Would you have purchased your truck if you had to pay cash only, no finance
10-25-2012, 04:56 PM
#51
Grumpy Old Man
Listen to Dave Ramsey.
If you cannot pay cash for a vehicle (car, pickup, RV), then you cannot afford that vehicle.
I have paid cash for all my vehicles since 1993.
Family cars: 1993 Toyota Camry XLE, traded for Y2K Toyota Avalon XLS, traded for 2005 Honda Odyssey EX-L, traded for 2009 Honda Odyssey EX-L, traded for 2012 F-150 Lariat EcoBoost.
RVs: Used 21' low profile 5er in 1995, traded for new 2000 25" mid-profile 5er with one slide. Daughter is living in the 5er now, so we bought a new 2012 23' TT to be towed by the F-150.
Pickups: New 1995 Toyota T-100, traded for new 1999.5 F-250 diesel. Sold the diesel after 11+ years and bought a 2003 F-150 Lariat from my brother's estate in 2010 to help out SIL. Traded that F-150 in on the "family car" 2012 F-150 noted above.
Plus we bought a used 2010 Toyota Corolla in 2010 to have a "puddle jumper" economy car used primarily as a local runabout.
The 2012 F-150 we plan to drive for about 10 years. The 2010 Corolla we'll probably trade in on a small crossover or maybe a Jetta TDI wagon a year or so from now.
If you cannot pay cash for a vehicle (car, pickup, RV), then you cannot afford that vehicle.
I have paid cash for all my vehicles since 1993.
Family cars: 1993 Toyota Camry XLE, traded for Y2K Toyota Avalon XLS, traded for 2005 Honda Odyssey EX-L, traded for 2009 Honda Odyssey EX-L, traded for 2012 F-150 Lariat EcoBoost.
RVs: Used 21' low profile 5er in 1995, traded for new 2000 25" mid-profile 5er with one slide. Daughter is living in the 5er now, so we bought a new 2012 23' TT to be towed by the F-150.
Pickups: New 1995 Toyota T-100, traded for new 1999.5 F-250 diesel. Sold the diesel after 11+ years and bought a 2003 F-150 Lariat from my brother's estate in 2010 to help out SIL. Traded that F-150 in on the "family car" 2012 F-150 noted above.
Plus we bought a used 2010 Toyota Corolla in 2010 to have a "puddle jumper" economy car used primarily as a local runabout.
The 2012 F-150 we plan to drive for about 10 years. The 2010 Corolla we'll probably trade in on a small crossover or maybe a Jetta TDI wagon a year or so from now.
Last edited by smokeywren; 10-25-2012 at 06:01 PM.
The following users liked this post:
iphanatik (10-25-2012)
10-25-2012, 08:16 PM
#52
Originally Posted by sullyman
Finance at a low rate, keep three months living expenses in cash for emergencies, and invest the rest in risk and goal appropriate vehicles.
10-25-2012, 08:25 PM
#53
Listen to Dave Ramsey.
If you cannot pay cash for a vehicle (car, pickup, RV), then you cannot afford that vehicle.
I have paid cash for all my vehicles since 1993.
Family cars: 1993 Toyota Camry XLE, traded for Y2K Toyota Avalon XLS, traded for 2005 Honda Odyssey EX-L, traded for 2009 Honda Odyssey EX-L, traded for 2012 F-150 Lariat EcoBoost.
RVs: Used 21' low profile 5er in 1995, traded for new 2000 25" mid-profile 5er with one slide. Daughter is living in the 5er now, so we bought a new 2012 23' TT to be towed by the F-150.
Pickups: New 1995 Toyota T-100, traded for new 1999.5 F-250 diesel. Sold the diesel after 11+ years and bought a 2003 F-150 Lariat from my brother's estate in 2010 to help out SIL. Traded that F-150 in on the "family car" 2012 F-150 noted above.
Plus we bought a used 2010 Toyota Corolla in 2010 to have a "puddle jumper" economy car used primarily as a local runabout.
The 2012 F-150 we plan to drive for about 10 years. The 2010 Corolla we'll probably trade in on a small crossover or maybe a Jetta TDI wagon a year or so from now.
If you cannot pay cash for a vehicle (car, pickup, RV), then you cannot afford that vehicle.
I have paid cash for all my vehicles since 1993.
Family cars: 1993 Toyota Camry XLE, traded for Y2K Toyota Avalon XLS, traded for 2005 Honda Odyssey EX-L, traded for 2009 Honda Odyssey EX-L, traded for 2012 F-150 Lariat EcoBoost.
RVs: Used 21' low profile 5er in 1995, traded for new 2000 25" mid-profile 5er with one slide. Daughter is living in the 5er now, so we bought a new 2012 23' TT to be towed by the F-150.
Pickups: New 1995 Toyota T-100, traded for new 1999.5 F-250 diesel. Sold the diesel after 11+ years and bought a 2003 F-150 Lariat from my brother's estate in 2010 to help out SIL. Traded that F-150 in on the "family car" 2012 F-150 noted above.
Plus we bought a used 2010 Toyota Corolla in 2010 to have a "puddle jumper" economy car used primarily as a local runabout.
The 2012 F-150 we plan to drive for about 10 years. The 2010 Corolla we'll probably trade in on a small crossover or maybe a Jetta TDI wagon a year or so from now.
It's this type for thought and management that will end up making you rich and then be able to hang on to it.
Last car payment I made was in 1980. Bought a used 1978 CJ-7.Made 6 payments then paid off the balance. Still have it.
10-25-2012, 09:02 PM
#54
Senior Member
There is a temporary worker at my work that just bought a ford lightning with 150k miles at 22%, his payments are just over $100.... A WEEK!! My jaw just about broke through the cement
10-25-2012, 10:02 PM
#55
Couldn't agree more!! There is no better feeling than being debt free. Always keep your emergency fund and invest those "what would be monthly payments" and you will come out FAR ahead of the people financing! I'm only 24 and I've got that figured out.
Last edited by Bjnewton1; 10-25-2012 at 10:08 PM.
10-25-2012, 10:13 PM
#56
Anyone who says that taking a loan @ sub 3% isn't a no brainer most likely doesn't have the income potential to purchase a 40k truck. No FA in there right mind would advise putting a penny more down than to cover taxes and fees. If your FA can't get you 6+% back on your money you need a new FA
10-25-2012, 10:43 PM
#57
Senior Member
10-25-2012, 10:49 PM
#58
Originally Posted by TylerB
Couldnt agree more! 27 years old and have paid cash for all my cars (except maybe just financing them for 3 months to get the extra discounts). My monthly payments go to my ROTH's/Oil/Gas Investments which give me MUCH better returns.
