Has Veeky Forums ever saved for a long period of time to buy an expensive car outright...

With finance prices vs. typical returns in the market, it doesn't really make to buy outright unless your credit is so prohibitively rekt that you can't. I got 0.0% financing on my car, even for used cars I could get 1.5%/48 months.

You don't need 40k to buy a pristine example of a 1st gen camaro. This is the first one I found and I bet you could find a better one for less.

>houston.craigslist.org/cto/5721050450.html

why would you spend all of your liquid cash when you could get a loan with

>has Veeky Forums ever saved for a long period of time to buy an expensive car outright? Did you manage to see it through?
Why would anyone be that stupid? Do you have terrible credit or something?

That's perfect because I can use the leftover sum for emergencies or for installing a mega super V8

>Saving all my sheckles
>Hard earned sheckles
>Going to leave the rust belt and never look back
>I'm going to own a RUST FREE SPORTS CAR mindset
>Sold my summer car
>Have my winter beater on craigslist
>Everything looks so good
>Everything goes to shit
>End up homeless and broke
>Living out of my winter beater
>Going to leave the rust belt and live in this fucking van until I get back to having a nice savings
>Just not legally allowed to leave the state yet

Should've never tried to leave this fucking state. Not the first time I've tried leaving either. Just this time - I thought I was going to leave. Still leaving but not with 20k in my account.

It's already got the 454 v8 you mong

no, because I'm not a fuckwit and I have good enough credit to get 0.9% financing

I have the cash on hand to buy a car outright but anyone who does it is either filthy rich and doesn't care, or a financial retard

>b-b-b-but you're giving the bank money with your interest
no, I hold onto the money and put it into other things that yield better returns

>0.9% financing
I'm terminally retarded with credit, could someone tell me what this means?

I saved $26 thousand and bought a 2008 HSV senator. I did consider investing the money instead, but at 5% interest I would have only been making $1200 a year, so taking into account whatever establishment fee that came with setting up a loan and the money I'd be losing in interest I'd only be a few hundred better off each year. I'd love to hear how somehow I'm financially illiterate and I'm never going to make it in life, but if I can scrape together $26 thousand in a little over 6 months and have no debit at all I can't be doing too badly.

Every thousand dollars paid costs 900 dollars extra if you don't repay it on time

very roughly, interest rate determines the cost of a loan. loans have various ways to calculate the financing and you can look up APR interest calculators, but the basic idea is that the bank calculates how much they're going to lend you by adding the principal (the cost of the car) and the total interest (how much they're charging you for the loan, based off the interest rate).

so for example, if I buy a car at $30000 at 1% interest rate over a 5 year loan, the bank's total loan is going to be something like 30,800? or so, and that gets reflected in your monthly payment. The $800 is the cost of the loan, or 1% interest compounded roughly annually based off the amortization of principal

>0.9% financing
>pay 90% of note in interest over term of loan

what the fuck are you even saying

>the type of person that doesn't have the cash on hand to make loan payments

enjoy the used cars

Thanks

Agreed. Most old resto cars go for 20-28k. If you pay 30k+ it should have AC, good stereo, and a built crate motor with no whining bearings and decent transmission.

It's all well and good that your pay is going up, but you should have enough in savings to cover the cost of the car should an emergency happen and you need to divert funds to that. Actually it would be best if you had enough to cover both and let your income replenish savings, now that I think about it.

This