Quote:
Originally Posted by 90503
Bowtie, you should "run the numbers"...lol...and show how bad of a losing proposition it is to do an early trade-in!...lol...That would be helpful!
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Just in my HEAD, the numbers are awful. Putting them on paper is sickening!
My car stickered for $28,095. I had $1500 off from GM, plus $700 off from a dealer promotion, so $25,895...
Plus I got a great trade-in for my 2004 Tahoe - so there's $17,545 financed at 0.9% for 60 months; I pay less than $300 a month. While I generally don't like discussing numbers like this with the general public, this is a good lesson to use them in.
I'm not upside-down on my car, as its' value is still hovers around $25k.
Let's say I got $23k back from my car. $17k ish owed since the first year of payments is all interest... so I'm looking at $6,000 as a down payment on the new SS.
Not including tag, tax, title, etc... it's $39,550... subtract $6k from that and I'm looking at financing almost twice of what I had originally financed. $33,550 at 2.9% (because there's no way I could get that deal on APR again; it was a one time special offer from my bank, and 2.9% is being conservative here)...
payment of well over $600 a month. That would be twice what I'm currently paying... just DUMB.
Like, DURRRRRRR dumb.
Forgive me if any of the math is incorrect or a little off-- I was an arts major
