01-20-2011, 12:19 PM
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#9 (permalink)
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Track Member
Join Date: Jul 2010
Location: Sandy Hook, CT
Posts: 972
Drives: Nissan 370z Nismo
Rep Power: 17
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Quote:
Originally Posted by ImportConvert
In that case, I don't know many people of any age who do that. Most everyone makes payments, the well-off/more established people just get a 0% rate during a sale/promo and make payments for the sake of boosting the hell out of their credit rating and because it's free money that eliminates the factor that is inflation and gives them more purchasing power. In effect, reducing the price of the car by roughly 10% over 5 years (assuming it would have taken 5 years to come up with the money, 5% if only 2.5 years) because of the toll inflation takes on money sitting in a bank at 1-3%.
Financing stuff at low/0% is smart. Credit cards are smart. Let OTHER people's money work for you as well as yours.
If you can afford to go pay cash for a car (without trading one in, as that is not saving up for it) like a 370Z in less than 1 year's time. Well, I find it odd that you are buying a 370Z instead of something with a prancing horse on the side of it or a shield on the front. But hey, to each their own, and you might have those in the garage, too!
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I know many people who save to buy a car. It makes much more sense to do than paying interest rates. I understand the credit point you are trying to make but there are other ways to improve your credit, that will not cost you extra money such as interest charges, but as you mentioned, it will make your credit jump if you need it. In my area, there was no options to purchase these cars for 0% what so ever. I also looked at Porsche's, but the only ones i like are the higher models which would mean i would be making payments forever, and I just don't see the point in that myself. Id rather pay it off as quickly as possible and begin saving for the next big purchase down the road... it really all comes down to each individual and what they are capable of doing..
Last edited by Pelican170; 01-20-2011 at 12:29 PM.
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