Majestic94

You people baffle me with this nonsense. You’re not controlled by anybody, you’re paying back the bank that fronted you the money so you can enjoy it now and hedge against inflation (and the evil people who “print” money) . You have it completely backwards.

If I want a car in 2020, why wait till 2026 to have all the cash so I can “be free” just to have much of that cash incinerated by inflation? Not to mention wasting another 6 years off the death clock. Thanks to financing, I’ve been enjoying toys my entire life, not just at the end of it.

Majestic94

If you blocked all the weekly repeating threads there wouldn’t be much going on on this forum.

rkrupka

Credit cards have been quite good these past years - points and travel bonus keeps us well ahead.
A higher education always give a higher salary - best to have a goal.

Majestic94

Funny, I’ve heard that song for over 20 years and I always heard Rs. It makes for a much better rhyme the way you hear it.

Stltennis

I'll definitely be paying cash. Been saving up for 2 years for this

Red08

With all of the uncertainty with the economy today, I wouldn't even consider taking out a loan for a "want", not a need. Basic transportaion is generally a need, but not an expensive sports car. Do what you want, but it's not my debt.

Mr DJ

So which one are you going with: SR, Z06, E-Ray, others?

Majestic94

What’s the difference? If the economy tanks and you lose your job, you either have a car loan and cash or have a paid off car and no cash.
You can always sell the car.

Majestic94

Here’s a secret, you can pay your credit card off every month, collect the points and still never pay a cent in interest. It makes no cents to get 2% cash back of you’re paying 18% in interest.

No a higher education doesn’t always pay a higher salary. That’s why we have a student debt crisis. You can rack up $100k in student loans and still get a job that pays $35k a year. Since loans aren’t means tested, schools can raise tuition to anything they want because they count on student loans to cover the cost.

mnm4ever

Selling a car is easy right now but that’s not always the case. In a recession prices and demand drop. If you lose your job and need to pay a mortgage and the family car payment, insurance, you still need to eat and pay utilities too. A second or third very high payment on a toy can quickly become an anchor.

Also, I think everyone should back down the “never borrow money” to don’t borrow more than you can comfortably afford. If your car payments exceed your house payment that’s a red flag. If your car payments exceed 20% of your income that’s a red flag. If your budget is so tight that a jump in interest rates means you can’t afford the payment that’s a red flag. I work with a lot of tech ppl who come right out of college into $200k+ salaries. A lot of them buy some outrageously expensive cars on payments. They have decades to worry about retirement accounts and mortgages. Maybe that’s fine. Maybe they will always be high earners. I don’t personally think it’s smart but I’ve been hungry before. I know what it’s like to lose a paycheck for 6 months so I am more risk averse. I’m also a lot older than them!

mnm4ever

Maybe there are R’s. What the heck do I know? I’m the worst with song lyrics!

It wouldn’t be the first time an artist takes liberties with what rhymes and what doesn’t. Like Steve Miller and Take the Money and Run. That song is all over the place!

Mr DJ

Ladies N Gents, OP here. This thread has gone butt wild. I simply asked if you were paying cash or financing your C8 or any auto. Although many of you had good intentions, I wasn’t “read between the lines” asking for financial advice. I did say if interest rates keep rising, my E-Ray would only be a dream; that was just a statement, not a cry for advice but I do appreciate you. The ONLY negative unwarranted advice I was given was “if I was concerned about higher interest, then I shouldn’t buy a car.” That was 🤣🤣🤣

I currently own 7 cars: 23 Jag F-Pace SVR; 21 Jag F-Type R; 21 Kia Seltos; 20 Toy Rav4 Hybrid; 19 C7 Grand Sport; 17 Jag F-Pace Diesel; and a 12 Suzuki SX4. Scroll up to post 22 if you care to see each of them.

Along with the 7 above, I will be adding an E-Ray, a ZR1, a Hummer EV SUV, a Denali EV Edition 1 and maybe, just maybe, a C9.

In case you missed the quick drag race between me and my lovely wife:

seafordguy

This post definitely gets braggart post of the week.

Stltennis

just Stingray. Will be my first corvette purchase

robertbruce

I will say it. Most ballers are full of ****. If you have to brag about paying cash or how much money you have, You don't have any!

seafordguy

The person I know with the most extensive car collection drives a late 80’s mustang 99% of the time. It is dented and the paint is faded horribly and the last time I saw him it had a fair amount of duct tape on the rag top - I doubt it has been water tight in 20 years. You’d never know what an exciting collection of cars he has.

Majestic94

Agree on your second point, but getting laid off and having a paid off $90k car and no car payment isn’t better than having a car loan and $90k in cash.
Therr are far worse cars to be stuck with than a Vette that has proven to hold value over the past decades. The last recession in 2008, my house and stocks tanked but my C5 was the only asset I owned that actually held any value.

JD'S WHITE 93

Everyone’s a millionaire online lol 😂

Majestic94

Fairly predictable with this demographic. Full of humble brags and proud (but out of date) brags of only paying cash.

JDSKY

Seems like lower monthly payments makes the possibility of keeping the paid for car a better one than having to liquidate a car due to a job loss or divorce or whatever the sudden bad financial situation happens to be. Many of your posts in this thread infer that those with loans have that same amount of cash either sitting in the bank or in other investments. Perhaps that's the case but I doubt it. If it was the case I doubt there would be so many posts throwing insults at some that have posted they prefer to pay for their toys rather than take out loans on them.

Anyway. The OP seems to have asked and answered his own question. I guess it was meant to be rhetorical.