Somebody shoot me!

[Blieb]

I've been sweet on 2003 Acura CL's for about a year or so. By sweet, I mean, I'd like it to be my next car. (manual of course, their auto's are notorious for being crap)

I have been over-thinking the hell out of this ... but there's one for sale at a damn decent price, with a bumper to bumper acura care warranty until 75k miles ...

I'm just a security freak pvssy and don't know if I want to take on payments, though when I did out my budget, I can afford it ...

I've been driving my 1998 Chevy S10 (116k miles) since it was new in 98 ... no payments ...

*slams head against desk*

 

[nakedfrog]

Stick with no payments.
Save up what would be payments until you can buy one outright

 

[jaedaliu]

how much longer is the expected lifespan of your truck? Most modern cars can go over 150k - 200+k no problem until the engine or transmission dies. Then they'll have to make a decision whether to fix or get a new one.

I know I'm going to be driving my 98 until the transmission dies, throw in a new(er) one and ride it until I need to get a minivan for my eventual kids.

 

[JulesMaximus]

Go ahead and buy it.

Payments are okay so long as you can afford it. No sense in saving up until you can buy one outright.

 

[SpanishFry]

I have an '01 CL-S. Great car, mine's paid off and I've been in the same situation recently. In the end, no payments is really nice.

 

[nakedfrog]

Originally posted by: JulesMaximus
Go ahead and buy it.

Payments are okay so long as you can afford it. No sense in saving up until you can buy one outright.

But by the time he's saved up that much, there will be another car that he wants even more

 

[AMDZen]

Originally posted by: nakedfrog
Stick with no payments.
Save up what would be payments until you can buy one outright

I agree

 

[JulesMaximus]

Originally posted by: nakedfrog

Originally posted by: JulesMaximus
Go ahead and buy it.

Payments are okay so long as you can afford it. No sense in saving up until you can buy one outright.

But by the time he's saved up that much, there will be another car that he wants even more

A car loan is a short term debt. As long as you have good credit and can get a low interest rate there is no reason not to finance a car. Hell, sometimes it makes more sense to finance it than to buy it outright.

The knee jerk reaction to save up and then pay $20+ cash on a car just amazes me sometimes. I shake my head at the lot of you!!!

BTW-Waiting until your current vehicle developes major problems is equally stupid because you'll have to fix whatever it is that breaks in order to sell it and then at that point it doesn't make sense to sell it because you've just dumped thousands of dollars into it.

 

[Blieb]

Originally posted by: jaedaliu
how much longer is the expected lifespan of your truck? Most modern cars can go over 150k - 200+k no problem until the engine or transmission dies. Then they'll have to make a decision whether to fix or get a new one.

I know I'm going to be driving my 98 until the transmission dies, throw in a new(er) one and ride it until I need to get a minivan for my eventual kids.

I'm not sure ... the truck runs pretty damn good for an 8 year old vehicle. Cold AC (new last summer 1k) ... good tires, sounds great ... shifts nice, though I wonder when the clutch is going to need replacing ... still feels ok to me, but definitely getting older ...

 

[Blieb]

Originally posted by: JulesMaximus

BTW-Waiting until your current vehicle developes major problems is equally stupid because you'll have to fix whatever it is that breaks in order to sell it and then at that point it doesn't make sense to sell it because you've just dumped thousands of dollars into it.

This is part of my reasoning. I can get a used car with a warranty that's equal to most new cars ...

My roommate recently had an accident where her car was totaled (Sentra, roommate was ok) ... and she was in a pinch to find a new car fast ... 'cause she had NO car.

Buying under pressure is no way to buy.

 

[Pliablemoose]

You have to ask yourself if you are defined by your car, if the answer is no, then don't finance a depreciating asset.

Wear out your S10 for another 3 years, 10 years is a good round number to keep a car, bank the $ & in 3 years buy what you can pay cash for.

Why fall into the trap? You'll see fools rationalizing their financial suicide over & over by asking what to do.

 

[Blieb]

Originally posted by: Pliablemoose
You'll see fools rationalizing their financial suicide over & over by asking what to do.

So true!

 

[OdiN]

What's your address. And what should I shoot you with? I've got a .40, some shotguns and a nice rifle w/ scope. Your choice.

 

[JulesMaximus]

Originally posted by: Pliablemoose
You have to ask yourself if you are defined by your car, if the answer is no, then don't finance a depreciating asset.

Wear out your S10 for another 3 years, 10 years is a good round number to keep a car, bank the $ & in 3 years buy what you can pay cash for.

Why fall into the trap? You'll see fools rationalizing their financial suicide over & over by asking what to do.

So, dropping $20k cash on a depreciating asset makes good financial sense? :roll:

When I bought my '03 Maxima brand new I got 1.9% financing on it. It didn't even make sense to put any money down on it. I didn't put a cent down on it in fact.

Financing a car is not a trap if you can afford it. If your interest rate is a bit higher it might make sense to put a little more down so that you aren't upside down in it but it's not a trap and it's not necessarily foolish. Sure, it can be but only if you let the dealership screw you.

Like I said before, car loans are short term debt with low or no interest rates. Credit cards are long term debt and high interest rates, now those are a trap and financial suicide.

 

[BurnItDwn]

Originally posted by: JulesMaximus

Originally posted by: Pliablemoose
You have to ask yourself if you are defined by your car, if the answer is no, then don't finance a depreciating asset.

Wear out your S10 for another 3 years, 10 years is a good round number to keep a car, bank the $ & in 3 years buy what you can pay cash for.

Why fall into the trap? You'll see fools rationalizing their financial suicide over & over by asking what to do.

So, dropping $20k cash on a depreciating asset makes good financial sense? :roll:

When I bought my '03 Maxima brand new I got 1.9% financing on it. It didn't even make sense to put any money down on it. I didn't put a cent down on it in fact.

Financing a car is not a trap if you can afford it. If your interest rate is a bit higher it might make sense to put a little more down so that you aren't upside down in it but it's not a trap and it's not necessarily foolish. Sure, it can be but only if you let the dealership screw you.

Like I said before, car loans are short term debt with low or no interest rates. Credit cards are long term debt and high interest rates, now those are a trap and financial suicide.

I agree.
It's stupid to pay 20K cash for a car. If you've got 20K saved up, it's better to invest it, and then finance a car and make payments on it. Chances are, you'll probably get more back from your investment then you would pay in interest on the loan. Sure there is a small amount of risk involved, however, the odds are going to be very much on your side.