[quote=“MikeRi24,post:271,topic:28128"”]
ok, to answer a few questions…
i only paid $16,000 for the GTO because i got hooked up from my work. Mike Smith didn’t know this. so, for 4 years, my payments for the GTO were $392 a month at 8% through GMAC.
they gave me $20,500 for my car. so, that covered the buyout on the loan and gave me ~4 grand to put down on the truck. My bank was also having a deal on Used Car Loans at the time, so they were able to finance me for 4 years at 5.5%. This brought my monthly payment down to $348. this saves me $44 a month.
my insurance was almost cut in half, and i got the GM Certified Used warranty on the truck (this adds value to me because the GTO did not have that and if something broke i would have to pay out of pocket).
I also dont want to buy an older car because, lets face it, its gonna break. i dont care if its a honda or a toyota, something thats old and cheap is gonna break (besides the fact that im 6’2" @ about 250 and probably couldnt even fit in one)
so, even if i do end up spending that $44 i save on my monthly payment on gas, im still saving money on insurance and potentially on the cost of repairs. im sorry if you dont agree with that.
[/quote]
Wow. $44/month savings. Epic.
So let me get this right. You did all this to “save money”, yet you are still locked into a long term loan?
$44/month is what…$520 or so a year in savings?
Gonna save on insurance huh? All those “savings” will go right into your gas tank this summer and you will STILL have to shell out, there’s no savings there. Even if you are putting regular 87 octane in ($.30 difference from 93 octane) you are getting half the mpg of the car, and filling up a BIGGER gas tank. Have you not been paying attention to where gas prices are expected to be by the time June rolls around?
Something tells me ~$500 “savings” means you’ll be living with your parents for quite some time.
Meanwhile you buy a nice ECONOMICAL CAR for say $5000, even if you repaired the thing a few times, it would never get anywhere near $16,000. Insurance would be EVEN CHEAPER, gas would be CHEAPER, repairs would be cheaper because last I checked, parts for trucks cost more than parts for cars.
Seriously do you ever think to sit down and think before you do something? Ever?