Who here owns their S2000 out right
09-09-2011, 01:15 AM
#13
Ive had mine for a year. The fiancé and I are still trying to pay it off. I bought it when I was 26. Owned an RSX type S that I sold for the ring / downpayment on the S2000. Bought the car with only 25k on it. Now due too excessive commute It has 48k =( The things we do for love 
09-09-2011, 09:44 AM
#16
Registered User
) and I have just under $5k left on the loan.
09-09-2011, 10:16 AM
#18
Registered User
I've owned over 10+ s2000's and all of them were paid in cash. I don't believe in paying a bank stupid interest if I can avoid it. (aka home loan)
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
09-09-2011, 11:12 AM
#20
I've owned over 10+ s2000's and all of them were paid in cash. I don't believe in paying a bank stupid interest if I can avoid it. (aka home loan)
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
Cars such as the s2000 are really luxury items and it really should be paid in cash if possible. I know a friend who told me her BMW car payment was over $800 per month ~ I nearly choked! She put basically very little money down, borrowed like $50k and with awesome credit and 2.99% rate, her payment was $898 per month and about $140 goes to interest, rest goes to principal
Even on a simple $20k car loan at a decent rate of 3-5% apr, you are paying $$$ in interest every month. If you ever did the math I think many of you will be surprised, car loans are the worst investment any young guy can get involved in. In my younger days I did that and wasted $$$$ for sure.
However cars make you no money and depreciate at approximately 10%/year, car loans 3-5% and my investments return 15%+. Putting all my money into a car costs approximately 20%/year for the life of the loan, say 5 years. 10 depr - 5% interest + 15% investment return = 20%.
It's a crude number but I always rather have cash on hand and debt then neither. Your general rule, if you don't have the cash to buy something is a good one to follow and clearly I follow it. I just opt to borrow at ultra low rates <10% is low, and invest the money. I get the benefits of owning both, with all the upsides as well. I see this as making my money work for me.