Paying Cash Or Financing Your Future C8/Auto?
11-03-2022, 10:08 AM
#1
Instructor
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Paying Cash Or Financing Your Future C8/Auto?
Two months ago, I bought my wife a new Jaguar F-Pace SVR; I'm not a Baller so I had to finance it. Two months ago, interest rates were semi-high but today, thanks to the Feds continuing their incremental raises, auto loan rates are through the roof. My future E-Ray IMO won't be released til late 2024 or early 2025; I'm hoping by then rates will go back to what they were in 2020/21. But if this trend continues without ceasing, my future E-Ray may end up being only a dream 🥴
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Popular Reply
11-03-2022, 11:09 AM
If interest rates keep you from buying a car, you shouldn't be buying a car.
11-03-2022, 10:27 AM
#2
Melting Slicks
Two months ago, I bought my wife a new Jaguar F-Pace SVR; I'm not a Baller so I had to finance it. Two months ago, interest rates were semi-high but today, thanks to the Feds continuing their incremental raises, auto loan rates are through the roof. My future E-Ray IMO won't be released til late 2024 or early 2025; I'm hoping by then rates will go back to what they were in 2020/21. But if this trend continues without ceasing, my future E-Ray may end up being only a dream 🥴
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Klakeman (11-05-2022)
11-03-2022, 10:34 AM
#3
I agree these bottom rates aren’t coming back any time soon.
I financed my C8 at 2.29% as it made sense financially for a number of reasons for me. But at 7% rates? Would have paid cash.
11-03-2022, 10:36 AM
#4
Burning Brakes
Rates will keep increasing until they are minimum 10%, 1980s levels, until 2024/2025. The government refuses to stop wasting money and won’t acknowledge the truth. Just today the White House says the data is strong and we are not in a recession despite us entering one months ago. It will get worse before it gets better. US is first, UK and Europe are next.
11-03-2022, 10:41 AM
#5
Le Mans Master
My 2022 C8 is financed at 1.99% and my 2014 C7 was financed at 1.59%. Great rates, but I'm afraid we won't see those kinds of APRs for a very long time, if ever again....
11-03-2022, 10:43 AM
#6
Melting Slicks
2% loans were the aberration. Not the norm. People have short memories and forget historically it hasn’t been nearly this cheap to borrow money.
I agree these bottom rates aren’t coming back any time soon.
I financed my C8 at 2.29% as it made sense financially for a number of reasons for me. But at 7% rates? Would have paid cash.
I agree these bottom rates aren’t coming back any time soon.
I financed my C8 at 2.29% as it made sense financially for a number of reasons for me. But at 7% rates? Would have paid cash.
That or the whole world collapses in which case it doesnt matter anyway lol.
11-03-2022, 10:59 AM
#7
Le Mans Master
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I always pay cash...
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11-03-2022, 11:01 AM
#8
Le Mans Master
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11-03-2022, 11:05 AM
#9
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11-03-2022, 11:16 AM
#11
Always finance when it makes sense - it does not make sense now.
11-03-2022, 11:22 AM
#12
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11-03-2022, 11:35 AM
#14
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11-03-2022, 11:58 AM
#15
I personally think that rates will float around 5% while the Fed looks for signs of a cooling economy. It's a tug of war with the Fed trying to cool irrational exuberance (greed), The Feds bump up the rates and investors take that as a sign to invest, it's a goofy **** nation if you ask me. Raise rates, market goes up, Fed has to raise further as a response. Rinse repeat. We are either dumb as heck or greedy beyond belief, either choice not good.
11-03-2022, 11:59 AM
#16
Melting Slicks
I financed part of my C8 at 2%, paid cash for the rest. That was a no brainer for me as I have a reasonable car payment and plenty of equity in the car.
There is no way I would finance a C8 at ~7.0% with the used car market correcting. That's a good way to find yourself WAY upside down.
There is no way I would finance a C8 at ~7.0% with the used car market correcting. That's a good way to find yourself WAY upside down.
11-03-2022, 12:01 PM
#17
Le Mans Master
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11-03-2022, 12:23 PM
#18
11-03-2022, 12:25 PM
#19
Le Mans Master
I do plan on financing my upcoming C8 and am concerned with rising interest rates. Will likely have to put more cash down (which is always a good thing) or perhaps put the purchase off altogether.
Of course, we'll have all the ballers here stating they only pay cash. While I am not saying most are full of ****, cash buyers are certainly in the minority as 84% of new cars are financed. The same boasts of cash-only play out in Porsche forums as well, yet 72% of Porsches sold have $1,000+ monthly payments.
Of course, we'll have all the ballers here stating they only pay cash. While I am not saying most are full of ****, cash buyers are certainly in the minority as 84% of new cars are financed. The same boasts of cash-only play out in Porsche forums as well, yet 72% of Porsches sold have $1,000+ monthly payments.
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11-03-2022, 12:37 PM
#20
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I do plan on financing my upcoming C8 and am concerned with rising interest rates. Will likely have to put more cash down (which is always a good thing) or perhaps put the purchase off altogether.
Of course, we'll have all the ballers here stating they only pay cash. While I am not saying most are full of ****, cash buyers are certainly in the minority as 84% of new cars are financed. The same boasts of cash-only play out in Porsche forums as well, yet 72% of Porsches sold have $1,000+ monthly payments.
Of course, we'll have all the ballers here stating they only pay cash. While I am not saying most are full of ****, cash buyers are certainly in the minority as 84% of new cars are financed. The same boasts of cash-only play out in Porsche forums as well, yet 72% of Porsches sold have $1,000+ monthly payments.
Brand new Jaguar F-Pace SVR
My 6 other cars
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