Last Stinger Sold in US?

[Snicklefritz]

@Ah GetF Paying cash isn't always an option, even though you can have enough resources to buy the car outright. Moving money around is a timing game. You always have the capital to get the cash to pay off the entire loan, so, in effect you're not in debt to finance a car if you have the capital but don't want to commit that big of a chunk in a single payment in cash for the car up front. You already made the decision to afford the monthly, plus the insurance, plus the upkeep. If you change your mind, you can sell the car and pay off the loan. In the market right now that is realistic. Currently I owe less than I could get for the Stinger we are financing, so, not in debt. The monthly cost is the decision to pay for the privilege of driving the car. Should we finish the 60 months of payments, the title then transfers to us in a month. Should we decide to bag the second Stinger and lease a brand new Telluride, the total yearly cost spread over monthly payments would be close enough to the same as the used Stinger to make the finances the same. Not in debt, since if we decided to bail on the lease we would pay the penalty for premature withdrawal from the lease. It would be our decision. Not failure to make monthly payments and having the Telluride repossessed. And the advantage of the Telluride is that after three years we can turn it in and start over brand new model year. Do I want a Telluride as much or more than two Stingers? That is the question.

 

[Transmetal]

I bought my house about a year before I bought my Stinger. The plan was to buy the Stinger after we had done some major repairs on the house. Ended up crashing and totalling my then well paid for old Pontiac Grand Prix. I literally had the capital to buy my Stinger cash. I needed a daily now though. I ended up driving the Lightning daily for a month before I found the Stinger. Technically, I coulda kept driving the L until winter hit but I didn't wanna do that. I also had the options of paying cash or financing a cheaper car that I didn't want. Figured I might as well get what I want since I can afford the payment.

I didn't wanna drop all that money on paying cash for a car when I needed that money for repairs. Does that mean I couldn't afford the Stinger? No, I chose not to pay cash and instead finance and pay off early. The Stinger is still worth what? 30k+ it's only got 23k on it. If I chose to get rid of it (not happening) I'd still be up money.

I do agree there are plenty of people that are either upside down on car payments or have a huge payment that they really can't afford. Doing that IS dumb, very dumb in fact.

As for as insurance goes, my insurance has never lowered because I own the car outright. Usually, the insurance goes up due to rate increases that I have no control over, storms in the area causing hail damage, thefts, accidents, etc....my ins for February on the stinger went up $15 for no damn reason, another rate increase, that's what they always say, shit always going up. My son's old 2005 Buick Lacrosse (also obviously paid for) went up as well, even though he has "more experience" now and isn't considered a beginner driver anymore. Him being a 19yo male on my policy with 4 cars don't help things so until he moves out, or I unload some cars, I don't see it going down.

 

[LordKOTL]

I bought my house about a year before I bought my Stinger. The plan was to buy the Stinger after we had done some major repairs on the house. Ended up crashing and totalling my then well paid for old Pontiac Grand Prix. I literally had the capital to buy my Stinger cash. I needed a daily now though. I ended up driving the Lightning daily for a month before I found the Stinger. Technically, I coulda kept driving the L until winter hit but I didn't wanna do that. I also had the options of paying cash or financing a cheaper car that I didn't want. Figured I might as well get what I want since I can afford the payment.

I didn't wanna drop all that money on paying cash for a car when I needed that money for repairs. Does that mean I couldn't afford the Stinger? No, I chose not to pay cash and instead finance and pay off early. The Stinger is still worth what? 30k+ it's only got 23k on it. If I chose to get rid of it (not happening) I'd still be up money.

I do agree there are plenty of people that are either upside down on car payments or have a huge payment that they really can't afford. Doing that IS dumb, very dumb in fact.

As for as insurance goes, my insurance has never lowered because I own the car outright. Usually, the insurance goes up due to rate increases that I have no control over, storms in the area causing hail damage, thefts, accidents, etc....my ins for February on the stinger went up $15 for no damn reason, another rate increase, that's what they always say, shit always going up. My son's old 2005 Buick Lacrosse (also obviously paid for) went up as well, even though he has "more experience" now and isn't considered a beginner driver anymore. Him being a 19yo male on my policy with 4 cars don't help things so until he moves out, or I unload some cars, I don't see it going down.

Can confirm: I got no insurance discount on my G6 when I paid it off. Might be an Australian thing? The insurance didn't really depreciate over the life of my G6 ownership; any depreciation in value that would have affected the insurance rates was offset by inflation in general.

I think the important fact is not to get yourself upside-down over a car--or anything for that matter. Plus, at least here in the states; credit score means a ton. I don't believe buying a car outright affects your credit score, but taking out a loan on one and paying it off does nothing but help it.

 

[ScottM]

This is the dilemma.

Anyone can afford a repayment.

This is why so many have debt problems.

I buy a car when I can afford it outright. We are not talking about houses here that generally appreciate and you can get out of them and still make money. Houses are considered a necessity. Maybe cars are in the US as there has been lack of forsight for public transport. (You can catch a train 24 hours a day in Melbourne) and it has the largest tram network in the world in a city more populated than Los Angeles (5 million+) in just 60kms radius.

I could drive a Lamborghini , a Porsche, a BUGATTI if I just made a payment and never expected to own it.

The downside is;

Unless it is a bank loan someone else owns it until the very last payment.

You miss a payment they take it as they own it and everything you paid is gone.

The amount owed is far more than the car is worth even new.

You try to sell it the finance/lease company still owns it. You need to find some dope willing to pay a cheque straight to your finance/lease company and get you to cough up the difference plus the car.

Or you can take it back to the dealer and rather than YOU owning it, they give you a lowball price which they know you have a debt to someone else, to take it off your hands and sort out the paperwork.

For some reason, people think the car is theirs. You see these idiots on the towing shows in the US that cry when their car is picked up. It's not THEIR car!

Insurance is higher if you don't own it.

So for the sake of driving a car you want that you can never afford outright seems pretty dumb to me.

Yep people do get loans for basic cars they need for 3 or 4 years and actually own them here. Fine.

Signing up for a car that you never own and can return at any time (they win), cos you blew all that money and get nothing back or pay out the residual (they win) because you already paid the car off in theory then have to pay again to keep it, or upgrade to the next model (they win) because they lock you in forever you pay just so much more for a car.

Merc is probably the biggest culprit here. People who haven't got 2 cents, rent a home and generally have a shit job are driving around in Mercs because MB puts them into a car they can never afford and never get out of because the residual is too great, so they simply roll them over into the next model. in the meantime these idiots drive around without paying registration (cos they can't afford it) until caught by Police recognition cameras.

Or they get followed home and get a home invasion because even dumber people think that stealing a Merc to do a ram raid is a status symbol.............

Not really a dilemma. For lot's of people, it's a well thought out "this" vs "that" thing and what most people do when making a financial decision. Your decision to pay cash for things is your decision and my and many others decision to finance is our decision. You don't really know what those of us who finance do with our cash on hand. I think the real dilemma is someone thinking that paying cash equals "something". It doesn't, it just provides that false narrative of being able to "afford" something.

 

[Ah GetFd]

Paying cash means you own it

Financing it means someone else owns it

It's not hard.

 

[ScottM]

Paying cash means you own it

Financing it means someone else owns it

It's not hard.

Correct sir.

"Affordability" is, of course, another topic. All good.

 

[Ohiocruiser]

Stop paying property taxes on "your" house, and find out who the real owner is.

 

[Ah GetFd]

I found an up market house. My house was paid off in 9 years in my 30s worth now ten times what I paid for it. Since then I have only paid cash and only bought new cars.
Instead of loading yourself up with ever yet more loans people should live within their means, get their mortgage sorted as the number one priority. When that's done you can do all the things you want to and not owe anyone anything.

 

[Ohiocruiser]

I found an up market house. My house was paid off in 9 years in my 30s worth now ten times what I paid for it. Since then I have only paid cash and only bought new cars.
Instead of loading yourself up with ever yet more loans people should live within their means, get their mortgage sorted as the number one priority. When that's done you can do all the things you want to and not owe anyone anything.

This is America! I want everything, and I want it now goddamnit!!

 

[ScottM]

I found an up market house. My house was paid off in 9 years in my 30s worth now ten times what I paid for it. Since then I have only paid cash and only bought new cars.
Instead of loading yourself up with ever yet more loans people should live within their means, get their mortgage sorted as the number one priority. When that's done you can do all the things you want to and not owe anyone anything.

Must be very different up there. Even when you own the home, you still owe taxes. You always owe somebody...somethings...always.

 

[Ohiocruiser]

Must be very different up there. Even when you own the home, you still owe taxes. You always owe somebody...somethings...always.

Didn't you get a new memo? You will own nothing, and will be happy.

 

[Snicklefritz]

Didn't you get a new memo? You will own nothing, and will be happy.

I got it. But I don't think that leasing cars is what that is about. I'd be happy as a clam to lease rather than own. In fact, if I were filthy rich, I would lease/rent everything that I use.

 

[Ohiocruiser]

I got it. But I don't think that leasing cars is what that is about. I'd be happy as a clam to lease rather than own. In fact, if I were filthy rich, I would lease/rent everything that I use.

I think this concept is not about owning something, rather than being owned. Modern day slavery baby.

 

[Transmetal]

Must be very different up there. Even when you own the home, you still owe taxes. You always owe somebody...somethings...always.

Yeah, my damn property taxes go up year after year, even if my house was paid off, I'd still have to fork out for that shit.

 

[lil_lurking_stinger]

This thread got so derailed.

Also don’t understand how everyone is forgetting the cardinal rule of watching your own pockets, not other people’s.

If you want to finance, finance.
If you want to pay cash, pay cash.

Both have their drawbacks, none of these methods are significantly better than the other with the right terms.

Yeah, you pay less paying with cash, but then you sacrifice a lot of liquid capital you could use to invest elsewhere. So financing isn’t always 100% bad. For people who care about cash flow or make regular large investments, financing makes more sense.

Thinking you’re better than other people for owning a car outright is silly if not outright classist.

End of day, no one but you, the bank, and insurance knows or cares about that.

Now back to the topic: Who bought the last Stinger?????

 

[Ah GetFd]

This thread got so derailed.

Also don’t understand how everyone is forgetting the cardinal rule of watching your own pockets, not other people’s.

If you want to finance, finance.
If you want to pay cash, pay cash.

Both have their drawbacks, none of these methods are significantly better than the other with the right terms.

Yeah, you pay less paying with cash, but then you sacrifice a lot of liquid capital you could use to invest elsewhere. So financing isn’t always 100% bad. For people who care about cash flow or make regular large investments, financing makes more sense.

Thinking you’re better than other people for owning a car outright is silly if not outright classist.

End of day, no one but you, the bank, and insurance knows or cares about that.

Now back to the topic: Who bought the last Stinger?????

You said,

If you want to finance, finance.
If you want to pay cash, pay cash.

Then you said,

Thinking you’re better than other people for owning a car outright is silly if not outright classist.

So clearly, you support one more than the other.

There is no drawback in payjng cash because you can afford it up front

Financing it is because you can't afford it up front.

It's not that hard.

 

[Ah GetFd]

This is America! I want everything, and I want it now goddamnit!!

and that is just fine.

When people want to make themselves feel rich and get everything on a payment they actually aren't rich they are poor.

They are making everyone else rich

Car dealers, airlines, holiday makers, restaurants, clothing stores

and when they get home after all this fakery...............they look around their rented premises with their TV in the corner and the takeway chinese food container on the table and pat themselves on the back at how rich they are.

 

[ScottM]

This thread got so derailed.

Also don’t understand how everyone is forgetting the cardinal rule of watching your own pockets, not other people’s.

If you want to finance, finance.
If you want to pay cash, pay cash.

Both have their drawbacks, none of these methods are significantly better than the other with the right terms.

Yeah, you pay less paying with cash, but then you sacrifice a lot of liquid capital you could use to invest elsewhere. So financing isn’t always 100% bad. For people who care about cash flow or make regular large investments, financing makes more sense.

Thinking you’re better than other people for owning a car outright is silly if not outright classist.

End of day, no one but you, the bank, and insurance knows or cares about that.

Now back to the topic: Who bought the last Stinger?????

Spot on. I tried to say all this in my way, but I could not say it any better. I'm too busy paying my stuffs off. And yes, very derailed.

 

[ScottM]

You said,

If you want to finance, finance.
If you want to pay cash, pay cash.

Then you said,

Thinking you’re better than other people for owning a car outright is silly if not outright classist.

So clearly, you support one more than the other.

There is no drawback in payjng cash because you can afford it up front

Financing it is because you can't afford it up front.

It's not that hard.

Actually @lil_lurking_stinger said it spot on. You do you and he do he and me do me. And we all know, except you...that you're obviously wrong on "Financing is because you can't afford it up front." Incorrect-O. Financing is a method for acquiring something and there are several reasons as to why someone may choose to finance a thing. One day you'll figure it out...one day. Not today though, you're too busy flinging your cash around for things you can "afford".

And as lil_lurking said...we've flown way off course on the intent of this thread. I'm off this topic now, gonna go count my cash and check on my high yield investments.

 

[Ah GetFd]

One day I will figure out

I already figured it out

Finance- someone else owns it until the very last payment

Cash- I own it on the very first payment

It's called maths

You are financing an increasing share of a decreasing asset

That's not good.