Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
That has nothing to do with how you pay for it. The same car that was financed would also be worth more than you paid for it.
Worth and selling are 2 totally different things. He said paying cash is a guaranteed zero % on return which is not true no matter how you slice it in every situation.
Worth and selling are 2 totally different things. He said paying cash is a guaranteed zero % on return which is not true no matter how you slice it in every situation.
You have to look at it in context. We were comparing paying cash vs. financing. Talking about something that is equal to both situation doesn't add a whole lot to the discussion.
...after I pay this vehicle off (soon hopefully) I will save cash for my next vehicle.
If you're that close to the end of the term you should be able to sell it NOW.
When you do get that cash in hand put 20-30% of it away for back up,
use no more than the other 70-80% to buy a decent used car
and then start adding to that 20-30% back up reserve EVERY month.
Quote:
Originally Posted by tstone
Cash for something lightly used, same year with 7500ish miles,
use for 8 years, clean it up, sell it on the street, repeat.
^^This works.
I like buying lightly used cars at 30-40,000 miles...
after the tires and breaks and major services are done...
then keeping them only until the 60,000 mile services are due.
For those with a thinner wallet...
buy them after the 60,000 mile services are done
(or pay even less and do that work yourself)
and keep them until the 90,000 services are due.
It depends. The only new car I ever bought for me, I financed most of it. I made an agreement with the owner to pay over time on one other used car (no interest), otherwise I bought used cars for cash. This year or next year, I will buy a more expensive car (probably used), I will probably pay half cash and finance the rest, or I may just pay all cash, depends on how the year goes and what kind of deal I find.
For my wife, we financed the first one new, mostly financed the second one used, cash purchased the next one new, bought the next one used with insurance money from the previous one, and then partly financed a used van most recently.
For our kids it has always been cash, but then their cars were all in the $500-$2500 range. One daughter will buy a car this year. She has about $6000 saved, she is not sure whether she will buy a new one and finance it, or just buy a used one for cash. Probably depends on what she can find.
I hate financing anything. It makes you a slave locked into your job whether you like it or not. I hope to refinance our house this year so I can try to get it paid off in ten years. After that, I hope to never finance anything again. For a few years, we had no debt at all. It was wonderful. I would love to be there again.
I hate it when I read everywhere that people assume when you lease or finance a car...you probably couldn't afford it.
I have no problem with people assuming I cannot pay cash for a $40,000 car, espceically when we need 6 cars. If I wanted to divert funds from other things, I might be able to pay cash for one or two each year, maybe, but the other things are a higher priority. Buying a new car for cash is probably the lowest prioirity on our list.
I like buying lightly used cars at 30-40,000 miles...
after the tires and breaks and major services are done...
then keeping them only until the 60,000 mile services are due.
You buy a used car every 6-8 months? That would drive me crazy. Finding a used car that I want takes me months or even years of reseach, and searching. I owuld have to start looking fo rhte next one the say after buying a car.
I tend to drive cars until they die a horrible and irreparable death, regardless of whether I buy them at 8 miles or 150,000 miles.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
