I am an idiot I guess. I felt that maxing out what I can put away in retirement, having a few years salary in the market, and another few years in money market accounts, and still having plenty left to pay my 427 vert down in months was good. I really need to go back to my bank and take a used car note out on my car. wtf was I thinking???

I gotta note that I love the financial advise given here without knowing folks circumstances. big deal, lose a few thousand bucks by paying a car off.

I wasn't patient enough to get the full funds together before buying the car. I wanted a Corvette in my garage! But I did work my a$$ off to pay it off in 2 years. The title's in my name now.

http://i1365.photobucket.com/albums/...psf7bc5c17.jpg

:rofl:
All the guys upset about the fact that some of us like being debt free. :lol:

Being debt free generally means you never had kids and simply don't have enough "NICE stuff"

Not entirely true, debt free doesn't need to mean any of those things. it does however mean wise money management, little bit of luck & timing, good job, good health and blessings from God our Father above. It also means living for the day and not living for years down the road where "maybe you'll have a comfortable life".

Many will disagree with this philosophy but walk a mile in my shoes and you'll understand. My father who worked three jobs his entire life "living for retirement" as he termed it where he and mom were going to spend retirement traveling and living the good life is now in late stages of Alzhimer's at the young age of 72 (3 years after he retired). His hard earned money didn't bring him or mom a life of Nice Stuff or the travel they planned, instead it brought them hospice care, medical bills, funeral planning, etc. On the otherside, my mother-n-law who is 67 years old was diagnosed with stage 4 ovarian cancer in August 2013, she too is now in hospice resting comfortable living out her remaining days (2-3 months to live) her hard earn money she saved too is being spent on medical needs, hospice, etc. She told me just the other day when I visited, live your lives to the fullest now because we never know what kind of pitch God is going to throw at us (she's a huge baseball fan so her comments are usually baseball themed).

Seeing close family on boths side quickly deteriorating, and living through this daily you learn quickly that there is no answers to what the future holds so why wait to live life to the fullest. The saying you can't take it with you is so true.

That said, I've had a blessed life, it if would end today I couldn't ask for more. I have kids and plenty of NICE stuff:
- 5 great kids (Ages 6-16) - 4 boys & 1 girl
- 08 Vette (paid in full 6 months after I bought it)
- 65 Mustang Coupe - Free & Clear
- 66 Mustang GT convertible - Free & Clear
- 67 Mustang Convertible - Free & Clear
- 68 - Mustang Coupe - Free & Clear
- 69 Mustang Convertibel - Free & Clear
- 28'x60' Garage Condo - Free & Clear
- Adidng multiple rooms and a mezanine in my garage condo - all paid in cash
- Two Eagle Four Post Lifts - free & Clear
- 07 Chevy Suburban LTZ (paid in full 6 months after I bought it)
- 14 Kia Serento XSL (paid in full day we bought it)
- 08 Mitsubishi Eclipse (bought for my oldest son) - paid in full
- 07 Dodge Caliber (bought for my 2nd oldest son) - paid in full
- 4200 sq ft. home; mortgage 1/2 paid off - This is my only debt - 10 years left, will probbaly close it in 7-8 years God willing
- various stages of professional lansscaping (pool, hardscapes, outside kitchenette, hottub, plantings, etc.) - paid in full
- Tools up the ying yang (auto, wood working, welding, etc. you name it I probably have it)
- Multiple trips per year with my wife & I as well as entire family
- Sounds odd but my wife and I going through what we are going through have prepaid for our funerals & burial plots - paid in full

I would however give all this up in a heartbeat if I could restore the health of my family members.

Live life to the fullest all.

God Bless

My 08

http://i612.photobucket.com/albums/t...l/IMG_0153.jpg

Not necessarily true. My next door neighbor (about 40ish) with stay at home mom with two little girls, has never had a car payment and they just celebrated paying off their home. They did it all by themselves, neither came from a wealthy family, he's a welder by trade.

It's funny, because when they made their last house payment they asked if they could celebrate it with us because other people they knew seemed "pi$$ed" when they told them.

Being debt free is great.

Having to brag about it to a bunch of people you don't know on the internet is just sad. :rolleyes:

Maybe..... it could be bragging.... of course it could be a "mine is bigger than your's contest".... then again it could be keeping up with the Jones complex...... or, it could be that these guys are really proud of their accomplishments and it's nice to be recognized.

I've always raised by kids with the philosophy to work extremely hard for what you want and have but then stop and take a moment to enjoy it and be proud of what you have, but most of all, realize where it comes from.

I think the ones that are paid off look happier…

:party:

I know a lot of people with kids who have everything paid for. My grandparents had 8 kids and paid cash for everything. My brother who is 50 years old and still lives at home(never had kids) is still making payments on his 2010 SUV. I never brag that my Corvette is paid for, there are a lot of people that have it tougher then me. I only mention it now because of this thread.

I sold my pro touring 72 Camaro ss, my 67 cobra replica 69 trans am clone and a 41 willys project to get my 13 g/s.
I am now broke but saving gas and no regrets... I love my new vette.
I did it for the experience of buying my first new car and walking into the showroom with cash and saying Ill take that one!

Paid off my 2013 within 6 months

https://fbcdn-sphotos-a-a.akamaihd.n...97942555_n.jpg

I used the single payment plan. :thumbs:

http://i63.photobucket.com/albums/h1...ps665f1d17.jpg

I paid mine off, dont have any pics at the moment. But woohoo.

I like your post, any chance you may adopt me??
Whats up with all the mustangs???

Ummm. So I can't have a contribution on a public forum in a thread titled "Totally paid for"?
Then my thinking it's silly that are upset that I choose not to live beyond my means is funny? :toetap:

That's bragging? Now THAT is funny! :lol:

2013 triple black Grand Sport Coupe paid in full at delivery on June 2013. Edelbrock blower install and tune on 21 January 2014 by SpeedSouth, also paid for. Monthly payments are no fun.:woohoo:

Cheers - Boyd:flag:
Major USAF
Retired

Bought my wife the 66 Mustang GT 15 years ago while I was a huge corvette only fan (agianst my wants but she wanted it and if mama ain't happy, nobody is happy so we got it) but then as I started working on her 66 I found out how easy they were to work on as well as how fun of a car they actually are to drive so we set a goal of collecting one of every year in the 60's family with the plan to fix them all up (3 of the 5 are done) and then in our will we are leaving one each to each of the kids.

Sorry but I cant adopt you....5 kids is enough gray hair for me. :o)

I've always tried to live by the principle that I finance necessities and pay cash for luxuries. Regardless of the cost of the dollar, it comes with a personal sense of accomplishment. Paid in full when I picked up mine. No good pics yet - I'm not much of a photo taker.

Love the yellow calipers, they just pop on your car. Very Nice! :thumbs:

I pay cash for all of my vehicles, I feel if you can't pay cash for it you don't need it.

Here is my C6 Supervette

http://i172.photobucket.com/albums/w...ps90b78a3f.jpg

wow...i've been a member of 3 different car and 3 different bike forums and i have never seen a thread such as this. granted this is my first vette so this is my first vette forum and i have read a few threads that lend a little credence on how some ppl view vette drivers. i could care less about what the next person thinks or have but just say'n.

LOL, I've never been accused of not having enough nice stuff. "Too many toys", yes this I've heard.

:iagree:...I guess I don't understand this thread either and it feels pretentious and maybe I'm just in the minority but I don't want anyone to think about me and money in the same sentence. I like my toys but feel very uncomfortable when people comment on them or my house. I got my first Vette in October and my sister, 2 sister and 2 brother in-laws don't know and I will never tell them. If they notice it in the garage stall during a visit then I guess I'll just ask them if they want to take it for a spin.

Thanks for the props.:thumbs:

2008 4lt
 

[IMG]http://forums.corvetteforum.com/memb...hoe-152938.jpg[/IMG]

Paid for and ready to go places!

Where is the Like button lol. I love the all black look. :rock:

Your assuming that people are living beyond their means because they choose to make payments on a car is ignorant because you know absolutlely NOTHING about their finanical situations.

The implication that because one chooses to pay their car off makes them superior is ridiculous.

I somewhat agree. I usually will take out a loan and pay it off within 6-12 months. Although paying cash for everything is nice it does not build a good credit history. So when I got my 2013 I put roughly 50% down, financed the rest and made large payments. Paid off in 6 months.

I do the same when I buy large ticket items like TV’s, appliances, etc. I would sign up for those 0% for 12 months store financing offers and make sure to pay it off in 11 months. It is a really good way to bump up your credit score (as long as you don’t default).

I bet Donald Trump sure looks at it differently. Why spend cash when you can finance.

Yep, everyone who pays cash for vehicles is leaving money on the table. I will never pay cash for something I can finance for less than 6%. I can always use the cash to make more money than what it costs me in interest.

Most people don't understand the power of leverage when it comes to investment returns. I can understand the personal preference of paying cash for something because it makes you feel good to say you are debt free, but financially it is almost always a bad decision to use cash when you can finance and invest the cash for a greater return.

See my post #82

:iagree: 1000% But don't waste your breath on the subject here because their stuck in the mindset that cash is king. I already wore out my welcome in this thread on this very reasoning.

So some people like to be debt free. Why is that bothersome to some others? :crazy:

I have a simple question for one of the "financial wiazards" (and it appears we have a few). Lets say some guy has been Plumbing & HVAC business owner for 34 years. House paid for. He has always financed large ticket items mostly at 0% and a few at 1.9% In the process of this his cash has always been in higher interest bearing accounts of one type or another. Makes payments at no to very little cost to the business. Still has all his cash/assets available as usual. Where in the world did this guy go wrong?

You didn't go wrong in any way:thumbs:I didn't have the cash ****** credit but still got a new C6 and paid it off without getting it reposed, I dont think I went wrong either:lol:

You didn't insult me. I was speaking on behalf of those that chose a different financial path for whatever reasons made $ sense to them. This thread has turned into a pissing contest about financial decisions and little about C6.

Then this thread pretty much falls in line with a majority of all threads doesn't it?:thumbs:

<2007 Bought used a few years ago..paid cash..

Will most likely never pay cash for a car...

HUH! According to the financial wizards....that's not a wise philosophy.:confused2:

Smart move.

But you do, you just choose to do it monthly instead of at once. :D

It's not bothersome. The point is the people who are debt free think they have "won" which IS bothersome.

Not utilizing Credit is almost as bad as abusing Credit. If you can take a dollar, and do more with it then you haven't "won."

I know a large section of the population just doesn't get this, and it seems many of them also own Corvette (or as I more than likely imagine its an age issue). My Grandmother didn't trust credit but she lived thru the depression, so she had a reason. Anyone born after that doesn't really have a reason other than ignorance.

Don't all threads fall off the rails after 2 or 3 pages? I figure the ones that don't stray off topic die quickly.

Conflict keeps the fingers typing.

I haven't heard that one in a while but it is so very true.

Your philosophy reminds me of the guys who always said "invest in real estate, you cant go wrong"....Fact is this country is on a unsustainable track of spending more than it take in and it's just a matter of time before it all implodes.

It's only bothersome when those who pay cash act like it is a better option from a financial perspective when it is not.

I could care less if someone pays cash, just don't say it is better because the numbers don't lie and it is a money losing option compared to financing at historically low rates.

Carry on.....

Tony Soprano always said to buy real estate because they "aren't making any more of it".

Sounds like from your story he (one person) did nothing wrong. Some people just sleep better with no debt.
People have brought up Donald Trump.Yes he probably uses other people's money, but he's filed bankruptcy to get out of the obligation of paying his debts...you look up to a sleaze like him?? He's a loser morally & politically

Worked out real well for a lot of folks in the not too distant past, didn't it?

Totally mine - like all my toys! :thumbs:

http://farm8.staticflickr.com/7306/9...41173c5d_c.jpg

You have to be patient with real estate, remember it doesn't go bad like food.

+1 paid which is fine but really this thread just makes most feel inadequate. I couldn't pay for mine in the early days. Just pay what you can and prioritize where a car fits in.

Yes

I've not ben accused of being too wise...yet.:D

With interconnected global markets when something implodes it will cascade and take the whole global system down, including anyone who has cash lying about as it's not based on anything anymore.

You cannot worry about doomsday, because when doomsday comes we all lose. So why worry?

(Answer, you don't)

well yes..:thumbs: But if I need cash fer something else....:)

Paying cash doesn't make one more of a winner than financing does; one is made a winner by knowing when it is prudent to do one or the other.


lisa

Paid for on 11-1-13 :rock:

https://scontent-a-atl.xx.fbcdn.net/...22614240_n.jpg

Very well said...:thumbs:

Regardless of what Trump decisions he has made....he still has his assets! Personally I don't look up to anyone!

Got to love DSVettes.
http://rs5.pbsrc.com/albums/y167/2ve...81.jpg~320x480
http://rs5.pbsrc.com/albums/y167/2ve...FA.jpg~320x480

The only thing Trump did wrong was take on TOO MUCH DEBT. He didn't upgrade with the times in Atlantic City and the new hotels passed him by. He's still worth about 2.2 billion which is a hell of alot more than anybody on this forum.

Look. Just to be clear...I would never be critical of anyone who financed. I get it. I've been there. Financed way too many toys for decades. I have worked my azz off for it.

So when I wanted a Corvette, I started to save just my time and a half pay to buy my GS as a reward for all of that hard work. I'm not ashamed to say I wrote a damn check for it.
If others get butt-hurt by me saying that, well sorry. :cry

I've been working 50-70 hours a week for decades. Now I finally got all my debt paid off in preparation of retirement in 10 years...@ 59 1/2.
:thumbs:

I have no problem with people who finance their property. For me it is all about ROI ( return on invesment wth an the money generate a greater return someplace else than the cost of the interest on the car. If I can make enough on an investment to offset what I pay in interest on the loan I will finance the car. It is all about the math, it is not emotional. Obama takes almost 40% of my money so I have to make smart financial decisions if I want to keep the other 60%. I do not like to carry debt, I want my money to make me money and then try my best to keep that money if you know what I mean. In a couple more years when they have turned us into France I want to be able to cash out and leave.:D

Torch I don't think anybody is butt hurt and you did what YOU had to do but you could have did so much more with the cash you bought your car with.

:iagree: It's all in the numbers and those numbers definitely don't lie when it comes to financing vs cash buy.

I think I have to agree just a tad....:rofl:

Besides my fully DSV Vette

Wifes camaro

Before with 46 miles
http://i7.photobucket.com/albums/y25...VJonsCar18.jpg

After
http://carphotos.cardomain.com/ride_...iginal.jpg?v=0

I financed my 2007 for three years and paid it off in two. :thumbs:

http://i591.photobucket.com/albums/s...ate/016-15.jpg

Wrote a check when delivered

i stayed at a holiday inn express last night...and I paid cash! :D

Really, I charged it, it's safer...:rofl:

You pay cash when you're trying to cover your tracks!:D

Mr. and Mrs. Smith.....:rofl:

shhh...some of the wifeys read these threads :D :willy:

Thanks Dennis but I'm still not convinced and none of the "financial wizards" have stepped up to help. I guess it'll be a late night on the net and then hit the books to see if I can someway somehow possibly make it to year 35.:thumbs:

Awesome! :cheers:

How difficult is removing the dash? I've checked about having a DSV interior installed but haven't been able find anyone within 600 miles to do it.

that is interesting, because quite a few people would state that he did more. for example, not paying contractors untold millions on his projects. telling contractors he would pay ten cents on the dollar or bankrupt them. not paying millions in change orders that his company approved upfront.
think about sam the plumber who has owned his business for 34 years. good old Donnie comes along and hires his firm, then stop making payments, promising to catch up next month. sam think, well, he is don don, he will catch up, its just cashflow issue, so he keeps doing work. payments never catch up. Sammy loses his butt, and maybe his business.
yup, don is a great guy,....please:ack::ack:

as far as these high yielding cash accounts, plese enlighten us all. I have been looking at all kinds of options, and cannot find them except for longterm money.

When you find something that makes good return on money that is not long term...let us all know.

Can someone tell us what makes good money long term and is guaranteed?

Good luck with that. Probably a cd and they're in the tank....but guaranteed. Nothing good in life is guaranteed.

Land with mineral rights, if you buy in the right area. Land in general will yield a good long term return most anyplace except for maybe Detroit.

IMO do not do it. The dash will shrink over time. Unless you go with full Alcantara which will not shrink. DSV will do the dash and any dealer should be willing to swap out the dash. But, it is a VERY expensive mod to do

there are products right now the offer a whopping three percent with a small bonus at inception. eight year buy in, minimum investment only 10k. meh

there is an older product, pre 2009 that offered guaranteed six percent with minimum buy in at only 100k for eight years.

cd's, lucky to see one percent for a three year. money market account, minimum buy in 400k no term, essentially liquid, .18%.
none of these are making soo much money.

there are some mlp's which should yield well, but aren't guaranteed.

I got lots of money to invest, but cannot seem to find these short term investments everyone raves about which do better

also known as "buy real estate and wait". factor in taxes though, and also capital gains at the end. timing needs to be good for this strategy. selling land in 2011 was a bit tough.

My neighbor and friend Pete at work has bought over 2.5 million dollars worth of cars mostly at Mecum and privately in the past 2 years with cash. He pay's his rent in 2 spaces where he stores his cars upfront with cash each year. When he bought too many cars to fit in the spaces he bought the building across the parking lot with cash and refurbished the entire building converting it into a private car showroom / museum with cash. When I say cash I mean he writes checks for everything. Do you think for a minute it matters to Pete the amount of opportunity cost there is because he pays cash for everything?
He has done well for himself in his career in healthcare privately owning over 50 retirement and assisted living centers. He obviously understood the benefits of leverage in his professional career but now that he has moved on there is no reason for him to finance anything.

Not everyone here is Pete but some may be and my point is that everyone has different situations, life circumstances and for many paying cash is great. Someone older I would hope pays cash for as much as they can because they don't have time on their side if they had that money invested in stocks and the market were to correct significantly. Many of them don't have the time to make it back. Do I think it's prudent that a 30 year old with a newborn use all their cash to buy a depreciating asset like a new Corvette without having life insurance, a will and having begun to assemble a proper investment portfolio? Of course not. I would rather have them do that though than maxing out their credit cards on eating out, other intangibles and a pile of designer baby clothes.

Lastly when you're talking about Corvettes you're not talking about any money. The cars or the amounts of money a person would make if they financed them and invested the $$ is fairly insignificant. None of it is true quality of life changing amounts of $$. Not when just a year of college costs more than my wife's GS lol! I have a business colleague that pays cash for his 3 girls to go to college "at the same time". He would get a little raise if all he had to do was pay cash for a Corvette every year. In addition if someone is paying real money for say 40-50 cars like Pete they probably don't need any business or investment advice from anyone.

This isn't a stock market forum, this isn't a real estate investment forum, it's a Corvette forum. As I said before it's very cool that these folks can afford and enjoy cars they love and I wish them continued success.

Wouldn't it be better paying cash when buying a used car from a private party vs financing because of the high APR and interest rate? If buying a car from the dealer and financing through them is more understanding because they offer a lower rate.

Sold our 98 vette and was able to handle the balance with cash.

Not necessarily. Low rates can be had depending on year and acceptable credit score.

Remember Nothing IS GUARANTEED in investing although the amount of return is directly tied to the risk. I like to live a little dangerously in the market and if you know how to read between the lines ( thats all the market is ) you can be very successful. Everybody's needs are different and some just want 3-4 % returns with no risk and others alot more but are willing to risk. It's all up to you. When the market bottomed out in '08 that was like taking candy from a baby. Did you actually think it was going to stay there? How high did you think gold was gonna go? All these situations are reading between the lines. I shorted gold last year and when it dumped ( that was a easy one ) I made 23%. I have been in the stock market indexes since it dumped in 08 and have made very good money since then. Have I ever lost? VERY FEW TIMES but what I have always made dwarfed what I ever lost. Right now I'm pretty much holding back as I don't have much insight or feel on what's going to happen in the markets. But I do have some other small investments that I make a small fortune on that are indigenous to my neighborhood. I'm sure you can read between the lines on that one.

Land is so low in Detroit, you can make money on it if you hold on to it long enough (this is why the big shots around here are on a land buying spree, Dan Gilbert has bought 25 properties in the last 18 months).

Paid for BEFORE R8C
 

May, 2006:

Ditto on your comment Andy. Wrote the ck. for the 427 when I bought it.
Btw. Nice Car!
Here's mine
http://i7.photobucket.com/albums/y27...pse93c5e80.jpg

when their paid for they are easier to trade for a new 1.2012 centennial edition 3lt was $65200 out the door.put $26,000 down.paid $450 for a year and took the money out of 401k to pay it off.my car in the garage looks a lot better than numbers on a piece of paper.also no crook banker or politician can push a button and make my car disapear like they can and have done in the stock market.
http://i41.photobucket.com/albums/e2...5-11-20123.jpg

I bought this with 1,200 miles in 2005 from a local dealer paid cash upon delivery. Also paid cash for the previous 97 and 98 Corvette's that I had. Borrowed money on a 69 Vert years ago and on an 87 Corvette. I dont mind payments but would rather have them paid for.

Both red, both paid. See avatar.

:thumbs: Ordered mine new, and it was paid for when the Dealer handed me the keys.:yesnod: