If you bought 'cash' for yours...

[chieflief]

were you debt free at the time? Mortgage?

[MilnerR]

Nope, I had about a 40% mortgage. I could have paid a chunk off the mortgage and made life a tiny bit easier in the future, but with 2nd hand lotus cars holding their value so well, it didn't concern me. Plus I'd sooner enjoy my money while I'm young. Nothing worse than fat balding middle-aged men trying to recapture their youth with a sports car

[Mr E]

I'd rather have finance on an appreciating asset than a depreciating one

[Pum]

Mr E said:

I'd rather have finance on an appreciating asset than a depreciating one

Indeed. I have always bought with "cash" and was debt free last time I bought. Before that I figured that I have to have some kind of debt to fully partake of the luxuries that western society offers (nice car, buying own home, etc), and a mortgage on my home is the cheapest debt available. So I kept my mortgage and paid cash for my motors, holidays, etc.

[CooperS]

Not this topic again......

[chieflief]

CooperS said:

Not this topic again......

I read the similar thread I think you are referring to, CooperS. I was hoping for a little clarification about people's definition of 'cash'. The previous contributors were very helpful in this regard (thank you). Some people buy cash *outright*; some people buy 'cash' that has effectively been borrowed. As I am in the market for an Elise, I wanted to measure my risk tolerance to others', and glean any other wisdom from their experience(s).

[bogie]

so you wanted to know how many use electronic transfer or cheque and who turned up with £10k in used £20 notes ?

I dont think the latter is very safe or recommended these days !

[Pum]

@Bogie - re cash: yes indeed. I'm selling my TVR and will only take actual cash if handed over, paid in and verified at the bank before handing over the keys.