6/1 How many people buy a car without a loan these days?
\_ I did 1.5 years ago. $500 below invoice, plus $2500 rebate on a
$17k car. I wouldn't have done it without that kind of deal.
\_ Used? I did 2 years ago.
\_ New car, sorry.
\_ I don't buy new cars. They depreciate way too fast. A
coworker just got T-boned in his one-year old car (other
driver ran a red light). If they consider the car totaled, he
will get screwed because of depreciation.
\_ They sell gap insurance to cover this. It's fairly
cheap. Sometimes it's included with the loan.
\_ I think the people who buy new cars in cash are pretty few and
far between, but I don't know.
\_ my dad did
\_ Actually, so did my dad and my German teacher, I'm just
sayin' I don't THINK it's that common. That was, for
example, the only new car my dad ever bought.
\_ I was prepared to, but then they offered 2 years @ 0%, so hey, I
did that.
\_ Same here. Subaru offered 2 yr 0% on my Outback so I jumped
on that.
\_ I was prepared not to, but at the time I had no credit history at
all, so put in a minimal loan and paid it off after a year.
\_ When I bought my car back in 2000, I was told that banks are not
required to report your loan if it's less than 3 years, so if
you're doing it to put it on your credit history, that you
should get 3 years. Did I get screwed?
\_ I bought my car with my home equity line of credit. I guess that
counts as loan.
\_ I've never taken out a loan on a car, I've only bought them with
cash. Never a lender nor borrower be! (except a house I guess)
\_ Same here!
\_ what's the rate for car loans these days?
\_ I bought a new car in november with cash. Traded in my old car,
and there were incentives, so cash outlay was something like $14k. |
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