its cool looking at the title, with 38mi to spare on my warranty :D:

time to decide what the next ride will be as this is now my toy....me thinks a used Mazda3 might be a good choice while I wait for the next RX to come out...

thats it?

did you get a 3 year loan or did you just pay extra principals every month?

i wish i have the spare cash to pay off my 8 that quickly :(

So you just paid it off and want to take on a new loan? I'm confused.

Congratulations Brillo.

Large down payment helps too.

You do know that most (if not all) 2004 RX8's had their powertrain warranties extended to 60,000 mi, don't you? Seems to me like you have 10,038 miles left on your warranty.

So you just paid it off and want to take on a new loan? I'm confused.

yeah seriously, if there's no problem with your car why get another?

With your extra money now, you can help pay mine the rest of the way off if you want!

My 2007 is already paid off.

One reason is that I waited a long time after I paid off my previous car.

Can you pay for my car now ?

its cool looking at the title, with 38mi to spare on my warranty :D:

time to decide what the next ride will be as this is now my toy....me thinks a used Mazda3 might be a good choice while I wait for the next RX t come out...

whats a rx t?

congrats brillo.


the 3 is a cool ride. were you thinking hatch or 4 door?

Sell it the day it runs out of warranty....

I want a daily driver, not getting rid of the 8, but to really have some fun with the car it helps to have a daily so I can work on the car at my own pace and not worry about having to get to work on Monday.

3 year loan and large down payment helps :)

Sell it the day it runs out of warranty....

no need. just use some of the $$$ now freed up to buy a spare engine or two. ;)

Yoy beet the 50k mark.

Yee Haw!

Sorry for being an ass and a killjoy but
Money 101 ........ Don't borrow money to buy a depreciating asset !!!!

no need. just use some of the $$$ now freed up to buy a spare engine or two. ;)

Having paid of his car so quickly, he'll now have a lot of $$$ spare...!

Sorry for being an ass and a killjoy but
Money 101 ........ Don't borrow money to buy a depreciating asset !!!!

Then you wouldn't be an American.. Maybe an Aussie?

isn't the whole point of an RX-8 is that it's a 'trackable daily driver'

kinda defeating the purpose of the car by making it a 100% 'fun toy'

Good fror you! I hope to be there soon. Now ride it til the wheels fall off and put that money to good use.

Sorry for being an ass and a killjoy but
Money 101 ........ Don't borrow money to buy a depreciating asset !!!!

As a VP at a bank (and I don't mean a small branch location), Brillo knows Money 101 in his sleep. He's way past that point. He teaches Money 101 when he gets bored and finds watching paint dry to be too much effort and needs something easier to do.

As a VP at a bank (and I don't mean a small branch location), Brillo knows Money 101 in his sleep. He's way past that point. He teaches Money 101 when he gets bored and finds watching paint dry to be too much effort and needs something easier to do.

Be interested to know why he borrowed money to buy a low priced sports car then .....

Probably the same reason 99% of us did. No $30K in savings to throw down on a car. He probably had a pretty decent interest rate too, and over just 3 yrs. that's not throwing (much) money away, especially if he invested some to balance out interest payments. For all we know he put money down on a house or something instead of using it to buy his 8 straight up, which would equal a pretty wise move in my humble opinion.

lets start a pay my car off club!

Nice job Brillo. My car has about the exact same mileage on it.....but far from paying it off. Congrats

Probably the same reason 99% of us did. No $30K in savings to throw down on a car. He probably had a pretty decent interest rate too, and over just 3 yrs. that's not throwing (much) money away, especially if he invested some to balance out interest payments. For all we know he put money down on a house or something instead of using it to buy his 8 straight up, which would equal a pretty wise move in my humble opinion.
Yup.
Plus - good credit = low apr, probably even 0%. 30k to buy a car outright is actually a waste of money in such as situation since you can make more by investing said 30k than you will "lose" to the APR on a 3 year note. In addition to that the dealer/manufacturer incentives are always tied to mazda financing, so the deductions on the price of the car are only applied when financed.

congrats!! Mazdaspeed3 would be a nice addition to the 8

Good for you, Brillo :biggthump
The wife & I paid our 8 off the first year we had it, and last month we paid off our 05 F350 PSD. Yeah we probably could have invested our money, but it just feels good to have title in hand and no vehicle payments.

Be interested to know why he borrowed money to buy a low priced sports car then .....

Apparently you're a baller.

Yup.
to buy a car outright is actually a waste of money in such as situation since you can make more by investing said 30k than you will "lose" to the APR on a 3 year note. .

Only if you are a savy investor who can get great rates of return without taking a big risk ........
Just curious - what interest rates do you pay on a car loan ?

what are you thinking? im confused.

Sorry for being an ass and a killjoy but
Money 101 ........ Don't borrow money to buy a depreciating asset !!!!

Advanced money - don't spend your own money on something tax deductible, borrow.

Congrats brillo (havent talked to you in ages)

My RX8 was the first car i bought and paid for all on my own when I got the title in the mail I was giddy. Now it sits in my safe on a shelf just below my Desert Eagle 50AE and SigPro 2022 .40cal.

Its nice to look at my car and know i OWN every molecule that makes it up. I will have to say i paid my RX8 off in 14 months from the day i signed the contract. It helped that I put $10,000 down and sent in double payments all the time too hah. It's not that im super rich - its just that i HATE debt with a passion.

That another thing owning the title makes me think about - the millions out there that will never know such a feeling because they are too deep in debt or do a series of trades/buys that just digs them deeper.

Billo - VP of a bank eh? could you happen to use someone who holds a bachelors of science in economics :)

Advanced money - don't spend your own money on something tax deductible, borrow.

good point - so long as you are getting a better rate of return than what you are paying out ....

Only if you are a savy investor who can get great rates of return without taking a big risk ........
Just curious - what interest rates do you pay on a car loan ?

:lol: You're funny. Maybe some time - like 5+ years from now I'll be in a situation where I could actually pull this off. ;)

My qouted statement is for those with plenty of $$ and great credit. If you can get the 0 APR and pay your car off in 3 years you probably are a savvy investor, but you wouldn't need a very high rate of return to beat the 0 apr.

Well if you think it will take 5 yrs to pull it off then thats how long it will take;)

what is APR anyway and what is your finance rate for car loans ?

I was going to buy it cash, but I financed through MAC to take advantage of their year-end rebate offers. Paid it off in full about a month later. I basically paid $87 in interest to get a few thousand in rebates (and this was with S-Plan pricing).

Did the same thing with my wife's Mazda5 a year later. I don't think MAC actually expects people to maintain financing with them, because I was given an interest rate around 10%! That was pretty outrageous. I doubt I could have talked them down since they were rebating so heavily, but I didn't really care because I intended to send them a check anyway.

whats a rx t?

am I the only one that finds this funny... WAR CRUNK correcting others on spelling errors.. :uhh:

Can't wait for that day for me. I'm paying $465/month !!

[QUOTE=Bastage;2241906, because I was given an interest rate around 10%! That was pretty outrageous. .[/QUOTE]

heh - talk about lucky - we pay 10% on our house loans . Car loans are more like 20% here :(

Can't wait for that day for me. I'm paying $465/month !!

400/month here.

That explains the confusion. New model year cars are often sold at 0% APR (annual percentage rate) - so you can see how even T-bills would earn you more money over 3 years investing than a 0 apr loan would soak you for.


Of course, now I'm curious to know if Brillo bought new & had a zero apr? Not that it's any of my business. ;)

Can't wait for that day for me. I'm paying $465/month !!

$484.23

That explains the confusion. New model year cars are often sold at 0% APR (annual percentage rate) - so you can see how even T-bills would earn you more money over 3 years investing than a 0 apr loan would soak you for.


ahhhh I see 0% is indeed better than paying cash .
Of course if I was being pedantic the argument of ,what would you pay for the car if you offered cash , comes into play .
There is always a cost to finance even if your rate is zero .....

Congrats...I still have 5more years...but me putting down 100$ more than i owe will make it all done in 3years=)

That argument likely would not work, though. Most incentives are only available when financing, so you would likely get a better price on the car by financing it.

Example: when I bought mine some of the incentives included $2000 off the price only by using Mazda financing. Had I not financed, the car would have cost $2000 more!

That argument likely would not work, though. Most incentives are only available when financing, so you would likely get a better price on the car by financing it.

Example: when I bought mine some of the incentives included $2000 off the price only by using Mazda financing. Had I not financed, the car would have cost $2000 more!

That's why you do both. Finance it and then pay cash. Last I checked (when I bought my wife's car in Nov 2006) they don't penalize for early pay-off. So you can finance, get the rebates/incentives, and pay it off.

That argument likely would not work, though. Most incentives are only available when financing, so you would likely get a better price on the car by financing it.

Example: when I bought mine some of the incentives included $2000 off the price only by using Mazda financing. Had I not financed, the car would have cost $2000 more!

If you went to the same dealer and said "I'll pay $3000 cash under the sticker price today " I would be very surprised if they would not do it .

That's why you do both. Finance it and then pay cash. Last I checked (when I bought my wife's car in Nov 2006) they don't penalize for early pay-off. So you can finance, get the rebates/incentives, and pay it off.
Exactly. If you do plan on paying it all right away, don't tell the dealer. Just sign the note and send the check to the credit company.
If you went to the same dealer and said "I'll pay $3000 cash under the sticker price today " I would be very surprised if they would not do it .
True. Mostly it would depend on when & what you're buying. Brand new model year - I doubt they'd let it go cheap.

Car's been on the lot for 8 or more months and it's new inventory or tax time? Hell yeah, but the deal might still be better in those circumstances through financing.

For me it's all hypothetical. ;)

well my paradigm is pay cash and bargain hard . This is what has helped keep me semi retired for the last 5 yrs so it must have its benifits .....

Hell yeah. If it ain't broke, don't fix it, right?