If you do buy a used car make sure you check www.carfax.com first with the VIN # I recently found out the car I bought down here in Costa Rica had been rolled back big time:cryingcry
FI
FI
Journeyman said:
Reported to who? You can buy a car pay cash, write a check. The only reporting would be for state licensing and registration and you would need insurance, at least in California that is required. If it is expensive enough, you will pay a federal luxury tax on the spot as part of the purchase which is part of the sale and overall price of the car.
Journeyman said:
Don't believe everything you hear. There is nothing wrong with purchasing a new car in cash or by check. When you buy a home, you usually need a sizeable down payment via a cashier's check. Uncle Sam is not interested in these type of purchases. My suggestion differs a bit from some above. If you can get very low financing which is available as low as 0% for 60 months, use it and invest you money. On the opposite end, don't use an equity line of credit on your house to purchase a car as you are affectively borrowing long term unless you make monthly payments covering the price of the car for a normal 3, 4 or 5 year term.
Here is how I made my last buy...determined I wanted a 4-Runner Limited by Toyota...1 year old...2004...looked daily at carfax...etc...visited the few that even sounded interesting..found one that dealer wanted out the door...not a toyota dealership but rather a bmw dealership...dealed them to $8000.00 below new price for a car of 4 months old car and 6,000 miles on it...if you buy and thats the best way imo...negotiate from a payment standpoint and know you can add...say $40.00 more per month...that way the loan pays off quicker and you have a free and clear car thar will last a few more years without nickel and diming you to death with repairs..then put that paymen to work for you...
Journeyman said:
That may be so as I bought both of my cars in 1994 and had to luxury pay taxes on both. I take care of them and they still both run beautifully so I haven't had to shop for a car in 12 years. Might be out of touch on the luxury tax if it was abolished or not.
Well i know for a fact if you went into a dealer with say 35 grand in cash that would send a red flag and must be reported....But that is not the case here.
Example- If I write a check for 35 grand is that reported?
I would rather buy the vehicle outright, I do not want a red flag though, obviously, who would.
Example- If I write a check for 35 grand is that reported?
I would rather buy the vehicle outright, I do not want a red flag though, obviously, who would.
I agree interest sucks. Got 3 paymants left on my car. Like getting a big raise per month.
Jman whatever car you get check the safety ratings at NHTSA.gov. Also make sure you get something with siderail airbags. They are a great thing to have. Just google car safety and you'll get hits on it.
Always listen about car safety from a crash test dummy.
Jman whatever car you get check the safety ratings at NHTSA.gov. Also make sure you get something with siderail airbags. They are a great thing to have. Just google car safety and you'll get hits on it.
Always listen about car safety from a crash test dummy.
