Aurora40

To me, with the way things are out there, I definitely want to finance. We are sorta in the market for another car. No way I'd buy it outright unless it's like some <$5-10k thing.

With the economy the way it is, I'd rather have $20k in the bank and a $350 a month commitment than $0 in the bank and a car that might be hard to sell. If I lose my job, I can use the money to buy time until I find another. I can't pay any bills with a car.

Anyway, to the OP, I used USAA to finance my Z. It was 15 years old at the time, but I didn't have any problem getting a low interest loan for it. You can finance older cars.

MR.LT1

My thoughts exactly......

phrogs

I know myself I have never been living for the future retirement I live today right now and in the business that I was in I never knew when It would be my time to go you know with wars and all so Ill always live for the now!


Of course my Corvettes and other cars I have never really though of them as toys.

I drive mine everyday so I have only one payment the corvette not the corvette and the daily beater payment as well.

ah but I understand buying outright but I could never save that much cash up to buy a car like that.

dallas916

Cash in 2001. I hate banks and kissing azz for loans. But, Aurora has apoint about holding onto cash these days and letting someone else take the risk. My wife got a notice from her credit union last week: a "check" for about $45,000 to buy a vehicle...no questions, just pick it and buy it. Yeah, we're still chuckling about it. Stiiiiilllll....it is tempting to get a vehicle that shouldn't need any repairs for years rather than paying cash for used cars.

Of course, with the ZR-1 the purchase price was only the beginning.

JThomas

I paid cash for my '92 Z. Of course it was sixteen years old and had 97,000 miles when I bought it, so the price was very reasonable.

rickyrj1

I paid half cash and half finance. The reason I did that was I told my wife the price of the car was what I was financing. If she knew the real price the purchase would have never happened . It makes sense to finance if you are getting a lower rate than your investments are returning. Things got out of control with the world when people didn't car how much something cost but how much a month it will cost them (no regard for interest rate either)
I never buy anything I can't afford but you would be surprised what you can do when you are highly motivated (95ZR1)
I caught all kinds of greif from my freinds about buying an 11yr old car for the price of a new one. Its a Z thing they don't understand

Paul Workman

Might have been 11 years old, but considering the technology of a new LSx car with its 1955 pushrod technology vs. the LT5, your car was waaay ahead technologically speaking - & still is today!

And, while we're at it, it is bugging the chit outta me to have to be searching Ford DOHC developments to learn more about hot rodding the LT5! Sheesh!

P.

96LT4

Local credit union gave me a 5 year note, but I paid it off in 1.

Paid cash for my yellow LT4 ragtop though...felt nice to just wire the money and have the car delivered and not worry about payments.

glass slipper

I paid $12700 down and financed $50000 at 6.9% in Dec '92. Payments were $996/month but I didn't care...everything I had was paid off so it was time for my dream car. Plus it was getting close to the end of my marriage so half of the depreciation and interest payments were "shared" with my ex and I've gotten all the enjoyment over the last 17+ years.

I never thanked her for that...maybe I should give her a call.

MR.LT1

Rkreigh

home equity loan, and I knew I could pay it off by selling other toys

right now, I don't finance anything and do without, but the young one is headed for college, and I have most of that saved up, (2 years worth) and will finance the rest if I can get her through the first 2

cars (any but the really rare lucky few) are a pretty poor investment, but I'm with Phrogs, life is too short to drive junk

and I keep few spares as my backup plan

Rex Ruby

Bought my first Ruby from the proceeds of a real estate sale and a small loan, paid the loan off in 3 or 4 months. Bought my convert Ruby cash, sold that cashed out some stock to buy the ZR1

I believe in minimal debt but sometimes it makes sense to use other peoples money.
It's your money handle it as YOU see fit