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I'll never buy a new car again.
Are Car Notes for Suckas? School me on financing a car please
- Thread in 'General' Thread starter Started by luckyluchiano,
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I'll never buy a new car again.
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This is exactly what I did, but I bought the car straight cash outright...2004 bought a 97 318ti compact for $4500 (sold privately for $4000 after 3 years of use)2007 bought a 99 e39 528i for $4000 (sold for $5000 after 2 years of use)2009 bought a 00 manual e39 528i for $4300 (currently daily driving)(Everything earlier than 2004 was cheap hondas that I've owned with same method)Like I said never had a car payment, never had to pay full coverage insurance, car DIDN'T depreciate in value, you can sell privately and upgrade at any time, and everything you need to know about maintaining BMWs is available online/forums/bentley manuals...so yes, a car note is for suckas
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This is exactly what I did, but I bought the car straight cash outright...2004 bought a 97 318ti compact for $4500 (sold privately for $4000 after 3 years of use)2007 bought a 99 e39 528i for $4000 (sold for $5000 after 2 years of use)2009 bought a 00 manual e39 528i for $4300 (currently daily driving)(Everything earlier than 2004 was cheap hondas that I've owned with same method)Like I said never had a car payment, never had to pay full coverage insurance, car DIDN'T depreciate in value, you can sell privately and upgrade at any time, and everything you need to know about maintaining BMWs is available online/forums/bentley manuals...so yes, a car note is for suckas
put em up
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bookmarked.
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yeah because our generation is a joke when it comes to debt and financial management. stop buying things you can't afford.Originally Posted by johngotty
Y'all must be ballin' on another level because I've rarely met people who don't take on a car note when purchasing a new/recent model car.
Your interest rate is going to depend on your credit. But if you listen to these folks, you'll never build up any credit. Sidebar - My mom worked in banking for over 20 yrs. A guy who graduated a few years before me had a healthy bank account, but always paid cash and never built up his credit. He had a hard time acquiring a loan.
Credit > oxygen
100% cosign on dirty not buying a new car btw, the initial depreciation hit new cars take is a joke. i don't care if i'm in the market for a ferrari, i'll buy it a year old and save $30K.
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yeah because our generation is a joke when it comes to debt and financial management. stop buying things you can't afford.Originally Posted by johngotty
Y'all must be ballin' on another level because I've rarely met people who don't take on a car note when purchasing a new/recent model car.
Your interest rate is going to depend on your credit. But if you listen to these folks, you'll never build up any credit. Sidebar - My mom worked in banking for over 20 yrs. A guy who graduated a few years before me had a healthy bank account, but always paid cash and never built up his credit. He had a hard time acquiring a loan.
Credit > oxygen
100% cosign on dirty not buying a new car btw, the initial depreciation hit new cars take is a joke. i don't care if i'm in the market for a ferrari, i'll buy it a year old and save $30K.
put em up
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bookmarked.
s0lefunk
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You end up paying more over your lifetime if you strictly lease plus you have all those fine print stipulations where they try to nickle and dime you at the end of the term. You cant do any customizations or exceed the mileage limits. The car just isn't yours.. Leasing does have it's benefits but unless you are upper-middle class it just doesn't make sense to go through life strictly leasing vehicles.
Like few have said, as long as you are living within your means then do whatever you want.
Lease: lower payments, maintenance taken care of throughout lease but less freedom plus you'll be back at square one at the end of your lease
C Note: higher payments but the car is/will be yours at some point. Plus you recoup some of your losses when you sell/trade in
Buy straight up: no payments but its up to you to save thousands of dollars and go without transportation for an extended period of time
Whatever you decide, just make sure the car is not only what you need but something you are actually happy with. It's easier to put money into a car you like than it is for one you just use to get from point A to B..
s0lefunk
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You end up paying more over your lifetime if you strictly lease plus you have all those fine print stipulations where they try to nickle and dime you at the end of the term. You cant do any customizations or exceed the mileage limits. The car just isn't yours.. Leasing does have it's benefits but unless you are upper-middle class it just doesn't make sense to go through life strictly leasing vehicles.
Like few have said, as long as you are living within your means then do whatever you want.
Lease: lower payments, maintenance taken care of throughout lease but less freedom plus you'll be back at square one at the end of your lease
C Note: higher payments but the car is/will be yours at some point. Plus you recoup some of your losses when you sell/trade in
Buy straight up: no payments but its up to you to save thousands of dollars and go without transportation for an extended period of time
Whatever you decide, just make sure the car is not only what you need but something you are actually happy with. It's easier to put money into a car you like than it is for one you just use to get from point A to B..
solewoman
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qft. and next car i do buy im putting at least half down
solewoman
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qft. and next car i do buy im putting at least half down
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depending on the model -- Ferrari is one of the few cars that I know of that appreciate in value.
The_Isomotion31
formerly thewindscar31
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same boat, I don't know about the half down though. probably like 20-30% lol
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depending on the model -- Ferrari is one of the few cars that I know of that appreciate in value.
The_Isomotion31
formerly thewindscar31
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same boat, I don't know about the half down though. probably like 20-30% lol
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...for me...next car, I'm putting 100% down.
- 10,490
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...for me...next car, I'm putting 100% down.
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Nope, all depends on how you go about it. I went thru my credit union, got the loan, walked into the dealership with a check, haggled the price down $9k, and been happy ever since.Originally Posted by Hugo
ummmmm i use to be a salesman..everyone gets dicd when financing, buddy.Originally Posted by ATLien Seeko
I like when people come in and say "DONT DO IT!" with no reason or insight as to why not... If you need a car, you want a certain model, and you can afford it, go for it. It's as simple as that. If I could afford it, I definitely wouldnt mind having a car note on a Nissan GT-R. Why not pay for a car that you really want/need and will use? It's good logic.
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Nope, all depends on how you go about it. I went thru my credit union, got the loan, walked into the dealership with a check, haggled the price down $9k, and been happy ever since.Originally Posted by Hugo
ummmmm i use to be a salesman..everyone gets dicd when financing, buddy.Originally Posted by ATLien Seeko
I like when people come in and say "DONT DO IT!" with no reason or insight as to why not... If you need a car, you want a certain model, and you can afford it, go for it. It's as simple as that. If I could afford it, I definitely wouldnt mind having a car note on a Nissan GT-R. Why not pay for a car that you really want/need and will use? It's good logic.
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Leased cars are basically $200/month rental cars.
Never buy a new car.
Buy a used car that's a few years old, pay it in cash, save some money.
I bought a 2003 Chevy Impala from a friend for $900. Her mom just had $1700 worth of work done to it, last year.
All I needed was a new battery & a new tire = $200 & I'm on the road.
I change my own oil, change the coolant, & brakes/brake fluid/lines.
Good to go.
Never buy a new car.
Buy a used car that's a few years old, pay it in cash, save some money.
I bought a 2003 Chevy Impala from a friend for $900. Her mom just had $1700 worth of work done to it, last year.
All I needed was a new battery & a new tire = $200 & I'm on the road.
I change my own oil, change the coolant, & brakes/brake fluid/lines.
Good to go.
- 1,501
- 11
- Joined
- Jun 30, 2005
Leased cars are basically $200/month rental cars.
Never buy a new car.
Buy a used car that's a few years old, pay it in cash, save some money.
I bought a 2003 Chevy Impala from a friend for $900. Her mom just had $1700 worth of work done to it, last year.
All I needed was a new battery & a new tire = $200 & I'm on the road.
I change my own oil, change the coolant, & brakes/brake fluid/lines.
Good to go.
Never buy a new car.
Buy a used car that's a few years old, pay it in cash, save some money.
I bought a 2003 Chevy Impala from a friend for $900. Her mom just had $1700 worth of work done to it, last year.
All I needed was a new battery & a new tire = $200 & I'm on the road.
I change my own oil, change the coolant, & brakes/brake fluid/lines.
Good to go.
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If u don't know ur stuff, anything is a bad idea. Know ur stuff and it's not a bad option. See things as an investment and not an expense and u'll be good.
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If u don't know ur stuff, anything is a bad idea. Know ur stuff and it's not a bad option. See things as an investment and not an expense and u'll be good.
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Originally Posted by Mr718
Nope, all depends on how you go about it. I went thru my credit union, got the loan, walked into the dealership with a check, haggled the price down $9k, and been happy ever since.Originally Posted by Hugo
ummmmm i use to be a salesman..everyone gets dicd when financing, buddy.Originally Posted by ATLien Seeko
I like when people come in and say "DONT DO IT!" with no reason or insight as to why not... If you need a car, you want a certain model, and you can afford it, go for it. It's as simple as that. If I could afford it, I definitely wouldnt mind having a car note on a Nissan GT-R. Why not pay for a car that you really want/need and will use? It's good logic.
im in the process of doing this,
care to elaborate???
