OT: If you got some money to play with

27 comments

• Papi_Chulo

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  6 years ago

  I would possibly consider doing this if I could switch out every week and I'd do it for a month
• Daddillac

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  6 years ago

  It's really a pretty good deal. If you finance a 120k car your payment will be around 2k a month. For 1900 a month you could get their base plan that includes maintenance, repairs, and insurance. 2600 per month for the best cars they have
• Jascoi

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  6 years ago

  I think I’ll just stick with my bad ass Prius.
• Warrior15

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  6 years ago

  Actually, if you really want to drive cars of that caliber, I agree with Daddillac. If you buy a car that costs $150,000 , how much does that car depreciate each year ? I hate car payments so I normally buy my vehicles outright. But this could free up capital to do other things. Thanks for posting.
• mark94

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  6 years ago

  There is a reason that the brand of car most likely to be driven by a millionaire is Ford. There is a reason that all these cars likely have a GPS making it easy to retrieve if the driver falls behind in payments.
  
  Living beyond your means is not a recipe for a happy life. Living in a manner intended to impress others is always going to end badly.
• Daddillac

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  6 years ago

  The problem with most people is they spend money that they dont have, trying to impress people that they dont like, buying things they don't even want
• Daddillac

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  6 years ago

  I have not financed a car on 20 years. I also generally buy used, one year old cars. I'm not a car junkie.... if I was I would enroll in that plan, it has got to be cheaper that way.
• twentyfive

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  6 years ago

  ^ I haven’t paid cash for a car in at least three decades, I prefer not to give up cash on a depreciating asset, currently driving an E400 financed at .72% for 60 months by the time the vehicles is paid for my cash will have increased by at least 50% but the 70K the car cost will be worth less than 20K
• mark94

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  6 years ago

  Don’t buy stuff you cannot afford
  
  https://vimeo.com/41152287
• flagooner

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  6 years ago

  And think about how much you could donate to a single mother charity if you decided to just drive a piece of crap Infiniti instead.
• mark94

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  6 years ago

  Let’s say you inherit $50,000 from a favorite uncle when you are 25. Do you buy a $20,000 Japanese sub compact, and invest the rest, or buy a small $50,000 German luxury car?
  
  Here’s a hint. The $30,000 you invest will be worth $500,000 when you are 65.
  1. Impress people you don’t like for a few years, or
  2. Retire very comfortably
• twentyfive

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  6 years ago

  ^ using your figures take that same 50K and invest it wisely than go out and buy a vehicle 30K with favorable finance terms available to folks with good credit, after 5 years the vehicle is paid for and you now have 75k in the bank and hopefully a serviceable vehicle no payment and keep your money, that’s how I’d play it.
• Warrenboy75

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  6 years ago

  With me it's a culture thing from when I was a kid......it kills me to buy a car over 40 K even now that I can afford it.
  
  My parents were not big on cars --my dad would wait until end of year for the model and then buy what was on the lot of the previous model year....and pay as much as he could in cash.
  
  Last car I bought was around 45K and I went back and forth before I pulled the trigger on it. I test drove a Tesla and if there really were enough charging stations around the country or if they could expand the mileage level without using a battery that is combustible ( more than now which is bad enough) I'd go that route and pay the price. Otherwise I just can't pull the trigger on a 100K vehicle.
• yahtzee74

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  6 years ago

  25 is correct not to pay cash. The loan is a lower percentage than the profit you'll make from investing.
• flagooner

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  6 years ago

  ^ than the profit you will LIKELY make investing.
• mark94

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  6 years ago

  Often, there is a choice between a low finance rate or a cash rebate. Nothing is free, not even 0% financing.
• mark94

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  6 years ago

  Beyond a certain level, the main purpose of a really expensive car is to impress people with your wealth. It makes more sense to buy a $50,000 car, and walk around with $100 bills stapled to your shirt, than to buy a $150,000 car.
• Daddillac

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  6 years ago

  I agree that with cheap financing it makes the most sense to finance, I just don't want to deal with it and I can afford to pay cash without fucking up my cash flow. Everyone has a different way they do things. My Raptor was not cheap but there was something about that truck and its the only new vehicle I have bought
• flagooner

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  6 years ago

  ^ No humble there.
• PaulDrake

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  6 years ago

  I have worked with a company that did a similar business to this before. We used to detune the higher HP cars. In some cases we would lower the rev limiters, and usually put a block of wood under the gas pedal so you could never get more than 70% throttle.
  
  The business in question is a pretty terrible deal for customers. Most of the cars available are $30-40k cars. Yes they were $100,000+ brand new but a company like that buys high mileage, or salvage cars which are dirt cheap.
  
  Most of the cars they have listed are under $50k even with a clean title.
  
  The other "scam" a company like that runs is that the few cars they have that are higher value are almost always never going to be available.
• Clubber

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  6 years ago

  Some time ago while waiting in a bank, I read a local Miami magazine that spoke of something like this. You could join a local group and share cares of other members. Didn't really see the point, but if one has a lot of money, "points" don't matter. :)
• twentyfive

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  6 years ago

  @Mark94 I can draw down on a LOC at 2.7% if there’s a rebate but the kind of vehicles I like to drive very rarely offer rebates, but if you check finance rates you can find a loan cheaper than the rate of return on invested money.
  One point I’ll make it never makes sense to purchase a depreciating liability with COH always better to pay with future cheaper dollars.
• PaulDrake

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  6 years ago

  @Daddilac - Good call on the raptor. I wouldn't want one personally but they have turned out to be a awesome investment. The resale is crazy.
• PaulDrake

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  6 years ago

  So the other "scam" part of this (or the expense customers would not expect) is body repairs. Anyone who has never owned a high end performance car is going to scratch the wheels on curbs and scratch the bumpers parking (not to mention that wheels on cars like that just bend for no reason even if you are careful). And the company is going to make you pay out the ass for repairs.
  
  Now you may be thinking... Isn't insurance included, and yes it is but it's going to have something like a $3-5k deductible. So really only useful for a serious wreck.
• Papi_Chulo

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  6 years ago

  I look at this as something I would do for fun, not bc it was a sound investment - it is not a long-term agreement, one goes month-to-month - for me this would be something to do short term to enjoy some cars I would o/w not own - kinda like a longer term rental - a possible downside is the cars you want not being available so I would just wait till one I wanted be available - I would not use this program long term, only to play for a little-while since I'm not willing to shell out that much $$$ for a car.
• flagooner

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  6 years ago

  @Paul wrote:
  "The business in question is a pretty terrible deal for customers. Most of the cars available are $30-40k cars. Yes they were $100,000+ brand new but a company like that buys high mileage, or salvage cars which are dirt cheap.
  
  Most of the cars they have listed are under $50k even with a clean title.
  
  The other "scam" a company like that runs is that the few cars they have that are higher value are almost always never going to be available."
  
  Doesn't that sound a lot like escort services?
• shadowcat

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  6 years ago

  Fuck it! I'm 77 years old. I don't need to plan for the future. It's here. I've paid cash for my last 3 Mustang GTs. House is paid for. I have zero debt and money in the bank.