Quote:
Originally Posted by Bill Douglas
When I was a 15 year old school boy I bought a brand new Honda 125 on credit. What possessed me to do that I don't know.
But it put me off buying things on credit for life!
Other than buying houses I think I've paid cash for everything since.
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The very day I turned 16, I got my driver's license and a real W2 job shortly after. I paid my dad back for the $600.00 interest free loan he provided for me to pay for my car. When I had that paid for, I wanted to establish some real credit.
Dad co-signed a loan at a bank for me to buy a $1,000 stereo system. 4 Advent speakers, Dual 1218 turntable, and JVC quadraphonic amp that was huge, and other bits. I paid that off in 12 months.
A year later I bought a brand new 1973 Super bug. $2,700 and I paid that off in 12 months. I traded that in for my 1974 914 2.0 that I custom ordered to fit what I wanted. That took 2 years to pay off. It was the last new car I have ever bought for me. We did buy my wife a 2017 Macan but no loan, and it is her car, even though my name is on the title.
My business does have a loan on our company airplane. The loan is way less than the equity we have in the airplane. It is just a work truck, and gets us to the projects to make money. It is not used for fun, it only gets started when we have a client paying the cost of running it. It is a business asset.