The one and only car I ever financed was back in the mid-1970's and it was outrageous....a $76.87 monthly payment! I pay cash for my cars and I don't flip them every couple years just to have the latest-greatest. I'll keep a good car for many years.
__________________ 2005 Corvette C6 Coupe
Magnetic Red Metallic II/Cashmere, MN6, 1SB, F55
Lingenfelter 403 Conversion, LG Pro Headers (coated), Corsa Sport Exhaust, Lingenfelter CAI, Accusump, LGM Coil-Over Suspension & Bump-Steer Kit, T1 Sway Bars, Pfadt Control Arm Bushing Kit, Elite Eng. Tunnel Plate & Oil Catch-Can, SKF Racing Hubs/Bearings, AP Racing Brakes, DRM Brake Ducts, Custom Roll Bar, Sparco Seats, Wide-Booty, CCW C10 Wheels,Setup: LG Motorsports
It's nice to pay cash, but last year when they were offering free financing, you'd have been better off investing the money and financing the car. Most of my investments made 30-40 pct last year... On a 65g car, that money would have returned around 22g.
I bought my car in March, 2008 and paid cash but the market plunged that year and I was happy to have gotten my car with no payments. Do whatever you think is best since markets are always so volatile.
Currently at 45,000 and climbing - enjoy driving your Corvette!
Mines paid off. I had a 5 year note, but I paid it off after 3 years (lump sum on the final two years).
I came with a hefty down payment so the loan wasn't outrageous to begin with. However to pay it off, I rolled my car loan, student loan, and old mortgage into my new mortgage because I got a lower interest rate (by over a percentage point) and I'm still waaaay right side up on my house (loan is only 55% of the equity)