FRAMING JOHN DELOREAN - ON VOD www.framingjohndeloreanfilm.com
Page 11 of 14 FirstFirst ... 9 10 11 12 13 ... LastLast
Results 101 to 110 of 134

Thread: Did you finance your Delorean?

  1. #101
    Senior Member
    Join Date:  Nov 2013

    Location:  NYS

    Posts:    2,373

    My VIN:    Formerly 10372, currently 4728 & 4519

    Quote Originally Posted by Giamanut View Post
    16k 2.4% 36months
    What is the name of the lender? Is it a private party sale?

    A rate that low makes it a no-brainer. My score is usually 800+, so I've been fortunate to get low rates when/where available but not seeing good rates [for a vintage car] lately.
    Last edited by Rich_NYS; 11-12-2019 at 09:57 AM.
    Livin' the dream....

  2. #102
    Delorean Guru
    Join Date:  May 2011

    Location:  Northern NJ

    Posts:    7,401

    My VIN:    10757

    Club(s):   (DMA)

    I have had the unfortunate pleasure of meeting more than a couple of owners who borrowed to get the car and could not afford it. It happens more often than you think. Their only way out is to sell the car at a loss. Sometimes the obvious must be spelled out.
    David Teitelbaum

  3. #103
    EFI'd dn010's Avatar
    Join Date:  Jul 2011

    Location:  Florida: Pinellas County

    Posts:    1,842

    My VIN:    5003

    Club(s):   (DCF)

    You've already spelled it out, twice now. However, I'm confused:

    Quote Originally Posted by David T View Post
    When buying a used car, especially an old one, borrowing money is not the best strategy.
    Quote Originally Posted by David T View Post
    Financing is a great way to buy a car and not having to wait years to save up enough to afford it.
    -----Dan B.

  4. #104
    Senior Member mr_maxime's Avatar
    Join Date:  Apr 2015

    Posts:    1,113

    My VIN:    10201

    Quote Originally Posted by Rich_NYS View Post
    Also a good time to mention [again:] financing is the way to go as long as appreciation will outpace the interest rate. This continues to be proven for all that followed that sage advice...lol. I said it back in 2013 and it's still holds true....enjoy!
    I got a good amount of crap for financing an old car, but this is exactly why I was comfortable with it. The amount of interest I ended up paying was less than the average increase in delorean values over the life of the loan. I could never justify a loan on a depreciating asset such as a new or slightly used car.

  5. #105
    Sometimes Owner louielouie2000's Avatar
    Join Date:  May 2011

    Location:  Austin, TX

    Posts:    625

    My VIN:    Previously 10115 & 5252

    Quote Originally Posted by David T View Post
    I have had the unfortunate pleasure of meeting more than a couple of owners who borrowed to get the car and could not afford it. It happens more often than you think. Their only way out is to sell the car at a loss. Sometimes the obvious must be spelled out.
    Speaking of spelling out the obvious, a person can just as easily get in financial hot water by draining their savings to buy a DeLorean in cash. Given the upward trajectory of DeLorean values, it seems like a lesser risk to retain a savings nest egg by financing the majority of a DeLorean purchase. No matter which way you approach it, buying a 40 year old toy involves plenty of risk, and some folks will make a losing gamble. To each their own.
    Louie Golden

  6. #106
    Senior Member
    Join Date:  Nov 2013

    Location:  NYS

    Posts:    2,373

    My VIN:    Formerly 10372, currently 4728 & 4519

    Quote Originally Posted by mr_maxime View Post
    I got a good amount of crap for financing an old car, but this is exactly why I was comfortable with it. The amount of interest I ended up paying was less than the average increase in delorean values over the life of the loan. I could never justify a loan on a depreciating asset such as a new or slightly used car.
    I like the way you think! Meanwhile, people buy new cars all the time and follow the advice that financing a new car is ok, but financing a DeLorean isn't....lmao. I avoid new cars as a general rule due to where I live and length of my commute.


    New 2013 Altima: ~$22.5K
    Value of a 2013 Altima in 2019: ~$9K


    Used 1981 DeLorean in 2013: ~$9K - $25K
    Value of 1981 DeLorean in 2019: ~$15K - $35K+

    If someone gets in over their head due to repair costs, it's not too hard to sell & recover as long as they didn't overpay too much on the purchase.
    Livin' the dream....

  7. #107
    Senior Member
    Join Date:  Nov 2013

    Location:  NYS

    Posts:    2,373

    My VIN:    Formerly 10372, currently 4728 & 4519

    Quote Originally Posted by louielouie2000 View Post
    Speaking of spelling out the obvious, a person can just as easily get in financial hot water by draining their savings to buy a DeLorean in cash. Given the upward trajectory of DeLorean values, it seems like a lesser risk to retain a savings nest egg by financing the majority of a DeLorean purchase. No matter which way you approach it, buying a 40 year old toy involves plenty of risk, and some folks will make a losing gamble. To each their own.
    +1

    (BTW, looking back on my ownership history, I think you gave me some good advice when I posted about buying my first DeLorean in 2013 )
    Last edited by Rich_NYS; 11-12-2019 at 12:22 PM.
    Livin' the dream....

  8. #108
    Senior Member
    Join Date:  Nov 2013

    Location:  NYS

    Posts:    2,373

    My VIN:    Formerly 10372, currently 4728 & 4519

    Quote Originally Posted by David T View Post
    I have had the unfortunate pleasure of meeting more than a couple of owners who borrowed to get the car and could not afford it. It happens more often than you think. Their only way out is to sell the car at a loss. Sometimes the obvious must be spelled out.
    TBH, I can see the potential for that to happen. If a new owner is uninformed, over-extended...etc.
    Livin' the dream....

  9. #109
    Senior Member mr_maxime's Avatar
    Join Date:  Apr 2015

    Posts:    1,113

    My VIN:    10201

    I mean you can stretch yourself on literally any large purchase.

    Before I bought the DeLorean, I really wanted a Testarossa. Doubt I could have gotten financing, but in about 2 years they went from $70k cars to $120k and now some are $200k. They went from reasonably affordable Ferraris to increasing in value per year more than I made in a year. Not everything will be that extreme, but this was definitely a car I wanted to save up for over several years that is now well beyond my affordability.

  10. #110
    Delorean Guru
    Join Date:  May 2011

    Location:  Northern NJ

    Posts:    7,401

    My VIN:    10757

    Club(s):   (DMA)

    If you are buying a Delorean with the idea you will "make money" realize it is like stocks. Unless you sell it (hopefully at more than you paid for it) you do not capture your profit unless and until you sell it. Until it is sold it is just an asset but it still has it's expenses. If you figure what you will spend over the time you own it you must include acquisition costs, insurance, repairs, registration, storage, and gas. Is it really appreciating enough to cover all of it? Then there is the fact that you do get some use out of it. What is that worth? For the majority of owners it is not a money making proposition. It is done for the enjoyment. The thing to understand is "Can you afford it"? I stand by my statement that financing (borrowing) is a great way of saving time but it is not the best way to get into ownership of an old, used car that is not a necessity. Also remember that you only have so much borrowing capacity even if you can borrow cheaply. If you are saving up for a house, this is that much less that you will have available. If you are borrowing to buy an old car, fix it up and sell it quick to turn a profit, then that is a good strategy. Risky but a good strategy. Heck, look at what happened to JZD. He borrowed money from the British Government. Look how well that turned out. Sometimes you roll the dice and you lose.
    David Teitelbaum

Page 11 of 14 FirstFirst ... 9 10 11 12 13 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •