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Financing an E55 with value over KBB.

 
Old 11-15-2018, 09:29 AM
  #26  
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Interest is so cheap these days it seems ridiculous to pay cash for anything

Credit unions will give you ~3% financing

online savings accounts will give you 2% interest

finance the car, park your money in an account for direct deposit

or if you can't pay 100% cash, you're only looking at like $1400 in interest assuming a 48mo loan at 3.75% on an $18,000 car

so you're paying 29$ a month not to have to front 18,000 dollars

Doesn't seem like a big deal IMO

Last edited by work_truck; 11-15-2018 at 09:32 AM.
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Old 11-15-2018, 03:04 PM
  #27  
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It's not a big deal. Financing to divert money into better investments is never a bad thing. Not having the cash to support the maintenance and repairs of the car is. Some people will account for this, others won't- I am sure we can all think of an example of two.
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Old 11-15-2018, 03:05 PM
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Originally Posted by tw2 View Post
It's not a big deal. Financing to divert money into better investments is never a bad thing. Not having the cash to support the maintenance and repairs of the car is. Some people will account for this, others won't- I am sure we can all think of an example of two.
Thats something I think (hope) everyone will agree on!
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Old 11-15-2018, 09:54 PM
  #29  
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I financed mine, no regrets. I don't finance anything unless it's A: a dire need or B: something I plan on never getting rid of, so I don't mind paying a little interest on top to accomplish a dream (like having an E55 wagon)

I can easily afford the maintenance and I DIY the vast majority of it, no regrets.

Don't buy a 13-16 year old AMG unless you can afford potential and probable maintenance items. At this age, expect to at least have to shell out a couple grand on a transmission or replace all airmatic components within the first 2-3 years of ownership.
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Old 11-16-2018, 06:50 PM
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Originally Posted by Sulaco View Post

Don't buy a 13-16 year old AMG unless you can afford potential and probable maintenance items. At this age, expect to at least have to shell out a couple grand on a transmission or replace all airmatic components within the first 2-3 years of ownership.

That's the problem. If someone has to finance the car because they don't have the cash available to buy one, I'm guessing they may not have the cash available to correctly repair the car when issues do arrive.

Choosing to finance the car when you could pay cash is a totally different story.
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Old 11-16-2018, 07:02 PM
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Originally Posted by Strigoi View Post
That's the problem. If someone has to finance the car because they don't have the cash available to buy one, I'm guessing they may not have the cash available to correctly repair the car when issues do arrive.

Choosing to finance the car when you could pay cash is a totally different story.
I see the logic on one hand, but on the other hand the type of person that keeps $10k to $20k on hand to pay cash for a car is not exactly middle class unless they're a true Dave Ramsey devotee, in which case Dave would still have an enormous issue with someone buying anything other than a 15 year old Corolla for $3500.

The w211 E55 has a very interesting overlap when it comes to used cars. It is luxurious. It is attractive. It has a perceived (but not necessarily correct) namebrand pedigree, which is doubled by the "AMG" badge on the back. It's still very fast. But here are the 2 most important details: it's reliable and it's cheap.

The kind of people who can have $10-20k on hand for a used car are rarely looking for anything over 5 years old. They're rolling that $10k into a down payment on an E63S, M5, 911, etc. The E55 is one of the very few cars at its age that's good enough to justify financing. A 13 year old 911 Turbo ticks all the same boxes except one: it costs triple what an E55 does.
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Old 11-18-2018, 01:10 PM
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Old 12-05-2018, 08:32 PM
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Financing/extended warranty

I purchased an e63 recently (2007). I was able to put in cash, but I also purchased an extended warranty to cover repairs that I knew would happen. The driver behind partial financing is that the extended warranty is usually cheaper than other outfits, and your credit union will back you.
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Old 12-06-2018, 12:38 AM
  #34  
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You can't always finance 3rd party sales(CL) and its an OLD car so you can't get a LOAN...That's why CASH IS KING.

you guys must be dealership hunting..
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Old 12-06-2018, 09:59 PM
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Originally Posted by Das Geld 2 View Post
You can't always finance 3rd party sales(CL) and its an OLD car so you can't get a LOAN...That's why CASH IS KING.

you guys must be dealership hunting..
or we have very long and trustworthy relationships with creditors who will finance anything we ask.

It's already stated clearly above that we're not talking about standard auto loans.
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Old 12-10-2018, 10:48 AM
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I used PenFed for all of my auto loans. Have never had a problem with getting the amount needed. Payed cash for the e55 so cannot help you on that one in regards to them giving financing value
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Old 12-10-2018, 10:53 AM
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Originally Posted by Sulaco View Post
or we have very long and trustworthy relationships with creditors who will finance anything we ask.

It's already stated clearly above that we're not talking about standard auto loans.
It might have been established that YOU aren't talking about standard auto loans, but maybe the OP was. Maybe Das Geld was responding to the person who made the thread and asked the question, not you.
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Old 12-10-2018, 11:37 AM
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You guys need to read the following thread. The OP purchased a used S-class; he could afford the payments but not the repairs. He got a bit antagonistic about the advice he was getting and by 50 posts in the thread took off! That thread should be stickied for the entire forum! Hilarious and I keep it bookmarked.

https://mbworld.org/forums/s-class-w...irst-gear.html
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Old 12-10-2018, 03:42 PM
  #39  
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Originally Posted by bbirdwell View Post
You guys need to read the following thread. The OP purchased a used S-class; he could afford the payments but not the repairs. He got a bit antagonistic about the advice he was getting and by 50 posts in the thread took off! That thread should be stickied for the entire forum! Hilarious and I keep it bookmarked.

https://mbworld.org/forums/s-class-w...irst-gear.html
I only got through the first 3-4 pages but pretty funny. Pity he called you an Ahole for some very realistic and practical advice
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Old 12-11-2018, 08:40 PM
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337whp & 375whp Crossfire SRT-6, Chrysler Crossfire (NA), 2005 556whp E55 AMG
We use Navy Federal Credit Union for all of our cars. But we have used USAA before as well. NFCU will finance pretty much anything except cars with a salvage title. I agree about the insurance warning... If you can, get agreed-upon coverage from Hagerty because normal insurance plans will not give you over book value for your car.
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