Buying a new car with cash

[yh125d]

Yes, but anything I buy I carry cash for. So for the new home entertainment system I had several thousand in my pocket when we went shopping. When I go on vacation I usually have a few thousand on me. Redoing my bedroom I had a bunch, etc. To say nothing of buying cars, where I have to have 10-15k on me.

For all of these things the money has never been in a bank, so there can be no transaction slips. It's the money I've accumulated through years of saving from all sources. This makes it difficult, if not impossible, to meet the requirements of much of what I'm reading here.

Sounds about time for you to realize banks aren't just evil gremlins aiming to steal your money

 

[MetalMat]

I dont know about the whole paying cash thing = worse deal on a car. If you go into a dealership and say that you want to buy a car straight up with no bs on the haggle I can bet they will work with you. Just make sure you shop around and make it know to them you are shopping around. Also when you test drive a car try not to point out anything that you like, just be a rock.

 

[PrinceofWands]

Sounds about time for you to realize banks aren't just evil gremlins aiming to steal your money

It's not that. Fairly complicated, and irrelevant to the discussion at hand.

 

[alkemyst]

For all of these things the money has never been in a bank, so there can be no transaction slips. It's the money I've accumulated through years of saving from all sources. This makes it difficult, if not impossible, to meet the requirements of much of what I'm reading here.

Well that's the rub. Every gangbanger can claim the same thing, as well as every illegal.

There isn't a lot of reasons why one would need to keep all their money in their pocket.

Also under $10k no one is really concerned. If you are rolling around with $100k plus in a trunk, then that is a big red flag.

 

[PrinceofWands]

Well that's the rub. Every gangbanger can claim the same thing, as well as every illegal.

There isn't a lot of reasons why one would need to keep all their money in their pocket.

Also under $10k no one is really concerned. If you are rolling around with $100k plus in a trunk, then that is a big red flag.

And unless there is absolute proof to the contrary, the state should be FORCED to accept it at face value. Something about innocent until proven guilty comes to mind.

 

[Pneumothorax]

I dont know about the whole paying cash thing = worse deal on a car. If you go into a dealership and say that you want to buy a car straight up with no bs on the haggle I can bet they will work with you. Just make sure you shop around and make it know to them you are shopping around. Also when you test drive a car try not to point out anything that you like, just be a rock.

As has been posted before, UNLESS the manufacturer has $5000 rebate offer vs low rate financing going on, you'll be ahead if you take a 0% finance offer. The salesman will also be willing to give a better deal as the stealership WILL get a "kick-back" from the bank who finances a loan. All of this is moot, if your credit sucks, but the majority of people who have the finances to pay for a car in cash will usually have stellar credit. In other words, finance the car if they'll give you a better price and then pay it all off when the bill comes in the mail. You won't be charged any interest. If they have a 0% financing without a possible rebate without financing, then it's in your best interest to hold on to the cash for liquidity as you won't be losing money anyway and they're the ones eating the inflation too.

 

[alkemyst]

I am more on people having to verify and prove income. Too many people piling 4+ to a home all driving $50k cars and never going to work.

 

[PrinceofWands]

I am more on people having to verify and prove income. Too many people piling 4+ to a home all driving $50k cars and never going to work.

Acceptable, as long as you view the HISTORY of income AND spending habits, and not just the CURRENT employment. So long as I show that I've had valid income within a reasonable time (a few years) it must be accepted as the source of funds on hand unless there is HARD EVIDENCE to the contrary.

What I do NOT accept is throwing out individual rights because the person doesn't conform to specific social norms. There is NO requirement to hold a 'normal job', utilize banks, spend a certain amount every month, or any other such thing.

 

[alkemyst]

right, but if you aren't filing taxes at the level that supports that lifestyle then I am all for someone stepping in.

We have "4" dudes living in a home someone else bought for 1.7 million. During the day there are about 10+ cars there stretching across the front yard. All exotics/high end...these guys do not work..they just boom their cars all to the same song usually. The residents are sort of powerless since most of the rules cover over-night parking and these guys all go out each night returning at 4am or so booming away.

I am glad I don't live in that development.

I am sure some landlord is getting paid each month more than a fair rental price due to no-questions asked cash transactions.

 

[PrinceofWands]

right, but if you aren't filing taxes at the level that supports that lifestyle then I am all for someone stepping in.

We have "4" dudes living in a home someone else bought for 1.7 million. During the day there are about 10+ cars there stretching across the front yard. All exotics/high end...these guys do not work..they just boom their cars all to the same song usually. The residents are sort of powerless since most of the rules cover over-night parking and these guys all go out each night returning at 4am or so booming away.

I am glad I don't live in that development.

I am sure some landlord is getting paid each month more than a fair rental price due to no-questions asked cash transactions.

Counter argument: me.

I've never made over $30,000 a year in my life (and therefore pay basically no taxes), and am frequently un or under employed. Yet I own my home outright, pay cash for all transactions, etc. I'm a night owl, living most of my waking hours between 6pm and 6am. I'm frequently visited by friends, and have had housemates most of my adult life. To casual observation I might be doing something wrong/illegal. Are my ABSOLUTE rights to be suspended because I don't fit the common mold? Everything can easily be explained, though little of it capable of being supported by significant evidence.

 

[alkemyst]

do you file taxes?

 

[PrinceofWands]

do you file taxes?

Almost always, though there have been a couple years I haven't had to. Making so little I almost never have to PAY taxes, but I still file to get back anything I might have paid during the year. Even with tax receipts it might be difficult to convince people of where my money comes from, since few people who earn so little have so much.

 

[alkemyst]

Was your home a gift then?

 

[PrinceofWands]

Was your home a gift then?

Mostly inheritance...I had to pay off the small bit left (about $30,000).

 

[alkemyst]

Well I believe everyone should still file a return just to save themselves from a future audit. Still these kinds of things don't show money made under the table and the like. With 'housemates' you should be generating income from them as well on a paid off house.

 

[PrinceofWands]

Well I believe everyone should still file a return just to save themselves from a future audit. Still these kinds of things don't show money made under the table and the like. With 'housemates' you should be generating income from them as well on a paid off house.

I thought about filing last year, but finally decided it was a waste. My total income for the year was 0 (or maybe about $3000 if I went completely anal about reporting every penny from every source). Either way it's just silly make the effort in those cases.

I find that level of reporting/record-keeping to be ludicrous, and won't participate. It's as asinine as reporting birthday money. Probably one person out of ten or a hundred million goes that far. I'll report money that comes from bosses for official job income. If I invested, I'd report that (but I don't, so I don't). If I win a lottery or poker tourney I'll report that. Otherwise, the government can piss off.

 

[alkemyst]

i think you are actually part of the problem based on this. How did you live on $0 or maybe $3000 last year?

 

[AMCRambler]

i think you are actually part of the problem based on this. How did you live on $0 or maybe $3000 last year?

Sounds like he's living off his inheritance. Once that's gone he'll be forced to become a productive part of society. So the money he's spending has already been earned and taxed in previous years. Unless he's making a large amount of interest on it or has income from investments with it, he's not making enough to bother filing a tax return. There's a threshold amount of income you need to exceed before you have to file. I want to say it's like 4-5k. Less than that, the amount of taxes collected is less than what it costs the IRS to process the tax return.

 

[PrinceofWands]

i think you are actually part of the problem based on this. How did you live on $0 or maybe $3000 last year?

I had enough cash on hand (and other sources of support) I could do fine. I usually do, since I've been saving for years and live VERY cheaply (generally well under $1000/mo).

I was actually looking for regular work for much of the year, but with unemployment near 20-25% around here I didn't find anything. I made some on private work...computer stuff, some editing, etc, hence the $3000.

Fortunately this year is looking better, and I'm back to earning a regular income...most of which goes directly into the safes for the next time I'm not making much income. I probably only could have lasted another 4 or 5 months if it'd stayed that bad.

 

[PrinceofWands]

Sounds like he's living off his inheritance. Once that's gone he'll be forced to become a productive part of society. So the money he's spending has already been earned and taxed in previous years. Unless he's making a large amount of interest on it or has income from investments with it, he's not making enough to bother filing a tax return. There's a threshold amount of income you need to exceed before you have to file. I want to say it's like 4-5k. Less than that, the amount of taxes collected is less than what it costs the IRS to process the tax return.

Nope, none from inheritance. All the cash I had was saved from working (plus a tad bit from poker).

 

[alkemyst]

Nope, none from inheritance. All the cash I had was saved from working (plus a tad bit from poker).

How are you living month to month then?

 

[PrinceofWands]

How are you living month to month then?

I'm lost; didn't I just cover that?

 

[MistaFreeze]

I'd buy a car with cash. I'd feel like Rick James.

 

[alkemyst]

I'm lost; didn't I just cover that?

Still doesn't make sense. You have tenants that is income, you are doing side jobs, etc. Should add up to more than $3000 in a year.

Also I don't see how you are living below $1k a month if you own a home with taxes, insurance, etc on it.

 

[PrinceofWands]

Gotcha. I don't have 'tenants', I often have 'roommates' (who are always friends or family, never strangers brought in). I generally don't get income from them, though they often pay some of the housing costs (like utilities) in exchange for room.

My side jobs are usually $15-45 here and there, with some occasionally higher. It's not like a full time job or anything, and since I only charge $15-25/hr it's impossible to make very much.

Taxes are barely a couple thousand a year. I have a moral objection to insurance in all forms, and so have none. Other costs are similarly minimal if you're careful. Most people really don't make much money (though granted, more than me), yet manage to live perfectly well. People make life far more expensive than it actually is.