how do you guys pay for cars?

You're just out of school and want to drop like 10k on a car? Why not invest that in PPC/IM instead? Once you get established start worrying if you want a coupe or convertible 3 series...
 


For my latest car I just wrote a check. But for my first car I had to get my old man to spot me some cash for a seven year old mustang. That came pretty easy after I mentioned I was going to buy a motorcycle. BOOM yikes son, here's cash for a car.
 
yea a used e430 would be awesome ... i dont care for the old 5series.. but those were along the lines of what i was thinkin...

im definately looking into the roth IRA as well
 
cash.
better used than leased for me
if I destroy the car I don't want to make payments for something that I have already thrown away.

I own a small car so no 50k toys here, and I think I'll keep it until it runs ( 5 years and 100.000 km at the moment )
 
could you not take out a loan on a slightly used car, so that you have more liquidity but actually own the car when the loan is paid off?
 
SEO_Mike said:
No offense, but you should definitely figure this out before you invest in a money pit like a new car.

I understand the temptation to get something you've always wanted when you feel like you have the money. I'm sure everybody here knows that feeling. The key is to resist the temptation and do the smart thing with your money.

It's tough, but it's part of growing up. I'm not trying to be condescending, but you are young and if you learn how to handle your money responsibly now, it will pay you HUGE dividends later. I'm still cleaning up messes I made with my finances from years ago. Finally, I've started to get things straightened up, but because of the past I've got a lot of catching up to do.

Don't make that mistake now, or you'll continue on the same path until something shakes your world.
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Mike speaks the truth.

Too bad young kids won't "get it".
 
I paid cash. But if you are self employed, talk to your CPA. You might be able to write off part of your lease payments for the portion of the car you use for business purposes.
 
I just bought a brand new 335, financed it at 0.9%, had to put 15k down - made a sept account deposited full amount of car total and lets just say it makes more than 0.9% so no interest + than some.....

if you dont have money to buy it outright, don't buy it
 
narsticle said:
cash only. Dont buy what you cant afford.
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affiliatearmy said:
cash money. NEVER finance a car IMO. and NEVER buy new. IN 6 months you can often pay close to half of new, if you know where to look ... :)
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I bought a new car a few months ago - I could have put down cash, but I got a 0% financing offer for 36 months. No reason to put down 100% cash when I can hold onto my money for free & earn interest on it while spreading my payments over 3 years.
 
don't ever lease, total waste of money. Both my cars are paid off completely, but did a 36 month 0 interest on the second car, so there was no point in paying it off quick or at once.
 
CPAPIMP said:
don't ever lease, total waste of money.
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For a personal car I tend to agree.

For anything related to a business -and if you have an LLC or an S-Corp and a REALLY good CPA - you personal car CAN be for "business" - then leasing takes on a whole different perspective :)

Pre-tax expense $$$ > Post tax expense $$$
 
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