Thanks for the response. I am already a member of a credit union, so I'll just start putting money into my savings account until I have enough for a CD.

I have probably bought my last new car. I plan to do my homework and find a gently used car that I can run until the paint falls off. I have a friend who has a very nice home, but he makes about the same money as me. I asked him how he could afford such a nice home, and he said that he has never had a car payment. He buys used cars with cash, maintains them very well, and saves money for his next car purchase. I like his plan very much.

Thanks,

WKD 

I've always paid cash for my cars and I've never had a brand new car. My cars have always been one to two years old and always nice and in good order.However, I am tempted to re evaluate my thinking now that I am retired and most of my money is invested. In some instances the dealers and even the banks will give car loans on certain models at very low interest rates, below what my money is earning me invested....so does it still wise to pay cash for your  car...I don't know ?

 

Great idea.

Try some of the online savings accounts. HSBC, Emmigrant, ING and there are many others. You can even get a $25 dollar bonus from some of them for opening an account.

 

I use Vanguard's Wellington Fund (balance stock/bond) for doing my car saving.

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I use Vanguard's Wellington Fund (balance stock/bond) for doing my car saving.

 

Me too.