Quote:
Originally Posted by Soterios
I think some folks are forgetting how low interest rates on new cars are. Throw 1.9% at $30,000 into some loan calculators. The difference between 48/60/72 months isn't that significant. Some places are offering even lower rates depending on the car.
My truck loan after down payment was about $30,000 and I did a 72 month loan because at my interest rate, it was a difference of a few hundred dollars over the life of the loan. (assuming I take the full loan term to pay it off, which is atypical) It makes me a lot more flexible with my money.
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Yes, I did the same on the money I financed for my M3. I think the difference is that for most people buying a brand new car, they aren’t coming in with any money down and quick depreciation means they’re upside down on the car instantly as their payments don’t keep up with that. Then when they come back to trade the car in, they roll the negative equity into the next car. Eventually gotta pay the piper.