I am working out budget to get wife the car she wants (Honda Pilot). Curious for those working and those retired- do you finance cars or pay cash, and do you buy new or used?
Comment if needed.
Thank you in advance for replies
__________________ Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
Paid Cash, we have paid cash for our cars since 1983 when we paid off our car. I read somewhere that you should not finance a depreciating asset. Just a footnote, we bought our Pilot three years ago. At the time the two wheel drive model had cylinder cutoff. It seems like most of the time the car is running on three cylinders rather than 6. We got 25 mpg at 80 miles an hour average speed crossing west Texas.
__________________
If it is after 5:00 when I post I reserve the right to disavow anything I posted.
In the past we've financed. As of now, barring calamity we're to the point now where we can pay cash in the future.
__________________ "Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
We paid cash for our last new car, and intend to do so again when we buy our next new car. We financed 2 new cars when we were younger, but probably won't do that again unless we get a great rate. The used cars we've purchased have always been bought with cash. DW & I are both still working.
__________________
I can't complain, but sometimes I still do.
- Joe Walsh
It's important to keep in mind that dirt-cheap dealer financing often comes at the expense of losing a rebate or other cash back promotion. If that's not the case, by all means use the cheap financing (but if you can afford to pay cash, put that money aside and use it to make the payments). But if it is the case, its probably better to take the cash incentives.
__________________ "Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
In the past we've financed, but that was when there really wasn't an option. We kept those two for 14 and 18 years. The last two we paid cash for and plan to keep "forever" while planning on paying cash for the next vehicle purchases many years from now.
__________________
Retired seven years ago at age 52. Then decided to get a job. For a while. Or maybe not. I'll think about it.
Over the years I've had 5 new cars and 7 used. I financed all but the current new car and two used, one that cost $50 and one that was free. I used a HELOC for most after they took the interest deduction away. I will pay cash from now on and probably buy slightly used.
__________________ “I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
I was married from 1975-1998. During that time my ex almost always took out loans to finance the cars that we bought, which were usually new except for one dog of a Plymouth Acclaim which was used and one very old Buick for me that we bought for $400 cash when we were newlyweds.
Since 1998, I have only bought new cars and only in cash. So, this was the basis for my votes.
__________________ "Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harborless immensities." - - H. Melville, 1851
In past had paid cash and brand new, but in the future think I'll pay cash and get lightly used. That is, after the one I own now goes to car heaven (or car h*ll ).
Always paid cash which meant some clunkers in the early years.
There was one time back in '86 when I just couldn't get any more off the car we wanted (a demo car, already discounted) and they were offering 0% financing so we just used the cash to make the payments. For this poll I counted that as paying in cash as we had saved the money and fully intended to pay cash.
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2008
Location: 43N Latitude, NY
Posts: 5,327
prior to 1992 - all used, all cash
1992 - new, financed approx 2/3 total cost
2004 - used 2002 model, financed 1/4 total cost
2005 - new midlife crisis car , all cash
Nothing purchased since 2005
__________________
"Happiness depends upon ourselves." - Aristotle
Quote:
).
, all cash
Linear Mode
