Who has their Camaro paid off?

[5thGenOwner]

Originally Posted by pyroguy

You people defending payments are crazy. 100% of legitimate repos are on cars with loans. Miss a payment or two whether intentional or unintentional and they can repo your car. Sometimes life happens and you have unexpected expenses that may make it so you can't pay your payment unexpectedly. Why not have a car that you own 100% and not have to worry about owing someone else? It's not yours until it's all yours. Even if you still owe $0.01 it can still be repoed. Take the amount that you would have spent on a payment and invest it every month if you're that concerned about making that money grow. Will it make 100% as much as if you just threw a lump sum at an investment out of the box? No, but you don't have to worry about life happening preventing you from paying the whole thing off and ending off worse than if you'd just paid off the car.

There is a middle ground. You are underscoring very unlikely situations. Repo's for $0.01 owed, or "life happens" events.

An agreement to purchase something (i.e. loan) should never be taken lightly and all unforeseen/oh-sh** events should be considered. That taken into account, there should be nothing that would stop you from making a payment on time.

And although you are correct in stating that it is wisest to save & pay in full, regularly paying a car payment helps your credit score, which you will need to be good for other things in life.

With your logic, is that how you buy all big dollar purchases (i.e. property)? Loans are necessary, and if done properly benefit both parties.

Just saying.

I paid off my 2010 in 2013. congrats to everyone with no payment, whether paid in full when you drove it off the lot or years afterwords.

[drew peacock]

Originally Posted by Welker2

Don't think anyone is acting like its nothing to save/have $40K. I'm 55, have worked hard and invested/saved since I was 16. As a result, since retiring and thanks to hard work, good retirement planning, some wise investments and some luck over the years, we are in a position to now pay cash for luxuries...it's not always easy, but if you start early, it can be done

spot on.

ofc it's not easy..i'm just a floor fitter and my wife a nurse.

[Ryanbabz71]

As of yesterday mine is


Ryan

[justjoshin]

Betsy is paid for! The whole finance or pay cash debate is really silly. Many people never get to a point where it is possible to pay cash. Financing is the only option for a lot of young people just starting out in life. I am at a point in my life that I can go out and pay cash for an auto, but like others have stated, it took years of hard work to get to this. I keep my cars for a long time, and continue to put money up in a savings set aside just for that at all times. I plan on buying a new truck around this time next year and will pay cash unless I could be able to get 0% financing. That would be a no brainer to do! I didn't get a 820 credit score by paying cash for sure. No matter how you purchase things, it all comes down to being smart. Just my $.02

[Trifecta23]

Paid cash.

Where I believe it is crazy is if someone borrows money for a garage queen. I bought mine as a toy and a 4th auto for the family. I have in the past made payments for daily drivers, but there is no way I would make payments and take $ away from my family for my weekend runner. That's just me and I'm not going to judge others. I am definitely not a perfect person and not going to act like i am.


.

[JMT]

Maybe in my next life haha

[Kendall421]

Originally Posted by Pluto

Was it the best thing ever when you paid it off? Did you mod more(if you're into that) or did you trade for another vehicle? It looks like I'll have mine paid off in September of this year and I'm leaning more toward the modding. Just curious as to what route everyone took.

Paid cash for mine, so paid off immediately. Already had about $3000 in mods sitting in the shop waiting for the car to arrive. LOL

[Kendall421]

Originally Posted by Trifecta23

Paid cash.

Where I believe it is crazy is if someone borrows money for a garage queen. I bought mine as a toy and a 4th auto for the family. I have in the past made payments for daily drivers, but there is no way I would make payments and take $ away from my family for my weekend runner. That's just me and I'm not going to judge others. I am definitely not a perfect person and not going to act like i am.


.

Your taking money away from your family weather you make payments or pay with cash. Money is money. I pay cash for all my cars, I concur with you there. All 3 of my Camaro's are garage queens. I don't see a big problem with someone making payments on a garage queen though. Guess they are making sure it lasts till it's paid off. LOL

[pyroguy]

Originally Posted by failshift

I like how everyone acts like its nothing at all to save/have 40k cash.......

Nothing could be further from the truth, especially if you're younger. 40k is A LOT to save up. However, if more people saved up cash there would be a lot less threads titled "I hate my Camaro", "I wish I had got a V8", "I wish I had got a ZL1", "I wish I had gotten a different Camaro", etc.

Originally Posted by 5thGenOwner

There is a middle ground. You are underscoring very unlikely situations. Repo's for $0.01 owed, or "life happens" events.

An agreement to purchase something (i.e. loan) should never be taken lightly and all unforeseen/oh-sh** events should be considered. That taken into account, there should be nothing that would stop you from making a payment on time.

And although you are correct in stating that it is wisest to save & pay in full, regularly paying a car payment helps your credit score, which you will need to be good for other things in life.

With your logic, is that how you buy all big dollar purchases (i.e. property)? Loans are necessary, and if done properly benefit both parties.

Just saying.

I paid off my 2010 in 2013. congrats to everyone with no payment, whether paid in full when you drove it off the lot or years afterwords.

As unlikely as it is for a repo for $0.01 it is possible, but the more likely thing is major life events. Studies show that a significant life event will happen to every person at least once in a 10 year period. With loan terms being up to 96 months now chances are you would experience a significant event during the life of your loan.

As far as you saying that you need a credit score to be good for other things in life I would say that is a very common misconception. You "need" a credit score to borrow money and depending on the land lord renting, that's about it. Even then if your land lord has half a brain and you tell them you don't have a credit score because you have saved up money and pay cash for things, chances are pretty good that they will rent to you. Who would you rather rent to, a person with no credit score and $10k in the bank or someone with a 750+ credit score and $10k or more in debt with no savings. Saying that you HAVE to have a credit score to buy a house/property is also false. You can have no credit score and your lender will do manual underwriting to loan you money for the house. Once you have a house payment you will have a credit score, but having a history of paying bills on time will help you with manual underwriting.

[dotbowels]

From day 1 of my adult life (18) I have never bought anything that I can't pay for period. Some times it takes a while, but if I want it, I eventually get it if possible, or I move on.

I always wanted a Vette Vertible, but ended up happily settling for a Camaro. I've never looked back.

Yes my Camaro is paid for

[sbubbaklein]

Sent the last payment off today.

[13BRM2SSRS]

Mine is paid off sweet!

[SS MoFo]

Wish I could have got <1% APR financing for an SS or I would have taken a loan. I feel lucky to have a good job and my transportation paid off. It leaves more money for BBQ and refreshments and gasoline

[Gerry S]

Looking to pay off my camaro when I move to a warmer climate next year. Not crazy about payments but with interest rates being almost non existent it crazy to pay cash.