Well to do.....umm....not so fast.

Great conversation to have with your son (kids).

I don't know how we did it, but all four of our kids have NO CAR DEBT. My two sons have both worked at car dealerships, so they know all the ins and outs and scams. Both my daughters married guys who hate debt and don't have any ego need to drive a new car.

I've been in and out of (minor) debt over the years, most of which I regret. Today, we're headed into retirement (in the next two years) with NO DEBT. The one major expense we will face at retirement is housing; we'll need to buy a home (or rent something) because I'm a minister living in a church parsonage... but I will also have a clergy tax benefit in retirement: my actual housing expenses will be income tax free, a helpful perk that continues into retirement.

No debt feels really good. (We happen to be driving cars that are 7 and 14 years old; both are well maintained, clean and rust free, and run well).

HAPPY (DEBT FREE) NEW YEAR! 

I have never owned a new car in my life. I've only had 2 that were even in the same decade when I bought them. I have only bought one vehicle on time and that was simply because we had to have one and didn't have the money. We paid it off in 2 years. My dad owned and was a mechanic in his own repair garage. I started working there during the summers when I was 9. Started off sweeping floors then began washing parts. By the time I was 12 I was doing tune ups and brake jobs. When I graduated from college I worked for him for 5 years full time. He decided to retire and sold the business so I went into motorcycle repair and did that for 30 years until I retired.

I have always had the ability to repair just about anything that would ever go wrong with a vehicle. The only thing that would hinder me was if I didn't have the necessary equipment and I could find ways around that most of the time.

I don't have any kind of ego or desire to be seen driving a new vehicle. All of mine are in excellent condition with the only exception being my old 98 GMC pickup. It is in excellent mechanical condition but the interior is shot and the paint is falling off. It makes a good farm truck but I wouldn't hesitate to drive it cross-country if I had to. A vehicle, to me, is just a way to get from point A to point B. Strictly utilitarian.

you have remembered the adage "Interest is the Wealth Killer"

Pay off debts with the highest interest first and work your way down. I bought a new car once because I wanted to make sure the wife and kid were in a safe vehicle. After many years working in dealerships and autoparts stores early in my career I learned the "demo" car and leftovers were your friend. They have the same warranty, low mileage and a deep discount. Only problem is you get limited choices- which is fine. You get a like new car with modern styling, well maintained and usually with a few bells and whistles. We keep cars for 10 years and the last few we bought cash to have zero payments or interest. Never regretted it.....