Your payment?

[c20040215]

I love rich people’s leftovers too much to finance any new Jeep.

Seriously though, every vehicle I financed it didn’t really matter the rate because I always aim to pay the principal down as fast as I can. I’ll get the longest term I can just in case I need a buffer with a low payment for a month or two, then I’ll have it paid off within months to a year. Never had a car payment past 12 months.

One of the ways to negotiate a good sale price on a vehicle is to get a long loan, making them think they could make it up on the finance end. And pay it off the next day before the interest kicks in.

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[Mocopo]

I love rich people’s leftovers too much to finance any new Jeep.

Seriously though, every vehicle I financed it didn’t really matter the rate because I always aim to pay the principal down as fast as I can. I’ll get the longest term I can just in case I need a buffer with a low payment for a month or two, then I’ll have it paid off within months to a year. Never had a car payment past 12 months.

I usually do this same thing. It allows for the unexpected, because the mandatory payment is so low.
I put almost 50% down (got good $$ for a trade in plus some cash), financed the rest for 7 long years. Even 3 years in, I can still sell the jeep for twice my remaining loan balance, so any serious financial woes, I'm feeling OK. Plan is for it to be paid off this time next year. Would have been sooner but.... hey some unexpected stuff came up! And if i end up just making 7 years of payments and I give them an extra $5K or whatever in interest over the course of that 7 years... so be it. That was 7 years with a jeep! It gets used every day, and it's on trails multiple times a month. I'm ok with my money going toward this.

And.... don't think too poorly of me for saying this... money isn't everything.

 

[Sublime]

Jesus there's a lot of rich ass people on here throwing around $50K+ like it's nothing! Unless it's used and cheap, the depreciation from day one alone makes it a bad investment.

There's nothing wrong with financing a vehicle assuming you get a good interest rate. Even if I could buy it outright, I'd rather put the extra money into my 401K or a good performing ETF. You just have to be disciplined enough to actually put the 'extra' money to good use, not just spend it on dumb sh!t.

A very wealthy friend of the family told us never to pay cash for anything (unless you are trying to hide a tax event) if you can borrow money cheaper than the market. If you have time on your side, your yields on something as simple as the the S&P500 (10-15%/yr), will net you much larger returns then the interest rate on the loan.

Obviously we all need cars and it's not always about if it's a good investment, but if you can make that money work for you, why not?

This is the virtue signaling I always so look forward to in threads like this.

 

[NWJeepr]

Buying a $50k Jeep in cash does not make a person "rich". It means they had $50k of available cash at that point in time to spend on a discretionary vehicle purchase.

 

[Punkn89]

Buying a $50k Jeep in cash does not make a person "rich". It means they had $50k of available cash at that point in time to spend on a discretionary vehicle purchase.

At what price point of available cash to spend on a road toy does a person become rich then? It’s all subjective.

 

[gek]

I paid mine in cash ...








... that I borrowed from a bank.

 

[Punkn89]

I paid mine in cash ...








... that I borrowed from a bank.

It’s cool, I’m sure they are borrowing from other people too

 

[fczabala]

People who buy and modify Jeeps giving financial advice. Nobody sees that as ironic?

I came here for the beer….

 

[NWJeepr]

At what price point of available cash to spend on a road toy does a person become rich then? It’s all subjective.

I think it's all subjective too.

I came here for the beer….

Who's buying?

 

[Phantom01231]

Not saying you should pay cash, but if you can't pay cash by moving some things around then you probably shouldn't buy it.

Same. I make the deal like I “may” finance, but I decide in the finance office to pay cash at the last minute after establishing the OTD price and the trade in value if any. (I usually sell the trade on the open market.) I remember zero percent financing. That usually came with a shorter term loan.

Best way to do it. If you can get the dealer to actually deal when you even bring up "cash". When I got my first JL, I was going to get a pickup. I had finally won my VA claim that had been dragging on for YEARS. So got a nice big chunk of change in my pocket. Decided, hey I've never had a new car. Had my eye on a loaded out Tacoma. Went to test drive and well it was too small for me. So the sales guy had asked my how much was I looking to spend, and I said I wanted to stay around 50k, but......................... if I found something else that I really wanted................... At this point, I had not walked into the showroom. Looking around, walked in and bam very, very nice Tundra that was just what I wanted in the Tacoma and more. So I asked the guy what their price was on it and dude straight tells me "Oh you can't afford it, it is more than what you're looking to spend!" He finally tells me the tag on it is 60k and some other sales guy pops up and says oh we offered it to the guy who has been coming in every day for the past two weeks, 54 on it. This dude straight replies to him "He can't afford it" He can only do 50. I GOT PISSED. Opened my bank account on my phone. Showed him the balance and was like dude... I can pay cash for any freaking car you have on this damn lot. One of the sales manages ended up coming out of the office and asking what's going on, and I told the guy, look your guy is a dick (very politely) and I want to buy that truck for 54 in cash! And they would not do it.

My buddy down the street went to buy some cheap-ass car for his daughter when she turned 16 and same thing, wanted to pay cash. Flat out told him not do a straight cash sale due to... some dumb reason involving drugs and money laundering risk or some crap like that. Told him he had to finance X amount and could pay cash for the rest.

 

[c20040215]

I GOT PISSED. Opened my bank account on my phone. Showed him the balance and was like dude... I can pay cash for any freaking car you have on this damn lot.

You really didnt need to show anyone how much you have. They got you lol

But no, thats shitty business move. I would walkaway. The one you saw and like.. there are many just like it somewhere else.

 

[NWJeepr]

I think all discussions about buying vehicles inevitably ends up with people sharing anecdotal stories of how they blew up at, or one-upped, told-off dealership sales staff, and then stormed off.

Makes you wonder why purchasing a vehicle still has to be like that.

 

[Ratbert]

I think all discussions about buying vehicles inevitably ends up with people sharing anecdotal stories of how they blew up at, or one-upped, told-off dealership sales staff, and then stormed off.

Makes you wonder why purchasing a vehicle still has to be like that.

It doesn't have to be that way. Saturn and Scion (both defunct) had fixed pricing. Ditto for Tesla, Rivian, and Lucid. There are probably others that I'm not thinking of.

 

[Phantom01231]

You really didnt need to show anyone how much you have. They got you lol

But no, thats shitty business move. I would walkaway. The one you saw and like.. there are many just like it somewhere else.

I did walk away. At that point, I wasn't going to buy shit from them unless I got what I wanted. My wife said lets go check out the new Jeeps and bam we were GONE!!! Went to the one down the road from my house and those guys... well that's a couple other stories at this point. Ended up driving home a 2020 Recon Edition the next day from a dealer about 45 min away, happier than a fly on fresh dog shit lol.

But in Regards to that Tundra I had looked that evening to see if anyone had any like it and unfortunately that was not the case. Hell they were the only ones that had the Tacoma that I was looking at.

 

[c20040215]

It doesn't have to be that way. Saturn and Scion (both defunct) had fixed pricing. Ditto for Tesla, Rivian, and Lucid. There are probably others that I'm not thinking of.

Sometimes I cant help but wonder the post covid shortage could have change the car buying process for the better.
Here is the MSRP, take it or leave it. Manage the expectation. There is no room for anything else. What you see is what you pay. We buy most of the consumer goods that way.

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