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20th July 2008, 04:54 PM
#1
People tends to be very excited about owning their own car. Every one that can drive dream is to have their own car.
I think many did not consider the repayment part, especially when you can now get a car with 0 downpayment.
Years back, i got myself into a bad situation. I bought a camry back in year 2003 at $109,000. subsequently, i failed in my business and although i was really poor at one point, i could not sell the car, cause i need to top up to sell it. I struggle with the monthly instalment for some time. Thank goodness, i came out of my proverty stage and the first thing i did was to sell my car and still have to top up cash of $13,000. But i am now happy without a car cause there is no more liability.
So car to me is liability, it is definitely not an asset.
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