What car says “I made it”?
- Thread starter snakedoctor
- Start date
Let me clarify an earlier statement so as not to piss off half the forum. I have financed cars, and leased cars. However, most people who have "made it", did it the hard way, and have raised kids, paid for a house, reached their later years. Those people usually have assets, and no need to finance, and in my experience, they usually don't finance now that they don't have to.
My reference was really towards people who finance more car or truck than they probably should. A depreciating asset financed out the wazoo isn't the greatest investment, even if your 401k is averaging a greater return than the interest on your new car.
My reference was really towards people who finance more car or truck than they probably should. A depreciating asset financed out the wazoo isn't the greatest investment, even if your 401k is averaging a greater return than the interest on your new car.
I agree with you though. Dealers rope people in by asking "what monthly payment do you want." I didn't even know that loans existed beyond 48mo until I was offered 84 on the GT500. I think I took 60 plus a 35% down payment to stay on the safe side.
Yeah i hate that question. I went shopping recently and the salesman told me the best bet since i had USAA and a credit union was to used them and just pick out what fit my budgeted amount
I was readin' yer mail.
This. I wouldn’t pay cash $100k+ on a car when I can put 30% down, and then invest the other $70k. Finance $70k with a loan or my home equity line (whichever is lowest) over 5 years, and pay it off at an accelerated rate. No matter what, I’m never upside down on the car, and seeing the monthly payment keeps the constant temptation of buying another $100k car the next year at bay. This is how I buy most of my cars
Depends on your risk aversion. I would never put the roof over my head at risk just to pay for a vehicle.
This kind of thinking comes into play after going through a half dozen recessions.
This, just paid off our HELOC and don't plan on using it anymore. We do however, add the amount of the old HELOC payment to our mortgage to go towards the interest.
I haven’t had a mortgage in a while. I got a home equity loan another lifetime ago to buy my ex’s equity out of my house—paid it off and kept it open the last 4 years. I’ve used it to buy a car and a condo. Can’t remember the rate but it was high 2%, low 3%. It’s much easier than the hassle of setting up a loan
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Despite my beer fueled comments last night about cash versus financing I think this is the reality for the folks who can buy any way they want. The in-laws of my in-laws were "old money" and leasing is how they stayed in new vehicles every couple of years.
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Mercedes 300SL
You forgot about the towing capacity...for the $130k boat...
Agreed, paying cash for a new car is nuts. When you drive it off the lot you take at least a $10k hit.
It depends, we bought the wife’s XC90 by trading in her A3 for 10k and paying the rest in cash. The car has a whopping 6k miles a year later. So either it’ll last us a long time or we’ll just have a nice trade in on the next one but at the time rates were nothing to write home about vs utilizing money we had on hand.
Now with my Ram I just purchased we put a large amount down and financed the rest through my credit union.
AMG Mercedes
After reading the thread I like this answer the best. I know quite a few people who do just this. Just a 5 dollar bill trying to look like a 20.
Not exactly.
Driving a Ferrari is driving a Ferrari.
Doesn’t matter if you finance it or pay it cash. You still drive a Ferrari.
I just hope it can tow my boat...
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