Buying new car at age 73, should we finance or pay cash
Looking at buying NEW car, around 35k. We have plenty of cash, currently earning 4% in T-bills.
Both our age is 73, we are both working. Not sure we would qualify for loan based on our age, but our credit is near 850 for both, and we have significant financial assets. Financing is being offered around 1.99% for 60. What do you think, should we pay cash or finance?
Terry Says
Financing a car is another profit center for dealerships. So pay cash. But first, look up the make and model at KBB.com — to make sure you are getting the best deal. And go to more than one dealership to see what deal they offer. A cash buyer has an advantage of knowing the price — all in, including doc fees, delivery fees, taxes, etc. So make sure you compare “all-in” cost.
