View Poll Results: Is your Corvette still financed or free and clear?
My C6 is still financed
178
31.84%
My Corvette is owned free and clear
381
68.16%
Voters: 559. You may not vote on this poll
Poll- % of vettes still financed vs clear.
03-14-2010, 09:43 PM
#83
Drifting
Most folks do not buy cars like this unless they actually have some money in the bank
03-14-2010, 09:46 PM
#84
Race Director
Member Since: Dec 2007
Location: Maumelle Arkansas
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St. Jude Donor '13-'14-'15-'16-'17
I guess I'm old school. I haven't financed a vehicle in 30 years or more.
Just put your money in savings drawing a little intrest (not much now) and in a few years you have the full payment. I realize it's not the American way, but I have the title that way. If I can't put some aside for a couple of months it's no big deal, like missing a bank monthly payment.
LJ
Just put your money in savings drawing a little intrest (not much now) and in a few years you have the full payment. I realize it's not the American way, but I have the title that way. If I can't put some aside for a couple of months it's no big deal, like missing a bank monthly payment.
LJ
03-14-2010, 09:50 PM
#85
Pro
Member Since: Sep 2006
Location: Boone Lake Tennessee
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Hey I agree 100%. I have and had at the time of purchase cash to make a cash purchase but still did not pay cash. I have had the cash to pay it off since the day I bought it and still will not pay it off...I own a business and the cost of having cash available is well worth the 2.89% of interest I pay...not to mention I need the tax credit as it is a company vehicle...
Also look over on the "for sale" section and ready how many are for sale for things like "baby on the way and cant afford" or need a car with back seat...believe me if you paid cash you would have the cash to but a second car...still smell that aroma!!!
03-14-2010, 09:52 PM
#86
Goon Squad King of Battle
Member Since: May 2008
Location: 🐑🐑🐑🐑🐑🐑🐑🐑🐑🐑🐑
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St. Jude Donor '08-'09-'10-'11-'12-'13x3- '14-'15-'16-'17-'18-'19-'20-'21-'22-'23
I guess I'm old school. I haven't financed a vehicle in 30 years or more.
Just put your money in savings drawing a little intrest (not much now) and in a few years you have the full payment. I realize it's not the American way, but I have the title that way. If I can't put some aside for a couple of months it's no big deal, like missing a bank monthly payment.
LJ
Just put your money in savings drawing a little intrest (not much now) and in a few years you have the full payment. I realize it's not the American way, but I have the title that way. If I can't put some aside for a couple of months it's no big deal, like missing a bank monthly payment.
LJ
03-14-2010, 09:55 PM
#87
Goon Squad King of Battle
Member Since: May 2008
Location: 🐑🐑🐑🐑🐑🐑🐑🐑🐑🐑🐑
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St. Jude Donor '08-'09-'10-'11-'12-'13x3- '14-'15-'16-'17-'18-'19-'20-'21-'22-'23
Hey I agree 100%. I have and had at the time of purchase cash to make a cash purchase but still did not pay cash. I have had the cash to pay it off since the day I bought it and still will not pay it off...I own a business and the cost of having cash available is well worth the 2.89% of interest I pay...not to mention I need the tax credit as it is a company vehicle...
Also look over on the "for sale" section and ready how many are for sale for things like "baby on the way and cant afford" or need a car with back seat...believe me if you paid cash you would have the cash to but a second car...still smell that aroma!!!
Also look over on the "for sale" section and ready how many are for sale for things like "baby on the way and cant afford" or need a car with back seat...believe me if you paid cash you would have the cash to but a second car...still smell that aroma!!!
If you can't do that, follow these guidelines --> http://www.smsmallbiz.com/Writing_Of..._Expenses.html
03-14-2010, 10:21 PM
#95
Pro
Member Since: Sep 2006
Location: Boone Lake Tennessee
Posts: 516
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Best way to deduct a company vehicle is to have the COMPANY lease it. 100% write off. The hard part is building the credit for the COMPANY to be able to get the lease approval. Typically lenders like to be able to go after people, not businesses.
If you can't do that, follow these guidelines --> http://www.smsmallbiz.com/Writing_Of..._Expenses.html
If you can't do that, follow these guidelines --> http://www.smsmallbiz.com/Writing_Of..._Expenses.html
Last edited by srpbaer; 03-14-2010 at 10:30 PM.
03-14-2010, 10:24 PM
#96
Burning Brakes
The hubby financed his vette, but its paid off now.
This subject can be debated forever. What works for someone might not work for someone else. When its all said and done, just go out and enjoy your toy!!
Monique
This subject can be debated forever. What works for someone might not work for someone else. When its all said and done, just go out and enjoy your toy!!
Monique
Last edited by GO4URS; 03-14-2010 at 10:27 PM.
03-14-2010, 10:27 PM
#97
Le Mans Master
Member Since: Feb 2008
Location: S.F. Bay Area CA.
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Think about it. If you can get a $50,000 car loan at 0-2%, and keep that 50k in 5 10k CDs at a rate of 2.5%, you'd be nuts to pay cash and let that same 50k make someone else money.BEST CD..APY's
6 MO......1.36%
1 YR.......1.70%
3 YR.......2.51%
5 YR.......3.35%
NEW & USED CAR LOANS
Product.............RATE....LAST WEEK
48 Mo Used Car 6.71% 6.92%
48 Mo New Car 6.58% 6.84%
36 Mo Used Car 6.86% 7.07%
36 Mo New Car 6.44% 6.70%
03-14-2010, 10:31 PM
#98
Pro
Member Since: Sep 2006
Location: Boone Lake Tennessee
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03-14-2010, 10:34 PM
#99
Drifting
In order to get a deal on a Vette, it's 0% for 72 mos., or $4,000 cash off a 2009. If you take the dealer inscentive financing instead of their upfront cash discount offer, and then plan to place money in an interest bearing account, at that same point in time, to arbitrage, you've lost $4,000 interest right off the bat, and here's what you'd be looking at for CD rates.
BEST CD..APY's
6 MO......1.36%
1 YR.......1.70%
3 YR.......2.51%
5 YR.......3.35%
NEW & USED CAR LOANS
Product.............RATE....LAST WEEK
48 Mo Used Car 6.71% 6.92%
48 Mo New Car 6.58% 6.84%
36 Mo Used Car 6.86% 7.07%
36 Mo New Car 6.44% 6.70%
BEST CD..APY's
6 MO......1.36%
1 YR.......1.70%
3 YR.......2.51%
5 YR.......3.35%
NEW & USED CAR LOANS
Product.............RATE....LAST WEEK
48 Mo Used Car 6.71% 6.92%
48 Mo New Car 6.58% 6.84%
36 Mo Used Car 6.86% 7.07%
36 Mo New Car 6.44% 6.70%
03-14-2010, 10:39 PM
#100
Team Owner
Member Since: Mar 2008
Location: Canon City Co
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St. Jude Donor '11,'13
"I voluntarily took 60 days off from OT"
