View Poll Results: How did you pay
Loan
50
39.37%
Lease
22
17.32%
Strait Cash
51
40.16%
Gift
4
3.15%
Voters: 127. You may not vote on this poll
How did you pay for your car ?
#16
Lexus Fanatic
iTrader: (1)
Originally Posted by kensteele
Everyone knows that dropping a huge load of cash in a depreciating asset like a [new] vehicle is not the smartest financial move. That being said, I got a loan after putting down about half in cash. The other half I pay for in one year but I'm flexible, according to my loan I can take up to 60 months.
#18
Pole Position
Join Date: Feb 2006
Location: State of flux
Posts: 205
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Originally Posted by jasoncd
Right on. I got a loan because I can get a better return on that $30K with investments than sinking it into a car.
What rate are you guys getting typically? If it's anywhere under 6%, I'd agree.
There's also the home equity loan, for those of you looking fo reduce your AGI
#20
Lexus Fanatic
iTrader: (1)
Originally Posted by tdog09
so what do you think are the perks/disadvantages to paying cash or getting a loan for those who chose these options?
#21
Lexus Champion
Originally Posted by 4TehNguyen
i dont understand so by financing you have to pay interest as well as dealing with a depreciating asset vs paying it off cash up front, I dont see how the second choice is a worse choice than the first
It is better off for me, based on risk and my financial situation...you just gotta trust me on that.
Generally, after I have paid this car off by March 07, I will have paid a lot less total interest to the bank than the person who takes 5 years to pay it off.
#27
Driver School Candidate
Join Date: Mar 2006
Location: ca
Posts: 23
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i don't know why i would pay cash to buy a new car...as others are saying, this is not an investment. i'd rather use "other people's money" and invest my own cash in other things with better returns. but, this is just my opinion. got my 250 thru credit union at 5.25% for 60 mos.
#28
Driver School Candidate
Join Date: Jan 2006
Location: MS
Posts: 37
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not gonna pay cash entirely. My money tree in the backyard has quit producing temporarily. I plan on paying $16k in cash, financing $28k at hopefully 6% apr.
The people that got a car as gifts, apparently mom and dad have $$$$$$$$$$.
The people that got a car as gifts, apparently mom and dad have $$$$$$$$$$.