Quote:
Originally Posted by jacobsed
Wrong....it's pay now or pay later. If you can make payments then you can save up first and not go into debt for a car.
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Do you really think anyone smart enough to be able to accumulate $50K – $75K - $100K would be so stupid to even think about spending it all on a depreciating asset like a car when you can get 0 down & 0% interest?
One way to make a big pile of cash smaller; buy a car for cash & drive it off the lot. Instant 20% loss. You might want to ask yourself if buying for cash is the best plan why do the guys who build the cars buy plant & equipment with bank loans not cash.
BTW about your big hat in Texas comment......It would lead me to believe they don't even teach basic economics in the schools down there. The cash you left in the bank whatever draws some kind of interest so it grows & if you only earn 2% its worth about $54K when the car is paid off while the $50K in dollars you are paying back out of current funds have less purchasing power, are less valuable, then when the note was signed. Its a thing called future value.