Did you pay cash for your Z?

Ubunoir · 10-10-2009, 11:12 AM

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

Valentino · 10-23-2009, 04:53 AM

Cash is the way to buy anything. If you can't afford it in cash it's not for you.

Matt · 10-23-2009, 09:13 AM

I knew I shouldn't have taken out that mortgage!! I should have just payed cash!

superz · 10-23-2009, 02:33 PM

Sold my H2 put just a little cash with it. So absolutely paid cash. Now I just have to change my driving habits.

GETU1 · 10-23-2009, 04:44 PM

Paid cash for mine. I regret it though, because it doesn't do anything for my credit.

Smallywood · 10-23-2009, 05:01 PM

I financed $237,759.84

BrianZ · 10-24-2009, 02:38 PM

Quote:

Originally Posted by Matt

I knew I shouldn't have taken out that mortgage!! I should have just payed cash!

Come on Matt, a guy with your financial savvy knows that mortgage interest is tax deductable.

The house could definitely fall into the area of "good debt". The car definitely falls into the area of "bad debt", just like credit cards.

Matt · 10-24-2009, 02:54 PM

Quote:

Originally Posted by BrianZ

Come on Matt, a guy with your financial savvy knows that mortgage interest is tax deductable.

The house could definitely fall into the area of "good debt". The car definitely falls into the area of "bad debt", just like credit cards.

I think it depends on the loan terms and the person's overall financial position on whether or not a car loan should be considered "bad debt" or just simply "debt".

Someone who chooses a 84 month term at something like, I don't know, 10% or higher, certainly has crossed the line into the "bad debt" arena.

But take someone who just doesn't have the means to save 40,000 cash while investing nearly 20% for retirement and paying their mortgage. Would financing that car, especially at 36 or 48 month terms at 3%, be considered bad debt? How is that even in the same neighborhood as a credit card with an APR of 15%+?

I see the argument that it's not "good debt" when compared to a mortgage. I just can't agree that paying cash for a car is better than financing, unless you're pulling 40k out of a 3 million dollar retirement account or inheritance.

Even if I personally had 40k in my bank account right now, I still would've only put 20k down and financed the rest over 36 months.

EDIT: This sounds like I'm getting a little defensive....please don't take it that way. Perhaps I'm just jealous I'm not wealthy enough to write the check some of you were able to.

10-23-2009, 04:53 AM	#2 (permalink)
Valentino Enthusiast Member Join Date: Jan 2009 Location: RaceTrack Posts: 349 Drives: SOLD 09,370z,M6 Rep Power: 306	Cash is the way to buy anything. If you can't afford it in cash it's not for you. __________________ Lou Fusz Nissan \| KW V3 \| SPL rear camber and toe bolt \| OS Giken LSD \| Nismo Diff cover \| Engine Oil cooler \| F.I. TDX Cat Back 18" Resonators \| F.I. Resonated Test Pipes \| Injen cold air intake \| COBB AccessPORT \| JWT Clutch Flywheel \|

10-23-2009, 05:01 PM	#6 (permalink)
Smallywood Track Member Join Date: Jul 2009 Location: Central Ohio Posts: 501 Drives: 12 GT-R BlackEdition Rep Power: 17	I financed $237,759.84 __________________

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10-10-2009, 11:12 AM	#1 (permalink)
Ubunoir Base Member Join Date: Apr 2009 Location: Claymont, DE Posts: 19 Drives: '99 MX-5 & '09 370z Rep Power: 17	Cash. Our last car purchase was in 2000, so you figure out how long it took to save up.

10-23-2009, 09:13 AM	#3 (permalink)
Matt A True Z Fanatic Join Date: Oct 2009 Location: Augusta, GA Age: 42 Posts: 1,680 Drives: 2010 Avalanche LT Rep Power: 19	I knew I shouldn't have taken out that mortgage!! I should have just payed cash!

10-23-2009, 02:33 PM	#4 (permalink)
superz Base Member Join Date: Sep 2009 Location: Overland Park, KS Posts: 11 Drives: 09 370Z TS Black Rep Power: 16	Sold my H2 put just a little cash with it. So absolutely paid cash. Now I just have to change my driving habits.

10-23-2009, 04:44 PM	#5 (permalink)
GETU1 Base Member Join Date: Oct 2009 Location: Houston, TX Posts: 81 Drives: 2009 370Z Rep Power: 16	Paid cash for mine. I regret it though, because it doesn't do anything for my credit.