Quote:
Originally Posted by hobbs
I never understood why people finance a 25 year old 20k-30k car, always seemed like a pretty poor financial decision to me.
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Please explain.
I was fortunate enough to have the means to pay cash for my R32 but not everyone can pay cash for this vehicle or any other vehicle for that matter, regardless, the difference is that I would consider this an appreciating asset versus a depreciating asset and no other vehicle in it's class has stated book values that compares to it - not the Supra, NSX, FD RX-7's, 240sx, AE86's, etc. I would also consider this a
collector vehicle so I rather invest in a collector vehicle rather than a non-collector. I understand the interest you may end up paying if you end up financing, but I think the appreciation outweighs the interest charges overall.
All of the above mentioned vehicles as an example have 'street value' but its street value doesn't compare to its actual book value, so for car enthusiasts, they're worth it, and for the banks they're not. Obviously, these two values are very different - street value is what someone is willing to pay and book value is your collateral. If anyone could, take advantage of both.
All in all, I don't want to be that guy that wish I would've bought one 20 years ago and come to see it's worth a ton. There are a lot of things out there that we all wish we would've jumped in on but didn't, and I could be completely wrong about it but hey, at least I own a car that I've always dreamed of owning, so personally, it's a win-win.
Btw, this is by no means an argument but just simply stating my own personal opinion. Have a great day!