Who REALLY owns their Z???

JohnsZ

I hope you don't live in the CT area....I sure wouldn't want Dr Evil examining me especially when checking the ole prostate! Sounds like you have an *** to grind!

jazz

33 years old...payed in cash.

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dAvenue

Not everyone falls in the same boat of needing to earn good credit. For those of us with excellent credit, it makes more financial sense to pay in cash and not throw money away on interest.

shadow2k

Not about earning credit. It's about earning money.

How do you think banks make money? They borrow it from you and pay you whatever..1-4% interest, depending on whether it's in your checking, savings, CD, etc... Then they loan it back out at a higher rate, or actually buy investments with larger returns.

I'd rather have 35k invested and making me money than a title to a depreciating asset.

wilsonp

Assuming you have to use the 35K to payoff the loan, aren't you making a decreasing difference? How much can you actually make in the end?

And if you don't use the 35K to payoff the loan, you have to take into account that extra money you are putting into the loan instead of saving - how much would you have made saving that payment?

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Was 1991 NSX Auto Black/Black

ImportConvert

For those of you in that boat, just get a 0% interest loan. That way you don't lose money to inflation while you save--the bank loses it while you pay.

Also, I love using credit. I have made $120 in the last 8 months or so just buying gas/groceries on my credit-card. It's a crappy reward setup, but meh. It's still $120 for free.

That too. Invest that money while the bank carries the balance on your car. It's like you having 200% the money you really do.

cdawg410

Financed every penny at only a moderately good rate. Put 7000 miles on in two years. Could've paid off half my student loans in that time with that money. Guess what? I couldn't care less, I work for a living and my wife and are are D.I.N.K's with no one to be responsible for but ourselves. I could get hit by a car tomorrow, I do what makes me happy. When I get 35k to throw down on a car, the car is gonna cost 3x's that.

dAvenue

Financing a car will not protect you from inflation. Inflation is not limited to the value of a single item; inflation occurs when the value of the dollar goes down as a result of too many dollars in circulation (like when the Fed prints money to pay off its debts or "stimulate" the economy). This affects the cost of everything...not just a car...because it takes more of those dollars to buy the same item.

A car is a depreciating asset. Its value will always go down. It will not yield a profitable return regardless of its status being paid-in-full or financed. You will always lose money on it.

If you don't want to tie your money up in an asset like this, or if you just want it now, the more sensible option would be to lease the car. You only pay for the current value of the asset plus interest over the course of the contract. You simply pay for what you use and move on. Leases are more appealing to some because the rates are considerably lower than the traditional auto-loan.

I chose to pay in full because I actually wanted to own this car and I did not want two other things to happen: 1) money thrown away on interest which literally saves me $4,500 over the course of 60 months (nobody was offering 0% financing on Z's at the time and I doubt they are today), and 2) a car payment lingering over my head every month.

andrewkd16

well i am 21 financed my nismo cause i need to build a credit history! lol

Dre22

I'm 22 and I took out my own Z the total
Came out to be 34k - 7K down the rest is finance and I pay gay monthly and also go to school and work, if I didn't go to school I would of payed the car off already

andrewkd16

^in the same boat buddy

ImportConvert

Nope, your financed amount of $35K will never go up. You will just pay it off with worthless money at the same rate as before. Complete protection from inflation on that purchase, and the bank eats it.

I don't mind a car payment lingering, it's just pulled out of my check every 2 weeks. It's like making $1K less per month and I don't mind. It's a good trade for me. I never see it as it's all automated, and don't miss it. I bought my car for me to enjoy, not to sell again, although resale value is always in mind, as EVERYTHING is a liquid asset after it's paid off. Who knows? I might want a C7Z when they come out. Keeping this one in good condition with low miles for the year matters in that regard.

Justin1686

my Z ended up being just under 40k after tax and everything. had put 19k down, and was making payments, after a year just decided to pay it off in pull. age:24.

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dAvenue

It does not protect you from inflation. The bank "eating" it does not make much sense at all because it begs the question "why are they even in the business of loaning money?" if all they do is take losses. If you mean the principle of which you financed is locked-in and will never go up, that is true only on a 0% interest loan. Good luck finding one of them for a Z!

ImportConvert

If you can finance even at 1-2% on principal on a 370Z (lots of CU's will do 1.9 from what I hear), then you will still save money at the current inflation rate. Auto loans are fixed, interest on principal.