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Money and Finances
Reply to "What is your car payment?"
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[quote=Anonymous][quote=Anonymous]$0 - we bought in cash. [quote=Anonymous][quote=Anonymous]When you pay cash for a brand new car, don't you already lose the depreciation as soon as you drive it off the lot? [/quote] The depreciation happens regardless of the financing. [/quote] This. And it's worse if you finance, because, depending on how much you put down and the amount of the depreciation, you may now owe more than the car is worth.[/quote] It's not that bad because whether you finance or pay cash being upside down only matters if you total the car, or want to sell the car. If you total car most insurance companies now have gap coverage (or some similar feature); if you sell it, presumably you still have the cash in the bank (that's the point of this discussion) so you just write a check to cover the difference. But about 99% of people in America don't have enough cash on hand to pay for their DESIRED car cash... (lots of people can buy $1,000 beater).[/quote]
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