Financing
Instructor
Joined: Oct 2018
Posts: 164
Likes: 63
From: Maryland
most definitely to each their own. But why assume this is a toy? Because it’s a toy for you it’s one for everyone? Because you can write a check or choose not to make more then 2% on whatever the price of your car is, that’s cool. I think your logic is flawed, but that’s cool too. Everyone makes their own choices. I def hate debt but I need a new car and no way I’m paying it off when I can borrow at 1.99% and invest over the life of the loan. I’m gonna drive mine every day. So at that point does the logic change for you toy vs. daily driver? Loan vs. cash? Just curious. Doesn’t matter to me what you or anyone thinks about how I spend my money (not being rude, statement of fact), but you’ve made some assumptions based on your point of view which prob doesn’t apply to some.
Le Mans Master
Joined: Aug 2017
Posts: 8,545
Likes: 828
From: Sarasota Florida BWO Columbus, Ohio
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I did that when I got my '17 GS and am sorry I did.
Sure, I didn't have a loan payment to think about, but that's not good enough reason to throw money away.
$60K could have gone a long way in the market during the course of a 60 month loan.
This thread is timely for me. For my C8 purchase I'm thinking to finance.
Thanks to @Bainreese for starting this thread.
Just because some would rather their money grow in the market, vs lose all that investment potential by writing a check, has no correlation to whether they can afford to write the check.
I agree with you if you believe that those who CAN'T write the check shouldn't be buying, or thinking about buying, $85K - $100K toys.
Sure, I didn't have a loan payment to think about, but that's not good enough reason to throw money away.
$60K could have gone a long way in the market during the course of a 60 month loan.
This thread is timely for me. For my C8 purchase I'm thinking to finance.
Thanks to @Bainreese for starting this thread.
Just because some would rather their money grow in the market, vs lose all that investment potential by writing a check, has no correlation to whether they can afford to write the check.
I agree with you if you believe that those who CAN'T write the check shouldn't be buying, or thinking about buying, $85K - $100K toys.
Last edited by gowenfast; May 2, 2021 at 02:25 PM.
Le Mans Master
Joined: Aug 2017
Posts: 8,545
Likes: 828
From: Sarasota Florida BWO Columbus, Ohio
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most definitely to each their own. But why assume this is a toy? Because it’s a toy for you it’s one for everyone? Because you can write a check or choose not to make more then 2% on whatever the price of your car is, that’s cool. I think your logic is flawed, but that’s cool too. Everyone makes their own choices. I def hate debt but I need a new car and no way I’m paying it off when I can borrow at 1.99% and invest over the life of the loan. I’m gonna drive mine every day. So at that point does the logic change for you toy vs. daily driver? Loan vs. cash? Just curious. Doesn’t matter to me what you or anyone thinks about how I spend my money (not being rude, statement of fact), but you’ve made some assumptions based on your point of view which prob doesn’t apply to some.
Le Mans Master
Joined: Aug 2001
Posts: 6,333
Likes: 1,311
C3 of Year Finalist (stock) 2019
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I'm not inferring anything, about anyone and their financial position, ability to afford a mid level toy, etc. I'm just saying, for me, I do not buy anything, not just toys, unless I can afford to write a check for it. Ohhh, what you said is true if the markets advance, but if it doesn't....
As far as the market advancing ... really? When was the last time the market didn't see better than 2% - 3% (in this case merely comparing/referencing finance rates)?
But it is your money, your choice. We're all looking for a good night's sleep.
Le Mans Master
Joined: Aug 2017
Posts: 8,545
Likes: 828
From: Sarasota Florida BWO Columbus, Ohio
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Well, you actually DID say if you CAN'T write a check. To me, CAN'T means you're unable to back up the check with cash. Perhaps you meant unwilling to write the check.
As far as the market advancing ... really? When was the last time the market didn't see better than 2% - 3% (in this case merely comparing/referencing finance rates)?
But it is your money, your choice. We're all looking for a good night's sleep.
As far as the market advancing ... really? When was the last time the market didn't see better than 2% - 3% (in this case merely comparing/referencing finance rates)?
But it is your money, your choice. We're all looking for a good night's sleep.
Last edited by gowenfast; May 2, 2021 at 03:08 PM.
Instructor
Joined: Oct 2018
Posts: 164
Likes: 63
From: Maryland
that is so true. I’m here is where I injected my preference/perspective. I primarily invest, but not solely, in index funds. So to me a market investment isn’t the same as someone who doesn’t invest in that way. Excellent point you made.
Geeeezzzz, reread the post. I said, if "I" can't write a check, then "I" don't...I didn't say "you"..Hey, do what you want. I was merely conveying my personal preference, nothing more...As far as the market goes, the only thing that is important in an up, or down market, is what your particular stock (bond, etc) choices are doing, right?
Pro
Joined: Feb 2020
Posts: 581
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Don't forget dividend and Capital Gains taxes --- and they're going up way more with the current Administration. For us close to retirement, we don't want debt or market volatility either. To each their own.
Le Mans Master
Joined: Aug 2017
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From: Sarasota Florida BWO Columbus, Ohio
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Le Mans Master
Joined: Aug 2001
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Apologizies to the OP for my adding to the deviation from topic.
I'll be on the side.
Pro
Joined: Mar 2007
Posts: 556
Likes: 415
So here's a snag: My CU doesn't want to work with MacMulkin because they're out of state, but they will "refinance" it. So I'll be paying cash and then getting a loan when I eventually get it titled and registered in my state.
Burning Brakes
Joined: Oct 2020
Posts: 877
Likes: 523
From: NJ
Lmao this thread digressed lol...
im looking to put down about half and finance the other half. I have Ally as my Bank so I might use them for convenience, unless their rate is a huge difference. Only issue is, can’t get a quote online from them. Have to go through my dealer so doing that this week
im looking to put down about half and finance the other half. I have Ally as my Bank so I might use them for convenience, unless their rate is a huge difference. Only issue is, can’t get a quote online from them. Have to go through my dealer so doing that this week
Pro
Joined: Oct 2017
Posts: 517
Likes: 426
From: Myrtle Beach, SC
why would anyone drop $80K cash on a car with these historically low interest rates? I'd much rather borrow someone else's money and have them front the liability for peanuts than give away my own. especially when my money can be spread out to accomplish so many other things. Just doesn't make sense to me.
Heel & Toe
Joined: Jan 2021
Posts: 21
Likes: 10
Lmao this thread digressed lol...
im looking to put down about half and finance the other half. I have Ally as my Bank so I might use them for convenience, unless their rate is a huge difference. Only issue is, can’t get a quote online from them. Have to go through my dealer so doing that this week
im looking to put down about half and finance the other half. I have Ally as my Bank so I might use them for convenience, unless their rate is a huge difference. Only issue is, can’t get a quote online from them. Have to go through my dealer so doing that this week
Dealer financing is scummy if you don't come in with the right bargaining chips.
Last edited by collapsedsilence; May 3, 2021 at 03:50 PM.
Race Director
Joined: Aug 1999
Posts: 13,251
Likes: 2,503
From: Bluffton SC via Canton Oh
why would anyone drop $80K cash on a car with these historically low interest rates? I'd much rather borrow someone else's money and have them front the liability for peanuts than give away my own. especially when my money can be spread out to accomplish so many other things. Just doesn't make sense to me.
Cant argue that! I think it depends on your age. For us, it out late 60s the feeling of debt free is very rewarding. We bought used cars forever, bought a new c5 in 1999 and had it 13 years. Then the kids left and we got extra money! More corvettes! Wife just bought her first new car last fall and I had to push her hard to make that jump.
Also we’re at the point where we have enough money, the kids have good jobs so any returns we’d get on the cash would go to grandkids. Forget that! Debt free is worry free for me.
And my rate of return on my corvettes have been decent .....but each to their own. Looks like 1.99 is the best. About 5 years ago I got 1.59 from capital one but not today.
grab those low interest rates now......inflation is coming!
Burning Brakes
Joined: Oct 2020
Posts: 877
Likes: 523
From: NJ
I would highly suggest getting an online quote from a couple of local credit unions with a pre-approved rate BEFORE walking into your dealer. I walked into the dealer and they ran my credit (820 score) and offered me something absurd like 6%, I laughed and said is that the best you can do? They "negotiated" it down to 4%, so I pulled out my pre-approved rate of 2% and they magically could match it. I also was willing to write a check for the full amount and finance nothing at all if I couldn't get under 2.5%, because even my safest guaranteed investments beat that. I was also warned by the credit union agent that the dealer would tack on half a percent if financed directly through them, which sure enough is the case and they had to have me sign basically two different documents of the "dealer" rate and then the half percent reduction from what I was already pre-approved for.
Dealer financing is scummy if you don't come in with the right bargaining chips.
Dealer financing is scummy if you don't come in with the right bargaining chips.