Financing your Pony Poll

[Ryunker]

There was/is a thread in one of the "local" sections here about this and I was surprised by the responses, one member suggested the answers were driven by age groups and another suggested a poll, great idea so here it is...

Please only answer if you have taken delivery of a new S650, in responses feel free to tell about your car and if you wish about your decision.

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[Joe_Stang]

Financed an s650 last september at 33 years old but I did put $5000 down. Loving the vehicle so far!

 

[SmoothButter]

It starts at under 40!? lol that’s fine

Nice poll I’m excited to see the responses

 

[TimSez]

I financed the balance after 1/3 down payment, but only because I am earning significantly more interest on my savings over the finance rate. Otherwise I would have paid cash.

 

[Frogdog1]

I don't do debt. It's called being a slave to another man the way I look at it. But that's just me.

 

[jeffnudi]

Bought a Maverick in 2022 and financed 100% because Ford was offering 0% financing for 3 years. Not something I would normally do, but the rate was too good. Paid cash for my Mustang., and my Harleys.

 

[BrianJ77]

I love seeing the younger generation (Millennials and Gen Z) well represented here. That's who will keep Mustang alive and going another 60 years when the rest of us are gone.

 

[GrabThatBlue]

Under 40, paid it outright.

I'm from Europe. Our culture is different than the American culture. We don't finance cars that much like Americans do. Ofcourse there are a lot who finance, but it's not a 'normal' thing to do here.

The only finance I did in my life is the mortgage. Saving money and buying the things you like feels way more better than buying it with a loan. I really dislike financing, I almost can say that I hate financing. I just don't buy stuff If I don't have enough money to buy it.

My quote is: Only buy something if you can afford it twice or thrice.

 

[UniqueDoug]

Interesting data.

lurk

 

[glenng6]

You and I both! I don't owe anybody anything. My lawn and garden guy is notorious for getting his bills out late, and I will remind him when he doesn't send them! Glenn

 

[MustangMitch69]

Could have purchased outright, but the Ford dealer gave me a 1.99% finance rate after putting $20k down and paying off in 3 years. With that money I've been buying short-term US treasuries (T-bills) at auction and earning over 4% on them!

Same reason I'm only financing instead of paying off my house: my loan rate is less than 3% from refinancing in early 2021 and I can instead use that money to turn it into more money risk-free.

It's basically what the banks do when you let them hold your money. They make 4%+ on it (at current rates) while paying you out less than that, and they pocket the difference.

 

[TimSez]

Could have purchased outright, but the Ford dealer gave me a 1.99% finance rate after putting $20k down and paying off in 3 years. With that money I've been buying short-term US treasuries (T-bills) at auction and earning over 4% on them!

Same reason I'm only financing instead of paying off my house: my loan rate is so low that I can instead use that money to turn it into more money risk-free.

Funny. My story is EXACTLY the same, right up to the financing terms, downpayment, and investing my cash in a series of US Treasuries at 4.3% to 5%. The only difference is that I paid off my mortgage.

 

[Ryunker]

Wow! Only 70 responses here, guess there is a ton of non-owner shit talkers here on this forum. If you own a S650 please check in.

 

[roadpilot]

Wow! Only 70 responses here, guess there is a ton of non-owner shit talkers here on this forum. If you own a S650 please check in.

Perhaps some don't wish to reveal thier financial positions. Nothing wrong with that.

Even with only 70 responses, the results are clear. Those who buy outright are far more likely to be older, while those who finance are far more likely to be younger - precisely what I had stated in that other thread.

 

[roadpilot]

My quote is: Only buy something if you can afford it twice or thrice.

No need to be able to pay for it 2 or 3 times. Just have the $ it would take to pay the loan off immediately set aside to be able to pay it off in case something unexpected happens - ideally earning more interest than what the loan is costing you.

I hate financing. I pay off our credit cards several times per month. I also earn hundreds to thousands of dollars per year in cash rewards, just for using certain cards.

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