Originally Posted by edyvw
Originally Posted by glock19
Originally Posted by oilpsi2high
How do people do it? Easy. They make the payments.
Nobody is writing checks for 35k for new trucks. They put 5k down, if that, or trade in their old car, and make the payments until it's either paid off or (more likely) they get sick of it and trade it in on something else. 72 months @ 6%+ 550/mo. payments are normal. Many pay more than that, both in interest and total payment. I know someone with an 84 month loan on their CUV.
That's a generalization that's not true. I'm sure plenty of people do it, but I know plenty of people that buy cars with cash.
There is nothing bad with paying monthly installments as long as money is cheap. Why would I spend cash, when I can put it in my kid's 529?
The problem is that people are lazy to go to local credit union and figure out deal with them. They either apply for loan online or at the dealership. I cannot remember when I took a loan last time without negotiating with credit union, and bcs. I am their regular customer they always throw some preferred interest rate etc. I got 2.9% last September on used Toyota Sienna, throw some cash, and monthly installment is not burden at all. I know people who pay 6-7% interest rate bcs. they just do not know want to look around for a deal.
I didn't say there was anything wrong with making payments, I've done it when they're offering 0% financing. I was just pointing out that the statement "NOBODY pays cash for new trucks" is false.