249 a month, which is very appealing to those who insist on driving a new car. Here’s my seven reasons why leasing a car is ALWAYS a bad deal:
How to Get Out of an Upside Down Car Loan
March 13, 2007 by Erik Folgate
Filed under Cars, Credit and Debt
Being upside down on a car loan is becoming more common every year as car dealerships will finance just about everyone that walks through their door. What does it mean to be upside down on your loan? It is when you buy a car for $20,000, you owe $18,500 on the car after one year, but it can only be resold for $16,000 after one year. So, if you sell the car, then you’ll still be in the hole $2,500 after you sell the car. This is precisely why I hate car loans. Cars will ALWAYS depreciate faster than we can pay them off. As long as they have engines inside them, they’re going to drop like a rock in price.
Pimpin’ Your Ride Is Not a Wise Financial Decision
January 12, 2007 by Erik Folgate
Filed under Cars, Investing, Random, Spending and Saving
I’m sure that most of you have seen the show on MTV, “Pimp My Ride”. It’s a great show. Some of the stuff they do to those cars is sick. Some of my personal favorites were the waterfall/river running through the middle of the interior of the car, and another car where they turned the entire trunk into a sweet karaoke machine. Tricking out a car has become wildly popular over the past decade. Honda Civics with 22″ rims, and Eldorados with LCD monitors and playstations installed. Young people love to pour money into their cars, but is it worth it?
The Car Dilemma
April 17, 2006 by Erik Folgate
Filed under Cars, Random
I’ve been driving a ‘95 Nissan Altima for about the past 2 and a half years now. The first year was great. I had no problems with it. But in the past 9 months, the alternator, the starter, the power windows, the A/C and now the radiator have had to be replaced in this car. I still haven’t fixed the A/C or the power windows. The radiator cracking was like the last straw for me as I had to call my mother-in-law to pick us up off the side of the road while trying to make it back to our house after Easter.ÂÂ
