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this post was submitted on 03 Dec 2023
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I've never known anyone who had enough cash to buy a car outright. How common is it?
Edit: I meant to say a brand new car. I know it's common for used cars.
My wife and I once had enough saved up to buy a used car from the dealership. The sales manager told us their incentives were structured around financing, so paying cash up front wouldn't count towards their monthly sales figures, and to them it was "useless".
Ended up financing with an open loan and paying it off, in full, on the first payment. Probably lost them ~$1000 in processing fees but they knocked off another $150 for my first interest payment.
Yeah, someone pointed it out here already that most loans have a penalty if you pay it off right away. Penalty might still be cheaper than paying off the loan on schedule.
I'll need a source about that "most" loans having a penalty. I thought the vast majority of car loans were open loans. At least, the couple of times I looked around for car financing, most were.