02-17-2012, 03:44 PM
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#9 (permalink)
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A True Z Fanatic
Join Date: Jul 2009
Location: ny'r livn in tx
Posts: 8,687
Drives: well over 130m.p.h.
Rep Power: 14859
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Quote:
Originally Posted by Zeek
Bad idea in my opinion. Salesmen love people who are only interested in a monthly payment and not the overall cost of what they want to do. You'll find yourself in a situation where you owe a lot more than the new car will ever be worth. When that next new, hot car comes out that you lust over you'll find the only way you can get it is to have the dealer pay your loan, deduct what the car is worth and add the remainder into a new loan and you'll sink further into debt and pay several thousand dollars more than the car is worth. If the car is ever repossessed for some reason they will sell it cheap and you'll wind up paying the remainder. Double up on your car payments if you can and pay it off to save a few bucks on interest.
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I start on price and work down to payment. I have patience. I will sit there 8 hours to get the right payment. Then I pay down and cut my interest in half... Its hard to hustle a hustler. I walk away from anything that won't benefit me. There's a loss in everything we do. The art is keeping thatt loss minimal.
I know the monthly payment isn't the only thing to look at. Finance charge structure is where they eat you. That's the first thing I tackle.
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