I've only bought one car on credit, a brand new 2003 Japanese sedan, with a standard shift, the small engine, and no frills. It was the cheapest model on the lot. I kept my 13 year old junker as a backup

Times were hard, I had just bought a house, I was short on cash, and I needed dependable, economical transportation to get to work. I've still got it, and it runs like clockwork.

Just before I retired I treated myself to a new car, a brand new 2010 Japanese sedan, with a standard shift, the small engine, and no frills. It was the cheapest model on the lot. I traded in my 20 year old junker and kept the 2003 as a backup.

This time I paid cash. Sometimes you've got to play their game, you may have no choice. But only do it on your terms, not theirs.

I always buy the cheapest car on the lot, the economy, no-frills model, small engine and standard gearbox, I pay cash for it and I keep it an average of 10 years. I'm usually driving a cheap, beat-up ride a few years old, but I've got no debt, and I always have a backup if I need one.

No, I'm not interested in leasing.