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Do you tell people you paid cash for your car?

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  • #16
    It's very interesting how taboo talking about finances is. With my own immediate family, we grew up talking about money, I knew how much my parents made and we understood the value of it. Now, I help my parents with their finances and investments.

    With my wife's family, it's a little more taboo but I'm trying to break the mold. When I was looking for a job with contracts, I told my in laws all the numbers, it doesn't bother me at all. It's also opened their eyes in regards to how much debts and little doctors can make in residency. My wife's siblings definitely have their eyes open knowing that you can graduate with $400,000 in medical school debt and only make 50000 as a residence . When we purchased a car, I told them how I did my research, the pricing, the discounts and the financing options.

    With friends, definitely won't be as open with income, but I would have no regrets talking about how I purchased a 50k car. Cars are expensive these days and any info that I can give them may help them out.

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    • #17
      I always state that I use a car for ever till they die. What I would have paid in monthly payment, I just save it in a CD / fund and when the car dies, I use that savings to buy that new car. Rinse and repeat.

      I drive a 18 year old Honda and when that dies I would buy a new vehicle with that saved money. Obviously I never put aside money specifically for it but I use that answer to show people how they can save and buy a vehicle for cash.

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      • #18
        I don't think 40-50K for a car is expensive since a basic car cost $25K.

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        • #19


          It’s very interesting how taboo talking about finances is.
          Click to expand...


          Americans have a taboo about discussing salary and finances but if is a topic about sex, they pour out the intimate details. Shouldn't it be the other way around. :?:

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          • #20
            Strange question, no ones ever asked me. I am always vague and allow the questioner to make their own interpretations and go with their preconceived notions (well, as long as its what I prefer them to think).

            To the first I would just say purchased. To the second I wouldnt say anything, idk who besides close friends making similar/more with the same views on money that would even ask that and I would evade and make the situation palpably awkward. Just none of their business and leads to comparisons/issues if the discrepancy is too much. Its annoying enough that everyones second question is "what do you do" after meeting you. Ugh, cant people have a conversation without defaulting to the easiest topics?

            Luckily, being in California if you drive a BMW, Mercedes, Lexus you are not at all special. This is teacher, janitor, clerk, etc...type of car. Its pretty interesting visiting other areas of the country where cars arent so adored, and luxury vehicles are rare.

            Now with very close friends we'll discuss all kind of things in details, taxes, decisions, and looking over each others/spouses contracts, etc...but theres no concerns of envy or judgement there. Thats rare. Just best avoided in the neighborhood.

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            • #21
              no one has every asked me directly and i don't offer that information just randomly. People have Bentleys in my neighborhood......no one really cares....

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              • #22
                If you don’t want people to know you bought a $50k car, the best solution is not to buy a $50k car. Once you have the car, people will know about what you paid for it anyway. Whether you financed it or not is likely not going to inspire jealousy. I see no reason not to let people know your thoughts on debt if they are asking about it. It would likely be helpful to them.

                For what it’s worth, I financed my car. At 0.9%, the interest rate was less than inflation. Don’t let dogma “drive” your financial decisions.

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                • #23
                  We paid cash for a new Odyssey a few weeks ago. We told my parents (who are doing well and have paid cash for their last couple vehicles) but nobody else really b/c we didn't want to look like we were bragging. When we were still shopping, my husband's sister (who makes quite a bit less than us) mentioned she recently got a low interest rate through USAA- my response was "thanks, we'll have to check that out" instead of "yeah we have enough money sitting in savings for it right now"

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                  • #24
                    Do people really ask other people how they paid for new vehicles? That's really weird. That's not even a financial taboo thing it just seems like a pointless piece of information.

                    If someone you know and care about asks about your finances in good faith esp if it comes up organically I think honesty is a way better policy than spouting off a little saying. Alternative is just to politely and honestly say "I don't really feel comfortable talking about that." A cute little saying seems like the worst of both worlds.

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                    • #25
                      I have a few friends that I speak freely with numbers and such because they are more versed in finance and I want to learn. We are all physicians in high earning subspecialties (radiology, ortho, derm) and have student loans to pay. I also talk to my brother in law about stuff. I came from a family with terrible finances and I think part of it was the general lack of communication.

                      They asked the question. If they’re angry or jealous, it’s on them. Just my 2 cents.

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                      • #26
                        Agree that it seems kinda pointless to hear and came come across as snooty to flaunt it.  I think it's all about context.  If I know someone well, I'll say we saved up and got it.  Their response is sorta on them.  Even better if it's over the phone.  My sister never sees me roll my eyes when she constantly talks about her "rich friends"

                         

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                        • #27
                          You can answer that you purchased it (without describing how you bought it.) No one ever asked me this question, cash vs. financing. I assume that most people I know pay cash for their cars. If they don’t, it does not matter to me.

                          I am in the process of purchasing a new car (2018 Leaf) and was prepared to pay cash...but they are offering 72 months 0% financing, and that is a bit more attractive. (I asked specifically, and the out-the-door price is not affected if I write a check vs. financing.)

                          I have a vivid memory of buying my Civic Hybrid many moons ago (don’t remember the year), and in the stall next to me, there was a regular guy negotiating a car purchase. He and the dealer were in a knock-down, drag-out over whether he could get x, y, and z and make payments of $380/month vs. the dealer saying he can get x and y and pay $400/month (or something like this). It was creating anxiety in me just to listen to it. I told my salesman what I would pay for the car, he said okay, and that was that.

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                          • #28
                            No one has asked me that question, but perhaps it is because they pity me since I ride my 25 year old commuter bike to work on most days, and have an aging Civic for backup when the weather is too bad.

                            The pricing that I do keep hushed up is about my OTHER bike, which at one point was worth more than the car I was driving at the time.

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                            • #29
                              “Oh, you thought this was my car? No way. I could never afford this. Our hospital CEO’s butler let me borrow it for the weekend. Sweet ride, huh?”

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                              • #30




                                You can answer that you purchased it (without describing how you bought it.) No one ever asked me this question, cash vs. financing. I assume that most people I know pay cash for their cars. If they don’t, it does not matter to me.

                                I am in the process of purchasing a new car (2018 Leaf) and was prepared to pay cash…but they are offering 72 months 0% financing, and that is a bit more attractive. (I asked specifically, and the out-the-door price is not affected if I write a check vs. financing.)

                                I have a vivid memory of buying my Civic Hybrid many moons ago (don’t remember the year), and in the stall next to me, there was a regular guy negotiating a car purchase. He and the dealer were in a knock-down, drag-out over whether he could get x, y, and z and make payments of $380/month vs. the dealer saying he can get x and y and pay $400/month (or something like this). It was creating anxiety in me just to listen to it. I told my salesman what I would pay for the car, he said okay, and that was that.
                                Click to expand...


                                I just bought a car for the wife, and the pressure to finance is unreal by the salesmen. Are you sure, etc...etc...they hate firm prices. One thing you have to remember is paying cash for a car is absolutely not normal, as in most people dont even assume its an option. You will be thought of differently because it is definitely different.

                                There are far far more auto loans out there than mortgages.

                                I'd take a 0% loan all day long, getting paid to make payments.

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