Did you finance your Delorean?

[nullset]

When I bought mine, I had a decent down payment, and I went through one of the "exotic car financing" places on eBay (where I bought the car). They approved me but the rate was horrendous.

I called my credit union, and they gave me a personal loan (unsecured) in the same amount, which a much lower interest rate!

The loan will be paid off in a few months. I'm looking forward to that, for sure!

[OverlandMan]

My D is a project/weekend car. I don't use it as a daily driver, nor will I ever most likely. I agree w/ Jonathan in that I look at my DeLorean as a toy similar to that of a boat or something. And for all the toys I've ever bought, I've always paid cash. It was fulfilling to have the title and the car at the same time, all in my name and in my possession.

That said, those who financed their cars did so for their own reasons and that's their decision.

[thirdmanj]

It's all about ones finances and motivations. There different aspects to financing some take a certain moral stance when it comes to financing "...if you can't afford it, don't buy it..." To address this topic in any truly revealing way, we'd have to down a pretty philosophical road and adress the economics and implications of financing in the 21st century. The choice to finance can only be made by the individual. They know (or should) what their financial situation is and as long as they're honest with themselves where their motivations and finances are concerned, it should work out just fine.

[louielouie2000]

I paid cash for my first two DeLoreans, but now that I'm in my 30s with various adult financial responsibilities, I have no problem admitting my third DeLorean (whenever that may be) will more than likely be financed. Here's the deal: DeLorean values bottomed out sometime in the late '90s. Ever since then, they've been stable & moderately increasing. As others have pointed out, compared to other sports/grand touring cars of it's age, the DeLorean hold's it's value better than any of it's contemporaries. So in that way, it's actually far more financially sound to finance a DeLorean vs a new car because the DeLorean is not depreciating. Yes, you are essentially throwing out the money you are spending in interest, but that loss is somewhat offset by inflation and the fact the cars will gain value over time.

DeLorean ownership is like a marriage... every owner has a different relationship with their car, and the way everyone purchases/maintains/restores/modifies/enjoys their cars is utterly different from one person to the next. Don't let anyone dictate to you what ownership HAS to entail, because it's quite different for each one of us. Some people pay cash for their cars, others finance them; some aim for concours originality, others like to customize theirs; some folks think EFI is the best solution to the Bosch K-Jetronic fuel injection system's issues, others prefer the simplicity of carburetors; some folks enjoy restoring and maintaining their cars themselves, others prefer the car to be maintained by one of the various vendors; some folks use their cars as true daily drivers, others think the cars are best reserved for more recreational use. The list goes on and on. There is no one proper way to approach DeLorean ownership. What works for one person may not be applicable to the next. Forge your own path.

[Mark D]

I financed mine. I paid off my 3 year loan in 2 years and had a low APR so I didn't pay much interest. I don't see what the big deal is about financing a car as long as you can afford the payments and understand that there will be additional monthly costs for maintenance and repair. To me the real question is whether or not you can actually afford the car given your income and other expenses. If not, then don't buy one until you can afford it. Financing is just a way to get what you want sooner. You're either going to be making monthly payments towards a savings account for a few years, or making monthly payments to the bank to pay for the car that is already sitting in the garage. I got two additional years of enjoyment out of my car choosing the latter option. The few hundred dollars extra in interest was money well spent.

To each his own though. There is still some risk in financing vs saving the cash up front. If you lose your job or have some other drastic life event a full savings account is going to be much better than having all your money tied up in a car. Everyone's financial and job situation is different so spend some time going through your finances and figure out what you can afford. Have a plan for any other emergencies and do what's best for your own circumstances.

[Jonathan]

"What works for one, may not work for another."

I think what Louie said there, in essence, is something good to keep in mind with just about anything you do in life, not just DeLoreans.

Realize that what someone else is doing might work for them and it may or may not work for you. But only you will know what is right for you. And what they are doing isn't for you to judge or critique. Everyone out there is entitled to make their own decisions. You are, and I am, everyone. Letting people make their own decisions in life and not feeling threatened by those decisions personally, is probably a good recipe for making the planet a nicer place to be. Across all subjects

[thirdmanj]

Realize that what someone else is doing might work for them and it may or may not work for you. But only you will know what is right for you. And what they are doing isn't for you to judge or critique. Everyone out there is entitled to make their own decisions. You are, and I am, everyone. Letting people make their own decisions in life and not feeling threatened by those decisions personally, is probably a good recipe for making the planet a nicer place to be. Across all subjects

What'd I say?

[bladerunner]

I look at it this way: if you can afford the payment for a Delorean now, then just save the cash each month, like a payment. In the mean time, research the car, think about what you want to do, and in a few years, you will have the cash to go buy your car. I always do the same when I buy a regular car. After I paid off my first car, I just keep saving the car payments and in a couple of years I can buy my next car with cash. Or I typically keep driving the car I have until it dies and enjoy the extra money in my budget.

But if you just HAVE to have it, you could make a solid argument that a D depreciates a lot less compared to a comparable new car.

[Jeff K]

Nope. All cash for my money pit (aka DeLorean)

I can see financing a daily driver (or lease in my case), but not a toy car.

[Dangermouse]

"Realize that what someone else is doing might work for them and it may or may not work for you. But only you will know what is right for you. And what they are doing isn't for you to judge or critique. Everyone out there is entitled to make their own decisions. You are, and I am, everyone. Letting people make their own decisions in life and not feeling threatened by those decisions personally, is probably a good recipe for making the planet a nicer place to be. Across all subjects

I'm Not!