Quote:
Originally Posted by Burrcold
Exactly. My mother-in-law, even though she could afford to buy a very expensive car (she's very frugal) financed a Hyundai Sonata for 9 years at 0% financing! She drives MAYBE 2,500 miles per year so will own this car for probably 15+ years. There are TONS of people out there that do this.
So to your point, even if the interest isn't 0%, many people just need basic transportation and have to extend loan amounts just to not overextend themselves in the immediate term. It's stupid on a luxury car, but lots of people are stupid lol.
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I can totally see financing a car for that long at 0% interest. That’s basically free money. Why wouldn’t you, and use the savings from a finance rate to invest?
My belief is that when you get into luxury vehicle territory, most people have some financial purpose in leasing, financing etc.. Is it really common for people to purposefully over extend themselves? Maybe a poll needs to happen lol.