so i got a call from my dealer today.

BrianMSmith

You will get terrible value for money by exchanging for a new model year, no doubt about it. Incremental improvement at best, start over with massive new car depreciation all over again. It's fine to buy new once in a while if you keep the car for 5 years minimum, preferably 7, when there's good new car incentives and really cheap financing. If you want to trade cars every few years, buy used, no doubt it that's the way to go.

cossie1600

That's what I thought. The extra 70HP really gives some of the guys insecurity.

Btw, RX-8 guys used to be like that with the 350. Anything with the word 350 they flip out!

Mecinoid

I generally pay for my cars in cash... especially, if it's a toy. The only way I break that rule in on 0% financing and below invoice price on the vehicle. That way, I can take advantage of other people's money. ;-)
I keep the money in the bank or, invest it and make a little more that way.

UNKNOWN_370

When I negotiated my loan... that's how I got it. The rate was 17:90 per $1000 the 3 year loan was $20.9p per $1000. The difference in interest was :09 percent which was a difference of only a few bucks. The finance charge savings added up to more than the interest savings going longer if I paid double. If I would pay in the normal amount of time of a 6 year loan I would pay more, but since I'm knocking it out in half I'm paying less.
You forgot that I'm paying my 6 in 3. Ur the one being dumb because, you're making comments and not seeing the whole pic.

Some one on a 3 year loan pays a few dollars more per month in finance and marginally lesss in interest. What kills the 6 year loan is time, not rate. Interest raked marginally higher finance charges a few lower. Knock it out in half the time and you can the overages of both loans.

somatic

so what you're saying is that your bank is so retarded it actually gave you a better rate on a longer loan? thats then most bass ackward thing ive ever heard lol. if so, then go with it and take advantage of their stupidity

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UNKNOWN_370

No... god... what I'm saying is... over 6 years you pay slightly lower finance, BUT if you pay over 6 years it will be a almost couple grand more than the 3 year. If you pay a 6 year in 3 years or less. Its cheaper than taking a 3 year loan for 3 years. Make sense?

Its like you guys forgot I'm paying a 6 yr in 2.5 to 3 years vs someone who is on a 6 year for 6. Or a 3 year for 3. You put way more money to the principle and keep finance charges down. The difference in interest is so marginal that you barely save money. Its in finance charges where therres a big difference.

somatic

oooooooo i get it now i was over thinking it lol
3 year loan paid in three years = paying all interest
6 year loan with similar interest paid off in 3 years = half the interest paid

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gbrettin

People totally missed the point you double up on payments. My guess is that you can make a low payment if you don't have the extra cash. On the months you are flush with cash you put a few extra thousand against the loan.

Personally I think you should hold on to your car. Drive the car while it's paid for and save the extra cash that you would be using on the payment and then trade up later.

m4a1mustang

How can finance charges be less over a longer term if the interest rates are the same? That's the stupidest thing I've ever heard.

You pay LESS in interest over a shorter term than you do over a longer term.

Just a quick NPV assumption of $20,000 borrowed at 3% shows you pay $938 in interest over 36 months and $1,562 over 60 months.

Seriously. Wtf?

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flashburn

I don't think I've verbally said "What?!" so many times while reading a single thread before. Great stuff! I would totally subscribe to your newsletter.

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Current Ride: 2012 Chevrolet Corvette Grand Sport Centennial Edition Carbon Flash 6M
Previous Ride: 2009 Nissan 370Z Sport Platinum Graphite 7AT

m4a1mustang

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m4a1mustang

Haha, I don't troll anyone. I'll admit when I'm wrong and it appears that I missed the early payoff part. So if your loan structure allows the longer term to come out cheaper as long as you pay it in half the time, more power to you.

You know what happens when someone is too stubborn to admit they're wrong... I think we've dealt with that before . I certainly won't do anything like that... if I'm wrong I will admit it openly.

And bandwagon? You are talking out of your ***.

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UNKNOWN_370

You know what?? I don't care if you think you are wrong or right. You always miss the point on my posts cuz all you look for is an argument and to insult. The stupisdest thing you ever heard???? You don't even ask for clarification. You just went on a rant.

You were wrong even if you were right. You create tension and are becoming a negative influence on the forum. Those kind of premature insults aren't necessary.

This is what's wrong with this country. No tolerance and ignorance. And yes you can know everything about cars but still be ignorant mustang... Your insecurities preclude you with the way you talk to me on this forum. Next time just ask instead of insult.

m4a1mustang

That's what I was thinking too.

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m4a1mustang

Sorry if I offended you.

I don't think there's any tension between me or anyone else though. You think I'm out to get you all the time.

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