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Why pay cash when you can take advantage of a 0-2% financing offer on a new vehicle purchase? I could go into online banking and pay off the balance of our car loan in less than two minutes but I have zero reason to pay off a 0% loan early.
Because, I can buy a good used vehicle, and have, for $6,000 or less. Then I can take the remainder of the $50 or 60 K and use it for :
retirement savings
home improvements
travel
helping my family
etc. etc.
But then my priorities may be different from yours. Doesn't make either of us wrong. But I just don't get buying a new vehicle. It certainly is not an investment. Others have many reasons, although in most cases, it is justifications, especially if it is just for transport. As example, a Porsche or a Rolls are not just transport, and neither are most highend vehicles, are they?
If you can afford them, great. But otherwise, you are justifying the outlay for a non-rational reason.
Why pay cash when you can take advantage of a 0-2% financing offer on a new vehicle purchase? I could go into online banking and pay off the balance of our car loan in less than two minutes but I have zero reason to pay off a 0% loan early.
Are rates still that low for auto loans? I know mortgage rates shot up in the past month or so
Because, I can buy a good used vehicle, and have, for $6,000 or less. Then I can take the remainder of the $50 or 60 K and use it for :
retirement savings
home improvements
travel
helping my family
etc. etc.
But then my priorities may be different from yours. Doesn't make either of us wrong. But I just don't get buying a new vehicle. It certainly is not an investment. Others have many reasons, although in most cases, it is justifications, especially if it is just for transport. As example, a Porsche or a Rolls are not just transport, and neither are most highend vehicles, are they?
If you can afford them, great. But otherwise, you are justifying the outlay for a non-rational reason.
I've done both. Bought my first new vehicle in '01. Kept that for 7 years. Then just bought used ones up until two years ago. While I had no issues with those used ones, I sure do love my '19, that I ordered , so it is exactly what I wanted. That being said, I'm older now, and just don't want to deal with the used car BS. My last used one just started to nickel and dime me to death. When I was younger it wasn't a big deal to do my own wrenching. Now I reserve that for the classic car or maintaining all my toys. Just don't have the patience to wrench on a daily driver.
Why pay cash when you can take advantage of a 0-2% financing offer on a new vehicle purchase? I could go into online banking and pay off the balance of our car loan in less than two minutes but I have zero reason to pay off a 0% loan early.
Quote:
Originally Posted by 49erfan916
Are rates still that low for auto loans? I know mortgage rates shot up in the past month or so
No, they aren't. But there may still be promotional rates like that from some manufacturers on selected new models.
I have a redo program on Saturday mornings Car Pro. This guy is a X dealer and knows new cars. The program is advice on buying new cars.
There are lots and lots of people who want a new car when there is nothing wrong with their current car. Often low mileage late model.
Same with phones I realize.
The average salary is not the same as the median salary. For example if you have 4 guys making a million dollars a year and 6 making $40K, the median salary is $40K but the average salary is $424K.
I think if one is buying new, ordering it and willing to wait the time to get it, they will come out ahead. I don't think this inflation is changing the MSRP's of new vehicles. I could be wrong though.
So true, there are dudes that buy C8 Corvettes (they have to wait a year or so for each car) then sell them for $35000 more than they paid, to someone that's "gotta have it, right now."
One guy in my club has flipped 11 of 'em, so far.
Run the numbers on this, and you'll quickly discover he's made about $385,000 tax free in 18 months...
He's also got a few deposits at different dealers for Z06's too....
I was wondering when it will happen. Automakers are in a race to build boutique cars nobody can afford. America once prided itself for making the most affordable cars in the world. Get in line and ride the bus.
Anyone really still buying into this chip shortage due to Covid? Personally I think there’s a far more sinister plan underway. I just read an article that governments around the world are purposely shortage in everything. Food is next. If you watch the news they’re already warning us there’s gonna be massive food shortages. And the automobile shortage will continue through at least 2024.
Best hunt the ads and buy used and make sure you favorite mechanic likes you.
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