Bill17601

Thanks DR I needed a good chuckle. Have a Happy New Year and the best to you and your family..

zhopper05

$0.00

bapd77

I think its nonsense too. But most say financing a car is not a good money decision. Im not saying its my advise. I have two cars financed....and I afford them fine. I dont agree with the logic either. I prefer to enjoy life and the money I make.

Icetoad

He wasnt talking to you.... he was talking to bapd77

Crossed Flags Fan

Finance it for whatever you can get.... Make only one payment.....Drive the hell out of it...let them repossess it....Repeat...
It's the American way!!!!!

rstrait

I want to know the guy that has the 7% guaranteed annual return! Most of those who are able to buy ourright talk about the stock market returns like they're a sure thing. There is a correction coming, nobody knows when. There is a fair chance that before the time a loan would be paid off it will come. The people who don't believe, "Past returns are no guarantee of future performance," could be in for a nasty surprise. Having said that, I'm going to take my chances and get a low interest loan rather than buy outright. If the market tanks, I can leave it in for 10 plus years or upon my death, whichever comes first. I wouldn't want to bet which strategy would be best in the short term, say needing the money in 4 to 5 years.

nmvettec7

Agree totally with the above comments.

I was a financial advisor for 31 years, and retired; 2 years ago. Managed over $145 million dollars in assets. Yes, it's been a great 5 years since March 2009. But the guy that had this attitude to finance the car and invest the money in 2007, 2008 and part of 2009, got his *** kicked. How about 1984, 1987, 1994, 2000 and so many other years. Getting a loan for 72 to 84 months makes no sense, and I don't care what people/posters/members want to beat me up over this comment. They can do what they want, it's their money to make or lose. Allot of small time market players think they are the guru of Wall Street, which is a pretty hard thing to be. The markets are like a monster, thay can eat you up and spit you out so quickly, it makes your head spin.

As for 7% guaranteed return, the guy better fully understand what his investment is. In my 31 years on Wall Street, the word guaranteed was never used due to compliance issues. But who knows what he has because his response was so vague.

Let the buyer beware when entering any investment. Bernie Madoff and others had been guaranteeing 7% to 12% returns for years. Today, the clients are crying in their plastic cup filled with cheap beer.

11B250

I'm doing 84 months. Why do I need a financial advisor? I have excellent credit and I have done my math. I rather put down 15K now and penalize myself in 4K of interest vs put down 40K (that I don't have, but would in 2 years by putting away) and not be able to get the car for 2 more years. the interest I will "overpay" is less than what people overpaid for this car when it came out. With the my research, I was able to get the car with 10% discount which some people won't even know about (and pay more for the car that I would interest)

11B250

I see you have alot of experience, but you're looking at this as a finance person. Why not look at it like someone who always wanted this car, and with a slight premium can own it, making dreams come true (the case with many of us)

Just realize some of us pay more for the car overall (added interest) than to wait longer to pay more in cash in the long term.

This is like ragging on a dude who overpaid for his ferrari. It's his damn money. He made it, he earned it, and he paid for the car. If he wants to overpay because he feels a special connection with the car, well more power to him.

they have the option of long term loans for people who can afford to make smaller payments overtime with the penalty of paying for it. I can afford 600 a month, but I can't afford a 36 month loan at 2 times the cost (saving myself 4K in interest). I also rather pay few grand extra in interest and enjoy the car longer than to get it in the future with a much much higher downpayment (diff between a 15K downpayment vs a 40K downpayment if I were to keep payments same)

I'll be paying 5K in interest... that's a decent amount. But it's less than the price diff someone overpaid for this C7 when it 1st came out... (at 9% below MSRP, I actually saved all the interest plus a grand)

This thread is FUBAR from all angles.

nmvettec7

Hey, 11B250:

I agree with you. Your comment, "It's his damn money. He made it, he earned it, and he paid for the car".

11B250

Thanks buddy. Really in the end, if you can make it work. Make it work. If not, you will lose your car, **** will get repoed and your credit will take a huge dump.

But I don't think a bank would give someone a 50-60K loan unless they had the good credit to back it up.

Corgidog1

Everybody's financial situation is different so one statement/rule doesn't fit everyone. For example I don't want to pay cash for my car because I need the cash to mix in with my pre tax retirement dollars to keep myself in a lower tax bracket when I retire and make withdrawals and start collecting social security. I am willing to pay the interest on the loan to keep myself in the 15% tax bracket when I retire at least for a couple of years.

C7Joy

Trade-in plus balance in cash, no payments.

Stepa j

This

In the buy v finance argument we must compare apples to apples. If you pay cash you have guaranteed yourself a return equal to what the interest would be. Assume 2% for a 5 yr note. Current 5 yr treasury is at 1.74. From a financial perspective comparing essentially risk free returns would you not be better off paying cash?

These threads are always fun. The guys that paid cash try to justify their decision and the guys that borrow make fun of the guys that paid cash because they are making 20% guaranteed in the market.

In my case I am too old for payments anymore.

jversluis

zero. paid in cash. What I nice feeling!

Mdm23

I paid cash too. Only I didn't use my cash at this time, I used my credit union's cash.

Ernest_T

Bragging is so unbecoming. Isn't "We're comfortable " code for I'm loaded?

nmvettec7

"Success in life is what you make of it."

Even non college grads can be come multi millionaires, you just need to develop a plan and stick with it.

Financial success does not come overnight, it is a long term endevor. Start early.

And if you are successful and financially secure, be proud of it!

C7-Beast

So my wording was wrong. There is never any gauarntee
When investing. The investment I'm in has made over 7% for the past 3 years. My money is locked away for 5 years or there is a penalty but yes, it could make less than 7% in years 4 and 5. But even if it only made 1% both years it would still be over 7% per year average for the 5 years.

So I'm earning 7 while paying 3.3. To me that's a no brainier.

No, I'm not "well off" and probably should not have purchased a new 2015 but you only live once.

I'm also a non college graduate but have managed to do OK for my family and think after working as hard as I do, I deserve a C7.

nmvettec7

Be proud of your accomplishments....consider yourself a "success".

Enjoy the new ride.