[macdaddy_o]

Originally Posted by Macabuca

New cars: 1.99% / 36mo. Used cars: 2.99% / 36mo.

That is insane!

I don't know how they do that when the fed fund rate is so high. I'm guessing it's somehow tied to that 36 month term, but still... I've never heard of a rate that low anywhere today

[Macabuca]

Originally Posted by macdaddy_o

That is insane!

I don't know how they do that when the fed fund rate is so high. I'm guessing it's somehow tied to that 36 month term, but still... I've never heard of a rate that low anywhere today

It’s a credit union and my understanding is that their mandate is to help their community/members as opposed to squeeze out profit for their investors a la big banks.

Big banks suck.

[jwoo]

Cash. But I’m a Dave Ramsey fan. 🤷‍♂️

[SintAFM]

Originally Posted by macdaddy_o

Depends. In 2021, they had a 0.9% financing, so I did a down payment and the financed the rest. That rate is basically free money.

At today's rates of 6+.... I wouldn't finance more than 10-20k, if any. Too high for my taste. I'd rather wait an extra year to have enough cash, and park in cds while I wait, than pay a rate like that on a car

This. I got 0.9% for 60 months when I bought in late 2021. Didn't really put anything down (~$7.5K) because why bother with rates like that.

[Burrcold]

Cash. Rates were too high when I purchased.

[Pool Shark]

~35% down payment, finance the rest via BMWFS but am on track to pay off by mid-2025.

[EMMM]

Originally Posted by dasting

I'll be financing about 50% of it, probably through BMW. Their rate is basically the same as my bank.

Will you be getting gap insurance? with that much down It doesn't seem like it's necessary or advisable.
What would be the minimum amount down that gap insurance would be necessary? Anybody know?

[peterfromsd]

Cash.

[dasting]

Originally Posted by EMMM

Will you be getting gap insurance? with that much down It doesn't seem like it's necessary or advisable.
What would be the minimum amount down that gap insurance would be necessary? Anybody know?

I will not be getting gap insurance, shouldn’t be necessary with this much down with how well these cars hold value in the first few years, and I’ll probably pay off the rest of the loan within 18 months.

[PlainEnvelopes]

Lease and then paying cash for the residual at that end of the lease.

[USMC G2]

Greetings,

Leased. Discounted price from MSRP. Had a similar car from another dealer and used that as leverage. Dealer accepted my offer, however, if the dealer would not accept my offer, I was prepared to move on and buy a C8 Corvette. I try and NOT get emotional attached to these materialistic "things."

As for cash, buy a stock that pays dividends and let your money work for you. A car is a depreciating liability. Love the idea of giving it back after three years with no obligations. And then, get something new...different...better...faster, etc.

Semper Fi

[moriluvatar]

Thanks all. Really interesting to see the different perspectives. No one way to do it, and no single consensus on what's best.

I think in my case, I'll fund most of it, but so that I can keep some extra cash handy not necessarily all of it, even if that means a monthly payment. Since my income can be spiky at times, I'll wait to the next one to pay off the balance.

Credit union rate FTW it seems here in the PNW. (No BMW specials on M products in terms of rates here)

Thanks again.

[Tyga11]

Originally Posted by USMC G2

Greetings,

Leased. Discounted price from MSRP. Had a similar car from another dealer and used that as leverage. Dealer accepted my offer, however, if the dealer would not accept my offer, I was prepared to move on and buy a C8 Corvette. I try and NOT get emotional attached to these materialistic "things."

As for cash, buy a stock that pays dividends and let your money work for you. A car is a depreciating liability. Love the idea of giving it back after three years with no obligations. And then, get something new...different...better...faster, etc.

Semper Fi

I don't see a how Lease is better than Select when Select really functions like a lease...but you get a lower payment and get the tax credit when you trade back in the car.

M cars work really well for Select unlike other BMW models that depcriate way faster.

[PlainEnvelopes]

Originally Posted by moriluvatar

Thanks all. Really interesting to see the different perspectives. No one way to do it, and no single consensus on what's best.

I think in my case, I'll fund most of it, but so that I can keep some extra cash handy not necessarily all of it, even if that means a monthly payment. Since my income can be spiky at times, I'll wait to the next one to pay off the balance.

Credit union rate FTW it seems here in the PNW. (No BMW specials on M products in terms of rates here)

Thanks again.

Yeah a lot of ways to do it. All depends on your situation. If you have an LLC you attack situations different for example then just a W2 employee.

[firefly.]

20% down, rest financed through BoA which surprisingly offered a lower rate than bmw and the credit unions in the area couple months ago.

[godunovs65]

Originally Posted by jwoo

Cash. But I’m a Dave Ramsey fan. 🤷‍♂️

A true Dave Ramsey's fan would've bought a beat up Civic. Unless you're pulling 7 figures then he'll say "Good for you, sir!"

[EMMM]

Originally Posted by godunovs65

A true Dave Ramsey's fan would've bought a beat up Civic. Unless you're pulling 7 figures then he'll say "Good for you, sir!"

Dave would ask your total net worth and if it's a million dollars he would say you're not going to miss 100K. So go ahead and lease the car or buy the car that makes you happy if that's what's important to you.
Personally, I don't go on vacations or dine at the bougiest restaurants. I try to skip Starbucks and make my own organic coffee cheaper and healthier.

[gibbym3]

Originally Posted by godunovs65

A true Dave Ramsey's fan would've bought a beat up Civic. Unless you're pulling 7 figures then he'll say "Good for you, sir!"

To be fair he drives a Ford Raptor, which comes in around the same price as a G8X lol

[godunovs65]

Originally Posted by gzaman

To be fair he drives a Ford Raptor, which comes in around the same price as a G8X lol

Among his other less advertised cars. He's extremely wealthy but he's preaching frugality and being poor.

[godunovs65]

Originally Posted by EMMM

Dave would ask your total net worth and if it's a million dollars he would say you're not going to miss 100K. So go ahead and lease the car or buy the car that makes you happy if that's what's important to you.
Personally, I don't go on vacations or dine at the bougiest restaurants. I try to skip Starbucks and make my own organic coffee cheaper and healthier.

Your choices definitely make you happy, so go for it, no matter what Dave Ramsey says. I dine at Michelin star restaurants and go on fancy vacations with my entire family, but I don't buy cars and I maintain them myself. I had to order a new one because the one I'd been driving for 14 years got hit by a truck and it was a loss. I can't say I'm happy with this expense, but it's a necessity. I only want to drive a manual car. According to Dave Ramsey I should've bought a Mazda3, used. But again, life's too short.

[EMMM]

Originally Posted by godunovs65

Your choices definitely make you happy, so go for it, no matter what Dave Ramsey says. I dine at Michelin star restaurants a lot and go on fancy vacations, but I don't buy cars and I maintain them myself. The only reason I ordered this M3 is because my car of 14 years got hit by a pickup truck the size of that Dave Ramsey is driving and it was a total loss.

Ouch, sorry to hear that . For me, Its time to sell my 04 vw r32... I really don't have the time or a nuevo classic car that's hard to find parts for already....

[godunovs65]

Originally Posted by EMMM

Ouch, sorry to hear that . For me, Its time to sell my 04 vw r32... I really don't have the time or a nuevo classic car that's hard to find parts for already....

That's a great car and a super respectable age! Did you drive it since new?