Financing vs. Payng Cash for your Viper

[Motor City Mad Man]

With interest rates this low, why pay cash. If you can get a better rate of return with an investment from your cash than the interest you pay on the loan, then get a loan. Same goes for a house, why pay off a house when you can lock in an interest rate around 5% or so. In the next year or so the economy will pick up and you can make a heck of a lot more than 5% with your money. Just my 2 cents.

 

[AviSarfaraz]

Ive been pondering the same thing, although im buying a used Viper, where payments are extremley manageable.

At 4.49 from People's First Bank, with 5,000$ down on a 35k car, the payments last time I checked (2 weeks ago) was around the range of 440.00$

Im a kid (15) , I make 1200$ amonth on all forms of my personal income...and I MUST have a classy car thats fun to drive...I don't like shiitcars.

I bought my DeLorean as a investment/toy and [******] happened...so don't buy a car thinking of it as a investment, otherwise you'll never fully appreciate the car...its a tool of enjoyment....enjoy it.

Unless your going to buy new (2003 SRT-10 NEW!) then why pay full price? Buy a slightly used car in excellent condition and pocket some of the money for the car or other things, it pays to have fallback money just in case.

Don't take it as advice because of my age (inexperience) , its just my opinion.

 

[Magicboy2]

This is a pointless question

1. If you can afford to pay cash for a Viper, you're probably managing your money well enough that you don't need advice on how to handle it

2. If you can't afford to pay cash for a Viper, you have to finance it.

Period.

 

[C O D Y]

Ask yourself this question.....

How many viper owners get a loan for their viper, pay it off, and than go out and refinance it to make more money?

This is a pointless question

1. If you can afford to pay cash for a Viper, you're probably managing your money well enough that you don't need advice on how to handle it

2. If you can't afford to pay cash for a Viper, you have to finance it.

Period.

I agree with Magic.

 

[slaughterj]

This is a pointless question

1. If you can afford to pay cash for a Viper, you're probably managing your money well enough that you don't need advice on how to handle it

2. If you can't afford to pay cash for a Viper, you have to finance it.

Period.

Exactly. Financing was my only choice. For those above who mention "don't buy it unless you've got the cash," that's probably because it is solely a toy for you, but some of us actually drive it on a daily basis and are getting use out of the car, so it isn't just a "toy" to buy with surplus cash.

 

[CarDude]

Well I for one am living well beyond my means. If I lose it all at least I will have had it once. If I can keep it all, one day it will be mine. I can plan for tomorrow all I want, but sometimes it is good to live today, as tomorrow may never come. I wouldn't suggest living as I do, but to each his own. If I could have it different I would love for the Viper to be paid off. I just jumped on mine because I wanted a new Gen II (don't like Gen III). The difference between myself and some is I will do anything to keep what I have, so if that means 2-3 jobs then that is the short term price for keeping the Viper. I bought mine because I love the car, not to show-off to anyone. Hey that's what being a Gen-Xer is about, live for the day.

 

[sun diego]

The largest expense of car ownership is depreciation. I think Gen I & 2's have almost bottomed. I don't think they will go down more than 20% over the next 3 years, compared to 40% for most cars. As a result you can can finance a Viper as a daily driver and, in spite of higher insurance, fuel and maintenance costs, drive it for a cheaper per mile cost than cars of similar prices. So if you are going to buy a 35-50$K car and finance it, make it a Viper. The memories and stories are irreplaceable!
Mine's a toy. Toys should be bought for cash.

 

[brianflynn]

I will be leasing a viper since I will be able to write off the payment 100%, I will also Choose a higher lease payment because at the end of the lease I will purchase the viper. It'sd like a tax free bonus. Nothing like driving a free car.