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I think anyone who buys a new car has rocks in their head. We have enough money to pay cash for almost any sort of car you can name, but we won't buy new ones.
Borrow money to buy a car? No.
Last edited by Listener2307; 04-10-2013 at 08:21 AM..
I think anyone who buys a new car has rocks in their head. We have enough money to pay cash for almost any sort of car you can name, but we won't buy new ones.
I think anyone who makes such a narrow minded statement like this has rocks in their head.
So your going to pass up on a .9% financing opportunity where you could be making more in a simple savings account?
Well,......yes.
The way to get .9% financing is to pay too much for the car. Never worry!; the finance company is going to make money. And since you are the only one writing checks, you are going to pay it.
That's why we bought my wife's 2 year old CRV for $15,000.
Want to see the last car I bought new? Yes, I, too, once had rocks in my head...
90 model GMC 4X4 Shortbed. Bucket seats, sunroof, 5.7 liter....looks great, yeah? 400,000 miles.
So your going to pass up on a .9% financing opportunity where you could be making more in a simple savings account?
Does it make sense to buy a brand new car for 30k and in 2 years it is worth less than 20k? This is what the graph several posts back is saying.
Does that make any financial sense?
New cars are a depreciating asset. Shouldn't even be called an asset really. At least buy a 3-5 year old car and your not losing 2k when you drive off the lot!
Does it make sense to buy a brand new car for 30k and in 2 years it is worth less than 20k? This is what the graph several posts back is saying.
Does that make any financial sense?
New cars are a depreciating asset. Shouldn't even be called an asset really. At least buy a 3-5 year old car and your not losing 2k when you drive off the lot!
It probably does not make financial sense to buy a new car, no. However does it make sense in general to buy a new car, for some people yes. There are folks who are car enthusiasts that purchase new cars every year or two because it brings them joy (of course its an expensive hobby). Not everyone that spends money on cars is 'car poor'. I have a few friends that go through cars like I do jeans, and they still save and max out retirement accounts.
Anyways back to the main point. When rates are so low IMO it makes no sense to pay for a 30k purchase in cash. Look at Mark Zucherburg... Recently purchased a house for a few million (guessing), of course he has that kind of cash laying around, but he chose to finance it. Why have your loot tied up into a non liquid asset when you can park it elsewhere?
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I guess we read that graph diffrently Sure looks like 3 years to me.
