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Did you finance or pay cash?

Did you finance or pay cash

  • Finance

    Votes: 454 65.0%
  • Cash

    Votes: 244 35.0%

  • Total voters
    698

KompressorV12

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GToddC5

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Thanks to these crazy times we're in, my trade-in took care of half the debt. I financed the other half to keep the money free to make more money.
 

KompressorV12

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I'm paying cash but I've thought hard about it.

My reason for the cash payment is I am not 100% certain the Bronco will be with me long term so I want the title in hand and the easiest possible transaction if I choose to sell it.

If I keep it? I'll probably wish I had that $46k back in the bank and financed at a nice low interest rate.
If you want the title in hand, you pay off the loan with the cash you otherwise would have used to buy the car in full. In the meantime you collect interest on your cash. I've sold numerous cars (although pre-covid). I received the titles within 1 week.
 
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RClark82

RClark82

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Dave Ramey's 5 keys to gaining power over your purchases:
1. Wait overnight.
2. Consider your buying motives.
3. Never buy anything you do not understand.
4. Consider the "opportunity cost".
5. Seek counsel.
#1. I have a bronco, I clearly waited 😁
 

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kevin.gt

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Not to hijack, but where are you seeing a Penfed apr of .99%.
I plan to finance, but haven't seen rates that low.
I believe it’s a promotional rate but you have to BUY through their shopping service. I’m assuming it’s too late if you’ve already ordered? 🤷
 

Tricky Dick

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Financed with 30% down. I'm just lowly middle management, still early in my working career and still trying to build my empire. The cash I do have set aside can be used in better ways than a car loan.

(Haven't taken delivery, just have the financing in place)
 

'18 M2

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Congratulations on your pending retirement.
 

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KompressorV12

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Flourman

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I’ve got 15% to put down. The rest will be financed. All of our vehicles get put on a 60-month (Or what fits for a payment) then we pay off in 3-4 years.

too many boomers in here that will say “you shouldn’t buy a vehicle unless you can pay cash”
 

710-oil-614

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If you want the title in hand, you pay off the loan with the cash you otherwise would have used to buy the car in full. In the meantime you collect interest on your cash. I've sold numerous cars (although pre-covid). I received the titles within 1 week.
Yep, understand the principle behind it. It's more involved than that. "Sit and collect interest" at what 0.5% in my savings? Or invest it, and then pay tax on the gains to remove it and pay for my Bronco? What if my investments don't do well? Then I've lost money AND I am paying interest on my Bronco loan.

I appreciate the advice but I've got a good grasp on my finances. Enough that I can plop down $46k on a vehicle if I feel like it.
 

2100

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Not to hijack, but where are you seeing a Penfed apr of .99%.
I plan to finance, but haven't seen rates that low.
I was on their website about 30 minutes ago. The 0.99% is if you use their carfinder feature to help you find the car you want to buy. Not certain it is available to you if you already ordered your car, at which point you'd be looking at 1.79% as the lowest possible apr with them.
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