tag:blogger.com,1999:blog-5465015914589377788.post8333828961217853514..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: 4 Reasons to Pay Cash for CarsMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-5465015914589377788.post-58938038716448908962016-04-28T11:43:18.447-04:002016-04-28T11:43:18.447-04:00@Paul: The last car I bought I was hit with a har...@Paul: The last car I bought I was hit with a hard sell to finance instead of paying cash. But I resisted. I think your approach is sensible.<br /><br />The only sources of unbiased information in Canada about cars I'm aware of are Phil Edmonston's Lemon Aid Guides and Consumer Reports. The Lemon Aid Guides are far better. Everything else in print or on video or audio appears to be either not authoritative or influenced by car company money.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-61301125861723908722016-04-28T11:31:59.568-04:002016-04-28T11:31:59.568-04:00I'm not sure if other people have had this exp...I'm not sure if other people have had this experience, but usually the first question a dealer salesperson asks has been "how are you financing this"? Then when I say I would like to pay cash. I get very mixed reactions. The worst being they told me the advertised price that I had brought in with me on a flyer would be "higher" if I paid cash...<br />If you listen to a very popular car program that is syndicated across Canada Saturdays, you would think paying cash is tantamount to killing a puppy. The last car I bought was used, I made my deal, and paid the bill via a cash back credit card that I paid off at the end of the same month. (Don't tell SST I told you that though please) :) paulhttps://www.blogger.com/profile/00050081178673700867noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-6429356096551500492016-04-21T20:02:46.531-04:002016-04-21T20:02:46.531-04:00@Anonymous: I agree. And maybe your blunt approa...@Anonymous: I agree. And maybe your blunt approach might snap some people out of thinking that it's normal to go into debt pointlessly.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-7425219151657808882016-04-21T14:36:44.365-04:002016-04-21T14:36:44.365-04:00I don't believe in borrowing to purchase luxur...I don't believe in borrowing to purchase luxury items.<br /><br />If you don't have the cash to buy a nice car, borrowing in order to buy it is pathetic.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-25417700935196542982016-04-21T01:37:33.629-04:002016-04-21T01:37:33.629-04:00@Mark: The thing about using your own financing i...@Mark: The thing about using your own financing is that you can get a lower price for the car than you'll get with the so-called 0% financing.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-14216514780753966132016-04-21T01:35:47.033-04:002016-04-21T01:35:47.033-04:00@Gene: Nice. They tried to play you, but you pla...@Gene: Nice. They tried to play you, but you played them.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-55096658401668993642016-04-20T20:27:01.576-04:002016-04-20T20:27:01.576-04:00Interesting perspective. It's not a foreign c...Interesting perspective. It's not a foreign concept for me to pay cash for my car/next car, just need to work on saving up enough. Not easy when you have competing priorities you know this, been there, done that.<br /><br />0% is not truly no financing but sometimes the math beats using a HELOC.<br /><br />I've decided to keep my 16-year-old car as long as it doesn't cost me more than a newer ride. <br /><br />Ideally I will do what gene did in a couple of years. Keep you posted.<br /><br />Mark<br /><br />My Own Advisorhttp://www.myownadvisor.canoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-63682044198544357382016-04-20T15:49:46.389-04:002016-04-20T15:49:46.389-04:00This doesn't negate your argument, of course, ...This doesn't negate your argument, of course, since I was, in effect, paying cash. genehttps://www.blogger.com/profile/05608927986297939720noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-63882516953637476792016-04-20T15:48:02.945-04:002016-04-20T15:48:02.945-04:00Actually got my last vehicle for $1000 off for fin...Actually got my last vehicle for $1000 off for financing it instead of paying cash. This was a used car, and the financing company gave the dealership a kickback (of which $1000 went to me) for generating a car loan. Five days later, I paid the finance company in full.<br /><br />I was careful to make sure there were no restrictions on early payment. I was tipped off to this because the marketing had a lot of arguments that taking a car loan was better than a home-equity line of credit. The dealership guy said I could pay it off after one bill, but I was able to do it sooner. I didn't like the interest rate, so I was keen on dispatching it ASAP.genehttps://www.blogger.com/profile/05608927986297939720noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-12858467863656694042016-04-20T09:41:22.221-04:002016-04-20T09:41:22.221-04:00However, sometimes even when you get the best deal...However, sometimes even when you get the best deal, you can't pay cash, because they won't let you?!? I seem to remember someone telling me that story once. I pay cash (and buy previously enjoyed), works for me.Big Cajun Man (aw)https://www.canajunfinances.comnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-57823707087541502682016-04-20T09:28:09.784-04:002016-04-20T09:28:09.784-04:00@Le Barbu: It looks like your thinking about cars...@Le Barbu: It looks like your thinking about cars lines up with my own.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-50232461753456041532016-04-20T09:15:25.451-04:002016-04-20T09:15:25.451-04:00If you cannot pay cash for a car, it's a to ex...If you cannot pay cash for a car, it's a to expensive car for your means. I am still amazed when someone say "I do not have 8k$ for a used car so I will buy a new one for 25k$ @ 0% instead"<br /><br />My actual car worth no more than 5k$ and only cost me a 30$ oil change/year in maintenance because I drive 8,000km/year. Tires and breaks seems to last forever. If I was in debt to the eyeballs, this is definetly the kind of car I would be looking for!<br /><br />My CWs earning 1/2 my salary mostly drive new cars and SUVs, leased or financedLe Barbunoreply@blogger.com