Who has their Camaro paid off?

[Spurshot]

Everyone should do whatever they feel like.

[rontammy0]

These threads are very funny. Lots of people paying cash in a time when consumer debt is at an all time high.Weird.

[Pluto]

Well I went ahead and took the plunge. She's mine all mine. I was able to swing it yesterday, so I officially own my Camaro on 8/1/16. 22,100 miles on the clock. Financed for 45 months. Feels great to own it.

[Spurshot]

Originally Posted by rontammy0

These threads are very funny. Lots of people paying cash in a time when consumer debt is at an all time high.Weird.

It is, and always has been about debt-income-solvency. Keeping it realistic is more important than zero debt.

[LBJ]

I just got my title last week. .

[Johnny's_2SS]

My credit isn't the best due to mistakes as a young man and I just happened to have the cash available. I would have gotten raped for a loan even if I put half down so I just bought it. Yeah, I could have done other things with the money but now that I've paid off my 04 Tahoe ($450 a month!) now I have no notes

[Tenacity]

Originally Posted by rontammy0

These threads are very funny. Lots of people paying cash in a time when consumer debt is at an all time high.Weird.

I don't think it's weird, what I think is weird is when people finance (or worse, lease) depreciating assets over long periods of time (5 years and more).

The cost of debt is pretty low, which is good for buying assets that "usually" appreciate, such as houses, education, financing a business, etc.

But to buy "more car" than you actually "need", I personally don't think that makes any sense. It even reflects on the V8 debates (which I'm not trying to start up but this point is relevant), where guys will say that a V8 quote, unquote "HOLDS" its value. No the hell it doesn't!

The V8 package and the V6 package both have the same rate of depreciation if you check out Camaro models let's say in 2011 from where they started from in terms of new car price, to where they are today.

One of the reasons 80% of people live paycheck-to-paycheck today, is because they buy TOO much car.

You want my rule of thumb? You can't AFFORD it if you need to put it on payments without at least 50% DOWN on it.

But that's just me lol, if people want to make $50,000 a year and buy a $50,000 Camaro then go right ahead . I have seen this first hand, hell I know people that work at Walmart making $20k a year with $500 a month car notes!

[Dmpsix]

Originally Posted by Johnny's_2SS

My credit isn't the best due to mistakes as a young man and I just happened to have the cash available. I would have gotten raped for a loan even if I put half down so I just bought it. Yeah, I could have done other things with the money but now that I've paid off my 04 Tahoe ($450 a month!) now I have no notes

Who needs credit when you have cash like that!

[Dmpsix]

Originally Posted by Tenacity

I don't think it's weird, what I think is weird is when people finance (or worse, lease) depreciating assets over long periods of time (5 years and more).

The cost of debt is pretty low, which is good for buying assets that "usually" appreciate, such as houses, education, financing a business, etc.

But to buy "more car" than you actually "need", I personally don't think that makes any sense. It even reflects on the V8 debates (which I'm not trying to start up but this point is relevant), where guys will say that a V8 quote, unquote "HOLDS" its value. No the hell it doesn't!

The V8 package and the V6 package both have the same rate of depreciation if you check out Camaro models let's say in 2011 from where they started from in terms of new car price, to where they are today.

One of the reasons 80% of people live paycheck-to-paycheck today, is because they buy TOO much car.

You want my rule of thumb? You can't AFFORD it if you need to put it on payments without at least 50% DOWN on it.

But that's just me lol, if people want to make $50,000 a year and buy a $50,000 Camaro then go right ahead . I have seen this first hand, hell I know people that work at Walmart making $20k a year with $500 a month car notes!

Calm down, he was saying that it's funny how people claim to pay things off in cash when the U.S. debt for the average American is a lot higher than what this thread claims to be.

News flash, cars depreciate in general. Almost every car does.

[drew peacock]

ofc buy a car with a loan ..but buy a cheap car..why do you need a camaro when u have no money.
just buy a cheap car then save untill u have the cash for a v8. I WOULD NEVER EVER loan any money for any that i think is luxurious..
here silly swedes loan loan to buy everything to appear to be richer than their neighbours. well in fact most only own the clothes on their backs.

i find it funny tbh..coz when rates got back to normal they will end up homeless..

[rontammy0]

Originally Posted by Tenacity

I don't think it's weird, what I think is weird is when people finance (or worse, lease) depreciating assets over long periods of time (5 years and more).

The cost of debt is pretty low, which is good for buying assets that "usually" appreciate, such as houses, education, financing a business, etc.

But to buy "more car" than you actually "need", I personally don't think that makes any sense. It even reflects on the V8 debates (which I'm not trying to start up but this point is relevant), where guys will say that a V8 quote, unquote "HOLDS" its value. No the hell it doesn't!

The V8 package and the V6 package both have the same rate of depreciation if you check out Camaro models let's say in 2011 from where they started from in terms of new car price, to where they are today.

One of the reasons 80% of people live paycheck-to-paycheck today, is because they buy TOO much car.

You want my rule of thumb? You can't AFFORD it if you need to put it on payments without at least 50% DOWN on it.

But that's just me lol, if people want to make $50,000 a year and buy a $50,000 Camaro then go right ahead . I have seen this first hand, hell I know people that work at Walmart making $20k a year with $500 a month car notes!

Good thing I have my own rule of thumb.

[Freddy G]

Just buy it when GM offers 0% financing.. Best deal you could get.

[Tenacity]

Originally Posted by Freddy G

Just buy it when GM offers 0% financing.. Best deal you could get.

There's no such thing as 0% financing, all they do is bump up the purchase price.

[laditee]

My 6th gen is paid off and it feels so damn good to not have that monthly payment. I can mod quicker and don't have to wait for what's left after that car payment lol. Best feeling ever.