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Old 12-05-2012, 04:42 AM
finnbmw's Avatar
finnbmw finnbmw is offline
Officially Welcomed to the 'Fest
Location: Atlanta, GA
Join Date: Jul 2008
Posts: 1,029
Mein Auto: 2010 & 2012 X5 35d
I bought my first car in mid 80's and had to finance about half of it. Since then, whenever I bought a new car, I started saving for the next one by putting in monthly amounts in to a savings account (so rather than sending payments to the bank, I send those payments to myself). I tend to need a new one every 4-6 years as we keep our cars 8-10 years (a two car family), so this system has worked pretty good. These savings represent at the same time a part of our emergency funds, which everybody should have IMO.

I realize that I might get better returns investing in stock/bond market, but those are not guaranteed in the short term horizon (4-6 years) when I need the money. Plus, I am concerned about the long term fiscal health of not only USA, but the rest of the Western world. However, that's another story

Like it was said, there is no right or wrong way. This system works for me and that's all that matters for me. I enjoy my BMW's more knowing that I own them fair and square, not the bank.
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