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Should I finance or pay cash for a luxury coupe?
"I found a black luxury coupe that I really want to buy. The car is listed at $30,000, I have a 750 credit score, and money is not an issue at all.
I could buy the car outright with my savings, or I could finance the car and leave my savings alone. What is the smarter decision here?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The answer really depends on how long it took you to save that money, how much would be left over after buying the coupe, and whether you intend on investing any of it.
If the cost of the car equals your entire savings, you should either
finance
the car or pay cash for something cheaper. However, if $30,000 is just a small portion of your savings, you would be better off paying cash because the car’s final cost will be lower and you could recoup most of that money by selling the car.“View full answer
- Gregory R.
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