Drucifer
Active Member
Man, after reading this thread I feel like the minority here. I don't have the cash to outright buy the car, and I have no qualms about financing it.
I grew up working class / lower middle class. I have worked hard and been fortunate to serve in the military, attain a BA and later an MBA, and continue to have a career that was beyond what most of my family did. My point was there is no shame in borrowing for a car, even if it is a deprecating asset, because you need to look at how the car and debt (or cash used) play into your total financial picture.
For most of us, you have to drive something, and that something is going to depreciate. You can drive a Honda Civic and eat about $300/mo in depreciation or a Tesla Model S and eat about $800/mo in depreciation but save $200 in fuel and maintenance. It is all a matter of priorities and planning.