Quote:
Originally Posted by RollaMo
You can't go by what MSRP was.
What did you actually pay for the car when purchased new?
One of the reasons for higher than expected depreciation, is because when the actual new car selling prices goes down (incentives, good deals, etc) that also affects the value of all the used cars down the line.
Most new cars today will depreciate faster than you can pay on them for the first 2 or 3 years.
And it wouldn't be a very smart move on your part to get that 84 month financing on that 2SS your wanting.
Yes, the payments will be less. The car will still depreciate, but with those slightly smaller payments you will not be keeping up with the depreciation.
3 or 4 years into your 7 year loan, you will own more on the car than it's worth.
Everyone wants a smaller payment.
But it comes at a price!
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my exact thoughts.
you will owe more until about 30% of term left on the loan. I bought my 2ss fully loaded new for 40 in cash which saved tons on interest but when I went to look at the zl1 1le four months later they offered me 27k with 3k miles on it. it was better to just keep it for the depreciation it had.
getting a longer term may be better for your situation/pockets but in the end you will spend around 1/3 of the cars value just in interest and be half way through the loan and still owe 10k more than the car is worth.
they are damn fun cars and expensive