2789: Should You Pay Cash For a Car by Paula Pant of Afford Anything on Personal Finance Decisions

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🗓️ 9 July 2024

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2789: Paula Pant of AffordAnything.com explores the financial debate around whether to pay cash for a car or take out a low-interest loan. Through personal anecdotes and financial analysis, she reveals the pros and cons of each approach, ultimately deciding to purchase the cars with cash to align with personal values and financial goals. Read along with the original article(s) here: https://affordanything.com/should-you-pay-cash-for-a-car/ Quotes to ponder: "Taking out a car loan is stupid. Right? Right?" "Who aspires to look back on their life and say, 'I never had a car loan?' Finance nerds, that’s who." "In the end, that’s precisely what we did. Will bought a 7-year-old Acura with 90,000 miles on it." Episode references: Stacking Benjamins Podcast: https://www.stackingbenjamins.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily episode 2, 189.
0:05.0	Should you pay cash for a car?
0:07.0	By Paul a pant of a Ford Anything.com.
0:10.6	And I'm your host and personal finance enthusiasts Diana Merriam.
0:14.0	Now let's get right to it and continue optimizing your life.
0:18.0	Should you pay cash for a car? Should you pay cash for a car?
0:24.0	By Paul a Pan of a Ford Anything.com.
0:28.0	Should you pay cash for a car?
0:30.0	That question isn't just a hypothetical anymore. We need to buy a car and that means we need to make a five figure decision.
0:39.0	It's been almost two months since Will's car got stolen and it's time to buy a replacement.
0:44.3	His last car, as you may recall, was a 16-year-old Honda Accord with 275,000 miles
0:51.8	on it. This time he decided to shoot for something nicer.
0:55.6	I've been thinking of buying a well-made Japanese car between five to seven years old
1:01.6	with 50 to 90,000 miles on it, he told me.
1:05.3	Hey, what a coincidence, that's my dream car too. He set a budget of $10,000 for
1:12.2	his car purchase.
1:13.5	And obviously he planned to pay cash, because taking out a car alone is stupid, right?
1:19.2	Right? That's what I always assumed, until three finance bloggers told me I'd be nuts to pay cash
1:26.9	It began with a podcast
1:29.8	You see it all started one night while I was recording a segment for the Stacking Benjamin's
1:34.2	podcast. I'm one of four people on this podcast segment. The group of us are chatting one evening,
1:40.7	and I mentioned that Will and I are planning on buying Will's next car in cash.
	...

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