How did you do it?

I put 5K down on a 18,000 dollar truck.

Payment is 280 a month.

I wish I could buy a car outright

 

Cash

 

I financed mine with 7g's down with monthly payments of $350. After 2 years of payments I had enough cash to pay it off early!

 

Payments.. and almost done with those! (Insert nanner here)

 

I put 5k down, no trade, and I'm more than two months ahead...$475 per...

 

Re fi'ed my home, paid cash for my 07 & paid off all my debt. Raised my mortgage $228.00. Paying cash for the truck made the nightmare of buying a vehicle a whole lot more enjoyable!

 

financed.... I wish I could pay cash. I pay cash for everthing but house and vehicles. (snowmobile,atv,ect.) Props to anyone who has 30000 in cash to but that way..... then again i am paying 1.9% on the loan and i get to keep my money in the bank in case I need it for something more important....tough call which way is best to each there own I guess.

 

$0 down, $5000 negative equity added on from my trade in, $922 a month for 6 years.



BREW

 

5k down on 22k truck financed for 5 years.

'How do you pay cash for a car?'

You drive the last one you bought for ten years.
I'm on year eight.

 

Please tell me you are kidding....... please?

 

32K 04 Lariat Fully Loaded minus heated seats

13K down, 3.9% for 48 mths 426.00 a month. I only owe around 8K, be paid off by the end of the year. Building a new house

 

When I purchased "Blue" back in June of '05, I financed the entire amount because it allowed me to get an extra $1000.00 rebate from Ford Credit. Then, when the payment book came, I just paid the entire amount due and they sent me the title to my truck within a few weeks!

Regarding the question on how you pay cash for a vehicle, Raoul was right on the money! Purchase your first new vehicle with the idea that you are going to keep it in good condition and drive it for 10 years. After you've made the last payment, keep driving it and "pay" the normal monthly payment to yourself for another 4 or 5 years instead. By doing so (and keeping this up for the rest of your life) you should have enough money saved every 4 or 5 years to go out and pay cash for a new vehicle!

My wife and I did this with both of our vehicles and it is the BEST financial decision we have ever made. Yeah, toward the end of 10 years you can get a little tired of your first vehicle, but it is a small price to pay for the financial freedom and flexibility it will give you for the rest of your life!

If there's one bit of advice I give to every young person it's don't get caught up in the whole "I have to have a new car every 3 years just because I'm bored" routine! These guys in their 20's who are flipping cars every two or three years are generally just digging a financial grave for themselves that they will be paying for for many years to come!

 

So, I am 21. Is it bad that Im leasing my vehicles? Should i be saving up to put a big lump sum down to buy it?

 

Very nice post! I wish I would have taken all the free finacial advice I got when I was in my late teens and early 20's. I didn't start listening until I got into my late 20's....live and learn!

 

My wife and I always save up enough to pay cash. You earn interest will saving and then save substantially on the financing. The only car payment we have had was when in college. However, I did what many have done when I bought this truck. It really frosts me that they would rather have you on a note than cash. I had a trade in and financed $14,000 in order to get the $1000 rebate. As soon as the payment book came in. paid it off. Also made double payments and paid off the house. Can't stand paying interest.