Quote:
Originally Posted by NALEM
For me, a 2020 Planner. And you?
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The second dumbest thing I ever did ...
I was sixteen and flush with cash from having income coming in from a job. Pressured my parents into signing a purchase and loan agreement on a used BMW 320i. You know those kids that go hysterical on their mom and dad, when they don't get what they want, I did that with mine. It was the only time.
Purchased it from a neighbor who owned a used car dealership, and whose kid I tutored.
Who would think that a neighbor would take advantage of me. I took it in the @ss three ways.
- I come to learn the car originally had a salvage title, but was run through several state DMVs until the "salvage" part fell off and only a clean title remained.
- it went into the repair shop twice for a water pump and at four times to have a temperature sensor valve replaced each time. Part was maybe 10 USD, labor was about 90 USD each time. Only later do I come to learn that it takes about 10 minutes to replace the part, and one can simply not install the temperature sensor valve in warmer climate States, and the engine will be just fine.
- the loan rate was 29.99%
At least the lessons where learned. That was the first and last time I allowed myself to be taken advantage off. Since then, I typically negotiate 20-25% off from new cars, and interest rates are extremely low. The current one is at 2.99%