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Started By
Message
re: What’s your car payment?
Posted on 2/27/19 at 6:45 am to Hudson00
Posted on 2/27/19 at 6:45 am to Hudson00
quote:
When people pay cash they buy a reasonably priced vehicle they can afford.
This part I do not refute. However, that is a totally different argument. Obviously 99% of people finance because they can't pay cash for the vehicle they want. However, all things being equal if you can finance something at 0% you would be stupid not to and put the "extra" money to work.
This is assuming, as you pointed out, that the buyer is actually investing their money and not blowing it on other things. However, that is also a different discussion.
1
Posted on 2/27/19 at 6:46 am to SECdragonmaster
quote:
When I took my family to Europe for two weeks -
All that typing to brag about a vacation
Posted on 2/27/19 at 6:48 am to GEAUXT
quote:
This part I do not refute. However, that is a totally different argument. Obviously 99% of people finance because they can't pay cash for the vehicle they want. However, all things being equal if you can finance something at 0% you would be stupid not to and put the "extra" money to work.
This is assuming, as you pointed out, that the buyer is actually investing their money and not blowing it on other things. However, that is also a different discussion.
Paying cash for a car when you can finance at 2% or less is not financially smart.
Posted on 2/27/19 at 6:49 am to Eli Goldfinger
Mine is legitimately about tree fiddy. 
I only financed like $12k though after negotiating down and my trade in.
I only financed like $12k though after negotiating down and my trade in.
This post was edited on 2/27/19 at 6:51 am
Posted on 2/27/19 at 7:00 am to Eli Goldfinger
2018 Grand Cherokee. $333 with $11k left. 3.5%.
Posted on 2/27/19 at 7:00 am to Eli Goldfinger
$0.00
I started paying my payments forward when I was driving a heap. Interest is wasted money.
Now I keep making car payments into an investment account and let interest work for me.
I started paying my payments forward when I was driving a heap. Interest is wasted money.
Now I keep making car payments into an investment account and let interest work for me.
Posted on 2/27/19 at 7:04 am to HueyP
quote:
Interest is wasted money.
Not if your rate is low or 0%.
Posted on 2/27/19 at 7:06 am to Eli Goldfinger
It was 415 but I paid it off last year 
Posted on 2/27/19 at 7:07 am to Eli Goldfinger
quote:
A $523 monthly payment is the new standard for car buyers.
Both of ours are over that!
Posted on 2/27/19 at 7:13 am to Eli Goldfinger
Zero, wife (no pics) has a ‘17 Lexus NX bought Lexus Certified with 3k miles on it for $10k off sticker. Had it almost 2 years, been perfect, still in it’s free maintenance period.
Company vehicle for me since 1996.
(I’m on my 7th vehicle now).
Last three were:
‘05 Avalanche
‘08 Avalanche
‘14 Grand Cherokee
Rhymes with “FREE”.
Company vehicle for me since 1996.
(I’m on my 7th vehicle now).
Last three were:
‘05 Avalanche
‘08 Avalanche
‘14 Grand Cherokee
Rhymes with “FREE”.
Posted on 2/27/19 at 7:17 am to Eli Goldfinger
My truck has been paid off for 3 years.
Posted on 2/27/19 at 7:18 am to KG6
quote:
Financial advisor is paid as a percentage of my net worth, not just the investments. It's in his best interest to make my total net worth higher
I’m fully aware.
Posted on 2/27/19 at 7:23 am to Hudson00
quote:
Also a new vehicle is a horrible depreciating asset which means you are borrowing money on something that is worth way less then the price you borrowed the day you drive it off the lot. It is amusing watching you and others get so butthurt by people paying cash for vehicles. It's ok we aren't worried about your terrible financial advice.
This is, by far, the dumbest advice in this thread.
The fact that it's a depreciating asset doesn't mean jack shite as to whether financing or not is a better financial decision.
quote:
Because there is always risk in the market that it will go down 20%. Also do a study on millionaires and I guarantee most of them would say they didnt get that way by keeping a car loan of hundreds of dollars a month around their neck. When people pay cash they buy a reasonably priced vehicle they can afford. When people finance a vehicle they spend way over what they can afford and do so by justifying their great financial knowledge of getting a zero or low interest loan
Once again, this has nothing to do with what is the better option.
Also, most millionaires got that way because they used the leverage provided by debt in a positive way.
Posted on 2/27/19 at 7:24 am to DavidTheGnome
Paid cash. Own it 2019 GMC Truck
Posted on 2/27/19 at 7:25 am to KG6
quote:
Financial advisor is paid as a percentage of my net worth, not just the investments.
Your advisor is paid a percentage-based fee on money he doesn't even manage? That's insane.
Posted on 2/27/19 at 7:27 am to slackster
quote:
This is, by far, the dumbest advice in this thread.
The fact that it's a depreciating asset doesn't mean jack shite as to whether financing or not is a better financial decision.
Everyone listen to the car salesman's advice.
Posted on 2/27/19 at 7:33 am to Hudson00
We're actually at a point imo where buying new makes a ton of sense for most people. 1-2 year used no longer sell at a big discount over new for many cars (and your measly discount comes with 10k+ miles and 1 or 2 years of the warranty used up)
and if you're buying 4-5 years used youre missing out on fairly huge advances in safety tech.
and if you're buying 4-5 years used youre missing out on fairly huge advances in safety tech.
Posted on 2/27/19 at 7:36 am to Hudson00
quote:
Everyone listen to the car salesman's advice.
, you think you did well paying cash for a vehicle because it's a depreciating asset. Assuming the vehicle costs the same up front whether you finance or pay cash, the fact that it's depreciating doesn't change which is the better financial decision. People in these threads can't separate sound financial advice from irresponsible behavioral finance.
Posted on 2/27/19 at 7:39 am to yellowfin
quote:
All that typing to brag about a vacation
you got me!
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