Pay in Full

last SG · 2006-05-18T22:56:14+00:00

I think taking a min loan will be quite ok lor, at least u dont have to service a high installment every mth and u can have a bit of cash on hand (as u said...

BillGates SG

Is there any advantage in paying the car in full?

I've been saving up for 1 year already.
1 more year and I can buy car in full already.

Yeah!!

Unidentified SG

No instalment charge ?

tofushop193 SG

no need to give interest

monoslayer SG

no interest, no debt..

n0x SG

this is the best way to buy cars… but sometimes they dun entitle u to freebies.. then u juz take out some more cash show them la.. say u want this this and this installed

BillGates SG

The thing is I'm trying to measure the inconvenience and sacrifices to save such an amount in terms of money.

Is it worth it?

DarthVdr SG

You will know & feel the heartache and pain when you realise your bank account practically wiped out overnite and you have to start from scratch all over again. You will know the answer then Sad !

n0x SG

haha then save x2 the amt loh.. haha then wipe out half only... but have to save longer

Praetorian111 SG

Spend it wisely to do investment instead. A car regardless of whether it is fully paid or loan is still a liability to the owner.

n0x SG

its not juz a liability.... its a DEPRECIATING liability Crying or Very sad

plusnplus SG

How about income tax ?
Is that any related if you buy cash the car, then the gov think you r rich then have to pay more income tax?

UandMe SG

wow, u two yrs can save so much? no commitments to family or wat at all?

tofushop193 SG

wat car he getting first?

newcomer SG

Some ppl buy car with cash either because
1) They are filthy rich
2) They have bad credit, thus can't get loans or interests very high
3) They are stupid

tofushop193 SG

but why are they stupid?cause they wont use the car for 10 yrs?

mr sunray SG

Haha.. I wouldn't mind to be stupid if I have the cold hard cash to buy new car in full.

But I'm far from stupid... Crying or Very sad

Unidentified SG

Originally posted by newcomer:
Some ppl buy car with cash either because
1) They are filthy rich
2) They have bad credit, thus can't get loans or interests very high
3) They are stupid

Shocked with cash ? wallet big enough anot ? Laughing

ditzy SG

Kia picanto. Laughing

rich989898 SG

If the car is bought for personal use, it is smart to pay cash. If the car is for generating income (e.g. car rentals or taxi), try to loan 100% if you can.

Sad to say, most car "lessors" pay high interest on liability with depreciating values. These car "lessors" never own the car, they bank did Mr. Green

Stupid people like newcomer actually think it is smart to buy car on loan Laughing

rich989898 SG

I bought a car recently. The car dealer refuse to give me $1,500 discount if I pay cash. So I go for minimum loan; $20,000 for 1 year. Total interest is $650, so I am $850 richer. Deposit $20,650 cash in high interest saving account and let the GIRO deduct the instalments. The interest earn from saving account is a bonus. Forget about the money in the account and one year later the car will be legally yours. Good luck Mr. Green