My hubby and I have been talking about buying a new car in the next several months. He has started some Internet research about the prices of cars he might be interested in buying.
I have been telling him that I want to look into buying the most fuel-efficient vehicle that we can afford. The price of gasoline is soaring, with no reprieve in sight, and it is getting more difficult to find the money to pay for that.
Regardless of which type of vehicle we end up getting, we will probably need to get one of the many types of secured loans to help us purchase it.
Secured loans come in a variety of forms; they all require that you use some type of collateral to ensure payment of the loan. If the loan is not paid, then the object you used as security is repossessed. In the case of cars, most people simply take out a car loan, but some people take out mortgages and use their house as the collateral.
My hubby is more interested in paying less money for the vehicle and getting a larger gas-guzzler than a smaller vehicle that will cost more but be more fuel efficient. So we are having quite the discussion around that issue!
I was surprised to learn that the vast majority of people that are considering buying new cars in the near future feel the same way that he does, they would rather buy the larger 4x4s or larger passenger capacity than spend the extra money up front to buy a more fuel efficient vehicles.