I Bought My First Car in Cash Years Ago. Here’s How Times Have Changed.

In the mid-2000s, I was a college student who was not in need of more bills, but I wanted a car. I told this to a cousin and got a lecture on the expenses of a car. After his TED lecture, I concluded I would get a good car without a car note for a reasonable price — the Holy Trinity of car buying. I don’t know why that conclusion was so controversial back then.

Before I decided I would buy a car, I’d previously read about nearly every type of loan or credit line. How my mind is set up, I always have to evaluate the implications and outcomes. Why do people pay so much for car notes, and how does it help them financially?

Even with all of these questions, the reality remained that cars were expensive, and car notes were a quick way to get behind the wheel. The analytical me kicks in during these moments of temptation. Why do banks always win? Why is the bank always between me and property I want to own? How do I cut out the middleman?

As per usual, I turned to the internet to look for a car. Then, I happened upon a smallish car lot on the Northside. On their website, they’d listed a five-year-old Chevy Malibu with about 34,000 miles on it for $5,000 flat (for perspective, a 2020 Chevy Malibu RS with 97,000 miles is listed at $16,988).

So, I called up the car lot and got a Russian accent in response. I asked if the car was still there. Once he assured me it was, I asked if it had any blinking or solid lights on the dashboard. I wanted to know if the car had any problems at all before I got there. He gave me his word it was a good car, and I took him on that.

At the lot, the car waited for me in the main lot for a test drive. I met with the guy I had spoken with over the phone. He tossed me the keys and walked away without another word. I got behind the wheel and got a feel for the Chevy Malibu. It rode as smoothly as I could ask for and had no weird sounds. As I pulled back into the car lot, I felt a smile creeping up.

This car was within my budget, had reasonable mileage and would be mine. I swiped my card, and it felt like the title came in the mail within a week. It was probably longer.

Still, the car took on the city without a problem. Well, for the most part. I had to reset the security system to keep it from locking me out. Once I solved that minor but irritating issue, I drove without worrying if the car would last.

Back when I bought my first car, I was in my early 20s and stood against corporate greed. I still do. These current prices in general justify liberating myself from bank loans. I think all Americans should, including you.

This article was written by Jermaine Reed, MFA, the Editor-in-Chief of The Reeders Block. Join the email list to get notifications on new blog posts and books. This article is 100% human-written. And remember, if you see an error, that’s what makes us human.