We have been fortunate to be able to buy our last several vehicles outright. One dealership was dumb enough to tell my wife she doesn’t know how to manage her money because she didn’t finance the car. Whew! She got pissed! Walked out and we bought another 2007 Mustang GT new at another dealership. Very insulting. How did that a-hole know how much $$$ we did or didn’t have???I'm actually astonished of how many seem to "forget" that when getting into long-term loans with little or none down. Now, an argument can be made that if you have the cash reserves and could cover the difference/pay off the balance at the time of sale, then you're better off investing the money, borrowing at 0%, and make the minimum payments. However, that scenario is probably valid for about 2% of call car buyers. Also, these 0% loans are for new cars. We all know that as the first owner, you will be taking the biggest depreciation hit on this vehicle (in normal circumstances), so that needs to be taken into consideration as well.
Personally, we carry as little debt as possible. As much as I liked having a new car and we've had it for 10 years/176,000 miles, buying Amy's Edge new would not be a decision I'd probably repeat in the future. We bought my truck 3 years old and it was is great condition with a solid maintenance background. I believe it was about $20,000 less than than MSRP at that point.
Coworker of mine did this back in the early 2000’s and bragged about it. He just bought fully loaded V10 Ford Excursion. He was one of the most memorable individuals I’ve ever worked with. He used the company PCs to mine Bitcoin. I had no idea what he was doing back then because he claimed he was using them to run algorithms to help cure cancer. No idea if he’s a millionaire but I know he eventually quit and moved from Texas to a massive home in Ohio.I have heard from a coworker that his classes were very eye opening as well.
I couldn't agree more on the contract thing. I get kind of pissed when I have friends that charge up stupid stuff and filed for Bankruptsy and bragged they got everything written off. Not long later they were buying new cars and homes and big screen tv's and Macbooks and shit again. Goes to show you doing the right thing doesn't always pay off other than feeling good about yourself.
I have had debt in hard times as well. I stuck it out and paid things off and worked extra and hussled more. Its just the kind of guy I am
I had several offers at 60 months for 1.8% and 75 months at 2.1%. My financial advisor said no brainer with the way inflation is hitting financing an asset that low and putting the cash into retirement fund. I never question how somebody else spends their money, but this deal seemed to be low risk and worked for me.Good luck finding any special financing on a Shelby.
Ppsssssst... psssssst...Not my money, not my concern.
If the math works for me then that’s what I’ll do. Everyone else who has an opinion on how I spend the money I’ve worked for can put those opinions where the sun doesn’t shine 🤣
Uhm, yep, I know. Hence my reply to the OP and anyone else who has something negative to say about ANY purchase that they didn’t make 😉Ppsssssst... psssssst...
Take a guess....
You can spend all you want of your $$$.... any way you want... anywhere you want.... anytime you want.... on anything you want. Just like any and everyone else can.
😭 omg! 10yr loan on a 5yr old car at the time you took the pic. Plus I bet its still $8k down or something like that lmao.