When I bought my car, I paid off 50 percent of the cost and got a loan for the rest. My car cost about $13,000 when I bought so I took a $6,500 loan from the bank. I already paid them off a few years ago bacause that was over ten years ago. So how did you buy your car, in full or loan?
I have always paid for my car in full, and I always intend to. My first car was a birthday present so that doesn't count, but the first one I paid for was £450. It was an old car but it left me with no debt at least. My next car was £950, but again, it left me with no debt.
I purchased an older car about 20yrs old. I did not want to have any debt the reason for the older car, paid in full at time of purchase. I paid $1,000 for it did a little repair work to the car, drove it for a year and sold it for $700. A good deal I think.
I have only ever purchased 2 vehicles myself and I bought both of them outright. My next car, it wouldn't surprise me if I needed to take out a loan for one, though. At the point where I need a car again, it will likely be because I have changed employment to being outside the house and I'll need transportation rather immediately. I don't currently have the funds sitting in savings for a purchase like that, so I would need a loan. I would pay it off ASAP, though.
I am in need of a car and hope to make a 50% deposit and pay the balance off in 6 payments. Making monthly payments is not very much fun and not a good use of my money. The loan that I can get right now is not the car I want to purchase so I need to make a large downpayment.
I bought all of my cars outright. I do not want to waste money on interest, and my first cars were not great, but it allowed me to save up without the worry of debt to but better ones.
I do not own my own car. But all of the people, around my age, who have gone out and gotten cars, just to say that they are on the road, took out a loan or got their vehicles on finance. Since, some of these people have had to sell their cars because they could not afford the payments. I have always hated the interest game. Such a con. If I ever buy a car, I will be looking to buy it with cash.
My car was financed with a loan for $5,000. Not a ton of money, so it wasn't that hard to pay off. I'd rather purchase a vehicle in full because that saves you money long-term, but that's often not possible for the average person. I've only been ably to fully pay for one vehicle without the need for financing so far.
I ended up waiting until I had money in the bank to eventually buy my car in cash which was around 5500, I felt that not having a burden on me could help out in the long run and I could eventually use that as an advantage towards savings goals.
Car loans are a huge waste of money! You should never, ever pay for an asset that depreciates in value with debt that has interest. By the time you pay the loan off you are losing thousands of dollars in interest, and for what to have a newer car to impress people? Is that really worth it? Is it really worth working an extra TEN years of your life just to show off. Everyone do themselves a favor and buy your car CASH in hand. If you don't have the cash, then you cannot afford it. Save up a little, it will save you so much in the long run.
I'm sorta through with driving "flashy" cars around any more. I used to get another car every 2-3 years but stopped doing that with my last vehicle, which I've been driving for 10 years now. It's paid off, and still works fine, and it's so nice not having to make a car payment every month, that I would like to pay for my next car in full when I buy one. The reality of how much money I was wasting paying on a new car, as well as leasing a new car really started to sink in when it came time to turn the vehicle in or trade it in. I paid $32k for my Mustang, and the dealerships only wanted to give me around $8,000 when I went to trade it in 3 years later. Granted, it had been in a couple accidents, but still.
I put a downpayment on my car and paid it off in 3 years. I had a great interest rate though, I think it was 1% financing so I wasn't hard to pay it off. I think if I had to do it again, with interest rates so low I would finance a car over 5 years and free up more disposable income. I also buy extended warranties on my cars too. I think you can save money in the long run if something goes wrong with the car. I'd rather pay off the extended warranty in installments rather than be hit with a big car repair bill.
That's great what you did to buy your brand new car! You're very lucky to have the cash to pay some of the payments in cash and rest on loan. When I was younger I bought a brand new car and got it through a bank from the car company and paid for it a little at a time with those little booklets they give you to pay every week. I had to finance the whole car payments with the bank. I remember the day I paid it in full and walked in proudly to the bank teller, made the payment & walked out feeling great!
I don't have my own car, but we acquired our car via a loan and was paid via installment. So far we have bought 2 cars, all 2nd hand and via a loan.
I hate having a car payment, and the last few cars I have gotten I have paid in full. I am really not into cars, and as long as they get me form point A TO point B I am happy. I would love to get a better used car though, because this one I have has a bash in the side. It also has some electricial issues, I am not happy with.
I'm leasing my car and already paying the buy-in, so when I finish paying for the leasing the car will already be mine. I completely regretted doing that, to be honest, I find that leasing is worse than paying it through a loan because the rules are more restrict if you want to sell it before you end the payments.... I ended up not having good luck with this car I purchased and if it was easier I would sell it and get another one. But I guess we learn from our decisions and mistakes!
I paid for it in full, because it would have cost me more money overall if I had taken out a loan to pay for it. Whenever I can, I always like to make sure that I am able to pay for things that I buy right away rather than getting into any kind of debt for them. It is much better to do this because it then means that I am getting what I want at the best possible price, which is always a good thing.
I bought my first car straight out for the whole cost. But my next car I get I'm going to try and put quite a bit down and pay off the res because I need to build my credit. It's better anyway because then you'll have less payments if you try and pay most of it off.
I have owned a lot of cars in my lifetime. I have paid cash for some, leased some and financed some. I guess it depended on my financial circumstances at the time. The car I have right now is financed. Hated to do it, don't like having a payment and having to carry full insurance on it, but I also don't have the patience for the often needed repairs on an older model used car. I don't think I will ever be able to buy a brand new car for cash. Just can't imagine saving that much money especially with a car payment.
My husband and I have always paid cash for our vehicles, in order to save money that would otherwise be wasted on interest on a car payment. For the most part, we live by the rule that if we cannot afford it, then we do not buy it. If one of our vehicles is starting to have issues (or if our family starts to grow out of it), we start saving money specifically to purchase a new vehicle. We have always bought our vehicles used, either from individual people selling their old vehicle or sometimes from used car lots. The only down side to purchasing used is that if something goes wrong with a used car, there is usually not a warranty to be able to fix it for free. This is why it is particularly important to test drive the vehicle in question and if possible, bring someone knowledgeable with you to look at the car before purchasing a used vehicle.
