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Originally Posted by MerF
For the record, I completely agree with you. This recession/depression was born because banks got loose with lending and people were not responsible with it. So I agree if you can't buy the car, get the hell out of the way.
Again, it doesn't effect me as I'm sitting here waiting for more teasers of ragtops...but it will eventually.
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I think you have stated that the wrong way. This recession got started because the general population has no idea what credit is and how to use it wisely. Banks and other lenders were just there to take money from people who didn't know any better and weren't smart enough to do some research. We are all way to free and easy with credit.
I am not here to tell anyone what they can and can't buy or what they should and shouldn't buy (unless of course you ask me my opinion and then I will gladly give it to you). I would just tell people to do your research on credit, saving money, investment, etc. Educate yourself. Knowledge is the best weapon.
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Originally Posted by Embalmer
Umm WHO pays cash for a car? Seriously!!!
Unless you're crazy rich or you've been saving for a LONG time, MOST people will be financing MOST of the purchase price of this car.
I personally make 100k/year but I'll still only be putting down 5k or so and financing the other 31k for 5 years. My credit is great but I would imagine that MOST people are in a WORSE position than I am....
I think you will find that most people posting to this thread are those who have more money than they know what to do with or are just really really good savers.
For anyone to come here and say, "If you don't have money cancel your order." You're seriously smoking crack. Nobody is going to CANCEL their order. They'll try to finance the car no matter what and IF they get denied the dealer will sell the car to the 100 people in line waiting for a shot to buy this car.
NOBODY cancel your order unless you KNOW you can not afford this car.
Sorry but I had to post my reality check for the other 99% of the population.
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Quote:
Originally Posted by nol300
+1 I made 140k last year and only plan on putting 3k down and financing the rest. Plus even if I had the cash I would keep in the bank if something happened I would have no money but a free and clear car.
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To both of you, a fool and their money are soon parted. If you are getting 2.5% or say even 4% on your money in savings and then are paying 5-6% on your loan, you are losing money. It would be better to pay for the car in cash (assuming you have some money in reserve for a rainy day). Now, if you can get 0%-2% financing, then go for it.