| Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n |
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04-25-2018, 12:25 PM
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#26 | | I don't like cheese but I love milk!
Join Date: Nov 2002 Location: Van
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Originally Posted by IMASA  Can you guys school me on the pros/cons of 0% financing on a car?
I'm looking at a Mazda3 and they're offering 0% from 1 to 6 years.
The advertised cash discount is $1k while the finance discount is $750, so it doesn't seem like there's any major advantage to go in and pay in full, unless they have some massive cash discount that's not advertised.
I have enough in my TFSA to buy the car outright, but I'm earning around a 10% return, so it doesn't make sense to me to pull money out if the rate is 0%.
Is there any reason not to finance at 0% and take the full 6 years? I tend to keep my cars for a long time. I'd imagine I'd keep it for >10 years. | Mathematically, it is a no brainier you should take the 0% for 6 years.
Psychologically some people don't want to have too much spare money in their bank accounts as they would be tempted to spend it on some useless things.
E.g. why some people prefer to use no reward debit card or cash instead of putting everything on their credit card with 1-2% cash back.
The credit card is definitely better as you get money back and carry no cost assuming you pay it off on time.
Yet for a lot of people, they wound up spending a lot more if they use credit card instead of pay cash upfront.
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04-25-2018, 01:51 PM
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#27 | | Where's my RS Christmas Lobster?!
Join Date: Sep 2004
Posts: 890
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Get 0% finance and talk them down 1000$ Price is still negotiate even when your financing
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04-25-2018, 04:08 PM
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#28 | | RS.net, where our google ads make absolutely no sense!
Join Date: Oct 2004 Location: Richmond
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Originally Posted by kkttsang Get 0% finance and talk them down 1000$ Price is still negotiate even when your financing | or talk them down $1000 AND Accessories  | |
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04-25-2018, 05:08 PM
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#29 | | Where's my RS Christmas Lobster?!
Join Date: Sep 2004
Posts: 890
Thanked 326 Times in 112 Posts
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Originally Posted by J-Chow or talk them down $1000 AND Accessories | Ask for the aero kit for free. Looks so good on a white Mazda 3 gt the hatchback version
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04-25-2018, 05:46 PM
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#30 | | RS has made me the bitter person i am today!
Join Date: Feb 2013 Location: Vancouver
Posts: 4,865
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Originally Posted by prudz This thread is not giving OP the advice he needs to hear, just the advice he wants to hear. What OP really needs to do is take that $30k and wander over to the Parq Casino, find a baccarat table with panda and start betting heavy on panda. Let all his panda dreams come true! The he will have a free Mazda and his TSFA. | Fuck that, you gotta go midnight bet at the craps table.
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04-25-2018, 05:49 PM
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#31 | | I STILL don't get it
Join Date: Nov 2015
Posts: 470
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Originally Posted by meme405 Fuck that, you gotta go midnight bet at the craps table. | Whichever OP chooses to do one thing is certain. The answer is found at Parq casino  | |
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04-25-2018, 10:16 PM
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#32 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
Posts: 4,951
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At 0% financing you technically get the vehicle for less $$ the longer your term is due to time value of money.
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04-26-2018, 07:40 AM
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#33 | | I Will not Admit my Addiction to RS
Join Date: Dec 2009 Location: Vancouver
Posts: 572
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Hello, I currently work sales at a Mazda dealer, I would recommend doing the finance over cash for a Mazda 3 and with $0 down to take advantage of the 0% for up to 72 months. Money you could've put in down payment or cash can be used to invest etc as others mentioned.
The loan is open and can be paid off at any time without penalty, and you can add a lump sum payment onto it at anytime. Let me know if you have any questions
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04-26-2018, 11:46 AM
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#34 | | 2013, 2016, 2017 & 2018 NHL Fantasy RS1 Champion
Join Date: Aug 2005 Location: Vancouver
Posts: 7,078
Thanked 1,290 Times in 597 Posts
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Originally Posted by prudz This thread is not giving OP the advice he needs to hear, just the advice he wants to hear. What OP really needs to do is take that $30k and wander over to the Parq Casino, find a baccarat table with panda and start betting heavy on panda. Let all his panda dreams come true! The he will have a free Mazda and his TSFA. | Gotta go for the dragon
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04-26-2018, 12:42 PM
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#35 | | I STILL don't get it
Join Date: Nov 2015
Posts: 470
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Originally Posted by HonestTea Gotta go for the dragon |
Never! Only ever play player crew and only ever go panda!
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04-26-2018, 08:21 PM
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#36 | | in the butt
Join Date: Aug 2016
Posts: 2,885
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go buy a used car with actual money that you have saved.
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Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
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Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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04-26-2018, 09:11 PM
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#37 | | Rs has made me the man i am today!
Join Date: Jan 2005 Location: North Vancouver
Posts: 3,023
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I also did a 0% over 3 years with $500 down and it was great. You're actually lucky you get 0% at 6 years because the 0% has usually been a reward for people who are able to pay the total faster. It was kind of a PITA to pay 1300 monthly but 650 a month would be bearable.
It makes no sense for people to be afraid of financing at 0%. You end up paying less for your vehicle overall (any savings return over 0% is already a better investment) and it doesn't really affect your prospects of getting a mortgage (especially when you consider you have an extra 40k for a down payment). Honestly, I'm more comfortable with financing at 0% than I am with dropping 40k on one purchase.
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04-26-2018, 11:54 PM
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#38 | | Need my Daily Fix of RS
Join Date: Nov 2013 Location: Vancouver
Posts: 253
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Funnily enough, I'm looking at Mazda 3 hatch (GS models, but GX will also work) with 0% financing as well. Wanted to ask some questions as well haha. Sorry for hijacking your thread, but this might help you too.
1. Are there good discounts to be had on brand new Mazda 3?
2. I was looking at the pre-owned sections, looks like you can save ~$7000-8000 buying a 2014-2016 year model GS hatchback which runs between $16k to 17k, assuming you get brand new one at MSRP price at $24.5k. http://openroadmazda.ca/used-mazda-c...6-Mazda-MAZDA3
Yea you do get quite a bit of saving from the first 2-5 years depreciation, but then I was thinking you have to change tires, brakes on a 50000km car too, if not right away, probably pretty soon after buying. then saving on a lightly used model dips to $5500 to $6500, asumming tires + brakes cost you $1500.
Is my math correct? Is that how much you can save buying a 2-5 years old Mazda 3 with around 50k clicks on it? If you can get a brand new car less than MSRP, then you save even less on depreciation probably more like $4000 to $5000.
I thought that depreciation amount isn't that great given it's a 2 to 5 years old car?
Last edited by anxiety; 04-27-2018 at 12:02 AM.
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04-27-2018, 06:33 AM
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#39 | | I *heart* Revscene.net very Muchie
Join Date: Dec 2007 Location: Shanghai
Posts: 3,561
Thanked 888 Times in 350 Posts
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| Quote:
Originally Posted by prudz This thread is not giving OP the advice he needs to hear, just the advice he wants to hear. What OP really needs to do is take that $30k and wander over to the Parq Casino, find a baccarat table with panda and start betting heavy on panda. Let all his panda dreams come true! The he will have a free Mazda and his TSFA. | wander 
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