If u saved enough money to pay cash for your car,

[fireflymedic]

did u pay in full, or did u finance?

I am hoping to get a new car the end of this year - been saving for many many years and should have enough or just a couple thousand short.

I'm wondering if i should finance it anyway..the finance rate should be about 1.9 for 3 years! this way i can just take the money out of the "Car" account each month!

what did u do?

I fianly got out of det, no house payment no car payment. Good feeling I dont plan on going back in debt, buy the time my van weres out I will have enough saved up (I hope) to get what ever I want if I dont I will just have to step down a model or something, not going to get a loan again.

 

[TammyAlphabet]

A family friend had asked her accountant that exact question regarding her home she had purchased but had CASH to pay for.

He said most definitely take a low interest loan and let it sit in an interest earning account.

He was an idiot. Accountants who say this type of stuff are pretty stupid in my opinion. And I am an accountant. Never keep a home loan when you have cash to pay for it. Why would you keep cash in a low interest bearing account when you could have the peace of mind of paying off your house? Tax deductions are a commonly cited reason. If you want the deduction, max out your 401K. You will get a deduction for that too. And you will have a paid off house and money for retirement.

 

[Swimalie]

ENJOY That Forester!!!!!! May u have MANY MANY years of repair free!

Thank you Lisa. I love it! We drove all over the place in it today. So comfortable and nice. I hope you get yours soon, too.

 

[herdtoDisney]

I'm starting to save to buy a new(er) vehicle. I have enough for a down on a nice used one, but I'd have to finance the rest-I almost did, then I realized, I don't WANT to (I can afford it). I just don't like being in debt. So, I'm waiting and saving some more. If my present car croaked tomorrow, I'd do what I had to do-but it's running fine so time is on my side

Although I can afford a new or newer car, I would rather buy an older one for cash. I'm so cheap but I also have a DH who is handy, so that helps a LOT. I don't want to give a bank or financing place any interest money. So it's cash for me.

 

[gymboqueenkaylee]

I just purchased a new Toyota Highlander and I paid cash for mine. I had been saving for approximately 3-4 yrs. I put back a certain amount each month, saved tax refunds, and any other money extra I had got saved. We don't have any other monthly bills other than a house payment which we recently acquired in December so it was easy for us to set aside a nice amount each month. I tell you, if you can hold out and save to pay cash, it's such a nice feeling to have a brand new vehicle with NO payments. It's a struggle to get there but it will be worth it in the end.