We explain why paying cash at car dealerships can cost you a ton of money and highlight the differences between paying cash at a car dealership vs financing with a car loan. If you are thinking about buying a car, make sure to watch this video. SUBSCRIBE TO CHANNEL: Website: Website: Facebook: Twitter: Instagram: TikTok: @shariprymak .
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Why Paying Cash at Car Dealerships Can Cost You a TON OF MONEY
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Why Paying Cash at Car Dealerships Can Cost You a TON OF MONEY
finance a car or pay cash
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16 comments
If I can pay cash, should I still finance the car to get the good deal and then pay off the loan a month later? Is there a penalty for paying off the loan super early?
You need to have good credit for a new car.
I bet most people don’t invest the money they have if they take the loan rather than pay cash, they just spend it on something else. And if that pushes the consumer to have debt elsewhere (credit card) it is not going to be a good decision.
If my credit is over 750 but I don't have money to put is a down payment….. should I wait on leasing a car to put down on it? Or should I just walk in and try leasing the car without a down payment
Senior Car Consultant? For who? All of his videos are his opinion. Not a lot of value.
I would like to add that when thinking about the rate of return on stocks, you might want to take into account the capital gains tax as well.
The cars on your "10 Best Cars to buy" always charge highest interest on the market. The cars on your "10 Worst cars to buy" could be "0" interest before the Christmas, however, there is extra "admin fees" added on and only certain trim options you can select. Thanks for the tips. By the way, hope you alway can win in the stock market and cash out in the right position to catch up every single payment in 4 years.
First of all, love all your videos – thanks for sharing them.
Secondly, can you please cover the following topics in future videos.
Process to import a Car from Canada to the US and its implications.
I am looking to buy a compact sedan ( Mazda 3 or Civic 2022) in Canada
but will be moving to the US next year. How long will I will stay
depends on visa status (hopefully 3+ years)
As such, should I buy a used car and sell it on departure?
Buy a new car ( my preference due to safety features in a new car) and take it to the US? Or sell it at departure and buy a similar one in the US?
Are there 1 year leases available for new cars?
Warranty coverage of car manufacturers across North America. For e.g I have heard Mazda extends Canadian 3 year warranty to US and Honda doesn't. Does it make a difference when moving from Canada to the US or is that not a big deal?
Active safety feature comparison across brands i.e Honda Sensing VS Toyota
Sense 2 vs Mazda i-ActiveSense vs Hyndai. Is there one better than the
other? Which brand car to choose if active safety features are a top
priority as a new driver.
Thanks in advance and keep up the great work!
Can you use cash as a down payment on a car
subsidized rate at 0% are most of the time supported by the car brand (not the finance company) so often they will also offert à cash rebate if you don’t take the rate. It is worth to do the calculation to see which option remains the best
Problem is those low financings aren’t on reliable cars like Toyota that you recommend
0% APR mean nothing if you have crap credit… it’s “up to 0% APR). Maybe it’s different in Canada than the states.
Gr8 advice, Shari! Thx.
How about you can also use the money monthly that you would pay a bank for financing and invest it whiling lowering your monthly expenses and insurance
I'll add another bit of advice to this – remember that there is no such thing as "0%" interest. Now there is very low interest, and often what the car companies (or partner banks) do is bury that low cost in the financing by not offering a cash discount. Then they say it's 0%, when in fact it's not. That's not to say it's a bad idea – often the cost is very low. When I purchased a new vehicle in 2015, I worked out the hidden cost of financing to be equal to about 0.9% interest, which is still way, way lower than anything you'd get on a loan from a bank. Financing is worth doing if you can get these low rates – just always be sure to find out the hidden cost of financing that is involved, because if they claim a rate is 3.9%, and then you find out there is another 2% hidden cost, then you're really at 5% which is less of reason (as explained in the video).
Great video shari.