Your payment?

[AFD]

I live fairly frugal and save as much as I can. If interest rate is 0% with no difference in pricing, then I'll "finance" and put my money to better use, otherwise I'll pay cash for the whole thing. If I can't afford to do that, then I'll drive around in a $5k beater until I can.

Life already has enough "monthly subscription fees" without adding one more.

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[Mocopo]

I believe you. But are you telling me that the majority of the membership on this forum is retired?

Yes. All you have to do is look up the threads with polls about the age of forum members, and then also look at statistics of the average JL owner. 50s and 60s. So either retired, or later in their career making bank and able to pay cash. So I'm not surprised if a lot of these owners paid cash. But I'm also not going to take their advice on cash vs finance because as it was mentioned, it's not 1973 anymore. Financing is fine... but you have to be smart about it. You have to understand your own situation.

 

[Jeep Wick]

What is your payment?
0-350
350-600
600-1000
1000+

A better question would be what is your interest rate. Low payments mean little if you are financing for 96 months.

 

[TPadden]

...it's not 1973 anymore. Financing is fine... but you have to be smart about it. You have to understand your own situation.

In 1973 as a 2Lt in the USMC monthly pay was $566 with dependants, but I could still afford a jeep without modifications .

Tom

 

[TPadden]

Many years later down memory lane, and different location, modifications were cheap fun.

Tom

 

[TheRaven]

Yes. All you have to do is look up the threads with polls about the age of forum members, and then also look at statistics of the average JL owner. 50s and 60s. So either retired, or later in their career making bank and able to pay cash. So I'm not surprised if a lot of these owners paid cash. But I'm also not going to take their advice on cash vs finance because as it was mentioned, it's not 1973 anymore. Financing is fine... but you have to be smart about it. You have to understand your own situation.

Yeah they seem to assume that if you can pay cash, you will. Another bit of obsolete advice that goes well along with the "0W-20 is a gas mileage conspiracy", "extended warranties are always a losing deal", and "leasing is always bad".

 

[Stagewex]

It's not the perfect question obviously but:
Traded-in my 2019 JLU with 62,000 miles, $18,000.
Put $12,000 of that downpayment.
They gave me back $6000.
Payments of $306 per month, 3 year lease.
I tend to purchase my leased cars/Jeeps at the end of the term if I have a good experience. And keep another 3-4 years as I did with my 2019 and before a 2016 2 door. Hopefully the same with this one. If not then bye-bye. That has not happened yet in close to 30 years of owning the Jeep brand. But as they get more electronically and software dependent technical obsolescence will be occurring much much sooner that ever. That for all makes and brands of car, not limited to Jeep.

 

[TPadden]

Yeah they seem to assume that if you can pay cash, you will.

Not necessarily true, but it's safe to assume if you can pay cash, it's because you usually do.

I had a neighbor who got a new truck. I asked what he paid for it and he laughed and replied: " I don't know, I was upside down on the trade and told them if they got the payment under $1000 we have a deal."

Tom

 

[RJP]

While we're at it

How about your salary?
Net worth?
Debt to income ratio?

This question really means nothing. You could have a 3 year loan at $1600/interest free, or an 84 month loan at some ungodly interest.



.....why?

Perhaps maybe your DOB and Social Security Number?

 

[Trout Slayer]

Truth. This would be a great forum for advice on fishing lures.

Oh boy.
Don't get me started ...

 

[TheRaven]

Not necessarily true, but it's safe to assume if you can pay cash, it's because you usually do.

I had a neighbor who got a new truck. I asked what he paid for it and he laughed and replied: " I don't know, I was upside down on the trade and told them if they got the payment under $1000 we have a deal."

Tom

Hey I sure don't mean to say that living by monthly payment is smart. It's not. But it's also NOT true that "smart people pay cash" because that's no longer the smartest way to buy. Like it or not, credit history is becoming far more important than savings...and buying everything in cash weakens your credit. You can and should make use of financing even if you are able to pay cash - that's exactly what I do. I let the banks lose money on my vehicles while my money works for me in much better investments.

 

[Sparty]

Hey I sure don't mean to say that living by monthly payment is smart. It's not. But it's also NOT true that "smart people pay cash" because that's no longer the smartest way to buy. Like it or not, credit history is becoming far more important than savings...and buying everything in cash weakens your credit. You can and should make use of financing even if you are able to pay cash - that's exactly what I do. I let the banks lose money on my vehicles while my money works for me in much better investments.

Or.....strive to the point of your credit score going to Zero

 

[Aonarch]

What is your payment?
0-350
350-600
600-1000
1000+

 

[Mocopo]

Yeah they seem to assume that if you can pay cash, you will. Another bit of obsolete advice that goes well along with the "0W-20 is a gas mileage conspiracy", "extended warranties are always a losing deal", and "leasing is always bad".

I get extended warrantees. They have paid off for me in the past. A $5000 bill turned into $0 on a previous vehicle, and $2000 bill became $0 on another. Got both warrantees for around $1000 each. Win.

 

[Jeep Wick]

Hey I sure don't mean to say that living by monthly payment is smart. It's not. But it's also NOT true that "smart people pay cash" because that's no longer the smartest way to buy. Like it or not, credit history is becoming far more important than savings...and buying everything in cash weakens your credit. You can and should make use of financing even if you are able to pay cash - that's exactly what I do. I let the banks lose money on my vehicles while my money works for me in much better investments.

The exception and not the rule. Cash is better than paying interest, but few can afford to do that. If you can make your money make more money with investments you are doing great. Most of us living paycheck to paycheck. I have been making double payments to knock down my balance faster effectively lowering the rate.

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