Some Financial Thoughts and/or Rules?
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By Dr. David Edward Marcinko MBA CMP®
SPONSOR: http://www.CertifiedMedicalPlanner.org
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The 10-year rule for buying a new vehicle
When trying to decide whether to buy a used car or a new one, it’s typically financially wiser to buy used. But if you want to buy new, you should plan to drive the car for 10 years or more.
Better yet – do not buy a new vehicle.
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The 20/4/10 rule for buying a vehicle
If you have to borrow when buying a car, to avoid spending more than you can afford you should put down at least 20%, keep the loan limited to no more than four years (to avoid interest), and spend no more than 10% of your gross income on transportation costs (which includes the car payment, parking, gas, and insurance).
Better yet – do not buy a new vehicle.
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Pre-Owned Used Cars!
MORE: https://medicalexecutivepost.com/2012/11/28/how-doctors-might-buy-a-pre-owned-car/
MORE: https://medicalexecutivepost.com/2014/11/09/doctors-and-rental-cars/
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Filed under: "Ask-an-Advisor", "Doctors Only", Accounting, iMBA, Inc., Insurance Matters, LifeStyle | Tagged: auto purchases, auto rentals, new automobiles, new cars, older cars, pre-purchased cars, used cars | Leave a comment »