A Chicago woman has become a topic of conversation online after taking out a long-term car loan on a vehicle that will be decades old by the time it’s paid off. According to reports, she agreed to pay $289 per month for 84 months on a 1998 Ford Escort, meaning she’ll still be making payments through 2029 — when the car is more than 30 years old.
The story, which was originally shared by Q101, noted that while using a tax refund to put a down payment on a car can be a smart move, the structure of this particular deal raised eyebrows. Paying nearly $300 a month for a car of that age over seven years struck many as a poor financial decision.
The post encouraged listeners to share their own tax refund purchases and sparked discussion on social media about smart budgeting and vehicle financing.
Critics pointed out that the cumulative total of these payments — over $24,000 — far exceeds what most similar vehicles are worth on the open market, leading some to speculate the deal reflected high interest rates or less favorable financing terms.
