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A couple of things:
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:
- Quick loan advice needed., B Millar , Tue, 26 Jun 2012 11:32:50
- Re: Quick loan advice needed., Wasabi, Sat, 30 Jun 2012 09:38:53
- 72 months is a guarantee for Upside Down in future, MI-Roger , Wed, 27 Jun 2012 06:23:55
- Run Away, EGD , Tue, 26 Jun 2012 16:05:09 <-- Viewing This Message
- You seem too pragmatic for this., Mike Johnson, Tue, 26 Jun 2012 13:26:34
- Re: Quick loan advice needed., Justin VanAbrahams , Tue, 26 Jun 2012 12:01:40
- Is the financing in place?, ToddInMA, Tue, 26 Jun 2012 12:00:12
- Yes., B Millar , Tue, 26 Jun 2012 12:15:56
- Re: Laser Red, thatbobguy , Tue, 26 Jun 2012 18:56:29
- Why are you looking to replace the '04?, ToddInMA, Tue, 26 Jun 2012 13:55:16
- Brad, what are you looking for?, Siegfried, Tue, 26 Jun 2012 13:22:07
- Re: Brad, what are you looking for?, B Millar , Tue, 26 Jun 2012 13:31:53
- Re: Brad, what are you looking for?, No Snaab, Wed, 27 Jun 2012 05:39:30
- Leasing isn't an option for me., B Millar , Wed, 27 Jun 2012 14:05:00
- Re: Brad, what are you looking for?, Dan-O, Wed, 27 Jun 2012 09:34:41
- Doubt it, No Snaab, Wed, 27 Jun 2012 09:59:23
- toys = $$$$ .... 6yrs on used car is long to finance, Trev, Tue, 26 Jun 2012 17:29:16
- Re:, Siegfried, Tue, 26 Jun 2012 13:51:18
- Re: Quick loan advice needed., Dan-O, Tue, 26 Jun 2012 11:51:00
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