Buy a Car with Cash or You can’t Afford It!!

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8 Responses

  1. Elaine says:

    Excellent article, Chris! We have paid cash for all of our vehicles since 1982. Your advice on taking a cashiers check to the dealership is great and something we’d never thought of doing.

  2. steveark says:

    I’ve always bought cars, new or used with cash. And now that I’m early retired and financially independent I only buy used cars, but do buy them with cash. My wife also buys with cash but she gets a new car usually although the “new” one she is driving now is one she bought with cash in 2006. And I totally agree, if you cannot pay cash then you are buying way more car than you can afford. One reason I’m retired and my buddies back at the plant aren’t is they threw away a fortune in payments on giant pickups for them and Suburban’s for their wives. I hope they really enjoyed the vehicles because I really enjoy not being at work!

    • Chris says:

      Hahaha – right on. I’m trying to get there some day. Buying things we can afford with cash is a great habit to get into. Well done exercising that habit over a longer time period!
      Thanks for the comment. 😎

  3. I am so glad that you did the research and made the perfect choice for our family. i wouldn’t even know where to begin the process of car searching since technically you have always done it. I love how you detailed out the process you took to buy the car.
    So glad I have you!
    Kate

  4. Tawnya says:

    Interesting take. I completely agree with buying used cars, as the new car hit you take is not worth the new car smell. We wrote a similar article a month or so ago about buying used, and got some backlash from people claiming that the new features and reliability are more important to them than the money lost. Unfortunately, there are some that would never buy something 6-8 years old, as you recommend. The only thing I would differ slightly on is always paying in cash. I recently purchased a 10 year old truck for just under 20k, and financed it. The interest rate was so low (and I will be paying it off in 2 years instead of 4), that it was worth it to pay a little bit in interest rather than lay out almost 20k at once. But no matter how you pay, I’d never recommend buying a new car.

    • Chris says:

      Thanks for the comment. I don’t quite understand how paying more than 20k later is better than only paying 20k now, especially for something that always goes down in value. But I do appreciate the feedback. 😀

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