Buying a Car: Cash or Installment?
By mchavez11
@mchavez11 (1406)
Philippines
April 20, 2009 5:07am CST
We all want to have our own vehicle someday. Of course in order to obtain one of these, you need to have lots of money to burn. Well for some, even if they already have sufficient amount to buy a car, they still go for installment. Wherein you will make a downpayment then pay the rest on a monthly scheme. I don't get their point in doing this but maybe they need the money to buy other things. While for me, if I already have sufficient amount of moolah, I would definitely purchase it by cash. I don't like the idea of having a monthly commitment especially if what you're getting is actually a liability. What about you? Would you go for cash or installment?
1 person likes this
3 responses
@peavey (16936)
• United States
20 Apr 09
I hate to make payments on anything, so I'd rather pay cash if possible. When you make installment payments, it costs you more because of the interest anyway and then the bank where it's financed requires that you carry full coverage insurance, which isn't necessary otherwise and costs you more. It isn't a wise thing to do, unless you desperately need a vehicle and don't have the full amount for one.
@mchavez11 (1406)
• Philippines
20 Apr 09
That's so proper of you. You're right, interest just adds up to the headache. I would definitely save up first before I buy one. Thanks for sharing. Have a good one.
@moonlitmagikchild (22181)
• United States
22 Apr 09
my last car i bought i paid 11k in cash so i wouldnt have to deal with the monthly payment.. it was a used car but i wouldnt have been able to get it new (it would have cost like 30+k) and anything i could afford monthly payments on would have been half the car.. i traded in the car i had already paid off that i had financed towards it.. i dont mind buying used since as soon as you roll the car off the site it loses several thousand in value anyways
@pavithrakathirvel (22)
• India
20 Apr 09
Buying a car cash is best why means after geting the car in installment come one big problems like health problem or operation something else the do not pay the installments.But before itself save the money for buying car is best.Get the money for buy a car.After that we can enjoy the own car.
Thank u mylot.
