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re: how much would u finance a vehicle for and for how long
Posted on 7/1/21 at 9:03 am to Lincoln Dawson
Posted on 7/1/21 at 9:03 am to Lincoln Dawson
Depends on the rate...if its sub 3%, I'd go as far out as they'd let me.
I'd rather have the excess cash working for me than sitting in a car, not appreciating.
ETA: people in this thread not understanding opportunity cost and TVM
I'd rather have the excess cash working for me than sitting in a car, not appreciating.
ETA: people in this thread not understanding opportunity cost and TVM
This post was edited on 7/1/21 at 9:05 am
1
Posted on 7/1/21 at 9:16 am to pioneerbasketball
Even if you could pay cash... why would you if you could get a good APR? Vehicles depreciate; as soon as you drive it off the lot (in normal years), it loses it's value. I deal in finance (not of vehicles but investments) and financing a vehicle is not a bad thing if you can get a good APR. If you can afford to pay cash, let that cash make you money by putting it in an IRA, CD, etc... not in a depreciating vehicle where you are automatically not going to get your money back!
Posted on 7/1/21 at 9:20 am to USMEagles
I generally put a 10% down payment and finance 72 months with a good interest rate.
I always pay off the car early but I like having wiggle room in the monthly budget if stuff comes up.
I just got done paying off a Sierra SLT that was a 75 month finance but paid off in 3 years.
I always pay off the car early but I like having wiggle room in the monthly budget if stuff comes up.
I just got done paying off a Sierra SLT that was a 75 month finance but paid off in 3 years.
Posted on 7/1/21 at 9:22 am to Lincoln Dawson
If you can't pay off the car in 3 years, you can't afford it. Even if you want to stretch it out more than that, I most I would ever consider is 60 months. The fact that they now do 72 or 84 month car notes is unbelievable to me. If you're financing a car for that long, you better resign yourself to being poor your entire life b/c those are not the financial choices of someone that is going to get ahead in this world.
Posted on 7/1/21 at 9:23 am to Puddenn32
quote:
0% for 84 months, but I'm making almost double payments.
Why lol?
Posted on 7/1/21 at 9:37 am to iAmBatman
quote:Most people aren’t investing the difference, they are spending it elsewhere.
I'd rather have the excess cash working for me than sitting in a car, not appreciating.
ETA: people in this thread not understanding opportunity cost and TVM
Posted on 7/1/21 at 9:38 am to Lincoln Dawson
I wouldn’t
Paid cash for every car I’ve ever owned
Paid cash for every car I’ve ever owned
Posted on 7/1/21 at 9:40 am to WDE24
quote:
Most people aren’t investing the difference, they are spending it elsewhere.
as evidenced by this thread, most people are idiots
Posted on 7/1/21 at 9:41 am to Lincoln Dawson
I’m probably going to have to finance the repair bill for the BMW I just dropped off at my Indy.
Posted on 7/1/21 at 9:41 am to Lincoln Dawson
1200 a month let’s see….frick NO!
Posted on 7/1/21 at 9:47 am to Lincoln Dawson
If you can’t afford to have it paid off in three years, then it’s generally not wise to finance it. That’s just my personal rule. Financing a 77 thousand dollar vehicle and paying another 28 on a depreciating asset is insane. Also a $1200 car note for 86 months gives me gout.
Posted on 7/1/21 at 9:48 am to baobabtiger
quote:
So much wealth in the US has been lost because of 72 and now 84 month auto terms.
This is not how money works. All of you spouting "you only pay cash for cars" nonsense need to just stop. If you can get a low interest rate, it is FAR better to finance that thing as long as you can, and let your cash work for you in other ways.
Posted on 7/1/21 at 9:48 am to WDE24
quote:
Most people aren’t investing the difference, they are spending it elsewhere.
Even still, pushing the payments to the longest term possible at a low interest rate just increases your cash flow. Paying something off early at a low interest rate makes no sense, even if you aren't truly investing the rest.
Posted on 7/1/21 at 9:52 am to CE Tiger
quote:
I think I’m in a 6 year right now at like 1.9% .
This is the exact rate/term for my F250 that I just paid off. Payment was $800/month for a $65K truck.
Posted on 7/1/21 at 9:59 am to Lincoln Dawson
Did a 6 year on my truck. Paid it off in 4. Discipline is key in finance.
Posted on 7/1/21 at 10:02 am to Lincoln Dawson
I always finance for 4 w 25% down and drive for 6.
This post was edited on 7/1/21 at 10:04 am
Posted on 7/1/21 at 10:06 am to Lincoln Dawson
I would do 60 months at 0-2% APR. That's as far as I would take it out.
Posted on 7/1/21 at 10:10 am to HouseMom
I was always against leasing and leased one car and now I'm into leashackr a lot. You score your lease deal on how many years it would take you to pay MSRP. The longer the better. If you can get a 12 or a 14 year score consistently you keep your cash on hand and drive a new vehicle every 3 years if you want to.
Posted on 7/1/21 at 10:39 am to Obtuse1
quote:
my first FIL.
Know what’s way more expensive than financing cars?
Divorces
Posted on 7/1/21 at 10:46 am to jpcajun
quote:
Even if you could pay cash... why would you if you could get a good APR?
For most people saying "I pay cash" is another way of saying I buy cheap used cars and fix them myself because I don't drive that many miles and I don't care what I drive as long as it reliably gets me from A to B.
It keeps people from getting in over their head on something they don't need. It lowers taxes, fess and insurance costs. And it removes the stress of having something essential to your life being repossessed by the lender in case you lose your job or suffer some major setback in the next five years (we can't predict the future).
Paying $50k cash for a brand new truck when the dealer is offering 0% financing is dumb.
Paying $10k cash in a private sale for an older Camry that some old lady kept in a garage and only drove to the beauty parlor, church and grocery store is not.
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