car loan

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currently, i drive an old beat up f150 that i love as i've posted before..i am not in the market for a car, but am just curious on what investors think..i've seen 2 schools of thought on this...
1. pay cash for everything, and don't take in bad debt that will not make you money
2. putting 10 or 20,000 cash for a car is a waste of your liquidity.. it would be better to get a loan for the car, and use the leftover cash to invest, thus creating a good return.

What do you guys think??