Anyone buy car and pay FULL CASH? Why? Clever or Stupid?

[Viceroymenthol]

as long as dont over debt. heh heh

 

hehe i heard nowadays during recession banks are quite "compassionate" in the sense that they allow the property investor, those who buy like 5 or 6 properties and finding it hard to tong, to make payments on just the interest, no need to repay loan (until how long i dunno). business loans also can, until the banks bey tahan then come for you... when one comes, all creditors will come... like wolves

Edited July 1, 2009 by Viceroymenthol

[Gs300999s]

Which car dealer allow you to do so? They have to pay charges to Amex you know.

 

Komoco accepts AMEX on FULL car payment.

[Viceroymenthol]

plse compare SGD with SGD

 

dont compare cross currency. there are huge capital risks involved.

 

 

if you dont even understand these basic risks, good luck.....

 

 

borrow yen to buy american car

borrow euro to buy jap car

borrow ringgit to buy china car

 

hehe

Edited July 1, 2009 by Viceroymenthol

[West]

Oh ? Fully paid cars can opt to buy just 3rd party insurance ? No need comprehensive ? Sorry for the innocent question, but I never fully pay my car before

 

tis is correct.

 

technically, if you have car loan, the car belong to the bank, so you need comphre insurance to "protect the car for them". But if no loan, car is yours, you can do whatever you like, just cover for 3rd party insurance. Same concept as housing loan.

[Throttle2]

no lah, he watch collector.. never see his avatar ah?

 

 

I confirm not watch collector.

my Daytona is for daily rough wear.

 

 

 

[Watwheels]

"Anyone buy car and pay FULL in CASH? Why? Clever or Stupid?"

 

Who will ask this kinda question? Clever or Stupid person?

[Ahgongwolve]

1. u pay 70K cash for ur car .. how much interest do u save?

versus holding on to 60K and invest for 30% returns?

[Yeshe]

I confirm not watch collector.

my Daytona is for daily rough wear.

 

 

i think u should upgrade to patek philippe as rough wear leow

 

[Yoongf]

If can afford it, I will suggest to pay max after factoring the minimum loan and shortest tenure to enjoy the discounted rate.

 

My view is that car loans are full of financial traps. Let's say.. take max loan.. then for some reason.. car is no longer required/available, such as total accident loss, or stolen, or simply dun like and want to upgrade after 1 yr, then all those rule 78 issues.. the penalities for early redemption is highly punitive.

 

 

[Nautilus]

1. u pay 70K cash for ur car .. how much interest do u save?

versus holding on to 60K and invest for 30% returns?

 

That's what everyone says, but the truth is there is no investment that GUARANTEES 30% returns.

[Cheesey74]

This is a simple question.

If u like to stay debt free, than carry on pay full for the car.

If u like to be in debt, than pay in instalments.

[Ahgongwolve]

That's what everyone says, but the truth is there is no investment that GUARANTEES 30% returns.

 

 

but there are things you can do with that 60k ... which can guarantee returns many times what u save on interests

 

[Osiris]

there are 2 types of people that buy car and pay in full

 

1. those who think it makes more financial sense

2. those who couldn't understand why buying something so cheap need to take loan.

[Throttle2]

there are 2 types of people that buy car and pay in full

 

1. those who think it makes more financial sense

2. those who couldn't understand why buying something so cheap need to take loan.

 

 

how about 1 type who thinks it makes more financial sense and in any case feel it's too cheap to warrant a loan?

[Nautilus]

better to keep money on your side...imagine if you have hiv the medical fees is tremendous

 

What has HIV got to do with this discussion?

[Nautilus]

but there are things you can do with that 60k ... which can guarantee returns many times what u save on interests

 

Maybe, but i personally feel jittery about taking car loans as well which is why i'm one of those who opted to pay in full cash. I guess it's up to the individual to determine his comfort level. But going into negative equity (ie. 100% 10 yrs loan) is definitely a big NO NO.

[Vroomtattat]

Not clever, not stupid but . . . . $ Rich $

[Osiris]

What has HIV got to do with this discussion?

check his previous posts, he's seems to be MCF resident HIV spokesperson.

oops sorry, u might not be able to see.