What is your car payment?

[Anonymous]

I don't get it, why pay cash? Our money has been giving us 12% returns in the stock market. I'm sure this whole thing is going to collapse soon, but whenever a stock has done well, we have cashed out, stashed away the profits and reinvested our initial investment.

One stock in particular that I was watching closely, I sold when it doubled, that took about 8 months. Quickly turns a car I would have spend 35K cash on into 35K of profits.

Only way for an Average Joe like me to amass any wealth, because my salary and 401K is not going to cut it.

[Anonymous]

Pretty much everyone I know IRL has a lease or loan payment. Most with the expensive luxury cars (larger sedans and SUV's) are on a lease. They couldn't afford it otherwise.

We pay cash for new mid level Hondas. I think my Odyssey EXL was about $33k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:we bought at $60K car (excluding taxes, etc) and put down around $10K. got a 5 year loan at a very low rate for the rest and pay around $1000/month.

Insane waste of money.

I wouldn't say so - if you spend a ton of time in your car and have the means, I actually don't think $60K gets you an extravagant car. You get a decent 5 series or an E class Mercedes, certainly not over the top.

[Anonymous]

The definition of a DC idiot - Getting a loan or paying cash for a new luxury large sedan or SUV just to sit in traffic while going to/from work.

Get a reliable small to medium sized beater car to drive to/from work. It does the exact same thing as your overpriced over sized luxury car.

[Anonymous]

Anonymous wrote:The definition of a DC idiot - Getting a loan or paying cash for a new luxury large sedan or SUV just to sit in traffic while going to/from work.

Get a reliable small to medium sized beater car to drive to/from work. It does the exact same thing as your overpriced over sized luxury car.

No. It really doesn't.

[Anonymous]

Anonymous wrote:Ok, am I the only one who thinks it just plain stupid to pay cash for a car if you can get 0% financing?

Why loose the opportunity for you money to earn even a tiny bit of interest ? I'm not saying don't have the cast in reserve, but why not take advantage?

+1. I am one of the PPs with a 0% interest car loan and my money does way more for me in the stock market. But I do still plan on paying off the car early.

[Anonymous]

My car is 9 years old. Paid it off in 4 years. Back then interest rates were higher - around 3.9% and hated the loan the whole way, that's why I paid it off a year early. Nothing like my first car with a 7.75% interest rate.

My wife's car has a 0.9% loan, so I'm totally okay with it. it's not quite the 0% that a few people have, but it's a 5 year loan (could have gotten 0% for 3 years), but it's almost free money. We put only 10% down because the money was so cheap and pay around $560 on a $35k car.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The definition of a DC idiot - Getting a loan or paying cash for a new luxury large sedan or SUV just to sit in traffic while going to/from work.

Get a reliable small to medium sized beater car to drive to/from work. It does the exact same thing as your overpriced over sized luxury car.

No. It really doesn't.

Correct. And many, many, many of us don't "just sit in traffic while going to/from work." My husband travels to hearings/depositions etc. constantly and if they are closer than NYC, he drives. I drive to Richmond, with kids and dogs, nearly every weekend to visit my sick mom. My sister is a successful real estate agent who needs to fit clients, including families of 4 or 5, into her car with her. So your 10-year-old Corolla wouldn't work for any of us.

Plus, unlike you, some of us enjoy driving. Sorry you find it such a chore.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The definition of a DC idiot - Getting a loan or paying cash for a new luxury large sedan or SUV just to sit in traffic while going to/from work.

Get a reliable small to medium sized beater car to drive to/from work. It does the exact same thing as your overpriced over sized luxury car.

No. It really doesn't.

Do tell, what doesn't it do?

[Anonymous]

Our minivan was about 28,000. Payments are 560 a month. We would have been nuts to have paid cash. We got 0 percent financing. We implied that we might pay cash before we reached a deal on the price to avoid paying more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ok, am I the only one who thinks it just plain stupid to pay cash for a car if you can get 0% financing?

Why loose the opportunity for you money to earn even a tiny bit of interest ? I'm not saying don't have the cast in reserve, but why not take advantage?

+1. I am one of the PPs with a 0% interest car loan and my money does way more for me in the stock market. But I do still plan on paying off the car early.

I posted earlier as well. Why in the hell would I part with my cash? Why dump money into something that is a LOSER right off the lot? When you can use that money to create a return?

I'm sure the chicken littles will come out and say, but the sky is falling the sky is falling....

[Anonymous]

Anonymous wrote:The definition of a DC idiot - Getting a loan or paying cash for a new luxury large sedan or SUV just to sit in traffic while going to/from work.

Get a reliable small to medium sized beater car to drive to/from work. It does the exact same thing as your overpriced over sized luxury car.

Because you are rich and you can?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The definition of a DC idiot - Getting a loan or paying cash for a new luxury large sedan or SUV just to sit in traffic while going to/from work.

Get a reliable small to medium sized beater car to drive to/from work. It does the exact same thing as your overpriced over sized luxury car.

No. It really doesn't.

Correct. And many, many, many of us don't "just sit in traffic while going to/from work." My husband travels to hearings/depositions etc. constantly and if they are closer than NYC, he drives. I drive to Richmond, with kids and dogs, nearly every weekend to visit my sick mom. My sister is a successful real estate agent who needs to fit clients, including families of 4 or 5, into her car with her. So your 10-year-old Corolla wouldn't work for any of us.

Plus, unlike you, some of us enjoy driving. Sorry you find it such a chore.

lol, if you enjoy driving you are not driving a large vehicle. Maybe you could say you enjoy interstate cruising, but that isn't driving.

I also don't buy the real estate agent story. Most real estate agent's don't drive their clients around, they met them. And the rare cases they do drive them around, it's even rarer they would need space for 7+ passengers. You could just as easily leave your dogs at home with your husband when visiting your Mom. And your kids must be young because most older kids almost always have something going on during the weekend. Let's face it, your coming up with reasons that are easily handled with a non luxury car.

There's nothing wrong with owning a large luxury sedan/suv but let's not make false reasons for why you want one. We all know why, it's almost entirely for the status symbol.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The definition of a DC idiot - Getting a loan or paying cash for a new luxury large sedan or SUV just to sit in traffic while going to/from work.

Get a reliable small to medium sized beater car to drive to/from work. It does the exact same thing as your overpriced over sized luxury car.

Because you are rich and you can?

This is an honest reason.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The definition of a DC idiot - Getting a loan or paying cash for a new luxury large sedan or SUV just to sit in traffic while going to/from work.

Get a reliable small to medium sized beater car to drive to/from work. It does the exact same thing as your overpriced over sized luxury car.

No. It really doesn't.

Correct. And many, many, many of us don't "just sit in traffic while going to/from work." My husband travels to hearings/depositions etc. constantly and if they are closer than NYC, he drives. I drive to Richmond, with kids and dogs, nearly every weekend to visit my sick mom. My sister is a successful real estate agent who needs to fit clients, including families of 4 or 5, into her car with her. So your 10-year-old Corolla wouldn't work for any of us.

Plus, unlike you, some of us enjoy driving. Sorry you find it such a chore.

lol, if you enjoy driving you are not driving a large vehicle. Maybe you could say you enjoy interstate cruising, but that isn't driving.

I also don't buy the real estate agent story. Most real estate agent's don't drive their clients around, they met them. And the rare cases they do drive them around, it's even rarer they would need space for 7+ passengers. You could just as easily leave your dogs at home with your husband when visiting your Mom. And your kids must be young because most older kids almost always have something going on during the weekend. Let's face it, your coming up with reasons that are easily handled with a non luxury car.

There's nothing wrong with owning a large luxury sedan/suv but let's not make false reasons for why you want one. We all know why, it's almost entirely for the status symbol.

I don't own a luxury car, but they are a hell of a lot more comfortable that the rice burners mentioned here. If you have the money and a commute, why cramp yourself in a rice burner if you don't have to?