Mazdaspeed 3???

[MS3077]

Do you economics experts take credit rating into account?

+1

IF you have the $$ to buy a car alright that isn't a bad choice at all especially if your credit rating and or interest rates aren't so great.

With the money your aren't putting towards a car payment w / interest you can put in a savings account and make $$ that way.

Of course if your some type of financial wizard there are ways your can make $$ off of $$ but to say it isn't wise to buy things alright instead of having them financed doesn't make sense either.

 

[Silver Ecstasy]

It seems you missed the point of my post, which is that I am not holding up traffic. Notice we all get there about the same time. It's just that I'm not in a big freakin' hurry to get to the next light and wait for it to change with all the other sheep chewing their cud. Yes, I'm in the right lane unless passing.

Racing from light to light and sitting there idling = more gas wasted than my approach. I guarantee it.

Yeah it's all good. No need to rush to red lights. That's agreed.

Do you economics experts take credit rating into account?

Well that's quite frankly not my problem if the person's credit is bad.

If your credit is bad, that's usually an example that you weren't smart with your money in the past, or living beyond your means. Everyone makes mistakes, no big deal. But at some point in everyone's life, you have to grow out of that and get ahead in life.

If you have bad credit and have been putting money aside, then that's good that you were able to save.

No matter what angle you look at it, the car still is a bad priority decision if you have $20,000 and bad credit lol.

A) Good credit, money invested, smaller car payment

-or

B) Bad credit, brand new $20k car, no savings left

Keep in mind, if you have $20k, use some to put down towards a car, but STILL finance it. How do you think you'll build your credit back up if you're not making payments? And by all means am I no "economics expert".

 

[robin2660]

Yeah it's all good. No need to rush to red lights. That's agreed.


Well that's quite frankly not my problem if the person's credit is bad.

If your credit is bad, that's usually an example that you weren't smart with your money in the past, or living beyond your means. Everyone makes mistakes, no big deal. But at some point in everyone's life, you have to grow out of that and get ahead in life.

If you have bad credit and have been putting money aside, then that's good that you were able to save.

No matter what angle you look at it, the car still is a bad priority decision if you have $20,000 and bad credit lol.

A) Good credit, money invested, smaller car payment

-or

B) Bad credit, brand new $20k car, no savings left

Keep in mind, if you have $20k, use some to put down towards a car, but STILL finance it. How do you think you'll build your credit back up if you're not making payments? And by all means am I no "economics expert".

There's still facts you're not aware of, that I don't want to get into here, or with you or any other strangers. I'm receiving good financial advice and legal help, thank you. In this case paying cash for the car was a good financial move.

Have you ever heard of the need to liquidate your cash assets so they won't be, uh, appropriated in debt settlement?

Strangely, the judicious use of my CC has raised my credit score to a healthy level.

 

[MS3077]

"If your credit is bad, that's usually an example that you weren't smart with your money in the past or living beyond your means"

Yeah Keyword: " Usually My credit isnt great but it was in no means a result of me living beyond my means and or making bad financial decisions.

I hate it when people assume you are all ****** up because your credit score isn't good because it's totally untrue in a lot of cases.

If my life didn't have certain obstacles that I had to over-come just to make ends meet I'm sure my credit would be perfect but unfortunately not everybody has great luck.

Again, buying a car alright isn't a bad choice for a lot of people. Never said it was a great investment but if you need a car it sure the hell beats making monthly payments with interest and paying thousands more in the long run. Payments saved on monthly payments w/ interest equals more $$ in your pocket to invest. Why is this so hard to understand???

I didnt buy my car alright Im financing unfortunately, If I had the money to buy this car in my current financial situation you better believe I would have done so without blinking.

 

[Silver Ecstasy]

Robin-- I am sympathetic to your situation, and have friends and family or went through very similar situations as yours (even though you didn't go into detail, I understand what you mean).

In these situations, again, it all boils down to priority. In that type of situation, any car will do. But if a Ms3 is what you want, and you've got the cash, then I guess go for it! At the end of the day, it's whatever makes you happy.

 

[bluerabbit]

be nice to your baby and it will be nice to you. Yes they are fast but if you run the crap out of them they will break. I get 25 mpg I only hammer it once a week and drive it reasonably the rest of the time. 11k miles and no trouble and I dont expect any. Great car.

 

[Silver Ecstasy]

I test drove mine and got it up way past what I should have...somethin started to smell lol. Hot oil possibly?

 

[sparkplug]

Well I have a few mods and all I have to say is this car is awesome and if I was to purchase it today I would do it hands down without a doubt. For the money you get an awesome car with great ammenities that more expensive cars have. Its a small sports car with attitude and 4 doors which is actually great.

 

[Young Roids]

I test drove mine and got it up way past what I should have...somethin started to smell lol. Hot oil possibly?

Could be the turbo seal issue and the catalytic converter was smelling.

 

[MS3077]

Could be the turbo seal issue and the catalytic converter was smelling.

+1

 

[Silver Ecstasy]

Hehe, glad to hear it lol.

Not to say I'm reckless..i've always been super careful with every one of my cars and still have had issues. I'm starting to lose "respect" (for lack of a better word). It's a car, i'm driving it. Seems like every time you try to baby something, it has the tendancy to break. I didn't "properly" break-in my current vehicle, and everything's been fine. I'll make a conscious effort to do less heavy throttle, but I had this craving urge to see just how fast the MS3 really was.

I'm not gonna lie though, I think it was just build up in the engine. My salesperson would let the MS3 warm up like 30 ****** minutes everytime before i've test driven one. It'd just sit there and idle. And i'm thinkin "WTF...seriously it's not a science project, it's warmed up, what's the hold up?"

 

[Stu C]

Again, buying a car alright isn't a bad choice for a lot of people.

I didn’t buy my car alright I’m financing unfortunately

It's "outright", not "alright"!

Sorry - that's been bugging me throughout the whole thread. Please continue...

 

[Nliiitend1]

Actually, buying a car outright is pretty much always the better thing to do if you can afford to do it. Financing costs money, and paying cash completely eliminates that cost. The effect of the inflation rate over 5 years is not even close to matching the money that will be spent on interest. Not to mention the fact that you can usually get a much lower initial price (not even including finance charges) if you have cash in hand.

Just my experience anyway...

 

[MS3077]

Actually, buying a car outright is pretty much always the better thing to do if you can afford to do it. Financing costs money, and paying cash completely eliminates that cost. The effect of the inflation rate over 5 years is not even close to matching the money that will be spent on interest. Not to mention the fact that you can usually get a much lower initial price (not even including finance charges) if you have cash in hand.

Just my experience anyway...

+1

 

[Silver Ecstasy]

Not unless you invest it...

No one said paying interest over 5 years was a good idea. Investing that money over 5 years makes you money back while you're paying for your perishable possesions.

 

[Nliiitend1]

It takes time and money to manage investments, so even if your investment nets you a % gain that equals that of your interest rate over 5 years, you haven't broken even with what it would cost to just buy it outright. Just something to think about...

 

[MS3077]

It really would depend on how jacked up or good your credit is. You can have really good credit and pay for example 5%apr but if you have really bad credit your could be paying like 18%apr. that's a difference of 13%apr.
That's huge! I would think that getting a 13%apr in investments would be pretty good.

So my point is this, if you have good credit it would probably be better to not buy the car outright but put a decent down payment on it. Use the rest of your $$ towards investing, etc because you’ll most likely end up making a greater return on your $$

If your credit is screwed and you have the $$$ just buy the f'n car because it's going to cost you a small fortune in the long run and most likely end up costing you more $$ even if you do invest the $$ you didn’t spend on the purchase of the car.