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Updated over 3 years ago on .

User Stats

18
Posts
4
Votes
Tony Scarangella
  • New to Real Estate
  • Queens, NY
4
Votes |
18
Posts

Question about car loans

Tony Scarangella
  • New to Real Estate
  • Queens, NY
Posted

Hi all, this feels very random but hopefully I can find some insight....
(First, let me mention that I have zero deals under my belt)

I drive a 2010 car with over 100K miles.  It's a good car that I paid off a few years ago, but I want to upgrade to something a little bigger and newer (maybe a 2016-18).  With cars being in demand, I'm hoping I can get some trade-in value and that this new car would hopefully last me another 10+ years.

I don't want to add a monthly car payment to my budget, and I have enough reserves to buy in cash and not be wiped out - but it would still be a decent chunk for me. 

My question is this... is there any positive to taking on even a small car loan as opposed to buying in cash? Say, if I put 50% down and had a more manageable payment?  I'm assuming most of the answer lies in what I expect to do with the money otherwise - but any insight on this would be a great help.  This would be the first car I'm buying without the help of my family so I want to better understand my options.  THANKS in advance!