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I was wondering what the ratio of people who finance their cars or just buy them outright with savings looks like.

2014 Sport CVT here - dipped into my meager savings and paid cash with a small ($2,500) trade-in allowance.

You?
 

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I paid cash. I am taking a small, two-year loan against it at the credit union once the title arrives, but that's only to build credit since I have no loan history. Don't actually need the money.
 

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Even My Mower Is a Honda!
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I was going to pay cash, but then took the 3year financing to get the $500 flex cash. Plus, .9% for 3-years is like free money. I put the $$$ I was going to use back in the market to earn $$$.

Jay
 

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Normally I pay cash for cars. This time I financed the minimum amount of money for the minimum amount of time. I paid it off when I got the paper work and paid $7 in interest. I only did it to get the $500 rebate for using Honda finance.
 

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Had an $8,000 trade allowance for my Mazda 6 and paid cash for the difference.
 

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In today's economy it's a toss up between losing the value of your savings and depreciation on your new car. :banana:
 

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I'm the first to finance I guess lol nothing down and broke even on my 2010 TSX at $18k for trade. I got 2.5% for 72 months thru my CU. Next time I'll have enough to either pay cash or borrow the majority from my 401k hopefully.
 

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Financed $24k @1.79% 60 months. Fresh out of college, very little credit history.
 

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Financed for the $500 flex cash incentive, as soon as the first payment came it, sent a check for the remainder balance.
 

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Paid cash for my daughters Honda Fit (bought on the same day) and put down 6k on the Accord EX-L and used Honda financing 1.9% for the rest. I plan to pay it off early.
 

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It seems most people on the internet have the cash to pay for cars, whereas most people you know in real life need to finance.
 

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It seems most people on the internet have the cash to pay for cars, whereas most people you know in real life need to finance.
If you have good credit it's a good time to finance with low interest rates.
 

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I haven't yet made up my mind. I paid cash for my wifes 2014 Pathfinder a couple weeks ago and I guess I'm just procrastinating on the Honda. I'm currently putting on a new roof and several other home projects on the front burner that I'd like to get out of the way. It's just reassuring that I can pay it at anytime I guess..
 

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I financed at 1.9% for 60 months. No reason to pay cash at those rates (and $500 incentive). I did put down around $10k from trade/insurance payoff. I believe paying cash for cars is not financially smart.

... borrow the majority from my 401k hopefully.
Why would you do this?
 

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.9% is so cheap you would be losing money to not finance it. So anyone who paid it off and could have gotten that rate is losing investment income on the money. Easy enough to get 2, 3 or even 5% returns safely.
 

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.9% is so cheap you would be losing money to not finance it. So anyone who paid it off and could have gotten that rate is losing investment income on the money. Easy enough to get 2, 3 or even 5% returns safely.
You are using logic. My wife hates to owe mony on anything except the mortgage. :) Sometimes it pays to pick your battles.
 
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