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Non-Tech : Bill Wexler's Trading Cabana -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (1997)	5/23/2007 12:15:13 PM
From: Bill Wexler	Read Replies (1) \| Respond to of 6370

Americans are generally ignorant when it comes to buying cars. I simply can't fathom taking out a 5 year loan at a high interest rate to buy an asset that is guaranteed to depreciate 60%+ by loan maturity. From the time I was 18 until the present, I have always paid cash for my cars. Even better... I'm sure this is the case in other states, but here in South Florida there is a chain of stores called "Rent and Roll", where people can RENT rims (including those stupid spinny things) for their cars. It's another version of the "rent-to-own" scam (which in itself, is simply a form of subprime lending at absurd interest rates). I've actually seen cases where someone would spend more on the rims than their entire car was worth.