Chapter 7. Auto Loans

Okay, I'll admit it. I don't get the car thing.

That's abundantly clear from the vehicles I've owned in my life, starting with the bright blue Mazda station wagon I purchased in college, followed by the Suzuki Samurai I drove in Alaska and the ever-thrifty little Saturn SL1 I bought with cash after arriving in Southern California. (I was so cheap at the time I refused to spring for electric locks.)

The few miles I drive now get added to the 240,000 or so already on the odometer of my SUV, a hand-me-down from my husband, who does care about cars—at least more than I do.

A friend explained that the difference between hubby and me is that he was born in California, where part of the natives' birthright is understanding that a nice set of wheels helps define who you are. As an import to the Golden State, I never got that information wired into my DNA.

If you too care passionately about what you drive, I won't try to talk you out of your love affair. That would be futile. At best, I'm hoping to moderate your ardor enough so that your vehicle expenditures don't wreck your overall financial plan.

If you're somewhere in between—you want a nice ride, but you hate the high costs and fear getting stuck with a lemon—I think you'll find plenty of information in this chapter that can improve how you buy, own, and pay for your vehicles. I hope to save you bucketfuls of money as well.