While the country, and even the world, continue to be mired in an economic crisis, people are still using great caution while making major purchases, particularly in the area of automobiles. We are keeping our cars, trucks, and SUV's longer, and avoiding car payments. While an automobile is a necessity for a majority of Americans, car payments are most certainly not.

Since so many of us are choosing to keep our vehicles longer, we must be careful to avoid imprudent purchases such as new cars, or cars that become an economic burden due to frequent and/or costly repairs. Purchasing brand-new vehicles continues to be a less than wise investment even with radically low interest rates. The problem is that new vehicles lose so much of their value the moment you drive off the lot. I have met so many people upside down on their balances that they are very discouraged when attempting to get out of debt. The overwhelming majority of people cannot justify the expense of buying a brand-new car. This includes hybrid cars. As a results, many of us are left to purchase used vehicles. This can be a great choice for many of us.