tmo1620
Active VIP Member
Ya them hookers get a little mad when I ask them where to swipe my visa...... maybe the a$$ crack?
Who pays cash for sleds and toys and who finances??
- Thread starter pfi572
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Ya them hookers get a little mad when I ask them where to swipe my visa...... maybe the a$$ crack?
PJ440x
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kenvb
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cash,
benclaluna450r
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what this guy says i do haha
Art Williams "Just Do It" Speech - YouTube
Art Williams "Just Do It" Speech - YouTube
Shredder
Active VIP Member
I pay cash so I have no skin in the financing toys game. I'm just saying that paying a minimum payment, then expecting to sell the toy after a couple of years to buy a new one
can be quite an eye opener. I was there at one time, and can remember the shock when I was told that I was going to have to sell my toy, then come up with a small stack of big bills to pay off my loan.
jaredszakacs
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finance for me. no way in hell would I be able to buy a $15000 machine cash. hasnt failed me yet credit score is mighty awesome for a 25 year old kid lol
RXN
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I pay cash so I have no skin in the financing toys game. I'm just saying that paying a minimum payment, then expecting to sell the toy after a couple of years to buy a new one
can be quite an eye opener. I was there at one time, and can remember the shock when I was told that I was going to have to sell my toy, then come up with a small stack of big bills to pay off my loan.
Yeah, I hang onto mine until their paid for, then the $2000-$3000 I get becomes my down payment for my new one.
But I did make the mistake and financed way too much in such a short time. But if all goes well the truck payments may end this year. (and I'm not planning on replaceing it) as for the sleds works out to $120 a month for the 09 1000 and $177 a month for the 09 800. cheap enough that I can go play. I did buy my 1st new sled with cash (04 Viper) and ran credit to afford the trips. Now I'd sooner credit the toy and cash the trips. Because when I don't got the cash to head west for a weekend, I can ride the lakes at home, cheap.
Again just personal opinions.
JoHNI_T
Active VIP Member
for the guys who finance its not all that bad....
say you finance the $14000 tax in zero down for 5 years at 5% interest it only costs you an extra $1800. now pay off early like half the time its only $900 in interest if ya dont have cash thats not too pricey IMO
but cash is always KING as by paying cash that $1800 upgrades me to new sled every year......
Sprint5
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CA$H is king!
mach123
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Ya I agree cash if you can
I would hope so. Youre in trouble if youre financing an 18 year old sled LOL
I know that financial whiz types will come up with all kinds of reasons why it's stupid to pay cash for sleds, vehicles, houses, anything. They have it all figured out. "Invest, instead of paying off your mortgage, and you'll come out on top in the end"- that type of thinking. The factor that none of them take into account is PEACE OF MIND. If you don't owe anything to anybody, you are in much better shape when the hard times come, and rest assured they will, whether from the super fragile economy, or from our super fragile human bodies. I laugh when salesmen try and convince me to finance for low interest, no interest, negative interest, whatever. I want peace of mind, and it only comes with paying the full price up front. I would consider financing only if an honest negative 20% interest rate came along. Zero percent? Never, not a chance. If I don't have the money, I can't afford it. (Sometimes I can't afford it even when I do have the money!)
The other problem is that I would never feel the same sense of pride riding the thing if I didn't own it fully. Ever rent a sled? It's not nearly as much fun as your own. Why not? It belongs to someone else. I feel so sorry for people that lack the self control to save up for something to ride- they will never know the satisfaction that comes from waiting and sacrificing to get the machine you want.
The other problem is that I would never feel the same sense of pride riding the thing if I didn't own it fully. Ever rent a sled? It's not nearly as much fun as your own. Why not? It belongs to someone else. I feel so sorry for people that lack the self control to save up for something to ride- they will never know the satisfaction that comes from waiting and sacrificing to get the machine you want.
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JoHNI_T
Active VIP Member
your thinking too hard...
so if you have cash and someone offers you the extra cash at zero percent or no cost to you why is it a bad thing? if its true zero percent its free borrowing so now you take your real cash and invest at 5% and you are ahead and still have piece of mind as at any time you take your investment to pay off your zero percent loan ya see....
now a car at zero percent is not real zero percent as they will give you a cash discount,, the discount equals the interest paid
Its called usuing your money to make money,, all depends how you make money but its best to take the money you earn and leverage from it now dont go buying ooodles of stocks but for example a tax free saving account will pay you 2.5% with absolutely NO risk and your earnings are tax free for up to $5000 deposited per year,,, what ya think?? thats piece of mind for me....
JoHNI_T
Active VIP Member
pride is knowing your making the best and most educated decision with your money...... with the best net results IMO
Yep exactly. NO ONE will lend you money at zero interest unless it's family or something as a favor. Don't kid yourself, the banks aren't doing you ANY favors, if it's 0% there is a catch somewhere. The smartest bet is not to finance.
I know I hated having a truck payment, I couldn't bare a sled payment to see it sitting in the garage most of the time. I use my truck everyday and still couldn't justify making payments on one again. My $15k truck gets me around just as well as my $35k truck did, and saves me $150 in interest, and $150 in insurance per month, I could I can find better places for $3600 a year....That's almost enough to buy a sled cash! Plus as said it's nice knowing it's mine, I don't owe anyone a dime on it.
I guess it depends on your outlook on life. Have fun forever finance to the hilt and still be financing stuff when you retire (if you can ever afford it), you never get ahead if your buying new toys every few years and financing them to the max, makes it even worse. Or wait for things and buy with cash, and eventually never owe anyone anything again. A true interest rate is 5-8% on toys or vehicles, and i'd like to know where you can guarantee a return of more then that investing....
I'm not financial expert or anything, but it's common sense to know that cash is better then financing unless the money is put to better use.
But no offence to any of the finance people, I love people who over finance them self, i've got a few good deals on things over the years on stuff because they HAD to get rid of it. And ya if I know someone is over their head in payments, I will take FULL advantage I have no sympathy for it (unless it's some unfortunate circumstance).
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If the economy goes really bad, your loans are called, and you can't get your money from your investments. I know, that seems unlikely. But it's just so simple to buy it and be done. Who can argue with that? As long as you owe someone, you are their slave. If you don't, you aren't.
EmEight
Active member
I can see arguments for both ways. It comes down to whatever you feel comfortable with. Personally I wont take a loan for toys. Especially seasonal toys that you will be making payments on when you are not even able to use them. I agree with you TimG. If the economy goes south and the bank calls ur loan and the "smart investments" you made instead crash too. Then you really have problems. I hate owing anyone money. There are is some necessary debt like a mortgage.
Here is something that I have always thought of. Im not a big nascar fan but you know when the race is going on and they have a little bubble above a certain car that shows if they are gaining on the leader. Well i think it would be awesome if in real life there was a bubble like that that fallowed everyone around that showed how much they owed on a particular vehicle. I bet that would take the wind out of the sails for the douchbags that roll around in the huge trucks with new sleds every year and all the fancy crap that is not even close to being paid for. Just a thought.
Here is something that I have always thought of. Im not a big nascar fan but you know when the race is going on and they have a little bubble above a certain car that shows if they are gaining on the leader. Well i think it would be awesome if in real life there was a bubble like that that fallowed everyone around that showed how much they owed on a particular vehicle. I bet that would take the wind out of the sails for the douchbags that roll around in the huge trucks with new sleds every year and all the fancy crap that is not even close to being paid for. Just a thought.
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JaySimon
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