How do you pay for your truck?

[bphillips]

You'll never win the peter measuring contest with that mentality!

I'll use someone elses money till the end of time if it doesn't cost me anything. I like keeping my money in the bank!

Aww man I never win anything.

Well I lie I won brownie points with the wife for buying her a new GMC AT4 duramax for getting groceries and taking the kids to and from school haha. Won’t hurt my retirement either

[EliteDriver]

If its financed you really cant afford it anyway

Agree!!!

[ken800]

sad story but happens more than you think you cant take it to the grave with you

Yes, but if you have children or a worthy heir, at least you leave behind some wealth to make their life easier. As a parent, I wouldn't regret it. To me, personally, I can't stand the thought of being broke in retirement. Apparently more than 1/2 the population is ok with it, though, so to each their own.

[BowSlayer]

Yes, but if you have children or a worthy heir, at least you leave behind some wealth to make their life easier. As a parent, I wouldn't regret it. To me, personally, I can't stand the thought of being broke in retirement. Apparently more than 1/2 the population is ok with it, though, so to each their own.

Nothing wrong with that.

I will say that my MIL would have rather used the money to LIVE while they had that time. She's well taken care of now for sure but she told me just last week she wishes they would have lived more while he was able.

[rvd]

That's a little depressing.....true but depressing

My father in law was the most steadfast saver I know. He bought bare minimum in everything from vehicles to bath soap. He worked 7 days a week and allowed himself $20/week for spending money. I asked him one time what he was going to do with all that money and he said when he retired he was going to travel. He retired finally at age 72. Within a year of retirement he was diagnosed with cancer and fought that for a couple of years and "beat" it. He's now in a nursing home and doesn't know his name most of the time at age 78. He never traveled. He never had a truck with power windows. He never even went on a true vacation to anywhere. He does have over a million in the bank though. Fat lot of good it did him. I'll never be rich but if I want to roll down my truck window I'll push a button.

Sad story and I know of a few similar ones. My thought like most things in life is that there has to be balance. We do only live once but we should be responsible and prepared.

FWIW I push a button to roll down the window on my financed at 1.2% platinum f250

[RWB]

Negotiate price. The method of payment should have no bearing on the price.

You guys that pay cash I just don’t understand. Assume you pay $50k cash for a truck and for the sake of argument you were able to buy it for $2k cheaper that way.

Even at a meager rate of 4% on $50k in 5 years you’re looking at almost $61k if you left your cash in your investment vehicle.

So you saved $2k up front and lost $11k over 5 years. You’re $9k in the red. That doesn’t make sense.

I’ll borrow every penny I can at 0-1%. If crap goes down I still have my cash (that I’ve been making money on) to pay it off.

It’s math fellas. The other benefit is if crap really gets bad I have a vehicle that might get repossessed but I still have my $50k in the bank. Your’s can’t get repo’d but you don’t have $50k in the bank. I can buy a $2500 POS to get me around. I’m still ahead.

....always use someone else’s money if your’s make more.


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It is math but your not showing the entire math equation. Your not considering the $883 a month I can invest by not making a car note. The real math is if everything works in your scenario you have 61K and I have 58k a difference of 3K not 11K.

I am not saying your wrong on should people choose to finance or not but it's a personal choice and the math is not that simple.

Also I think people should not ignore the mental side of the equation. For me its alot harder to buy a new vehical when mine is paid off vs trading a payment for a payment.

[piercebronkite]

i cannot pee as far as you guys, so i'm unable to participate in this particular contest.

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LMAO! Thats awesome!

[jshouse]

LMAO

Don't understand? How do you think we got to the point where we can drop cash on a new truck?

What you don't understand is this; I don't want a payment to hassle with, I don't want any automatic deductions from my accounts and I have enough money that is does not matter if I pay 65k cash for a truck.

Some of us are boring with a big auger and will die without spending the majority of our money. The chicken feed that would come from investing the money paid for the truck is not even worth considering. I'll step over the crumbs to pickup the loaf of bread.

BTW, make that 0% deal and then ask how much more they will drop the price of the truck without the 0% financing. That 0% financing costs the seller money. It ain't free and they will deal.

dang, why you mad?

[WyoBull]

There is a lot of psychology going on behind why one guy pays cash, another guy keeps his cash but finances at 0% etc. etc.

If you are a risk taker in general, you are probably going to be the one to finance. If you are really conservative, you will probably pay cash if you can.

I know a lot of people who make a ton of money and they have no problem owing money on everything they own. They are inherent risk takers.

Then I also know people who are very conservative that have the money in the bank to pay cash, and do, but will never be uber-wealthy because they are not willing to risk it all.

What camp you are in doesn't matter, it's all about your comfort level with debt and having the basic financial knowledge and common sense to know where the limit is in not getting in over your head.

[ken800]

LMAO

Don't understand? How do you think we got to the point where we can drop cash on a new truck?

What you don't understand is this; I don't want a payment to hassle with, I don't want any automatic deductions from my accounts and I have enough money that is does not matter if I pay 65k cash for a truck.

Some of us are boring with a big auger and will die without spending the majority of our money. The chicken feed that would come from investing the money paid for the truck is not even worth considering. I'll step over the crumbs to pickup the loaf of bread.

BTW, make that 0% deal and then ask how much more they will drop the price of the truck without the 0% financing. That 0% financing costs the seller money. It ain't free and they will deal.

dang, why you mad?

So I understand your position as this: You have a LOT of money. The investment return on 65K is chicken feed to you so you must be a multi-millionaire. You think we all have this and should follow your example and do the same. Or am I reading this wrong?

[hooligan]

For those saying paying cash doesn't make sense, are you actually taking that $50k and putting it into the market? The "math" side of it only works if you're investing the total amount of the vehicle to get the interest some are claiming

[175gr7.62]

For those saying paying cash doesn't make sense, are you actually taking that $50k and putting it into the market? The "math" side of it only works if you're investing the total amount of the vehicle to get the interest some are claiming

If you aren’t you are pizzing away money.


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[goofiefoot]

I pay cash. I buy used. A lot of research, some negotiating. I have to be willing to not regret the decision.

[WyoBull]

I hate car payments. I save up to pay for one outright or I figure I don't need it that bad. That's the way I was raised, right, wrong or indifferent.

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