Nissan 370Z Forum
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Nissan 370Z Forum (http://www.the370z.com/)
-   Nissan 370Z General Discussions (http://www.the370z.com/nissan-370z-general-discussions/)
-   -   Did you pay cash for your Z? (http://www.the370z.com/nissan-370z-general-discussions/9835-did-you-pay-cash-your-z.html)

kenchan 10-06-2009 11:15 AM
i usually pay my dd's cash but for hobby cars i finance a little bit since i want to buy aftermarket bits the first year.

then pay it off the following year.

Robert Z 10-06-2009 01:18 PM
Paid cash!!!!!!!!!

billydsz 10-06-2009 02:43 PM
I paid cash for my 370Z. It is the first new car I've ever bought with cash. It's a very good feeling to get that title in the mail, while the car is brand new. :happydance:

DooDooBrown 10-06-2009 04:02 PM
Put it all down, haggling is so much easier, and damn, it just feels good not having a car payment!

havasuwiley 10-06-2009 10:00 PM
pd cash.

In2Deep 10-09-2009 09:40 AM
Cash. Don't like payments, and in this economy, seems like savings on interest charged is a larger gain than returns on money.

kannibul 10-09-2009 09:45 AM
Bank loan for price plus GAP, did not wrap TT&L in.

5.8% APR through a bank I didn't know existed, 6yr finance. Payments are roughly $640/mo.

As much as I pay for it I should drive it more...lol

I've got around $240/mo in credit minimums currently (I pay more than that...), that I have to pay, once those are gone, then it's off to pay off the $233/mo civic payment, once that's gone, Z.

Ideally, I'll have all my credit debt gone by April next year, civic gone by this time next year, and Z paid off a year and a half after that.

Then it's time to buy a new truck...or jeep, or something more "haul-**** friendly"...or a new civic...lol...but those will be mostly, if not completely, cash sales.

I won't use credit cards again, and loans will be only if I get a rate that's less than 5%, as a general rule.

ianthegreat 10-09-2009 11:11 AM
Quote:
Originally Posted by datsunguy (Post 224018)
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?
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.

kannibul 10-09-2009 11:23 AM
Quote:
Originally Posted by ianthegreat (Post 228330)
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.
0.9% financing?

Holy crap.

BrianZ 10-09-2009 12:09 PM
Quote:
Originally Posted by JoeD (Post 224057)
Paying cash makes sense...if you can't manage your money.

I don't think it makes much sense to tie up a liquid $40K when you can get a much higher rate of return properly invested/traded than what you pay on a car-loan. Of course, I do that for a living so others might not have the means and know-how to make money in the markets daily, but I can guarantee you almost all broad-based ETFs and non-speculative US equities will rise significantly more than 5-6% within the next year, roughly the APR one would pay on a car-loan.

With every car I've financed, however, I've put down 50% rounded up to a nice, whole number. That is of course if there isn't a good promotional lease-offer from the manufacturer, as depending on the circumstances, leasing is the best way to go...
No offense, but if you can do much better putting your money elsewhere, why would you put 50% down? Why wouldn't you borrow as much as you possibly could - my credit union will finance 110%.

To answer the OP's question, I paid cash because debt is a dumb thing to have. Debt = risk.

6MT 10-09-2009 12:13 PM
Quote:
Originally Posted by datsunguy (Post 224018)
Just wondering how many owners paid cash for your car? Am I the only person that thinks this is a good Idea?

I paid cash. It's really the only way IMO. Why raise the price of the car by paying extra to a bank or credit institution?

Ubunoir 10-10-2009 11:12 AM
Cash. Our last car purchase was in 2000, so you figure out how long it took to save up.

earwicker7 10-10-2009 01:28 PM
Quote:
Originally Posted by JoeD (Post 224057)
Paying cash makes sense...if you can't manage your money.

I don't think it makes much sense to tie up a liquid $40K when you can get a much higher rate of return properly invested/traded than what you pay on a car-loan. Of course, I do that for a living so others might not have the means and know-how to make money in the markets daily, but I can guarantee you almost all broad-based ETFs and non-speculative US equities will rise significantly more than 5-6% within the next year, roughly the APR one would pay on a car-loan.

With every car I've financed, however, I've put down 50% rounded up to a nice, whole number. That is of course if there isn't a good promotional lease-offer from the manufacturer, as depending on the circumstances, leasing is the best way to go...
I'm sorry, but this makes absolutely no sense. Paying interest is NEVER better than not paying interest. If I had a dime for every banker/broker/con man who "guaranteed" that something was going to rise by x% in the next year, I could pay cash for a Ferrari;).

And, yes, I did pay cash for my car. There is no way in hell I'm paying someone money for the purpose of keeping a car that I don't own; this is the same reason I don't "own" a credit card... if I can't afford to pay cash, I don't need it.

370Zsteve 10-10-2009 01:36 PM
Quote:
Originally Posted by davidyan (Post 224062)
I paid cash for mine. I don't necessarily think its a bad thing. If what you're saying is that investments will likely rise
5 - 6% and if thats equal to a good APR, then paying cash for the car is sounder because its a guaranteed avoidance of the 5 - 6 % interest expense whereas with the equity investments, you'll gain 5 - 6% only if things turn out as planned, there's always some downside risk, even if its minimal. If you pay cash for a car, you should have enough reserve cash for investing anyhow.
Um, not to mention the capital gains tax................:tup:

370Zsteve 10-10-2009 01:37 PM
Oh, and in just a couple of weeks, there will be a new 370z sitting in my garage, and it will be paid for in cash.


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