Quote:
Originally Posted by Undertoad
In almost all locations, you use a car to live your life. You can't go to work without one, you can't shop without one, you can't do most social activities.
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If one is living where a car is not affordable, then one has no business living there. Plenty of locations exist where a car is not necessary.
Anyone borrowing money for a disposable item - and that is what a car is regardless of how accounting games rephrase it - is asking to remain a debtor.
I also need food. Therefore food is a capital expenditure? Therefore loans for food are acceptable? Of course not. It's a simple rule. Only those in major financial trouble borrow money for disposable items. That even included buying something (ie computer) on monthly payments. More examples of people who want to be debtors their entire life. If one cannot afford that car or computer, then one did not need them. If one needs a loan for either, then one probably has been taking loans foolishly for disposable items (ie maintaining credit card balances), and is one step closer to bankruptcy.
Responsible finance means no loans for disposable items. It means no outstanding balance on any credit card. Loans are for capital items such as an education, a home, or to create a new business. If I need a loan for food, then I never needed that food. Either that food was too expensive or I am bankrupt due to buying things I had no right to own.