For me, the grabbers were:
- She's added in several thousand dollars from her old car to the loan, meaning she was underwater on that loan.
- She gave the excuse that she needed to lower her car payment, yet pays $5 more now. Is she completely stupid?
- This car won't be paid off 'til the child enters first grade. Actually, you and I know that this car will never be paid off; once she has a second child, she'll "need" to move up to a minivan or SUV.
I don't feel badly for having financed my first two cars. I was still young and poor, and it was what I needed to do. BUT I drove them 'til the wheels fell off -- and I saved. Each car limped along about two years longer than I expected it could, and those were big savings years. I was never young and stupid.