Should You Buy Someone a Used Car for Christmas?
Image via AutoGuide.
The holiday season has arrived, and it’s time to decorate the tree, make travel arrangements and purchase gifts for loved ones. You’ve made your list and checked it twice, and someone on your list desperately needs a set of new wheels. The luxury cars on Christmas commercials may be out of reach, but a used vehicle is within reason.
If you’re not completely convinced, here’s why your investment may be worthwhile:
The Credit Newbie
You may have some reservations if your recipient falls into this category, but here’s something to consider: everyone starts at the bottom of the FICO spectrum and works their way up. Simply put, a poor credit score can prevent many people from buying a car because it usually requires a large down payment and comes with an exorbitant interest rate.
So, assuming your credit is in good shape, you’ll be granting this credit newbie the opportunity to establish and build their own credit at a price they can afford in the future.
The Recent College Grad
Bumming a ride with friends and relatives is the cool thing to do, said no college graduate ever. If your child is a recent college graduate with stellar credit, money in the bank and a job opportunity on the table, give him or her the opportunity to ride in style after toiling tirelessly to get his or her degree. After all, your kid deserves it.
Consider paying the down payment on a used car for Christmas. This will give him or her a means of transportation to and from work without having to drain his or her bank account. And, because your child has a job lined up after graduation, he or she can afford the payments after the holidays and start building their credit score.
The Single Parent
Maybe your best friend or sibling is a single parent who has had it tough in life, but they manage to work full time and transport the kids to school and activities without a car. But now, imagine what life would be like if your friend or relative had their own car. They would no longer have to worry about the bus running late or not being available in an emergency.
This special person has worked tirelessly to get back on their feet, and now you have the opportunity to give them that much needed boost. All you need to do is sign on the dotted line and contribute a portion of the payment until they can assume full responsibility. And, they’ll be forever grateful for your generosity.
The Retirees
Your retired parents have worked all their lives caring for others, but recently have fallen on hard times. Catching the subway is more difficult for them because of all the extra walking and hassle, particularly when the temperatures are extreme.
Now, imagine the effect a used car could have on them. A major burden would be lifted, and they could get where they needed to go safely. And again, all you may need to do is help with the down payment or a small portion of the monthly payment. It is the perfect time to give back to your parents.
Remember, tis’ the season to be jolly, so make someone’s holiday a little brighter this year with a reliable used car.
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