Cash or Finance - Why did you choose?
04-13-2022, 11:18 AM
#16
Rennlist Member
04-16-2022, 05:56 PM
#17
Advanced
I went with finance. I am running my Porsche Cayenne GTS thru my company as a business vehicle and plan on section 179 of the tax code:
- Business Vehicles with a gross vehicle weight in excess of 6,000 lbs (see Section 179 Vehicle Deductions)
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kaizententay (05-05-2022)
04-27-2022, 10:29 PM
#18
Racer
Thread Starter
I asked for approval to finance $100K and I got 2.74% @ 72 months. Seems like it makes sense to finance with this kind of rate instead of locking the money up in the car all at once by paying cash?
04-27-2022, 10:56 PM
#19
Advanced
05-02-2022, 07:49 AM
#20
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kaizententay (05-05-2022)
05-03-2022, 04:40 PM
#21
05-03-2022, 04:45 PM
#22
Racer
Thread Starter
60 months tier 1 @ 2.74%
72 months tier 1 @ 2.99%
84 months tier 1 @ 3.24%
With that said, I just got pre-approval from another credit union for 72 month term @ 2.59% so if I finance, I'll likely use them.
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kaizententay (05-05-2022)
05-04-2022, 12:36 PM
#23
Does anyone know how early you can lock in financing prior to taking delivery of new order? Rate hikes are coming in June without much doubt so would be nice to lock in a decent rate with today's numbers. Any insight, as this is my first time??
05-04-2022, 01:00 PM
#24
Racer
Thread Starter
The credit unions told me its valid for 30 days.
05-04-2022, 01:32 PM
#25
Taxes prefer
Interested to get people's opinion on this. I'm sure there is no right or wrong answer, but I've always been one to buy toys with cash but there are times it seems to make better sense to finance. So my question is, when you bought your toy, why did you decide to pay cash over finance or vice versa? My situation is the following:
Expecting to spend ~150K. I am contemplating a few options
Option 1: Pay in full
Option 2: Finance $100K, $50K down
Option 2 also allows me to invest $80K from a cash flow perspective, where option 1 wouldn't. Cost to finance across 5 years would be ~$9K total. Seems worth paying the extra $9K to have the liquidity and invest $80K to help hopefully wipe out that $9K cost.
Thoughts? What were your decision points?
Expecting to spend ~150K. I am contemplating a few options
Option 1: Pay in full
Option 2: Finance $100K, $50K down
Option 2 also allows me to invest $80K from a cash flow perspective, where option 1 wouldn't. Cost to finance across 5 years would be ~$9K total. Seems worth paying the extra $9K to have the liquidity and invest $80K to help hopefully wipe out that $9K cost.
Thoughts? What were your decision points?
But, there is always leasing...
05-05-2022, 11:46 AM
#26
Its from a credit union. One of the credit unions told me the rates went up the day after they gave me that rate but they will honor the rate for the next 30 days. These were the new rates after 30 days:36 months tier 1 @ 1.99%
60 months tier 1 @ 2.74%
72 months tier 1 @ 2.99%
84 months tier 1 @ 3.24%
With that said, I just got pre-approval from another credit union for 72 month term @ 2.59% so if I finance, I'll likely use them.
60 months tier 1 @ 2.74%
72 months tier 1 @ 2.99%
84 months tier 1 @ 3.24%
With that said, I just got pre-approval from another credit union for 72 month term @ 2.59% so if I finance, I'll likely use them.
05-05-2022, 05:19 PM
#27
I went with finance. I am running my Porsche Cayenne GTS thru my company as a business vehicle and plan on section 179 of the tax code:
- Business Vehicles with a gross vehicle weight in excess of 6,000 lbs (see Section 179 Vehicle Deductions)
Hi Buddy, I have quick question. How much do you get yearly credit on the car for your business?
05-05-2022, 05:20 PM
#28
05-11-2022, 03:25 PM
#29
I've paid cash for both of our recent daily drivers, but with this latest 911 I did something a little different.
I decided to only put 1/2 down, and add the rest into a high dividend position (ticker:GAIN) that pays 7% monthly dividends. Financed the rest.
It covers a good amount of the payment and in the long run the car will only cost me 1/2. If the share value of stock or 911 value continues to goes up then it'll lower that initial down payment gap. If I keep the car long enough it may even end up netting a wash.
That position is has been holing through this whole mess + averaging 650-700/mo gross in dividends with what I have in there. Worth looking into.
I decided to only put 1/2 down, and add the rest into a high dividend position (ticker:GAIN) that pays 7% monthly dividends. Financed the rest.
It covers a good amount of the payment and in the long run the car will only cost me 1/2. If the share value of stock or 911 value continues to goes up then it'll lower that initial down payment gap. If I keep the car long enough it may even end up netting a wash.
That position is has been holing through this whole mess + averaging 650-700/mo gross in dividends with what I have in there. Worth looking into.
05-11-2022, 03:37 PM
#30
Three Wheelin'
If you can get me 7% monthly dividends I will buy you a new car. I think you worded something incorrect. 7% a month would equate to 84% annual return. Give me as much of that as I can buy
Looking at the chart.. Feb 11th it closed at $15.73 and today, May 11th three months later its at $14.93. Down almost a buck..
Looking at the chart.. Feb 11th it closed at $15.73 and today, May 11th three months later its at $14.93. Down almost a buck..
Last edited by PTS-BRG; 05-11-2022 at 03:40 PM.