Did you pay cash for your Z?

kenchan · 10-06-2009, 12:15 PM

i usually pay my dd's cash but for hobby cars i finance a little bit since i want to buy aftermarket bits the first year.

then pay it off the following year.

Robert Z · 10-06-2009, 02:18 PM

Paid cash!!!!!!!!!

billydsz · 10-06-2009, 03:43 PM

I paid cash for my 370Z. It is the first new car I've ever bought with cash. It's a very good feeling to get that title in the mail, while the car is brand new.

DooDooBrown · 10-06-2009, 05:02 PM

Put it all down, haggling is so much easier, and damn, it just feels good not having a car payment!

havasuwiley · 10-06-2009, 11:00 PM

pd cash.

In2Deep · 10-09-2009, 10:40 AM

Cash. Don't like payments, and in this economy, seems like savings on interest charged is a larger gain than returns on money.

kannibul · 10-09-2009, 10:45 AM

Bank loan for price plus GAP, did not wrap TT&L in.

5.8% APR through a bank I didn't know existed, 6yr finance. Payments are roughly $640/mo.

As much as I pay for it I should drive it more...lol

I've got around $240/mo in credit minimums currently (I pay more than that...), that I have to pay, once those are gone, then it's off to pay off the $233/mo civic payment, once that's gone, Z.

Ideally, I'll have all my credit debt gone by April next year, civic gone by this time next year, and Z paid off a year and a half after that.

Then it's time to buy a new truck...or jeep, or something more "haul-**** friendly"...or a new civic...lol...but those will be mostly, if not completely, cash sales.

I won't use credit cards again, and loans will be only if I get a rate that's less than 5%, as a general rule.

ianthegreat · 10-09-2009, 12:11 PM

Quote:

Originally Posted by datsunguy

Just wondering how many owners paid cash for your car? Years ago I started saving for a new car and paid cash. As soon as I get a new car I start saving for the next one. It's like reverse car payments.

The benefits are no interest, better more straight forward bargaining on a new car at trade in time, I can pick any deductible on my collision or no collision at all after a few years, plus I just like having the title in my hands.

I've done this for the last 5 cars I've owned and keep them about 4 years before trading. Am I the only person that thinks this is a good Idea?

I had a large portion of cash ready to put down on my car, but was offered .9% financing. Therefore I could invest the cash I had saved, make a higher return, deduct the car payments automatically from the invested savings, and with interest come out ahead after 5 years.

kannibul · 10-09-2009, 12:23 PM

Quote:

Originally Posted by ianthegreat

I had a large portion of cash ready to put down on my car, but was offered .9% financing. Therefore I could invest the cash I had saved, make a higher return, deduct the car payments automatically from the invested savings, and with interest come out ahead after 5 years.

0.9% financing?

Holy crap.

BrianZ · 10-09-2009, 01:09 PM

Quote:

Originally Posted by JoeD

Paying cash makes sense...if you can't manage your money.

I don't think it makes much sense to tie up a liquid $40K when you can get a much higher rate of return properly invested/traded than what you pay on a car-loan. Of course, I do that for a living so others might not have the means and know-how to make money in the markets daily, but I can guarantee you almost all broad-based ETFs and non-speculative US equities will rise significantly more than 5-6% within the next year, roughly the APR one would pay on a car-loan.

With every car I've financed, however, I've put down 50% rounded up to a nice, whole number. That is of course if there isn't a good promotional lease-offer from the manufacturer, as depending on the circumstances, leasing is the best way to go...

No offense, but if you can do much better putting your money elsewhere, why would you put 50% down? Why wouldn't you borrow as much as you possibly could - my credit union will finance 110%.

To answer the OP's question, I paid cash because debt is a dumb thing to have. Debt = risk.

6MT · 10-09-2009, 01:13 PM

Quote:

Originally Posted by datsunguy

Just wondering how many owners paid cash for your car? Am I the only person that thinks this is a good Idea?

I paid cash. It's really the only way IMO. Why raise the price of the car by paying extra to a bank or credit institution?

Ubunoir · 10-10-2009, 12:12 PM

Cash. Our last car purchase was in 2000, so you figure out how long it took to save up.

earwicker7 · 10-10-2009, 02:28 PM

Quote:

Originally Posted by JoeD

Paying cash makes sense...if you can't manage your money.

I don't think it makes much sense to tie up a liquid $40K when you can get a much higher rate of return properly invested/traded than what you pay on a car-loan. Of course, I do that for a living so others might not have the means and know-how to make money in the markets daily, but I can guarantee you almost all broad-based ETFs and non-speculative US equities will rise significantly more than 5-6% within the next year, roughly the APR one would pay on a car-loan.

With every car I've financed, however, I've put down 50% rounded up to a nice, whole number. That is of course if there isn't a good promotional lease-offer from the manufacturer, as depending on the circumstances, leasing is the best way to go...

I'm sorry, but this makes absolutely no sense. Paying interest is NEVER better than not paying interest. If I had a dime for every banker/broker/con man who "guaranteed" that something was going to rise by x% in the next year, I could pay cash for a Ferrari

.

And, yes, I did pay cash for my car. There is no way in hell I'm paying someone money for the purpose of keeping a car that I don't own; this is the same reason I don't "own" a credit card... if I can't afford to pay cash, I don't need it.

370Zsteve · 10-10-2009, 02:36 PM

Quote:

Originally Posted by davidyan

I paid cash for mine. I don't necessarily think its a bad thing. If what you're saying is that investments will likely rise
5 - 6% and if thats equal to a good APR, then paying cash for the car is sounder because its a guaranteed avoidance of the 5 - 6 % interest expense whereas with the equity investments, you'll gain 5 - 6% only if things turn out as planned, there's always some downside risk, even if its minimal. If you pay cash for a car, you should have enough reserve cash for investing anyhow.

Um, not to mention the capital gains tax................

370Zsteve · 10-10-2009, 02:37 PM

Oh, and in just a couple of weeks, there will be a new 370z sitting in my garage, and it will be paid for in cash.

10-09-2009, 10:40 AM	#21 (permalink)
In2Deep Base Member Join Date: Apr 2009 Location: Austin Posts: 48 Drives: Plat Graphite Spt/Tr Rep Power: 16	Cash. Don't like payments, and in this economy, seems like savings on interest charged is a larger gain than returns on money. __________________ ...and now a message from our sponsors

10-10-2009, 02:37 PM	#30 (permalink)
370Zsteve A True Z Fanatic Join Date: Sep 2009 Location: Gold Coast CT Posts: 10,599 Drives: 2019 Corvette G.S. Rep Power: 43	Oh, and in just a couple of weeks, there will be a new 370z sitting in my garage, and it will be paid for in cash. __________________ SOLD MY Z MARCH 2018 - another Core OG moves on - new ride 2019 Z Corvette Grand Sport - no mods necessary but already have eyes on HFC and intakes LOL IT NEVER ENDS.

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10-06-2009, 12:15 PM	#16 (permalink)
kenchan A True Z Fanatic Join Date: Aug 2009 Location: N/A Posts: 76,801 Drives: N/A Rep Power: 141521	i usually pay my dd's cash but for hobby cars i finance a little bit since i want to buy aftermarket bits the first year. then pay it off the following year.

10-06-2009, 02:18 PM	#17 (permalink)
Robert Z Base Member Join Date: Jan 2009 Location: cooper city, fl Posts: 39 Drives: 09 370 PEARL WHITE Rep Power: 16	Paid cash!!!!!!!!!

10-06-2009, 03:43 PM	#18 (permalink)
billydsz Enthusiast Member Join Date: Aug 2009 Location: New Bern Posts: 252 Drives: 9 370z SptCp SRd 7AT Rep Power: 16	I paid cash for my 370Z. It is the first new car I've ever bought with cash. It's a very good feeling to get that title in the mail, while the car is brand new.

10-06-2009, 05:02 PM	#19 (permalink)
DooDooBrown Base Member Join Date: Jun 2009 Location: Ranson, WV Posts: 178 Drives: 09 370 Touring w/spt Rep Power: 16	Put it all down, haggling is so much easier, and damn, it just feels good not having a car payment!

10-06-2009, 11:00 PM	#20 (permalink)
havasuwiley Base Member Join Date: Jul 2009 Location: lake havasu city az Posts: 131 Drives: 09 370z, 03 z06 etc Rep Power: 16	pd cash.

10-09-2009, 10:45 AM	#22 (permalink)
kannibul A True Z Fanatic Join Date: Jun 2009 Location: Jenks, OK Posts: 2,281 Drives: 370z Touring/Sport Rep Power: 267	Bank loan for price plus GAP, did not wrap TT&L in. 5.8% APR through a bank I didn't know existed, 6yr finance. Payments are roughly $640/mo. As much as I pay for it I should drive it more...lol I've got around $240/mo in credit minimums currently (I pay more than that...), that I have to pay, once those are gone, then it's off to pay off the $233/mo civic payment, once that's gone, Z. Ideally, I'll have all my credit debt gone by April next year, civic gone by this time next year, and Z paid off a year and a half after that. Then it's time to buy a new truck...or jeep, or something more "haul-**** friendly"...or a new civic...lol...but those will be mostly, if not completely, cash sales. I won't use credit cards again, and loans will be only if I get a rate that's less than 5%, as a general rule.

10-10-2009, 12:12 PM	#27 (permalink)
Ubunoir Base Member Join Date: Apr 2009 Location: Claymont, DE Posts: 19 Drives: '99 MX-5 & '09 370z Rep Power: 16	Cash. Our last car purchase was in 2000, so you figure out how long it took to save up.