Okie wrote:+1 I last got a car loan 25+ years ago and now have enough money from saving every month to pay cash for all my cars.Congratulations!!!!!
Now the next trick is to keep putting that car payment into a money account.
Then when the car wears out you can pay cash for the next one.
TWA772LR wrote:Congrats! Im hoping to the car I bought (2017 Subaru Ouback 3.6R Limited) last summer off by the end of this year. Thanks to putting away cash (earmarked for flight school but thats not happening and a story for another day) to have a lower loan (~$14.6K and 4.5%) and aggressive payments on my behlaf I may be able to achieve that.
How the hell did you get 1.74 interest!?
Okie wrote:pay cash for the next one.
DeltaMD90 wrote:buy the next one in cash!
johns624 wrote:pay cash for all my cars.
Tugger wrote:It depends on what kind of car you drive. I've always driven Escorts/Focuses/Sentras, etc and just got an Impreza. So it's not a lot of money. My wife and I have a combined retirement potential income of $150+K a year so it hasn't impacted our investing. Also, I'm one of those people who doesn't like owing anyone any money, so the peace of mind is worth more than any monetary value.Congrats, I agree driving a paid for car is far nicer!
OK, total troublemaker here....Okie wrote:pay cash for the next one.DeltaMD90 wrote:buy the next one in cash!johns624 wrote:pay cash for all my cars.
If you had $40k, would it be smarter to invest it and earn 4-5%+ in interest if you only pay 2% or less interest on a loan? You can always pull the money to pay it off if needed and you still have your money. (Or if your company does a 401K match that you don't max you make out even better adding your car payment to that....)
I am a fan of "paid for" and "buy with cash" etc. but always come back to: What is the smartest choice? (Such as I use my credit cards for a lot of stuff and always pay it in full every month. I support anyone paying cash for a car or what ever, this is really just a question rolling around in my mind)
Like I said, troublemaker!
(And I know cars only lose money/value and aren't appreciating assets etc. And aren't the same as a house and mortgage interest payments versus paying a mortgage off - and yes I do appreciate Dave Ramsey even if I don't 100% agree with him on this.)
Alright, back to the topic at hand and again, congratulations!
DeltaMD90 wrote:PS: Tugger, would you get a $20k loan with 1% interest and invest it in an index fund that historically gets 7%? Similar situation IMO
Tugger wrote:DeltaMD90 wrote:PS: Tugger, would you get a $20k loan with 1% interest and invest it in an index fund that historically gets 7%? Similar situation IMO
Naw, that's playing with money that actually isn't yours. If you loose the investment then you are on the hook for the money, money you don't have. My thing is to keep my money. In my proposal you still always have the cash to cover an issue.
If you are thinking the "seed" money is still in my account I'll still not do it as I won't borrow money for investment unless it is a hard asset (like property).
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