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Cash or credit?

Discussion in 'General Automotive Talk' started by lovemwaf, Jul 18, 2014.

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This thread is being watched by 10 users.
  1. lovemwaf

    lovemwaf Member Top Thread

    Joined:
    Nov 7, 2013
    Messages:
    104
    Do usually by your credit? All of the cars that I've had of always bought with cash. So I wanted to find out if any of the uses think that buying a car on credit is more valuable than buying a car cash. Do you get a better quality car because you have access to more money or cars dependent on your choice and your knowledge of cars. Finding the right bargain, does that come into play?
     
    lovemwaf, Jul 18, 2014
    #1
  2. titohunter

    titohunter Member

    Joined:
    Jun 27, 2014
    Messages:
    80
    I would personally never get a car financed and pay a note. I'm not putting up with that. It'll boost your credit score though if you pay on time for a while i think. I always just save and buy with cash so its mine.
     
    titohunter, Jul 18, 2014
    #2
  3. Flexin

    Flexin Admin Staff Member Founding Member Top Event

    Joined:
    Apr 25, 2012
    Messages:
    4,656
    Occupation:
    Truck Driver
    Location:
    Nova Scotia, Canada
    I have only ever bought two cars with cash. One was for $200 from a cab company. I just used it for the shop to go pick up cars to detail at the dealer. It had good tires on it and it was inspected. That is all it was used for. Another was a car that was just to resell. I bought it with two others.

    Everything else I bought was with a car loan. One was with a lease for 2 years. Then I did a buy out for 2 years when that was done to buy it. I got a loan for my Jeep. I didn't have $20000 sitting around to pay cash.

    Paying with cash is great if you have the money. But what I could buy for cash with the money I had would cost me hundreds or more every month in repairs to get it to where it needs to be and to make it a good working vehicle. So in the end it sometimes is just worth it to borrow the money and get a better vehicle. My Jeep also has some of the powertrain warranty left on it which adds a little piece of mind.

    And @titohunter brought up another point. Credit. The good and bad of it is that you need credit to get credit. So you have to do something if you are planning on a large purchase later on (like a house).

    James
     
    Flexin, Jul 19, 2014
    #3
  4. rosa

    rosa Active Member Top Contributor

    Joined:
    Jan 20, 2014
    Messages:
    729
    I hate buying anything on credit, a car even worst. I have never even thought of credit when considering purchasing a car. I only look for a car to buy when I have enough money, that way I am more content after the purchase.
     
    rosa, Jul 22, 2014
    #4
  5. JoshTheboss

    JoshTheboss Member

    Joined:
    Jul 15, 2012
    Messages:
    83
    I lease cars because I like having new cars.

    Is it economical? No

    Is it fun? Yes

    :)
     
    JoshTheboss, Jul 28, 2014
    #5
  6. Soulwatcher

    Soulwatcher Member

    Joined:
    May 16, 2012
    Messages:
    121
    I buy cars with credit, I bought my current car brand new in 2005 and I still have it today its 9 years old and it has 113k miles on it. I would say that I got more then my money worth out of the car. My next car I also plan on buying on credit but I plan on buying a newer used car. I am not going to buy another brand new car because you lose way too much money once you drive it off the dealer lot.

    Greg
     
    Soulwatcher, Jul 28, 2014
    #6
  7. mcjonesqwe

    mcjonesqwe Member

    Joined:
    Jul 18, 2014
    Messages:
    47
    If I'm buying from a company, I'll use credit. I have the money, so why not build some points up on my card? If I'm buying from a private seller, I'll go to the bank and take out some cash. Cash speaks, and it's just courteous to take the risk out of it for the other guy/gal.
     
    mcjonesqwe, Jul 29, 2014
    #7
  8. Smadypickney

    Smadypickney New Member

    Joined:
    Jun 14, 2014
    Messages:
    8
    I don’t own a car as yet; I only drive other people’s cars. I love cars and when I am going to buy mine, which I am saving up to do. It has to be by cash. I love to make all my purchases with cash because I don’t believe in putting myself in a lot of debt and financial obligations. What I don’t have I just do without until I can make a difference.
     
    Smadypickney, Jul 29, 2014
    #8
  9. chrisfromwa

    chrisfromwa New Member

    Joined:
    Jul 18, 2014
    Messages:
    26
    Location:
    Spanaway, Washington
    I pay almost everything on credit, and get the cash back rewards. I pay the bill off every month to make sure I don't get any interest payments.

    For a car, I'll get a good down payment and take out a loan for the rest. Then make extra payments to get it paid off quicker
     
    chrisfromwa, Jul 29, 2014
    #9
  10. Rivethead

    Rivethead Active Member Founding Member

    Joined:
    May 6, 2013
    Messages:
    264
    Our last two vehicles were bought "cash on the barrelhead." Before that, they were financed. However, as a general rule, we avoid debt like the plague.
     
    Rivethead, Jul 31, 2014
    #10
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