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Order to keys in hand time

Brett B

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Now on day 147 of our highly anticipated SX Gravity Grey Telluride. I think I have exhausted myself and YouTube of any Telluride videos. I remember watching my first review back in March. Being responsible I purposely waited to order one until I had $30k in hand for a down payment. Silly me I should have just ordered back in March and I would have had it by now. I have confirmation that is was ordered by the dealership in July. I wonder if I will get it before Christmas... Oh well back to watching the newest Telluride related Youtube video.
 
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Good for you for paying in cash, or close to it. Holy Toledo on the wait - if you don’t get it by Christmas I’d rise a stink. At this point you might end up with a 2021 model year. :)
 

NREVANS

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We've been putting cash away, too, for our purchase. Ordered in September, haven't heard anything yet. All good though because that gives us more time to stockpile. Might even be able to pay for it all up front at this rate 😂
 

raydog9379

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Ouch, you're at 5 months (any VIN created?). I wonder if they ordered it and found a way to sell yours off for more $ and then re-ordered yours. I hope not, but seeing some shady stuff happening based on posts on this forum.

I really hope I'm not sitting here that long. I'm 10 days in now. I've got 5k miles left on my current vehicle warranty and considering I've had over $17k in repairs in the last year... I am extremely anxious to go over that 100k miles and past the warranty period.
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grant7714

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Just wondering why are people with lumps of cash using it to pay down payment on the car? 4 year loan is 1k back with 1.75% APR or 0.9% APR without the 1k back. My savings account gives back 1.82% APR. Wouldn't it make more sense to keep the money in savings (assuming the money needs to be fluid)?
 
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Fair question. I’m paying 1.75% because I went for the $1k rebate. I will pay it off sometime between now and when the first payment is due. I considered what you are saying about the interest rates from savings, but
you have to pay tax on that...so depending on your state and federal tax rates, you could end up giving back 1/3 of the interest..so the break even point would be closer to 2.3%, which I can’t get from a savings or MM account. Even if I could, there is the pain in the ass factor of making an additional payment every month, and making sure to move the money from savings into checking when you need to. If keeping the cash liquid were a factor I would probably keep the loan (or opt for a less expensive vehicle.)

Then there is the additional factor of having a title free and clear...if I want to sell the car before the loan is up, I just sell it...if I want to insure with a $2k deductible, I do (no bank in my hair telling me what to do). If it gets totaled, the check comes to me (no bank in the middle).

Also I just like knowing it’s paid for. I came to a realization years ago that when you have a brand new car sitting in front of you, it’s relatively easy to talk yourself into a $400/$500/$800 per month payment, but you have to remind yourself that you will be paying that same payment when the car is 3/4/5 years old (and you might not like it so much at that point)...

I also like paying in cash because it forces me to be honest about how much I’m spending for what I’m getting. If I had financed it maybe I would have talked myself into an S, or an EX or even an SX. Paying in cash keeps things real.

That’s just me, though. Lots of ways to skin the cat.
 

grant7714

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Thanks for your thoughts. Tax totally slipped my mind. High deductible crossed my mind but I felt paying for $1000 deductible was okay considering I am not totally comfortable with the new vehicle yet. Either way I think I'll keep the car loan and put any additional money into my mortgage which has over double the interest rate.
 
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Yep, paying down the mortgage makes a lot of sense, particularly if the $800+/month payment doesn’t cramp the budget from a cash flow standpoint. Putting the money into the mortgage locks it up, though, so isn’t an option if liquidity is a factor. (And I would prioritize fully funding 401k/ IRA etc., particularly if you itemize)
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grant7714

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Hah yea. I already maxed out on pretax 401k, hsa, and ira. Also considering trying to max out on after tax 401k but with mortgage and car payment, I think it may not be feasible. I'll give it a shot for the first few months and see how it cuts into the cash fund.
 

Brett B

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Ouch, you're at 5 months (any VIN created?). I wonder if they ordered it and found a way to sell yours off for more $ and then re-ordered yours. I hope not, but seeing some shady stuff happening based on posts on this forum.

I really hope I'm not sitting here that long. I'm 10 days in now. I've got 5k miles left on my current vehicle warranty and considering I've had over $17k in repairs in the last year... I am extremely anxious to go over that 100k miles and past the warranty period.

No vin yet.
 

Brett B

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Just wondering why are people with lumps of cash using it to pay down payment on the car? 4 year loan is 1k back with 1.75% APR or 0.9% APR without the 1k back. My savings account gives back 1.82% APR. Wouldn't it make more sense to keep the money in savings (assuming the money needs to be fluid)?

There are a lot more things that mathematically make sense that I can do with $48k but I can't stand debt.
 
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