Who REALLY owns their Z???

hansoac

Paid for my Koenigsegg in cash
Financed the Z.

sonic370

by the look of most of the answers meaning paid cash,or paid off.

question should be what is the average yearly income of the forum members.....

oh paid half down needed the good payment history on credit report...

and i do believe in gap insurance... it is the only extra i will go for with the finance manager. the rest of the crap they can keep its just a rip off

cptspeed

^^More like net worth?

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Ghost

If you get a hell of an interest rate, then you should finance, otherwise pay it in full if you can.

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chops

exactly. im relatively young, so while i could've paid it off in cash, i wrote a check for half and financed the rest at 2%. i figured...i need some sort of loan besides a few credit cards on my credit history. besides, in the end im paying one car payment's worth of interest and its only been 6 months. i'll have the loan payed off shortly!

Nitrouz

cash

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docaam

Cash as bought from US so had no other option, else they wouldnt ship it lol

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shadow2k

If you can get good rates, paying in cash is just...wasteful.

I actually just refi'd my Z, just because I could get a lower rate. Low enough to make me actually cash out $5k of what I'd already paid. My loan is now more $5k higher, and a couple months longer...but my payments are the same and my $5k check should arrive today.

I mean, come on...if you want to give me cheap loans, I'll take it every day of the week. At the very least, even if I were horrible with money, I'd put that $5k towards my mortgage, which has a higher interest rate of 3.75 fixed.

I understand the no debt mentatily, I used to be a cash only type of guy, but I learned something a while ago. Not all debt is bad. Certain types of debt can give you access to capital, which is how business (and you) can make money. I'm actually getting ready to take a $15k cash advance on a credit card. I'l pay 10% interest for two days ($4-$5) while I balance transfer it with no fee to a 0% APR card for a year. $15k for one year, costs me $4...yes please. And if any of you are wondering, cash advance is from PSECU, and BT deal is from NFCU. I love credit unions!

billydsz

It really depends on if you need the money. If you write a check and it empties your bank account then it's a bad idea. If you write a check and don't notice the difference in your checking account then it's a good idea.

dAvenue

Not everyone falls in the same boat of needing to earn good credit. For those of us with excellent credit, it makes more financial sense to pay in cash and not throw money away on interest.

shadow2k

Not about earning credit. It's about earning money.

How do you think banks make money? They borrow it from you and pay you whatever..1-4% interest, depending on whether it's in your checking, savings, CD, etc... Then they loan it back out at a higher rate, or actually buy investments with larger returns.

I'd rather have 35k invested and making me money than a title to a depreciating asset.

wilsonp

Assuming you have to use the 35K to payoff the loan, aren't you making a decreasing difference? How much can you actually make in the end?

And if you don't use the 35K to payoff the loan, you have to take into account that extra money you are putting into the loan instead of saving - how much would you have made saving that payment?

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ImportConvert

For those of you in that boat, just get a 0% interest loan. That way you don't lose money to inflation while you save--the bank loses it while you pay.

Also, I love using credit. I have made $120 in the last 8 months or so just buying gas/groceries on my credit-card. It's a crappy reward setup, but meh. It's still $120 for free.

That too. Invest that money while the bank carries the balance on your car. It's like you having 200% the money you really do.

cdawg410

Financed every penny at only a moderately good rate. Put 7000 miles on in two years. Could've paid off half my student loans in that time with that money. Guess what? I couldn't care less, I work for a living and my wife and are are D.I.N.K's with no one to be responsible for but ourselves. I could get hit by a car tomorrow, I do what makes me happy. When I get 35k to throw down on a car, the car is gonna cost 3x's that.

dAvenue

Financing a car will not protect you from inflation. Inflation is not limited to the value of a single item; inflation occurs when the value of the dollar goes down as a result of too many dollars in circulation (like when the Fed prints money to pay off its debts or "stimulate" the economy). This affects the cost of everything...not just a car...because it takes more of those dollars to buy the same item.

A car is a depreciating asset. Its value will always go down. It will not yield a profitable return regardless of its status being paid-in-full or financed. You will always lose money on it.

If you don't want to tie your money up in an asset like this, or if you just want it now, the more sensible option would be to lease the car. You only pay for the current value of the asset plus interest over the course of the contract. You simply pay for what you use and move on. Leases are more appealing to some because the rates are considerably lower than the traditional auto-loan.

I chose to pay in full because I actually wanted to own this car and I did not want two other things to happen: 1) money thrown away on interest which literally saves me $4,500 over the course of 60 months (nobody was offering 0% financing on Z's at the time and I doubt they are today), and 2) a car payment lingering over my head every month.