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Old 07-18-2012, 06:21 PM
 
Location: IN
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What is the maximum you prefer to spend on a vehicle if you purchase in cash? I purchased my 04 Subaru for $8K in February and I prefer not to have any monthly payments other than insurance and maintenance.
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Old 07-18-2012, 06:29 PM
 
Location: OH>IL>CO>CT
4,111 posts, read 6,258,737 times
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If you have the cash on hand, always pay cash. Regardless of the amount. Why pay out interest if you do not have to ?? Don't necessarily wipe out your savings, but if you have 20K saved and are buying 10K car, pay cash.
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Old 07-18-2012, 06:48 PM
 
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That's an odd question. I pay whatever the lowest I can get my car for is. In the past 5 years, I've bought cars ranging from $22,000 to $84,000. The less I can get the car for the better.
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Old 07-18-2012, 07:05 PM
 
Location: California / Maryland / Cape May
1,548 posts, read 2,272,260 times
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Quote:
Originally Posted by GraniteStater View Post
What is the maximum you prefer to spend on a vehicle if you purchase in cash? I purchased my 04 Subaru for $8K in February and I prefer not to have any monthly payments other than insurance and maintenance.
That is an odd question, indeed.

I'm assuming you're asking this question as it pertains to you, because as your question is written, how much *I* spend really has no meaning to you, does it? If it does, I'll chime in, but I don't think that's what you really want to know. The maximum I prefer to spend on a vehicle when I purchase with cash is going to be entirely different than what you would. Therefore, that's an imposible question to answer without knowing your entire financial background.

If you purchased your car outright, are paying for insurance, and setting aside money for future maintenance (while hopefully also putting money aside each month for your future next car, since nothing lasts forever), from the sounds of it, you are doing things right. Good job.
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Old 07-18-2012, 07:12 PM
 
Location: IN
19,345 posts, read 32,235,519 times
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Quote:
Originally Posted by NJBest View Post
That's an odd question. I pay whatever the lowest I can get my car for is. In the past 5 years, I've bought cars ranging from $22,000 to $84,000. The less I can get the car for the better.
I didn't think it was an odd question. I just wondered how common it still is for people to pay cash for cars these days, regardless of model or amount.
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Old 07-18-2012, 07:16 PM
 
Location: IN
19,345 posts, read 32,235,519 times
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Quote:
Originally Posted by SunnyTXsmile View Post
That is an odd question, indeed.

I'm assuming you're asking this question as it pertains to you, because as your question is written, how much *I* spend really has no meaning to you, does it? If it does, I'll chime in, but I don't think that's what you really want to know. The maximum I prefer to spend on a vehicle when I purchase with cash is going to be entirely different than what you would. Therefore, that's an imposible question to answer without knowing your entire financial background.

If you purchased your car outright, are paying for insurance, and setting aside money for future maintenance (while hopefully also putting money aside each month for your future next car, since nothing lasts forever), from the sounds of it, you are doing things right. Good job.
I don't generally drive very many miles, between 15-20 a day so I am confident that my vehicle will last me a long time, even in the Snowbelt with more road salt. I am extremely fiscally conservative and set aside plenty of money for any repairs or unexpected maintenance. If I see another vehicle that I like for very little money I might buy one for a spare, but that is probably not going to happen.

Also, the reason I posed this question was I can't believe how many articles I have seen online regarding leasing vehicles. Apparently some people just prefer leasing vehicles and trading for different ones all the time. Where I live people generally drive the same vehicle for 10-20 years or until the wheels fall off.
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Old 07-18-2012, 07:20 PM
 
Location: IN
19,345 posts, read 32,235,519 times
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Ok, this is an update to my original thread question. Do you prefer to purchase your vehicle in cash outright and drive it until the wheels fall of or do you prefer to lease you car and trade it in every few years?
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Old 07-18-2012, 07:26 PM
 
Location: The Triad (NC)
23,923 posts, read 51,509,765 times
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Quote:
Originally Posted by GraniteStater View Post
I just wondered how common it still is for people to pay cash for cars these days,
regardless of model or amount.
It's not very common at all.

Setting aside those who genuinely need a new/newer car and can not possibly afford cash
-probably 70-80% of car owners- you're left with the other 20% who can swing the deal
to pay cash to buy a new/newer car.

Most of this smaller group will still be more prudent than to buy an expensive new car 100% cash.
Afterall, how did they get this flush if not by being prudent about wastefulness?

It'll still happen but pretty much only because of that need/desire for a new/newer car
is usually accompanied by a legitimate business expense for the vehicle (and the loan or lease, etc)
to be taken advantage of and so will still use that financing.

What does that leave? Maybe 5% of the original pool who can pay cash
but don't have a deductible use and don't really need a new/newer car.

I'm one of them but I (we?) still buy cheaper used cars.
Never more than $6000 in my whole life.
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Old 07-18-2012, 07:29 PM
 
30,900 posts, read 35,108,931 times
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Quote:
Originally Posted by GraniteStater View Post
What is the maximum you prefer to spend on a vehicle if you purchase in cash? I purchased my 04 Subaru for $8K in February and I prefer not to have any monthly payments other than insurance and maintenance.
I also hate being burdened with monthly payments so i buy what i can afford, if i have $5K in the bank i'm looking for something under $5K, fortunately these days i can afford to pay cash on new cars under $20K.
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Old 07-18-2012, 07:38 PM
 
Location: St. Louis
6,521 posts, read 4,431,660 times
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Quote:
Originally Posted by GraniteStater View Post
Ok, this is an update to my original thread question. Do you prefer to purchase your vehicle in cash outright and drive it until the wheels fall of or do you prefer to lease you car and trade it in every few years?
We buy used, pay cash, and drive them a long time, usually around 10 years.

I'll probably never buy a new car again.
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