Financing a C4
Drifting
Joined: Nov 2009
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Le Mans Master
Joined: Dec 2004
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As for how I think about money, I wonder then what drove me to buy TWO Corvettes.
Drifting
Joined: Jun 2002
Posts: 1,945
Likes: 41
From: Corinth TX
Maybe instead of wanting to pay cash he decides he wants to put the majority of his money in stocks and let his money work for him versus letting it work for the bank.
Drifting
Joined: Nov 2009
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Safety Car
Joined: Jun 2009
Posts: 4,738
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From: OC Calif
St. Jude Donor '10
Financing vs. paying cash is all relative to an individuals thoughts. Either way, it's a huge waste of money and not a necessity. Said person is out the money for the car, whether they save for it first, or make payments, that's still money that could go elsewhere (on mortgage, 401k etc.).
On top of it, whatever you bought, you're now going to spend even more $ on it for maintenance, repairs, insurance, registrations.. which is also a 'waste' of money to some.
But just remember, the guy that saved for 10 years to buy his favorite ?? and died 2 days before he got it. There's always someone out there like that.
I say, live for today, tomorrow will take care of itself.... somehow.
On top of it, whatever you bought, you're now going to spend even more $ on it for maintenance, repairs, insurance, registrations.. which is also a 'waste' of money to some.
But just remember, the guy that saved for 10 years to buy his favorite ?? and died 2 days before he got it. There's always someone out there like that.
I say, live for today, tomorrow will take care of itself.... somehow.
Le Mans Master
Joined: Apr 2005
Posts: 6,413
Likes: 9
From: The Old Dominion
Um... I'm all for taking some enjoyment from life. But as for your exmaple, for that one guy there are probably 99 who can't retire, can't afford healthcare, can't afford to put their kids through school, whatever, because in the past they assumed tomorrow would take care of itself.
Team Owner
Joined: Jan 2009
Posts: 73,568
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From: Somewhere in Mo
St. Jude Donor '09-'10, '14
so in actualality he only paid what he would have gained from the difference of his cost.
So what would that have been? maybe 1K or 2 at the very most
Thanks for the economics lesson but I don't need one. The thing some people seem to forget is any money received from a 401 or wall street is a gamble and money they made on a bet. In his case he took his winnings and bought a car.
Last edited by RetiredSFC 97; Jul 24, 2010 at 09:16 AM.
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Drifting
Joined: Nov 2009
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well golly jeez. it was a figure of speech. meaning he wasn't out any actual dollars.
so in actualality he only paid what he would have gained from the difference of his cost.
So what would that have been? maybe 1K or 2 at the very most
Thanks for the economics lesson but I don't need one
so in actualality he only paid what he would have gained from the difference of his cost.
So what would that have been? maybe 1K or 2 at the very most
Thanks for the economics lesson but I don't need one
Way to go Mike I was wondering when you were going to chime in. Have a great weekend Pal
Le Mans Master
Joined: Dec 2005
Posts: 5,198
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From: Homestead Fl
St. Jude Donor '06-'07-'10-'11-'12-'13-'14
Call Capital One credit and see what they have for you. Maybe you can pick up 6% for a year. I bought my 90 with a credit check and paid it off pronto. I still keep a high line available for the deal I just can't refuse. You never know when someone decides to let something go cheap. Possibly an ex-wife that picks up a nice car in the settlement and just wants to dump it or a widow that just wants to get rid of all the stuff.
Team Owner
Joined: Jan 2009
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From: Somewhere in Mo
St. Jude Donor '09-'10, '14
Pro
Joined: Oct 2009
Posts: 730
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From: LaGrange Highlands IL
I have used Capital One too in the past for financing older vehicles and it wasn't a bad deal. I don't believe they do that anymore last time I checked for older vehicles. I don't see anything wrong with financing an older vehicle if you can afford the payments. If it becomes a burden you can always sell it hopefully. I financed mine for 36 months, now it's down to 28 months but I don't have any other car payments at this time, my DD is paid for. Now if it was a 63 split window that I was financing for say $50K plus that's a different story, I couldn't justify or afford a $500.plus a month payment for a toy or a DD for that matter for 6 or 7 years.
Joe
Joe
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Race Director
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From: Salt Lake City Utah
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If I were to finance one I would stick to a credit union as they loan more to value than any bank and put a big chunk down so I could get out of it if I needed to.
Melting Slicks
Joined: Feb 2003
Posts: 2,677
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From: Saskatoon Sask.
Since the OP has not added to this thread, it is not known what his intent or financial position is.(or age for that matter). He asked if it is done by any financials, not whether we thought it was a good idea. That being said, if he is a young person and he feels that he can manage the payments, go for it. The best advise is as Jon said, put a fair size chunk down in order to be able to sell the car(even at a loss) if need be. Taking a loss is much better than missing payments and hurting your credit rating. Even if he has the 10 large, at the dirt cheap cost of money these days, I would still finance the car and short term invest the 10 grand to fall back on if conditions warranted it.
Safety Car
Joined: Jun 2009
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From: OC Calif
St. Jude Donor '10
Um... I'm all for taking some enjoyment from life. But as for your exmaple, for that one guy there are probably 99 who can't retire, can't afford healthcare, can't afford to put their kids through school, whatever, because in the past they assumed tomorrow would take care of itself.
Race Director
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From: Rolla Missouri
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St. Jude Donor '10 thru '25
Le Mans Master
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From: Everett WA
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Geeze you guys **** on each other too much.
arbee hit it right in my opinion. The OP didn’t ask us if we thought financing a 15 yrs old car was a wise decision nor did he provide us with enough facts to enable some of us more “experienced” folks to provide the wisdom of our experience as it would relate to a particular set of circumstances. He simply asked for information on how to go about doing something.
Perhaps some of us would benefit by backing away from this long enough to have a sip of Scotch and then come back to the keyboard.
arbee hit it right in my opinion. The OP didn’t ask us if we thought financing a 15 yrs old car was a wise decision nor did he provide us with enough facts to enable some of us more “experienced” folks to provide the wisdom of our experience as it would relate to a particular set of circumstances. He simply asked for information on how to go about doing something.
Perhaps some of us would benefit by backing away from this long enough to have a sip of Scotch and then come back to the keyboard.
