wolverine68 wrote:Huntindog wrote:2112 wrote:Mont G&J wrote:I totally agree. 0.9% is as close to free money as you can get. Have YOUR money work for YOU. I would loose $$ paying cash for a vehicle, or many other things. Economics 101.
I'm not impressed by those of you that take money from your savings to pay cash for a vehicle when interest rates for a new vehicle loan are at an all time low ranging from zero to 2.5%
First off those low financing offers aren't really all that low or free. It is INCLUDED in the price of the vehicle. Pay cash, and it WILL be cheaper.
And what's a saving account pay now? 0.25 at best.
In fact there are some million dollar accounts that are actually PAYING banks to store their money! As per a Wall Street Journal report.
If you are in something that is paying more, then it is not savings but investing. Investments are NOT risk free. There is a potential to lose money, and have nothing to show for it.
The lowest final cost is what impresses me.
That is the REAL Economics 101.
I totally agree. They hide the financing in the cost of a new truck. 0% interest but it could be bought in cash for thousands less. I went to buy a freezer a few months back and the salesman told me that they offer "free delivery". I told him "that's no big deal for me as I have my own truck". He then told me that it would be $50 less if I picked it up myself. Sure doesn't sound like "free delivery" to me.
Cuz I got my own truck I opted to save the $50 delivery and hook up on our new washer and dryer. After fighting with the @#$% rusted tap for a half hour I broke it. This set off a chain of events. First I kind of lost my cool and grabbed hold of the plastic trim on the tap surround and pulled ripping the thing out of the wall on account of it needed to be changed. Of course this ripped a hole in the drywall. Oh well - I cooled off for a bit and went to Home Depo to get new taps. In order to properly install them I had to cut a hole in the drywall in the room behind the washing machine ... so I did. While putting the pex tubing onto the new tap somehow it flicked out of my hand hitting the valve and knocking it out of the plastic surround. I went around into the laundry room expecting to find the new tap on the floor. Nope. The @#$% tap went up in the air and fell down the washing machine drain hole. Well there has got to be a P-trap somewhere, so, I grabbed the angle grinder and starting cutting holes in walls and ceilings until I finally found the P-trap. Sure enough after cutting the trap open there was the tap. Off to Home Depo again to get a new P-trap and glue. A year later I still hadn't filled the holes in the walls and ceilings so my wife hired a Mr. Fix it, to come and fix it. And it only cost me $850 to save that $50 delivery charge.
There are occasions when the cheap way ends up not working quite the way it was supposed to. There are many reasons we can come up with to justify borrowing money and buying new but as a rule new vehicles won't make financial sense for any of us - cash or credit.
Huntindog wrote:2112 wrote:Mont G&J wrote:I totally agree. 0.9% is as close to free money as you can get. Have YOUR money work for YOU. I would loose $$ paying cash for a vehicle, or many other things. Economics 101.
I'm not impressed by those of you that take money from your savings to pay cash for a vehicle when interest rates for a new vehicle loan are at an all time low ranging from zero to 2.5%
First off those low financing offers aren't really all that low or free. It is INCLUDED in the price of the vehicle. Pay cash, and it WILL be cheaper.
And what's a saving account pay now? 0.25 at best.
In fact there are some million dollar accounts that are actually PAYING banks to store their money! As per a Wall Street Journal report.
If you are in something that is paying more, then it is not savings but investing. Investments are NOT risk free. There is a potential to lose money, and have nothing to show for it.
The lowest final cost is what impresses me.
That is the REAL Economics 101.
I totally agree. They hide the financing in the cost of a new truck. 0% interest but it could be bought in cash for thousands less. I went to buy a freezer a few months back and the salesman told me that they offer "free delivery". I told him "that's no big deal for me as I have my own truck". He then told me that it would be $50 less if I picked it up myself. Sure doesn't sound like "free delivery" to me.
TomG2 wrote:
Many many more questions, far too many for anyone to throw out a blanket, "You are doing it all wrong because you don't do it like me" comments. Even as tempting as that can be.
