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Do You Own Your Car?

  • No, it is leased.

    Votes: 1 0.5%
  • No, it is a company vehicle.

    Votes: 1 0.5%
  • No, I am making payments.

    Votes: 69 35.4%
  • Yes, I own it outright and don't owe anything.

    Votes: 124 63.6%

  • Total voters
    195
41 - 60 of 80 Posts

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I can't even begin typing the list of new cars I could waltz into the Dealership and buy @ 0%. It's a long list.... And it's been this way for years...
Technically yes there is 0% financing available on lots of cars.... but it isn't really 0%. In every case I have ever seen you have the option of taking the 0% rate or a large cash rebate. You can't get both. When I bought my '07 Ram they were offering no interest financing or a $6000 rebate. So essentially I would have had to pay $6000 for the "free" financing. If you do the math it almost never pays to give up a huge rebate for the 0%. Especially if there's a chance that you'll trade or sell before the loan term is up. I took the $6,000 off the price and paid cash; but even if I had financed it would have come out cheaper in the long run to take the rebate and then finance at normal rates through my bank.
 

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ill bring an aussie flavour to this thread. (you guys can cry for us poor souls down under)

bought my 07spec 3.5lt model brand new in 08 for 50k AUD. on a 5yr payment plan with 11% interest per annum - works out to about $1180 per month.

im hoping to sell the car in a few months and "upgrade" to a 06 srt8 - thats IF i get a decent trade-in for my car... it will still have around $28k owing on it.


sucks having such high interest rates and bloated selling prices :(
 

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ill bring an aussie flavour to this thread. (you guys can cry for us poor souls down under)

bought my 07spec 3.5lt model brand new in 08 for 50k AUD. on a 5yr payment plan with 11% interest per annum - works out to about $1180 per month.

im hoping to sell the car in a few months and "upgrade" to a 06 srt8 - thats IF i get a decent trade-in for my car... it will still have around $28k owing on it.


sucks having such high interest rates and bloated selling prices :(

The Aussie dollar is over-valued because of much higher interest rates than the U.S, Europe and Canada. It used to be $1 Australian Dollar = $0.60 US and they have kept those low exchange rates even though it's worth a lot more now. Plus it's a smaller market and transportation costs are high.
 

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Tax laws vary by state/province ^_^. If you're paying 0%, it's a good investment should you decide to keep the car beyond the date of actually owning it. Otherwise, you're actually worse off than a lease...
No such thing as a "good investment" with a car, period :)


A car is much like a boat, the only difference is, you take a bigger bath with a boat!
 

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Got mine for a steal - brand new for $38K (the dealership was closing within days afterward). Paid for it with a home equity loan at 4.74 percent.
 

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Got mine "new" (6K miles, still considered new as it was a demo) for 21K. And actually got 4K trade in on my 01 Stratus with a blown engine. That took some doing... They didn't want to do it :)
 

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Discussion Starter #47
No such thing as a "good investment" with a car, period :)


A car is much like a boat, the only difference is, you take a bigger bath with a boat!
You're right, it's not a good investment, but as far as investments in cars go, it's not a "bad investment".
 

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I purchaced my 300C cool vanilla last week with 25000 miles on it... prior owners were retired and only drove it 4000 miles a year.. looks like it had never been in the rain or left outside overnight...I got it for 15k and its paid for..... just ordered a trani cooler wiring harness and hitch... plan to get the trani dipstick too.
 

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That's exactly how it is in Idaho; as it should be. But I know many states aren't that way.

but the sales tax has nothing to do with your interest rate, or whether or not you finance.
Yes, the interest rate has nothing to do with sales tax, but it takes a long time to make up for the initial sales tax you pay. On a $40K car, that's $2400 in sales tax (in MD @ 6%). I would consider buying a new car more often if I didn't have to pay that every time. Let's say my trade is worth $20K, I should only have to pay $1200 (the difference between trade value and new car purchase price), but our greedy state wants the full amount based on purchase price and doesn't take into consideration the trade. The person who buys it pays tax, so it's double taxation. Oh well, I guess you could say I'm "anti-tax".
 

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payments here..another 4yrs left..but i send in double of what the payment actual is
 

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Discussion Starter #51
Oh, I got moved to Site Polls. I feel giddy ^_^

I felt bad having a mortgage payment, I don't think I could stand having another car payment ever.
 

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Own it. Making payments on a car's a good way to get in debt. Personally, I'd just buy a cheaper car and not have to worry about making payments and owing money.

A mortgage on the otherhand, is tax deductible :)
 

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Own it. Making payments on a car's a good way to get in debt. Personally, I'd just buy a cheaper car and not have to worry about making payments and owing money.

A mortgage on the otherhand, is tax deductible :)
Well the interest you pay on it is, not the mortgage itself. Plus you pay property taxes on a house which is a lot of money in some zip codes.
 

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Discussion Starter #54
Ye, but owning a house trumps rent.
 

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Owned, and loving it!

Lots of people in my industry (Real Estate) recommend leasing vehicles, but I just couldnt bring myself o do it, irregardless of the tax benefits.
 

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Paid cash, 27k in March. I found it online with 30,000 miles on it from Carmax (200 miles away in San Diego). They drove out to me with the understanding that if it arrived, as advertised, I would buy it. I couldn’t be happier with car, the deal and Carmax.
 
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