Money Matters

How did you finance your first car results

December 3, 2009
First of all, thanks to all who participated in my first poll. How did you finance your first car? It was a gift (30%) Dealer Financing (24%) Paid Cash (24%) Bank or Credit Union (22%) Out of 186 votes, 86 were financed, 44 paid cash and 56 were a gift. After speaking to one of the finance directors at McCarthy Auto, your responses seem pretty normal … seeing that it was your first car. The majority of first car purchases are parents buying vehicles for their high school students. They are often looking at paying cash on a more inexpensive vehicle. Seems like a nice gift, right? Now, when you move onto the second, third and fourth vehicle — the percentage for financing goes up. People are interested in more expensive and newer models and normally can’t write a large check for them. If only our parents would help with those purchases made later in our life, too!! 🙂 Please feel free to vote if you have not already. Look for a new poll on Monday, December 7th!

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