Paid off. I'll see where the next few years take me, but I have no plans on selling it anytime soon.

 

Payed for Up Front and Keep it Forever ..

 

06 the ZR for my b-day in 06 and had it for a year. Wanted a Z for a DD so bought a used 03. Both now paid off. Will give the coupe to wife for play toy once I find something I can't do with out. I won't trade the vert and she doesn't want to let go of the coupe.

 

paid for in cash, $100 bills in a crown royal bag, for both Zs, how i've bought ever car i've ever owned

 

I didn't pay cash for mine, but two full-time jobs helped to put extra money in the bank account for mine.

 

paid it off the day of taking her home!

 

I have the cash to pay for it in full, however I don't. I always fully finance my cars and here's why.

I put my money into an appreciating asset or investment that I would have used to buy the car. Fyi, I work for a Financial Institution so car loans for me are 4%. I take a loan for the purchase price of the car in full including taxes etc and amortize it over 7 years. The payments on my car are around $240 per month with nothing down. The car will depreciate (based on our local market) at about the same rate as the loan will based on my amature calculations.

So what I have is a lease with nothing down, 4% interest per month that I can get out of any time I choose with the smallest payments possible. That leaves basically no money of my own in a depreciating asset. When I sell the car it will sell for roughly the same as what my loan owing is and I walk away. That way I have paid almost nothing in interest per month to drive the car, paid a very small amount monthly, and did it all with somebody else's money. All the while leaving my cash in my retirement plan, paying down my mortgage and other investments etc...

I keep my cars on average 3 years, so the total interest paid over three years is around $1000. So basically driving the car cost me $1000 in real money (assuming no shortfall at the end) over a 3 year period which is pretty low ownership cost. Of course I spend money on wheels and performance stuff, but most of that can be sold later to re-coup some of the money, other parts not. So it's not 100% scott free but you have to live a little, right? The money I would have used to buy the car is sitting either on my mortgage or in an investment. The investment part right now and over the next three years may not fare very well, but over the long term it will, so thats the point. I came out clean on my boxster after 3 years with the car selling for exactly the loan amount and my investment did really well.

So no, my car isn't paid, not even close hahaha..

 

My Z has been paid off for a couple years

 

paid up front in full $35.025

 

$3k is a lot of money, at least to my mind. My own feeling is that there are only a few things that are worth borrowing money for: Real estate, education, or a business purchase. Anything else is generally a bad. Financially, I think cars are the worst thing to borrow money for since it is such a rapidly depreciating item.

Some times a person doesn't really have a choice since they need reliable transportation for a job and don't yet have the cash to purchase it. However, there is no way that a Z can be considered "reliable transportation". The Z is a toy. Borrowing money to buy a toy isn't financially wise.

Your rule of financing as much as you can simply means that you are always paying out the maximum out in interest. Instead, consider "delayed gratification" and save your money for a while to make the purchase. You will end up saving yourself a ton of money over the years. Also, if you have a lot of debt, then you are in a much more financially vulnerable position if the unexpected happens such as injury, job loss, etc...

 

It is called saving. You don't have to put money in a savings account, invest your money in securities, a money market account, CDs etc... whatever you are comfortable with, but over time you can then pay for what you want, instead of borrowing to get something you want.

I've only had two car loans in my life. One was for a new minivan bought back in the 90's when I had a new family. We had that van until it was hit and totaled at an intersection. The other loan was a 0% financing on a new SUV bought for one of my businesses.

 

You are in a very unusual situation. If I could borrow money at 4% on a car, I'd take out a car loan as well. My home mortgage is at 5.25%, my business real estate loans are at 7%. At 6%, a car loan isn't worth carrying the debt. At 4%, it would be. If you can get a safe, rock solid ROI of better than 4%, then borrowing money at 4% is fine. Most folks can't do better than a 6% loan and most folks can't find a ROI of 6% that is 100% safe.

 

I know this isn't for alot of younger owners , but I always pay cash . Haven't had a car loan since college . Bought my preorder 2003 in cash back in 2002 . Like the BrickYard rat , mine is still like new and it was all paid for from day one . I also keep a car like this for awhile , otherwise not worth doing . My last one , a new Alfa GTV-6 for seventeen years . That's how you get your money's worth from a car , and especially a car like this one . ASAP , pay cash . It's the best way to go .

 

I agree.

Most of us who have paid cash knew that we were keeping this car forever. Taking care of it, getting all of the necessary maintenance taken care of, ensures that it keeps its value. This car really has not depreciated as much as most do (I guess if you're keeping it forever that doesn't matter). What matters is that in 20 yrs the car looks fantastic and runs!

 

Bought my G cash 3 yrs ago.

 

paid full in cash, brought in a briefcase, the @sshole dealer wanted to keep my 685$ briefcase, i gave them the finger and kept my briefcase. They were all jumping up and down when I said i'd pay with cash
The guy kept asking me if I wanted a drink or some food, I was like "Stfu", seriously i bet the assistant manager would suck my d1ck if I asked her to. Thats how much dealers love cash purchases

 

must be nice to have $30k lying around.....lol

 

this cash sh*t is ridiculous... You guys must have good jobs to be able to save soo much money so quickly. Don't tell me you don't. Otherwise, your saving for years...

 

The loan 4% right now yes, the ROI no hahaha. I'd be better of paying the car off right now, but that will sort its self out in time.

 

What, you want everything all at once? Delayed gratification is something that is hard for the young.

I haven't saved money quickly. I've worked for a lot of years and spent wisely to get to the point where I can make the purchases that I want.