Comments on: Another good reason to pay cash for a car http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/ Personal finance, commentary, and spending less the easy way Fri, 19 Mar 2010 14:24:44 -0400 http://wordpress.org/?v=2.8.6 hourly 1 By: Jordan http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/comment-page-1/#comment-181504 Jordan Tue, 16 Jun 2009 20:56:24 +0000 http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/#comment-181504 You simply have to be able say 'no, thanks at that price' at least once to the dealer. This gives them a strong message that you are serious about your research. You should also bring a piece of paper to the dealership and make sure you do all the math of the finance calculations yourself. The point is not that they will do the math wrong. The point is you will see exactly how the deal is structured. Do not be afraid to take the time to do this or look like a fool for mapping out your car deal in the dealership. My dad swears by this process. You simply have to be able say ‘no, thanks at that price’ at least once to the dealer. This gives them a strong message that you are serious about your research.

You should also bring a piece of paper to the dealership and make sure you do all the math of the finance calculations yourself. The point is not that they will do the math wrong. The point is you will see exactly how the deal is structured. Do not be afraid to take the time to do this or look like a fool for mapping out your car deal in the dealership.

My dad swears by this process.

]]> By: Adam http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/comment-page-1/#comment-159727 Adam Sun, 26 Oct 2008 15:43:37 +0000 http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/#comment-159727 Cash is king when you are buying a used beater for cheap. If you are a young, unmarried male like me, financing to a low rate would probably be a wash at best. The money you could make in savings and investments would be trumped in insurance payments. I bought a 1991 Festiva that gets 40 to the gallon, and I only paid $800 for it in March this year. Best 'investment' I ever made so far. This leads me to my suggestion to buy private party cars. Search with craigslist to start. Cash is king when you are buying a used beater for cheap. If you are a young, unmarried male like me, financing to a low rate would probably be a wash at best. The money you could make in savings and investments would be trumped in insurance payments. I bought a 1991 Festiva that gets 40 to the gallon, and I only paid $800 for it in March this year. Best ‘investment’ I ever made so far.

This leads me to my suggestion to buy private party cars. Search with craigslist to start.

]]> By: elvisabeth http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/comment-page-1/#comment-139506 elvisabeth Fri, 23 May 2008 18:05:55 +0000 http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/#comment-139506 CASH is the best! I just bought a used car, and paid upfront. It's hard to see the money go, but do it all at once, and you aren't reminded every month that you don't own the car; the bank does. Just like my dad said, "Being debtfree is the most liberating to live life!" CASH is the best! I just bought a used car, and paid upfront. It’s hard to see the money go, but do it all at once, and you aren’t reminded every month that you don’t own the car; the bank does. Just like my dad said, “Being debtfree is the most liberating to live life!”

]]> By: Dave http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/comment-page-1/#comment-83937 Dave Tue, 14 Aug 2007 01:35:57 +0000 http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/#comment-83937 While there have been some very valid points made, I'd have to say whether or not cash is king all depends on the interest rate you're getting. In this situation, where you'd be purchasing a used car, then, yes, cash could be king. However, if you are making very sound investments that are beating that would be beating said interest rate, financing it is definitely the way to go. Remember money doesn't come for free, and it does require work. Cash is NEVER king if the dealership offers you 1.9% for 3 years. (This mainly applies to new vehicles, though :( ) While there have been some very valid points made, I’d have to say whether or not cash is king all depends on the interest rate you’re getting. In this situation, where you’d be purchasing a used car, then, yes, cash could be king. However, if you are making very sound investments that are beating that would be beating said interest rate, financing it is definitely the way to go. Remember money doesn’t come for free, and it does require work.

Cash is NEVER king if the dealership offers you 1.9% for 3 years. (This mainly applies to new vehicles, though :( )

]]> By: threadbndr http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/comment-page-1/#comment-83893 threadbndr Mon, 13 Aug 2007 20:42:43 +0000 http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/#comment-83893 Yep, it's great. Funny story re used cars. My son (age 18 at the time), found a classic muscle car, a 1971 442 Cutlass convertible. In good shape, excellent price, on a small lot next to an auto parts store. He was grubby, having been working on his own car, and probably looked rather disreputable, I will admit. The guy wouldn't even talk to him, let alone let him take it for a test drive. He comes home HOT under the collar, cleans up while I scoot over to the bank. He goes back, now there's a young Marine, spiffed up with a WAD of cash. The guy changed his tune PDQ LOL. Two lessons: Never judge a book by it's cover and cash is KING. Yep, it’s great.

Funny story re used cars. My son (age 18 at the time), found a classic muscle car, a 1971 442 Cutlass convertible. In good shape, excellent price, on a small lot next to an auto parts store. He was grubby, having been working on his own car, and probably looked rather disreputable, I will admit.

The guy wouldn’t even talk to him, let alone let him take it for a test drive.

He comes home HOT under the collar, cleans up while I scoot over to the bank.

He goes back, now there’s a young Marine, spiffed up with a WAD of cash. The guy changed his tune PDQ LOL.

Two lessons: Never judge a book by it’s cover and cash is KING.

]]> By: ross http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/comment-page-1/#comment-83868 ross Mon, 13 Aug 2007 17:02:20 +0000 http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/#comment-83868 AUTO INVESTMENT !! cj AUTO INVESTMENT !! cj

]]> By: Joseph Sangl http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/comment-page-1/#comment-82580 Joseph Sangl Sat, 11 Aug 2007 12:53:36 +0000 http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/#comment-82580 There is NOTHING like a paid-for vehicle!!! Congratulations on paying cash for your new-to-you car! It is amazing that if you just drive a paid-for car for three or four years and continue to pay yourself the payment you were making to the finance company, you break the cycle of having car payments! You can just pay cash the rest of your life! Great job! There is NOTHING like a paid-for vehicle!!! Congratulations on paying cash for your new-to-you car!

It is amazing that if you just drive a paid-for car for three or four years and continue to pay yourself the payment you were making to the finance company, you break the cycle of having car payments! You can just pay cash the rest of your life!

Great job!

]]> By: VirginiaGal http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/comment-page-1/#comment-82460 VirginiaGal Fri, 10 Aug 2007 19:14:28 +0000 http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/#comment-82460 Congrats on the new(sed) T & C. I think it is definitely worth the extra $ for a 2-3 year old vs. 5-6 year old vehicle - they've been driven long enough for the new car bugs to be worked out and covered under warranty but not long enough for the really expensive items to kick in (shortly after your purchase, of course). But you forgot the most important item...the color! ;) Congrats on the new(sed) T & C. I think it is definitely worth the extra $ for a 2-3 year old vs. 5-6 year old vehicle – they’ve been driven long enough for the new car bugs to be worked out and covered under warranty but not long enough for the really expensive items to kick in (shortly after your purchase, of course).

But you forgot the most important item…the color! ;)

]]> By: Free Money Finance http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/comment-page-1/#comment-82391 Free Money Finance Fri, 10 Aug 2007 10:19:17 +0000 http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/#comment-82391 <strong>Star Money Articles for the Week of August 6...</strong> Here are some recent interesting posts from the MoneyBlogNetwork and beyond: Consumerism Commentary discusses accepting a counter-offer. AllFinancialMatters notes that the magic formula isn't so magical. MightyBargainHunter gives another good reason t... Star Money Articles for the Week of August 6…

Here are some recent interesting posts from the MoneyBlogNetwork and beyond: Consumerism Commentary discusses accepting a counter-offer. AllFinancialMatters notes that the magic formula isn’t so magical. MightyBargainHunter gives another good reason t…

]]> By: Kim http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/comment-page-1/#comment-82146 Kim Thu, 09 Aug 2007 02:09:53 +0000 http://www.mightybargainhunter.com/2007/08/08/another-good-reason-to-pay-cash-for-a-car/#comment-82146 My dream is to get to the point where I can pay cash for a vehicle. I was in a dealership with my dad once when he paid cash for a used truck. The dealer treated him with such an air of respect. We have bought three used vehicles on credit. It's very humbling to have to go to a bank and ask for funds and sit there hoping you are worthy. My dream is to get to the point where I can pay cash for a vehicle. I was in a dealership with my dad once when he paid cash for a used truck. The dealer treated him with such an air of respect. We have bought three used vehicles on credit. It’s very humbling to have to go to a bank and ask for funds and sit there hoping you are worthy.

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