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!
