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546 replies to this topic | 1,406 praises

#1

Posted 01 July 2009 - 10:36 AM

SZY
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Anyone buy car and pay FULL CASH? Why? Clever or Stupid?

Pls share why u pay Full Cash and why not?

What are the Pros and Cons?

If u pay full cash? Wats your model? How much?

Is it wise to do so?
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#2

Posted 01 July 2009 - 10:49 AM

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Anyone buy car and pay FULL CASH? Why? Clever or Stupid?

Pls share why u pay Full Cash and why not?

What are the Pros and Cons?

If u pay full cash? Wats your model? How much?

Is it wise to do so?


very subjective to different individual. for me any car less than $30K just pay full cash. any thing more than 30k, just take min loan + min period, dont take any lock in period more than 1 yr. after 1 yr pay the cap if within your means. if not, take watever loan amount u need, but loan no more than 3yrs.


#3

Posted 01 July 2009 - 10:54 AM

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All depends on how much cash you have to throw around. A friend of mine paid full cash for his Porsche Cayman ($270K)! Think the rationale is pay as much as you can afford upfront 'cos the interest on car loans is just extortionate. So if you can afford to pay full, pay full. You will lose less in the end.
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#4

Posted 01 July 2009 - 10:55 AM

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Not say smart or stupid lah.. its entirely up to individual. But NEVER take 10 year loan for sure..

Personally, i calculated my loan amt such that I will break even in 6 mths, that means full settlement amt equals or slightly below paper value plus a couple of thousand.. so it becomes no risk for me in case smthing happens and i need to offload the car.

You want to be in a position where when you sell the car, you dont have to cough out extra money, or better still if you can take back some money.

Edited by Chrispie, 01 July 2009 - 10:57 AM.


#5

Posted 01 July 2009 - 11:12 AM

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Anyone buy car and pay FULL CASH? Why? Clever or Stupid?

Pls share why u pay Full Cash and why not?

What are the Pros and Cons?

If u pay full cash? Wats your model? How much?

Is it wise to do so?



I pay full cash for my cars
no other use for the cash why pay the interest?

to me and for my situation , it is the wisest thing to do.
but it depends on what situation you are in.
I speak for myself only becos this is my personal guage on whether I can afford the car or not.
doesnt mean that I have to die die pay full cash all the time although i do.
my own rule is if I dont even have the cash to pay in full, I definitely 100% wont buy the car.

Edited by Throttle2, 01 July 2009 - 11:26 AM.

Targetting to truly retire by 2028
Give away my CPF
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#6

Posted 01 July 2009 - 11:14 AM

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Never be a lender nor a borrower.

I saved some S$40K of interests by paying full for a car I need. I can never get the same amount putting this amount in the bank. It is subjective to individual, but in my case, this works.
"Phi:4:13 - I can do all things, in Christ, who strengthens me.."
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#7

Posted 01 July 2009 - 11:19 AM

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Keep cash in bank earn you less than 1% interest. shakehead.gif
If you have spare cash, just "cash and carry" lar. thumbsup.gif drivingcar.gif
I paid full cash to my ride. rolleyes.gif
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#8

Posted 01 July 2009 - 11:23 AM

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there is no such thing as "break even" in car ownship. you pay more upfront to take a lower loan, so no need to top up cash when sell car halfway, that does not mean you never lost.

car loan interest is not low, cos it is based on fixed rate for entire loan period, its equivalent to about 4-6% based on daily rest, and will kanna high penalty charge if redeem half way.

so my take is if you have spare cash, jus pay up, unless you are a supper investment guru that can earn more than 6%pa every yr.




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#9

Posted 01 July 2009 - 11:25 AM

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Anyone buy car and pay FULL CASH? Why? Clever or Stupid?

Pls share why u pay Full Cash and why not?

What are the Pros and Cons?

If u pay full cash? Wats your model? How much?

Is it wise to do so?


My first car was a COE car, paid full. That time it cost $34k for a 12 years old car. Manage to get back $6k paper value when change car.

Current car I loan 45% of the car cost. My company subsidy my interest, so interest incured for car loan is consider zero. smile.gif

#10

Posted 01 July 2009 - 11:25 AM

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If have spare cash and enough buffer aside for rainy days, by all means go ahead and pay in cash and save the interest.

Interest for $30k loan at 2.5% for 3 years can still come up to a couple of thousands. Can avoid, avoid lah.
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#11

Posted 01 July 2009 - 11:25 AM

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By taking long term loan, you oredi sold your soul to the banks & finance coy liao which to me they're no difference from ah-long. Only diff one got license while the other work underground smash.gif I think MAS lifting the max cap on car loan has caused many -ve asset owners.... hur.gif

but i can tell you that w/o the burden of liability, at night we can sleep more soundly wink.gif

#12

Posted 01 July 2009 - 11:26 AM

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Usually agents do not give out discounts and freebies so easily if you pay cash. It's common knowledge, they get a cut from the bank when you take a loan.

Sometimes, it's 'cheaper' to take a loan though. Pay the maximum allowed, then take the minimum loan for the shortest period (eg 1 Year). Since you already have the cash, then disburse the remainder over the short period. The agent gets his commission so you can bargain a little bit more.

Of course, you got to do the math for each car/agent if it really makes sense as there are too many variables.



#13

Posted 01 July 2009 - 11:26 AM

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Agee with all your reply full cash is the best save on interest and can get cheaper insurance on third party only. For me I think just chose a car that I can afford with my cash. If I can't get BMW. I jus get Mazda. If I can't get mazda, I get toyota, If can't get toyata I get Kia. Cash only.

#14

Posted 01 July 2009 - 11:29 AM

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Many forumers in MCF sure is rich .... inlove.gif inlove.gif inlove.gif inlove.gif inlove.gif

#15

Posted 01 July 2009 - 11:30 AM

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Agee with all your reply full cash is the best save on interest and can get cheaper insurance on third party only. For me I think just chose a car that I can afford with my cash. If I can't get BMW. I jus get Mazda. If I can't get mazda, I get toyota, If can't get toyata I get Kia. Cash only.



dude, so whats your point of starting thsi thread, really
Targetting to truly retire by 2028
Give away my CPF
Travel the world and smoke those Cubans!

#16

Posted 01 July 2009 - 11:31 AM

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There are always some financial advisor or consultant telling us it is always better to "spread your money around" and take loan, pay minimum, invest in this and that. Multiplier effect mah good for economy. So if everyone of us pay everything in cash, we dont invest and spend money, use credit cards, banks/financial institution will have no business and they will not have a job liao sleeping.gif


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#17

Posted 01 July 2009 - 11:33 AM

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dude, so whats your point of starting thsi thread, really


I guess that not everybody sees that paying cash is financially most prudent.

In SG, many ppl take long, full loans for cars.

#18

Posted 01 July 2009 - 11:39 AM

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Depends. If the alternative use of ur cash is to put under the pillow or leave it in POSB earning 0.00001% interest, yes, then pls pay in full. Frankly, car loan in SG is considered dirt cheap. Paying in cash doesn't mean u dun pay interest. U are paying wif opportunity cost. And this can possibly amount to many times above what car loan interest is. In short, use money to make money; not lock it into a depreciating piece of metal.

#19

Posted 01 July 2009 - 11:40 AM

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Many forumers in MCF sure is rich .... inlove.gif inlove.gif inlove.gif inlove.gif inlove.gif


Not Rich...Prudent...I guess the down turn has a part to play in all of us being cautious.
Its Not How You Pick Your Nose...Its Where You Flick The Booger...!!!

#20

Posted 01 July 2009 - 11:41 AM

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When buying in cash, I always make sure there is no disadvantage i.e must be the same price as those taking mini loan else no deal loh!
AD usually will relent but no or less gifts only. The amount of interest I save is definitely much higher. nod.gif


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