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Anyone else pay cash for their truck?

Heavy 5.7

By Heavy 5.7
in Dealerships, Pricing & Orders

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Logroller Enthusiast

Logroller

Posted
Posted

Be aware that Credit cards often have interest rates much higher then financing the vehicle like up to 25 percent compared to 2 or 3 percent with financing

 

Not to mention when you pay with a card and you put do more than 20% of card spending limit, it reflects negatively on your credit report.

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Dnt Senior Enthusiast

Dnt

Posted
Posted

I was doing the Ramsey thing before there was a Ramsey. My one weekness is automobiles I like to buy often. So I go for the deals and 0 percent. I save my cash and paid off debt that has interest. I own a couple of rentals and the only debt I keep is my vehicle at O percent. The reason, I wouldn't trade in upside down that slows the vehicle purchases to 2-3 years. If I paid cash it would be more often.

Dang it KARNUT. I will have to do some real math and that really makes my head hurt........................OUCHOLA.

I might keep this latest ride a couple of years. I believe the key is just like in real estate. You have to get a real deal when you buy. If you pay "anywhere" close to the sticker price you are screwed. Sticker 64k - OTD 51k that gets you a bit of a head start on that mean ole depreciation.

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KARNUT Senior Enthusiast

KARNUT

Posted
Posted

Dang it KARNUT. I will have to do some real math and that really makes my head hurt........................OUCHOLA.

I might keep this latest ride a couple of years. I believe the key is just like in real estate. You have to get a real deal when you buy. If you pay "anywhere" close to the sticker price you are screwed. Sticker 64k - OTD 51k that gets you a bit of a head start on that mean ole depreciation.

If I could keep one at least 5 years I pay that much. My 14 Texas edition cost my 27K on 12-31-13. It was loaded pretty good, didn't have leather, sun roof or Bose, MSRP was 42K. Of course that's been gone 2 years now.

 

 

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Dnt Senior Enthusiast

Dnt

Posted
Posted

On the Credit card to buy a car. I used my credit card for my latest purchase but the dealership would only allow a maximum of $2,000.00 to be charged on a credit card.

Truck purchase = worst investment ever LOL no way to justify buying a new truck you might as well just put the money in a barrel and burn it.

I gotta go now I am looking at some additional accessories for this puppy to burn some more cash. The good thing is when you burn cash like kindlin wood it does produce some warmth......This is America Baby live long and prosper friends and get that second and third job so you can burn some cash when you feel like it without any guilt. Its getting Hot in Here.

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  • 1 month later...
vtdave Enthusiast

vtdave

Posted
Posted

Just bought my 2017 Sierra 1500 SLE Crew Cab 4x4 last week. I was prepared to pay cash. After the usual back-and-forth negotiating, we agreed on a final sale price. Then, I said: "How about you write me a loan...I don't care what the interest rate is ... can you give me a further discount?"

 

Long story short, they wrote me a 72 month loan at 6% interest, which earned me another $500 discount. I paid off the entire loan except $100 yesterday. I'll leave the remaining balance out there for a couple of months so the dealer won't get charged back the financing "spiff" paid by the bank. The dealer treated me well. I'll return the favor. After the loan fees, I'm still about $400 ahead. Well worth it for an extra hour of my time.

Grumpy Bear Senior Enthusiast

Grumpy Bear

Posted
Posted

No such thing as 'free money'. You pay taxes when you earn it. You pay taxes with you spend it. On a truck/car/bike/boat/house you pay taxes to license, title and register it and more taxes to fuel it. You insure it so you pay more taxes on that money when you make it and when you spend it. Ditto your repair dollars. Trucks/cars depreciate and the economy (money) is in a constant state of inflation. If you finance you get to pay interest and that money is taxed when you make it and when you spend it. Over the last fifty years we have lost 40% of our buying power and are getting less and less for what we have left.

 

I buy low mile used. Pay cash. Insure what the law and good sense requires and demands, then drive it to the graveyard while meticulously maintaining it. If I were smarter I would own a horse or walk.

Tattooo Senior Enthusiast

Tattooo

Posted
Posted

Congrats, sweet truck and great maturity to be able to save an not give your hard earned money to a bank for interest.

gupster88 Enthusiast

gupster88

Posted
Posted

Three things I always pay for with cash. Trucks, guns, and trips to the Bunny Ranch.

This lmao :pimp:

  • 3 weeks later...
SierraHD17 Senior Enthusiast

SierraHD17

Posted
Posted

Used to pay cash... but lemme see... got the truck at 0%... financed the entire cost of the truck at 0% over the shortest term of 3 years. I'm making 10 to 11% average on all my investments... Yeah I will keep my money and make money on it thanks lol. Or listen to this Dave Ramsey character and let gm do that instead. Dave's advice is intended for those who can't afford cash purchases and offers a way out of perpetual debt. I'm not in that situation and literally can move my entire trucks purchase price over as a financial investment... and actually have.

 

Used to buy low mile used too... totally pointless here. No financial incentives and absurd pricing.. my 2017 as a 2016 low mile is within 10% price wise or less... no thanks. Even 7 or 8 year old trucks are at about 50% over what they were 3 years ago.. no thanks.

  • 5 weeks later...
  • 2 weeks later...
SierraHD17 Senior Enthusiast

SierraHD17

Posted
Posted

Take short terms and pay it off early if you want too.  I would never finance a vehicle for more than 3 years ever.  If they offered 2 years I would have taken it because of my frequency of dispersal lol.  However if this truck is good I may keep it for a very long time so then it won't really matter.

kswaterfowler Enthusiast

kswaterfowler

Posted
Posted

I am a Dave Ramsey guy. Cash for everything. I make to much money to owe anyone anything. I wouldn't take out a loan on my truck to invest which is what you are doing even at 0%

Loco-diablo Senior Enthusiast

Loco-diablo

Posted
Posted

If I can make 8-10% on my investments, vs paying 2-4% on a short term auto loan, I’ll take the low interest loan. As long as I’m working and the money keeps coming in I’m fine with it. If I were to lose my job I can always pay the loan in full. That being said, I never take an auto note beyond 36 months.


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SierraHD17 Senior Enthusiast

SierraHD17

Posted
Posted
1 hour ago, kswaterfowler said:

I am a Dave Ramsey guy. Cash for everything. I make to much money to owe anyone anything. I wouldn't take out a loan on my truck to invest which is what you are doing even at 0%

Your loss then lol.   I have the cash (liquid) and am just investing it as I would anyway.. not borrowing it.  But instead of just making money on the cash on hand I use X amount to pay off the truck.  I know what you mean but it backwards way of looking at it.  Paying cash is cool but I like making money with money that I don't need to actually work for lol.  If you want the truth the truck makes around $65000 a year on it's own before expenses from what I charge for it.  But hey..... if I can make that $70000 or more.... why not.  The truck is a 100% write off down to depreciation..... it's just easy money.  If the bank gives the money away for nothing you may as well do something with it just as they would with you. If I was penalized on price well of course I wouldn't do this but hell... previously negotiated cash price and 0%.... sure.

 

Or I can just pay a lump sum to GM and let them invest in their operations costs and profits portfolio.

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