Did you finance or pay cash?

[lasttj]

Decentralized finance - ie Crypto. And he probably means 15% if it's Defi option trading.

Thanks....I'd hardly call crypto a "savings account".

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[JDS]

Figured by the time I actually get to pay for it, I can use a collection of ticktok NFTs which will widely be accepted as the prevailing currency.

 

[yabu00]

If there are people that paid cash I'm going to question their intelligence level with penfed giving 0.99% APR loans there are literally high yield savings accounts with higher than 0.99% return. Unless you're keeping your DTI low for other reasons, have terrible credit, or enjoy throwing money down the drain it makes zero sense.

Edit: Retirement is the worst excuse one could have for paying cash for the car lol. In retirement, any income no matter how small is even MORE important than those working.

I understand this is a generational thing. Many boomers grew up to 12% mortgages and 15% auto loans, but times have changed. Borrowing money is nearly free these days, and inflation is at record levels. You absolutely should have a significant rainy day fund, but keeping tens of thousands or hundreds of thousands of dollars in cash (instead of safe CD's, high yield savings accounts, or bonds) is the best way to get left behind in 2022.

0.99% is higher than the risk free rate looking at short term treasuries. Can't find an HYSA with a interest rate higher than 0.6% right now on the full FDIC insurance limit. Paying in cash seems reasonable from that perspective.

 

[Lab00Rat]

How are you digging the Ranger? I'm watching the rumor mill for Raptor specs. I may find that of interest for myself.

I like it. Got the 4x4 Lariat so I can pull it behind our motorhome with style. Only had it for a week, but it's holding it's own for my expectations. Not my plan A, but I'm not displeased.

It was hard to find too with all the shortages. Next available was sometime in April/May.

 

[zman1988]

I assume you mean 1.5%. What is DEFI?

DEFI = Decentralized finance. Think NFTs, Crypto based lending.

I currently get 15% (not 1.5%) from Stablegains. Interest is added to my account daily. I only put in a small amount to check it out but its been paying so far, so I plan to deposit more in the future.

 

[lasttj]

DEFI = Decentralized finance. Think NFTs, Crypto based lending.

I currently get 15% (not 1.5%) from Stablegains. Interest is added to my account daily. I only put in a small amount to check it out but its been paying so far, so I plan to deposit more in the future.

Got it......I don't think I would refer to that as a savings account.

 

[calgecko]

well, I haven't actually purchased yet, because the mythical Bronco has yet to be built, and I have no idea what will happen first - Mike Levine getting fired, or me getting my Bronco - but if and when it does get built, and that time comes - if I'm still alive - I'll be putting about 50-60% down and financing the rest.

 

[Bronco Finder]

I paid cash!!!!! Cold hard green cash!!!! Guess what???? Its my truck!!!! My credit score is top of top tier!! Why would anybody who has plenty of $$$$$$$$$$$ finance a vehicle???? Most so called high yeild savings only pay .50 %. I can sell my truck tomorrow for what ever I want! Why? Because I have the title! No penalties! No worries! No bullshit! I have another Bronco ordered and will pay $$$$$$$ for that too!!

Yep I'm with you, wrote a check for 61,466.05 and it felt great, no debt, I own it outright, and all mine. I also have a 2 door wildtrak coming (whenever) and will pay cash for it as well, but do need to sell my 4 door Badlands though, wife said I have to many Broncos as it is , (classic Broncos that is)

 

[vzqhsg]

If there are people that paid cash I'm going to question their intelligence level with penfed giving 0.99% APR loans there are literally high yield savings accounts with higher than 0.99% return. Unless you're keeping your DTI low for other reasons, have terrible credit, or enjoy throwing money down the drain it makes zero sense.

Edit: Retirement is the worst excuse one could have for paying cash for the car lol. In retirement, any income no matter how small is even MORE important than those working.

I understand this is a generational thing. Many boomers grew up to 12% mortgages and 15% auto loans, but times have changed. Borrowing money is nearly free these days, and inflation is at record levels. You absolutely should have a significant rainy day fund, but keeping tens of thousands or hundreds of thousands of dollars in cash (instead of safe CD's, high yield savings accounts, or bonds) is the best way to get left behind in 2022.

This reminds me of the people that don't pay off their house because they get a write off on income tax. Depending on the size of their mortgage they may pay 8-10K in interest for a couple thousand write off. Please come see me, you can give me 10K every year and I will gladly give you a couple back.

 

[Yodi]

The reason I did cash is because I plan on the cash being gone when I am.

 

[Flourman]

The reason I did cash is because I plan on the cash being gone when I am.

Bounce the check to the undertaker!

 

[vzqhsg]

I paid cash!!!!! Cold hard green cash!!!! Guess what???? Its my truck!!!! My credit score is top of top tier!! Why would anybody who has plenty of $$$$$$$$$$$ finance a vehicle???? Most so called high yeild savings only pay .50 %. I can sell my truck tomorrow for what ever I want! Why? Because I have the title! No penalties! No worries! No bullshit! I have another Bronco ordered and will pay $$$$$$$ for that too!!

When you stop borrowing money to pay for things and get out of debt you have the money to pay cash and still have your investments working for you. Your money continues to grow and you own your destiny. Oh one other thing...your credit rating do not go down. If any thing they will go higher. Why would you put yourself in debt so you can get a better rating to put yourself in more debt.

 

[1975U15]

Evidence we’ve been spoiled with equity returns for the last decade+ haven’t we.

Shocking when talking time value of money and risk doesn’t get a seat at the table. Bear markets 2000-2002 and 2008-2009 May have something to say about that.

Personal finance is personal. Not sure why there’s so much animosity towards each individual’s decision. This isn’t Bronco vs Jeep Relax.

 

[shimmy825]

Financing. I can afford the payment as I have no other debt and I have time to let that money grow elsewhere (market)

 

[Toccoa]

When you stop borrowing money to pay for things and get out of debt you have the money to pay cash and still have your investments working for you. Your money continues to grow and you own your destiny. Oh one other thing...your credit rating do not go down. If any thing they will go higher. Why would you put yourself in debt so you can get a better rating to put yourself in more debt.

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