1) New ones can be had for $27,500 as democtrated by PCFlyer a few threads below. Why buy one with 24K miles when you can get one with under 100 miles for an extra $1500? 2) A 72-month loan is nuts unless you're a big fan of indentured servitude. The rule of thumb I've always lived by is only buy enough car that you can pay off in three years. That is, if you can't afford the three-year monthly payment, skip the car. At $26K and $5K down (ignoring the added cost of tax and license), you'd be financing $21K at, say, 3% like my credit union has so your monthly payment would be $610.71 for 36 months. You'd pay $985.56 in interest over the three years. If your interest rate was near 6% like from a bank, your payment would be $638.86 and you'd pay $1998.98 in total interest. Now, make that 6% for 72 months and your payment goes way down but your interest costs go through the roof: you'd pay $348.03/mo but your interest costs become $4058.20 over the seven years. That $26K car now costs over $30K. Bottom line: don't make yourself car poor. It is tempting but I believe you'd regret the purchase big time. Posts in this Thread:
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(# 663)
, Tue, 26 Jun 2012 11:32:50
