Benefits to Paying for a car in Cash
For most people, buying a car is a major investment and paying cash is simply out of the question. However, if you have the means, there are some great benefits to paying for your vehicle in cash that we’re going to discuss in this article. Continue reading to learn more about this story.
Financing Leads to Lost Discounts
Automakers run attractive financing promotions on a regular basis to try to persuade customers to buy. They will typically have things like zero, one or two percent financing offers. However, all of those offers that sound great usually come at the expense of a higher price tag. When you read the fine print of these promotions you’ll learn that there is usually a large cash rebate offered to customers who decline financing. Even if there isn’t, you always will have more negotiating power when you bring cash to the table.
View our Pre-Owned Vehicle Inventory!
Most car Loans are Upside Down
It’s no secret that cars lose thousands of dollars in value with each passing year. Therefore, it won’t take very long for you to owe more on your vehicle than it is worth, which is never a good feeling.
Paying Interest
Having the convenience of financing a car over time is not free. The lender makes money on you by the interest that you are charged on the loan. This will usually add up to hundreds or even thousands of dollars over the course of a loan.
Read More: Easy Ways to Increase the Resale Value of Your car
Feel free to reach out to us here at Gil’s Auto Sales if you have any additional questions about whether financing or paying cash is the best option for you. We would be more than happy to talk with you and answer any of your questions.