[WSSix]

In regards to buying vehicles, Clark Howard, who is a consumer advocate out of ATL, has always said that if you buy used, keep it for at least five years. If you buy new, keep it for at least 10 years. Doing it this way means the depreciation hit no longer matters. Combine that with what's been mentioned involving loans and interest rates and you can help yourself in the long term not lose money on a vehicle purchase. Especially, one that is a daily commuter and not something with sentimental value such as our project cars.

I intend to only buy used and pay cash. I'm also not buying anything expensive. I came out of pocket just under $5000 for my 01 Sierra. I don't like making payments on anything or being in debt for something like a vehicle. So, for me, it works that way. I doubt that will change as I get older and have a family involved but we will see. In the meantime, I've got my credit in order to help ensure I can get favorable rates when I do need to borrow money. I'm just focused on the long term which is what this thread is geared towards.

When we get new guys in at work, I do my best to convince them to think long term as well and take advantage of the company matched 401k and ESPP. It's not easy to convince guys in the early 20s to put money away when they are making 50k + a year. I usually phrase it in the terms of them getting a raise every year when all they have to do is simply agree to put money away each month. It's still not easy and some of them are eager to do what it takes to get a raise or promotion. Many of them are too hooked on being consumers. I guess the marketing folks in this country are doing their jobs well.