Paying for your DH

[KINGKONA]

These are a bit pricey, what are your plans for paying for it? Making deposits with your dealer along the way?

At this moment our balance is $55k even still owed.

My dealer has not turned down additional money. So going to keep up that trend as long as possible.

I really don't understand what you're asking.

Do you think your dealership is expecting monthly payments or something?

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[Dena]

Check! I have been attempting to buy a mustang for close to a year now but I was never able to catch the order book when it was open. I have been stashing money away in the checking account with the goal of having it available when I needed it. I should be writing the check sometime in July if things go according to plan.

 

[NightSurgeX2]

Nope.

As timd38 says, we too are going cash, financing stuff is over rated as you age. My dealer has not turned down additional money. So going to keep up that trend as long as possible.

But why? You could at the very least put that money into a 4% savings account with 0 risk at all and make a few hundred to a few thousand before your Dark Horse arrives. Of course a dealer won't turn down extra money, but that doesn't make it a smart choice...

 

[DxrkLucy]

Thinking of opening a 6 month CD @ 6% and try to make some money during the wait. Highly unlikely I get my DH order within 6 months.

Whats this?

 

[Ryunker]

But why? You could at the very least put that money into a 4% savings account with 0 risk at all and make a few hundred to a few thousand before your Dark Horse arrives. Of course a dealer won't turn down extra money, but that doesn't make it a smart choice...

True, paying for this ride is stressful and a tad stretch to the finances. Once we get the "cash to close" on the DH to a reasonable number, the stress on the home front will come down to a manageable level. Lower stress is priceless.

 

[Ryunker]

I really don't understand what you're asking.

Do you think your dealership is expecting monthly payments or something?

Some here worry about "mods", "playlists" and doing brakes. In my life none of that matters until the car is paid for.

 

[NightSurgeX2]

True, paying for this ride is stressful and a tad stretch to the finances. Once we get the "cash to close" on the DH to a reasonable number, the stress on the home front will come down to a manageable level. Lower stress is priceless.

And what difference would it make to put the money in the savings account instead of paying your dealer early for a car that you haven't even taken possession of yet?

The only difference is losing out on a lot of good, free money to help lower that stress and reduce the amount you have to pay out of pocket even more.

 

[Ryunker]

And what difference would it make to put the money in the savings account instead of paying your dealer early for a car that you haven't even taken possession of yet?

The only difference is losing out on a lot of good, free money to help lower that stress and reduce the amount you have to pay out of pocket even more.

Self control

 

[S650 GT]

The only loan I have in my life is a mortgage on my house because it is almost impossible to buy a house with your own money.

Other than that, I will never ever use loans. If I can't afford something, I don't buy it.

That's why I'm still not a Mustang owner

 

[friscoaggie]

Whats this?

Disappeared on me, only seeing mid 5’s now. If it comes back, which it probably will I wi

The only loan I have in my life is a mortgage on my house because it is almost impossible to buy a house with your own money.

Other than that, I will never ever use loans. If I can't afford something, I don't buy it.

That's why I'm still not a Mustang owner

While I suppose that is a safe way to live your financial life, using loans does not equate to not being able to afford something. Let's say you have 80K for your mustang earning a fixed 6% return and someone offers you 3% financing on your mustang. The smart financial decision is to take the financing an net 3% on your money.

 

[S650 GT]

Disappeared on me, only seeing mid 5’s now. If it comes back, which it probably will I wi

While I suppose that is a safe way to live your financial life, using loans does not equate to not being able to afford something. Let's say you have 80K for your mustang earning a fixed 6% return and someone offers you 3% financing on your mustang. The smart financial decision is to take the financing an net 3% on your money.

I don't agree with financing can be a better option.

If financing was benificial for us, the people who give you the loan wont't profit out of it.

I understand some people think it is a good way of doing stuff because it is grown into their system and culture, but no.

No one gives you money for free.

 

[Q6543]

We’ve literally had free money given to us for the last 15 years… what are you even talking about?

maybe you aren’t in the U.S.A. ?

 

[friscoaggie]

I don't agree with financing can be a better option.

If financing was benificial for us, the people who give you the loan wont't profit out of it.

I understand some people think it is a good way of doing stuff because it is grown into their system and culture, but no.

No one gives you money for free.

Not sure of the options you see across the pond and agree there will be no financing options which beat cash on the 24 Mustang. But as a general statement, in the US you couldn’t be more wrong. Vehicle manufacturers have incentive to clear out inventory and as a result will offer 0% financing on select vehicles. Given most online savings accounts now offer rates approaching 4% you would be stupid to drain that cash to pay for a vehicle that you can get 0% financing on.

 

[Smaaron]

Not sure of the options you see across the pond and agree there will be no financing options which beat cash on the 24 Mustang. But as a general statement, in the US you couldn’t be more wrong. Vehicle manufacturers have incentive to clear out inventory and as a result will offer 0% financing on select vehicles. Given most online savings accounts now offer rates approaching 4% you would be stupid to drain that cash to pay for a vehicle that you can get 0% financing on.

The reason they offer 0% for a while is because almost no one who does these deals pays off their cars in the given timeframe, then they end up owing plenty of interest. These companies are not stupid enough to lose money on finance agreements. On the other hand, they do mess up marketing and quality control quite often.

 

[unfairslide]

The only loan I have in my life is a mortgage on my house because it is almost impossible to buy a house with your own money.

Other than that, I will never ever use loans. If I can't afford something, I don't buy it.

That's why I'm still not a Mustang owner

You have a go fund me in your signature, if you could afford it it still wouldn't be "your own money"

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