It is pretty clear that Americans totally love their cars too much. If you ask me, I too am a car lover, I would even start to argue just to be right. To be honest, there is no explanation for this behavior. Some of us will not consider financing furniture or appliance purchases will take out a loan to finance our vehicles without having a second opinion on it. If you wish to sell a car, be sure to look for those companies who say “we buy any car for cash”.
Whenever you fill a forum the requirement for your family’s finances is always included, there is always that one section that asks how much your car payment is. Ever since I have bought my first car, my answer to that question has always been “zero”. There is no doubt that I see plenty of people even my own friends bragging about their new cars and on the terms they got on financing. You will see that good financing is always an illusion and you actually should never make the choice to borrow money from someone to buy a car. Cash is number one and always will be number one when it comes to purchasing a car.
Reasons to buy a car with cash:
- Financing leads to lost discounts
We all know that automakers love to get the attention of customers with financing offers that sounds appealing. One or two percent APRs are popular and zero percent offers are sometimes even considered as options. However, there is one thing that most people forget, is that all of these offers come at the expense of a higher price. Read the attractive print carefully and with open eyes and you will see that there is a rebate offered to the buyers who say no to financing. There are even some cases where that’s not explicitly mentioned, you will always choose to be in a better than this position once you describe cash in the statement.
- Auto loans are not tax deductible
A mortgage on your primary residence and a student loan can both be good deals for you because then you can deduct interest payments from your income and pay taxes at reduced amounts. However, the sad news is that that there are not tax deduction when it comes to automobile loans.
Selling your car includes getting cash in return. It would be better if you consider those we buy any car for cash because then you can get money in return. You can get good money if the condition of your car is something to look at.