Do you pay cash for your cars?

Lease

Same as most, like to have something new to move around in every 24 months or so.

Although my 06' Kahn Supercharged RR Sport w/ 24" Iforged matched rims was paid for in cash and just decided to throw it up for sale.

Wife and I had first son and time to get the wife a full sized RR with 22" Iforged for a better ride.

The Kahn is 1 of 1 and draws way to much attention for a baby mobile :)

Any of you ballers in the making interested PM me for more info. It should go pretty fast. Those of you that know me have seen the car featured by Iforged when they finished the wheels for it back in 09'.
 

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If you are paying more than 25% (still high IMO) of your cash in your bank accounts for a car (loaned value or paid in cash) -- you may need to get your head examined.
 
TFLNetwork said:
If you are paying more than 25% (still high IMO) of your cash in your bank accounts for a car (loaned value or paid in cash) -- you may need to get your head examined.
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Well if you ARE spending more then 25% then your buying too expensive of a car. Driving an expensive car doesn't make you a baller and if your worrying about how buying a car effects your cashflow then your not a baller either. The truth is there is no NEED for a car more then $20,000-$25,000, anything over that is a luxury and if you can't pay cash for your luxuries then you don't deserve luxuries.

<commence flaming me>

Quick Summary: Don't drive a baller car if you aint a baller.
 
Just calculated this out. Having a 0% auto loan for $25,000 for a 3 year loan is 694.44 per month. If you have the cash, putting that 25k into a savings account earning 1.3%, after three years the account will still have $514.05 in it, meaning you effectively lowered the price of the car by $514.

Smart.
 
This is my second car and I always paid cash. It's better to wait few months to buy a car than getting in debt.
 
papajohn56 said:
Just calculated this out. Having a 0% auto loan for $25,000 for a 3 year loan is 694.44 per month. If you have the cash, putting that 25k into a savings account earning 1.3%, after three years the account will still have $514.05 in it, meaning you effectively lowered the price of the car by $514.

Smart.
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You gotta pay tax on that, right? the $514 or did you already factor that?
 
cheshire said:
If you say so. I just got my aunt with a 600 score approved for a house at 4.75% and a new car note at 4.9% within the last 6 months.
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Bitch must have had a 50% down payment. Either that or you're full of shit. My mom has a 760 credit score and makes $xxx,xxx a year and can't find a bank who will offer her better than 3% down on a new house with a 3.625% rate. She has no debt.
 
subigo said:
Bitch must have had a 50% down payment. Either that or you're full of shit. My mom has a 760 credit score and makes $xxx,xxx a year and can't find a bank who will offer her better than 3% down on a new house with a 3.625% rate. She has no debt.
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Well yeah, if you only put down 3% you won't get the best rates. Is that an FHA loan? 20% gets the best typically, and right now you can get a 5/1 ARM for like 2.9%
 
eliquid said:
You gotta pay tax on that, right? the $514 or did you already factor that?
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You do, and I didn't factor it. It still comes out a net positive to do this though. If you can earn higher interest even better, just has to be a way to autodraft for the loan payments, which is why a mutual fund would be out of the question
 
I understand the "debt is the devil" mindset shared by a few guys here, but I'll finance it even though I keep my cars low-key. Reason being my auto interest rates at the credit union are only 4.5% and I like to keep my cash rotating through ad campaigns & making me considerably more. I then make sure I don't use that mentality with any other debt & just keep it to house & car.
 
i don't think anyone is suggesting debt is evil... I have a bunch of mortgages that may consider me crazy by some wickedfire members, however, I am not in "debt" AND i am making an income off of my "debt".
 
Using debt to buy a non-asset is not necessarily stupid either; you shouldn't "stockpile" money beyond reasonable emergency and slush fund needs.

If you want to buy a car, and can get financing that is more affordable than taking your money out of whatever it's in, then it makes sense to finance. This is going to fluctuate with market conditions and your own personal situation. I bought two vehicles in 2007, and one is financed and the other paid for outright, precisely because the value of the financing on the former made it worth it.


Frank
 
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