It’s always hard to put your beloved ride out to pasture. But at some point, when the repair bills start adding up, it’s time to look at getting a new or new-to-you car. But this begs the question: Should you pay cash, or should you make payments? We’ll look at your options.
Pay Cash for Your Car
This may sound like an option only available for the very rich. If you are talking about buying a new car outright, you aren’t wrong. However, oftentimes you can combine the value of your current vehicle with some of your earnings to cover the price of a decent used car. Remember, paying cash for a car will save you interest payments and a hit to your monthly budget.
Finance All of Your Car
The direct opposite of paying cash for a car is 100% financing. This requires the lowest outlay of cash in the short run but costs you more in the long run. If you have absolutely no cash available to pay for a car, this may be your only option. But this type of financing will carry the highest interest rate, which will cost you a lot more in the long run.
Pay Part Cash and Part Financing
This is likely the best option for the average person. If you can save, scrape & scrounge some cash for a car down payment, you can lower your monthly payments significantly. And since you have to borrow less money, it is likely your loan will have a lower interest rate. This is often seen as the best of both worlds. This will also usually allow you to get a nicer vehicle than if you were paying cash for a car outright.
The Benefit of Having Cash
Remember, when negotiating for anything, cash is king. Having the cash you can lay down right at that moment will often get sellers to offer you a lower price. There is less risk they won’t get their cash, and certainty is valuable in business.
How to Get Cash for a Car
Whether you want to buy a reasonable used car or get money for a down payment on a new one, selling your old vehicle is a great way to have cash on hand. You can shop around with various dealers to see what they will give you for your trade-in. Usually, they’ll take your vehicle and sell it at an auction where they will try to sell it for more than the cash for a car, they paid you.
A good way to cut out the middleman is to consider selling your car to a company like Galaxy Cars Removal. Rather than you are paying cash for a car, we’ll pay you cash for your car. Get your free online quote. Once you accept the quote, schedule a pickup time that is convenient for you. Our transporter will deliver you a check when they pick up your vehicle and title. It’s fast, safe and easy.
If you are in Frankston North, Victoria 3200, and looking for a car removal service, this is the best way to visit us.
Contact Us
Galaxy Cars Removal
10 Silvergum Pl, Cranbourne VIC 3977
0413 176 223