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re: Article: "Record number of car buyers 'upside down' on trade-ins"
Posted on 11/28/16 at 8:26 am to GetCocky11
Posted on 11/28/16 at 8:26 am to GetCocky11
quote:
Because it is pretty unrealistic for the middle class given auto prices.
I am middle class and bought an 18-month-old vehicle for cash earlier this year. I hate owing money on anything and no way I am paying what they want for new trucks currently. I am ahead of the KBB value on it with no money owed. It can be done unless you just want the latest and greatest.
Prior to that I would always buy new and realized what a stupid investment it is. I even got one with 0% financing and it was still pretty stupid considering the depreciation rate on a vehicle.
1
Posted on 11/28/16 at 11:30 am to stout
quote:
I even got one with 0% financing and it was still pretty stupid considering the depreciation rate on a vehicle.
So get 0-3% financing on a used vehicle instead.
Whether you should pay cash or not is pretty simple - if they'll finance it for 6 years at 2%, the only question you should ask yourself is whether you'd take a 2% return on your money for the next 6 years. If the answer is no, then finance it.
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