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Re: Quick loan advice needed. Posted by Justin VanAbrahams [Email]  (#32) [Profile/Gallery]
(more from Justin VanAbrahams) on Tue, 26 Jun 2012 12:01:40
In Reply to: Quick loan advice needed., B Millar   [Profile/Gallery]
, Tue, 26 Jun 2012 11:32:50
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The term of the loan is probably less important than the interest rate, and certainly less important than how quick you intend to pay it down and whether they are prepayment penalties. All things being equal, there is nothing wrong with a long-term loan as it gives you flexibility on payments. Usually, however, long-term loans carry higher interest rates than shorter-term loans, which can be a massive setback unless you specifically plan on paying it off early.
I would be VERY uncertain about a new 9-5 in the first place. There are people with these cars who needs parts that aren't available, and the cars just sit and rot waiting for one to come to light or for a car to show up in the junkyard. It would suck to get a year into ownership on a seven year term and find yourself in a position of having six years to go on a car that can't be driven.
I suspect in 7 years these cars will be worth somewhere between eight and twelve grand in good shape, and given that important parts become/remain available. I guess you gotta ask yourself whether it's worth $2200/yr or more, plus interest, to drive a 2011 Saab. Then, factor in your risk aversion - what happens if you need a key component at some point in that seven years without which the car becomes useless...
(Fortunately, at some point in your car's lifetime it will almost certainly become more valuable as parts than as a car, as other 9-5 owners need stuff you've got! ;)
(Also, you could go buy a 2011 Audi A6 and only pay about $4000/yr to drive it over seven years!)
posted by 12.195.130...
, Tue, 26 Jun 2012 11:32:50, Wed, 27 Jun 2012 06:23:55
, Tue, 26 Jun 2012 16:05:09, Tue, 26 Jun 2012 14:06:40, Tue, 26 Jun 2012 20:01:00, Tue, 26 Jun 2012 12:01:40 <-- Viewing This Message, Tue, 26 Jun 2012 12:15:56
, Tue, 26 Jun 2012 18:56:29, Tue, 26 Jun 2012 13:31:53, Wed, 27 Jun 2012 14:05:00, Wed, 27 Jun 2012 11:30:50
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