Rich Jeepers

[jack bauer]

This is so true…and I’ve done this with many of my vehicles except for my Jeep(s). I would rather spend money on appreciating assets rather than stuff that depreciates. That said, as I get older it’s not about accumulating wealth anymore but more about living. My goal is not to make my kids wealthy….but to have financial security, share great experiences with family and friends, and be generous when needed.

Well said.

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[OllieChristopher]

Neither of these statements is correct today - in both cases the CC companies need to notify you in advance. I'm with Wibornz on this one - smart use of CC can provide great benefits for travel or cash back options.

I had no idea. Good for me to learn something new. I have not had credit cards for going on 15 years now. I would still read the terms and conditions very carefully; Even in these modern times when the CC companies are being so honest and forthcoming.

I do not trust any company who is so willingly wanting to hand out credit and free cash. As my grandfather said: The big print gives it to you and the fine print takes it away!!

 

[Avar928]

I had no idea. Good for me to learn something new. I have not had credit cards for going on 15 years now. I would still read the terms and conditions very carefully; Even in these modern times when the CC companies are being so honest and forthcoming.

I do not trust any company who is so willingly wanting to hand out credit and free cash. As my grandfather said: The big print gives it to you and the fine print takes it away!!

Our effect, of paying no interest by fulling paying each month, on the bottom line of credit companies is negligible. Could they pull the rug underneath holders at any moment? Sure but you have to consider that credit card companies largely care about volume, they make money every time a consumer swipes so image, advertising and perks are key to differentiate from the competition. There's three classes of holders: transactors, revolvers and holders. Bombardment of perks and low rates, etc... try to get holders to use the card or produce more transactors and revolvers. Transactors (those who pay fully each month) make them money through rate and fees paid by the vendor while revolvers (those who carry a balance) also pay them in interest. However, all the advertised perks aren't free, someone is paying for it and if you are a transactor then your revolver neighbors and all the merchants are picking up the bill. Actually, all cash and debit users also foot the bill as merchants raise prices to cover credit transaction fees...so thank you.

I exclusively use credit and wear my transactor hat well. I compulsively check my apps for fraud and pay bills whenever I get paid. I'm even ahead of my car loan by several months. I hate paying interest and I take advantage of the free cash they give me. I use credit as a sign of sticking it to the man.

With that said, I believe to effectively use credit lines a consumer should have a certain level of self control, pragmatism, and forethought in the form of not over indulging in debt, looking objectively about special offers and true cost to you, and using perks and money saved to grow wealth. The first two points are usually achieved by consumers by a general distrust of credit companies who, like all companies, have a bottom line and shareholders that need money to buy Ferraris for their kids. Society largely fails to teach consumers how to do the last point though, which is crucial to responsibly realizing grander dreams of financial freedom. "Invest what you save" tends to be a byline in my opinion, a tertiary option overshadowed by "use the money you save to enter into more debt". I think that's the more important (unspoken) fine print consumers tend to ignore or are not told. If you save it, grow it.

 

[OllieChristopher]

Actually, all cash and debit users also foot the bill as merchants raise prices to cover credit transaction fees...so thank you.

Michael, you are stating the obvious. I try to stay away from debit transactions that have a fee. Why would you be thankful to cash consumers for merchants price gouging to cover credit transactions? The credit card users are getting punished the same so it's a no win for all of us.

I totally get I'm in the minority here. No amount of clever wording or risks/costs involved will change my way of thinking. Just as my comments are not going to change someones outlook enough to shred their cards. We all have our comfort level and risk we are willing to take.

One thing that cannot be disputed is cash is alway going to be the very best way to save in a transaction. Car dealers might not like it. But it's proven to be an effective way to purchase a vehicle. It's unfortunate you have to pretend to do dealer financing to get the best price (dealers make huge profit on "dealer financing").

Now if the prices of these Wrangler Rubicons will only settle.......

 

[rent]

Unless you get a 3% discount on everything you purchase with cash, using cash is not optimal in pure financial sense.

I get it, you are not comfortable with credit cards, and that is fine. To each his own.

If one is to objectively look at only the numbers, you save money by using credit cards that give you cash back (or points equivalent). Of course, the assumption here is that you pay the same price cash or card, which is generally true at most places (grocery stores, supermarkets, hotels, airlines, etc).

I take this to another level. I have two cards on which I pay ~$500 each in annual fees. The amount of incentives I receive on the spending that I would routinely make far exceeds the $1000 fees, and far exceeds the 2.625% unlimited cash back I'd receive on a no-annual-fee card. So it totally makes sense in my case. Of corse I pay off the cards every month.

Heck, I even try to charge vehicle purchases on credit cards (but pay off immediately). Sadly the best I got was the dealer letting me charge $5000 only. But that's $130 saved.

 

[wibornz]

Unless you get a 3% discount on everything you purchase with cash, using cash is not optimal in pure financial sense.

I get it, you are not comfortable with credit cards, and that is fine. To each his own.

If one is to objectively look at only the numbers, you save money by using credit cards that give you cash back (or points equivalent). Of course, the assumption here is that you pay the same price cash or card, which is generally true at most places (grocery stores, supermarkets, hotels, airlines, etc).

I take this to another level. I have two cards on which I pay ~$500 each in annual fees. The amount of incentives I receive on the spending that I would routinely make far exceeds the $1000 fees, and far exceeds the 2.625% unlimited cash back I'd receive on a no-annual-fee card. So it totally makes sense in my case. Of corse I pay off the cards every month.

Heck, I even try to charge vehicle purchases on credit cards (but pay off immediately). Sadly the best I got was the dealer letting me charge $5000 only. But that's $130 saved.

I just bought a $10,000+ zero turn mower. I would have put the whole thing on the card, but the dealer would only do $1000 on the card. Anything over $1000, he charged a 3% transaction fee. So cash for the balance was done. I would have been nice to just put it on the card and made one transfer to pay for it, so I brought the rest in cash.

 

[OllieChristopher]

Unless you get a 3% discount on everything you purchase with cash, using cash is not optimal in pure financial sense.

I normally get 10% plus discounts for using cash on large transactions. An example is my Super Tenere. It listed for almost 16,000.00 when new. I got it brand new for under 12,000 cash. It was a seamless transaction.

Stereo and installation same deal. Way under cost by paying cash. Many other examples of using cash for transactions.

I've done the numbers and over the years I have saved big by using cash and without the headaches of keeping track of credit card transactions and "cash back" offers.

I get it, you are not comfortable with credit cards, and that is fine. To each his own.

I have been burned once by a credit card company and learned my lesson (by no fault of my own). Same with investments. I look at the risk vs reward. The risk is just not worth it for me. So yes not comfortable....

 

[jack bauer]

I normally get 10% plus discounts for using cash on large transactions. An example is my Super Tenere. It listed for almost 16,000.00 when new. I got it brand new for under 12,000 cash. It was a seamless transaction.

Stereo and installation same deal. Way under cost by paying cash. Many other examples of using cash for transactions.

I've done the numbers and over the years I have saved big by using cash and without the headaches of keeping track of credit card transactions and "cash back" offers.



I have been burned once by a credit card company and learned my lesson (by no fault of my own). Same with investments. I look at the risk vs reward. The risk is just not worth it for me. So yes not comfortable....

Come on now. I've purchased a ton of motorcycles over the years..all in cash. I've never ran across a deal so great as to save 4K by merely cashing cash. Are you stating you saved 4K on the Tenere solely due to paying cash or was it just marked down because it was a new left over or something of the sort?

 

[OllieChristopher]

Come on now. I've purchased a ton of motorcycles over the years..all in cash. I've never ran across a deal so great as to save 4K by merely cashing cash. Are you stating you saved 4K on the Tenere solely due to paying cash or was it just marked down because it was a new left over or something of the sort?

Actually it was 2 fold. In 2018 the Super Tenere was not a hot seller due to the hype of the 700 coming out. Also it was not a popular model. I will tell you I shopped for months and could not get any dealer below 15K on the ES model. When this dealer knew I had cash and was ready to buy he came down to get it off the floor quickly. It took a long time and dozens of calls to get this deal.

If you know how to shop paying cash, there is a lot to be saved in transactions. Motorcycles being some of the best. Of course if you are looking at the "latest greatest" new models then it's not gonna' happen.

Case in point: 05 KTM300 EXC. I needed that bike to replace my 650R for desert racing. I purchased it new in October of 2004 from Malcom Smith Motor Sports. It was a new frame design and one of the only few available in the country.

Elmer Symons https://en.wikipedia.org/wiki/Elmer_Symons sold it to me for full retail. He personally did a full race prep at no added cost more than the parts. I literally got it delivered to my house and was able to race it right out of the box. Sag, egos, hand guards, jetting, skid plate, etc were all set and bike ready to race.

 

[jack bauer]

Actually it was 2 fold. In 2018 the Super Tenere was not a hot seller due to the hype of the 700 coming out. Also it was not a popular model. I will tell you I shopped for months and could not get any dealer below 15K on the ES model. When this dealer knew I had cash and was ready to buy he came down to get it off the floor quickly. It took a long time and dozens of calls to get this deal.

If you know how to shop paying cash, there is a lot to be saved in transactions. Motorcycles being some of the best. Of course if you are looking at the "latest greatest" new models then it's not gonna' happen.

Case in point: 05 KTM300 EXC. I needed that bike to replace my 650R for desert racing. I purchased it new in October of 2004 from Malcom Smith Motor Sports. It was a new frame design and one of the only few available in the country.

Elmer Symons https://en.wikipedia.org/wiki/Elmer_Symons sold it to me for full retail. He personally did a full race prep at no added cost more than the parts. I literally got it delivered to my house and was able to race it right out of the box. Sag, egos, skid plate, hand guards, jetting, skid plate, etc were all set and bike ready to race.

Ok.
Sounds they knew you were a serious buyer and they wanted to dump it. I don't think paying cash had anything to do with the deal you received. I've been down that road so many times in all the shops in Socal..cash meant nada to them....ready and willing to buy meant more.
But...I am NOT calling you a lair..I've just never had such an experience in over 20 years...by saving 4K just by paying cash on a 16K bike.

 

[OllieChristopher]

Ok.
Sounds they knew you were a serious buyer and they wanted to dump it. I don't think paying cash had anything to do with the deal you received. I've been down that road so many times in all the shops in Socal..cash meant nada to them....ready and willing to buy meant more.
But...I am NOT calling you a lair..I've just never has such an experience in over 20 years...by saving 4K just by paying cash on a 16K bike.

It's all good Jack. I got it at Berts Mega Mall if that means anything. It was an unusually good deal. It also helped that the young sales manager rode some of the same trails as me and was a pretty stand up salesmen. I will tell you when I went to sign the paperwork in the finance managers office, he was not happy at all. In the end the GM made the decision to let it go for that price.

I had a set price in my mind of 12K and would not waver from it.

 

[jack bauer]

It's all good Jack. I got it at Berts Mega Mall if that means anything. It was an unusually good deal. It also helped that the young sales manager rode some of the same trails as me and was a pretty stand up salesmen. I will tell you when I went to sign the paperwork in the finance managers office, he was not happy at all. In the end the GM made the decision to let it go for that price.

I had a set price in my mind of 12K and would not waver from it.

Not a fan of Bert's on it face.
Sounds like you got a great deal though..that's all that matters.
Glad you are still riding! TE300i here.

 

[OllieChristopher]

Not a fan of Bert's on it face.
Sounds like you got a great deal though..that's all that matters.
Glad you are still riding! TE300i here.

That's a fantastic bike!! I'm on a Beta 520RS dual sport and my Super Tenere. Only mellow riding when I get back in the saddle. I'm currently healing up from non motorcycle related injuries.

My wife and I are looking at a 4wd for the cabin she inherited up in the mountains. We are looking at 4Runner, Rubicon 2 door, and kind of looking at Bronco. But I'm not a fan of Fords reliability. We are making do with my truck for now....

 

[JlDieseltoy]

Retired now and needed a better vehicle to keep my wife safe

 

[jack bauer]

That's a fantastic bike!! I'm on a Beta 520RS dual sport and my Super Tenere. Only mellow riding when I get back in the saddle. I'm currently healing up from non motorcycle related injuries.

My wife and I are looking at a 4wd for the cabin she inherited up in the mountains. We are looking at 4Runner, Rubicon 2 door, and kind of looking at Bronco. But I'm not a fan of Fords reliability. We are making do with my truck for now....

Can't go wrong with a 4Runner, but not all that exciting. Mine served me well for the 5 years I had it.

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