We ran numbers after numbers and it was staggering how much I was really giving up by shelling out for a stupid car payment each and every month. No one took the time to really explain it to me. “Enjoy making your car payments for the rest of your life while I take my family to Europe on vacation whenever I want.”Īt that time I wasn’t really familiar with the concept of time value of money and compounding interest. The professor’s next statement has stuck with me ever since: Over half of the class raised their hands with me. I recall being one of the first students to immediately raise my hand. He asked the class to raise our hands if this were true. How many of you plan on buying a new car every 3-5 years? During one of his lectures, he asked our class the following question: Then one day the professor of my Finance 361 class changed my outlook on car payments for the rest of my life. If it wasn’t a BMW, it was going to be something foreign for sure. I had this vision that once I graduated and got a real job I’d be driving something sporty like BMW. I was supporting myself all through college (with the help of the National Guard) and shelling out $250 a month for a car payment just didn’t feel right. Not having a car payment was huge for me.Īlthough I constantly visioned myself driving something A LOT cooler, it was still nice having extra cash to enjoy life. I was lucky enough to have an awesome grandmother who offered to pay it off as a graduation gift. It was the first car that I was actually responsible for the payment.Įither way, I was ecstatic. I bought the car when I first moved back to Illinois to attend junior college.
( Guess I had some weird obsession for 4 doors, huh?) My “Nanny” to be exact.īefore the Lumina I drove a 4 door ’96 red Pontiac Grand-Am. A champagne colored 4 door ’98 Chevy Lumina Sedan that was suitable for a grandmother to drive.
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