Quote:
Originally Posted by camaropete
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.
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I'm not here debating why we are in a financial crisis. I'm here saying that 99% of the people buying this car will not be paying cash for it. OF COURSE paying cash is the best way to go - nobody will argue that, but who has 35k to drop on a car? Nobody I personally know.
Here, I'm not saying spend money you don't have but financing a car is in no way a BAD thing. Live within your means and spend a few bucks in life - you only live once and money does you no good when you're taking the impending dirt nap.
Btw, 0-2% financing isn't going to happen... everyone here should figure 6-8% to be safe.