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Best way to purchase a vehicle, is to drive off the lot with a 5K check from the dealer and no payments.
When I was living in UT, I purchased my H3 after lease in 2010. In 2012, I purchased a 2013 Loaded Silverado LTZ for cash, and kept the H3 (for offroading).
A few years later, moved to ID. Took both vehicles to the local chevy dealer for appraisals, and ended up trading in the 2013 Silverado and the 2008 H3 for a 2015 loaded Silverado LTZ and drove off the lot with a 5K check. And no taxes, since ID only taxes difference between trade in and purchase, and if trade in is more, you pay NO sales tax.
Not sure if the 5K check or the zero sales tax made me feel better.
Who trades in a car and buys a used car at a car dealership.
You took a 1-3K beating on trade in, paid an extra 1-3K at purchase and sales tax to boot.
As expected, people got butthurt, because they like their shiny new/newer cars, which they can only afford with credit
But then again, the average american is in debt and living paycheck to paycheck. Learn to live within your means and dont buy things you cant afford. If you have to ask, you cant afford it. If you can't pay cash, you can't afford it. If you cant buy it twice, you cant afford it
a mcdonal flipper can go buy a lotus or s maseratti. They can make the payment. But they cant afford the car.
Since when can burger flippers make payments on a Maserati?
Since when can burger flippers make payments on a Maserati?
Well.... They are getting a raise to $15 a hour. And since Maseratis lose value as they are being assembled by the time it comes off the assembly line it lost 1/2 it's MSRP.
I buy cars however is more beneficial to me at the time I'm buying. Used cars it's cash. Why? Because for the most part I pick them up cheap use them and sell them. New cars could be cash loan or lease. I've done all three. I prefer cash because I set money aside specifically for that purpose. I have other money allocated girl investmrnts, vacation, emergency etc. But like anything I look at what makes sense in purchasing. Sometimes leasing made sense for work or our business. I have older cars now that are low mikes and have no issues because I dont drive them much so buying a new car makes no sense. It would be wasteful to just buy to buy
Last edited by Electrician4you; 01-11-2016 at 08:01 AM..
a mcdonal flipper can go buy a lotus or s maseratti. They can make the payment. But they cant afford the car.
Yes, I know I always feel ashamed when I go to McDonalds and see all the brand new Maseratis and Lotus' in the parking lot. I wonder why I even bothered to go to college when I see how well the typical burger flipper is doing. Where did I go wrong?
Pssh. You sound like someone who got rejected from buying a car you wanted because you have no credit, and the only way YOU can buy a car is with cash only, because you're a credit risk. Sound about right?
Cash is king. Payments are for chumps and the ignorant. Anyone who can buy outright should. The whole financing process is a mess and they look at EVERYTHING including how much money you make, how long you have been at your job, whether you pay rent, live free or mortgage, your credit report needs to be flawless. You are expected to pay a downpayment, but what if 1 year down the road, you lose your job? Good bye car and down payment down the drain.
Let's say you want a Camaro, Mustang or $20,000 type of car, and your credit and income doesn't measure up? You cannot afford it and it will leave you frustrated, but with cash you can buy ANY car you want, you are not constrained by their stupid rules, you simply have to be patient.
They say with financing you usually buy a "better" car than you would have while using cash, but in reality, with financing you usually buy a more expensive car than you can afford. When you commit to a long term payment over paying cash, you are not factoring risk. When you pay cash, you pay for what you can afford, but when you finance, you typically commit to more than you can afford.
Paying cash for ANYTHING is always better than being in debt! I don't care what someone has to argue. The whole point of being in debt is OWNERSHIP! Until you've paid off the debt, you don't own a damn thing. Miss a couple of payments and see who winds up with it.
If you are a smart saver (that means you know how to manipulate living below your means), then you shouldn't concern yourself with driving right away. a smart saver is fine with waiting or even knows how to earn extra cash to expedite the saving process. Problem is, we live in a society of entitled people who think that just because they have a job and good credit, then they are entitled to have a new car.
No wonder there are so many repossessions in this country and these are people who had great credit, otherwise, they wouldn't have been able to get financed. They think that just because they have been at their jobs for some years, everything will be fine, NOTHING is guaranteed in life and NOONE is irreplaceable. This is even worse if you pay down payment, and then it gets repossessed.
Not everyone has 5,10 or 20K sitting around cash.
I would hate to take 20K cash and buy a car and a emergency comes up and all my cash just went into that car. I think its better to just pay the car off over 1-2 years at a very low APR than just give out cash like that upfront.
What if you pay $15k cash for a car and it gets wrecked and the insurance company thinks its only worth $11-12K, you loose $2-3000 automatically. Cars are deprecating assets, cash isnt.
I would hate to take 20K cash and buy a car and a emergency comes up and all my cash just went into that car. I think its better to just pay the car off over 1-2 years at a very low APR than just give out cash like that upfront.
What if you pay $15k cash for a car and it gets wrecked and the insurance company thinks its only worth $11-12K, you loose $2-3000 automatically. Cars are deprecating assets, cash isnt.
I picked up a new car on New years eve. Walked in, did a no money down deal on a lease and drove off. It didn't hurt my savings or investments. Instead I'm able to turn the money that I would have spend had I bought a car cash into more money by having it in liquid rather than it being tied up in a car that depreciates day by day and mile by mile!.
I picked up a new car on New years eve. Walked in, did a no money down deal on a lease and drove off. It didn't hurt my savings or investments. Instead I'm able to turn the money that I would have spend had I bought a car cash into more money by having it in liquid rather than it being tied up in a car that depreciates day by day and mile by mile!.
You're still paying for the depreciation one way or the other...it's part of your lease payment if you lease.
I would hate to take 20K cash and buy a car and a emergency comes up and all my cash just went into that car. I think its better to just pay the car off over 1-2 years at a very low APR than just give out cash like that upfront.
What if you pay $15k cash for a car and it gets wrecked and the insurance company thinks its only worth $11-12K, you loose $2-3000 automatically. Cars are deprecating assets, cash isnt.
This would also be so if you finance, unless you're assuming the financed buyer has GAP coverage and is upside down on the loan. The idea that someone should intentionally be upside down just to get GAP coverage is quite misplaced since you'd end up paying more in interest and added premiums over the loan than it would cost to simply self-insure, in many cases at least.
Absent GAP coverage, you'd be out the $2k or $3k difference just as much with cash or with a loan. It's not a reason to pay for the car one way or the other.
Well.... They are getting a raise to $15 a hour. And since Maseratis lose value as they are being assembled by the time it comes off the assembly line it lost 1/2 it's MSRP.
I buy cars however is more beneficial to me at the time I'm buying. Used cars it's cash. Why? Because for the most part I pick them up cheap use them and sell them. New cars could be cash loan or lease. I've done all three. I prefer cash because I set money aside specifically for that purpose. I have other money allocated girl investmrnts, vacation, emergency etc. But like anything I look at what makes sense in purchasing. Sometimes leasing made sense for work or our business. I have older cars now that are low mikes and have no issues because I dont drive them much so buying a new car makes no sense. It would be wasteful to just buy to buy
everything you say sounds great, but I have to ask, What the hell are "girl investments"
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