Quote:
Originally Posted by datsunguy
Just wondering how many owners paid cash for your car? Years ago I started saving for a new car and paid cash. As soon as I get a new car I start saving for the next one. It's like reverse car payments.
The benefits are no interest, better more straight forward bargaining on a new car at trade in time, I can pick any deductible on my collision or no collision at all after a few years, plus I just like having the title in my hands.
I've done this for the last 5 cars I've owned and keep them about 4 years before trading. Am I the only person that thinks this is a good Idea?
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I had a large portion of cash ready to put down on my car, but was offered .9% financing. Therefore I could invest the cash I had saved, make a higher return, deduct the car payments automatically from the invested savings, and with interest come out ahead after 5 years.