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I'm financing a 2006 G6 Pontiac, 50 millages. The initial price was $12,777 and it went up to $19,000 with sales tax and 3 year warranty. 5.9 Interest rate, $ 275 per month, 6 year plan.
Fully loaded, hard top Convertible g6 GTP, no scratches,no accidents, 2 previous owners...
Did I get an ok deal or did I get screwed over?
Thanks
Last edited by roxie2519; 02-25-2013 at 02:47 PM..
I'm financing a 2006 G6 Pontiac, 50 millages. The initial price was $12,777 and it went up to $19,000 with sales tax and 3 year warranty. 5.9 Interest rate, $ 275 per month, 6 year plan.
Did I get an ok deal or did I get screwed over?
Thanks
Maybe. You may not have needed the extra warranty because I think GM warranted that model to 100K engine and drive train.
Also, the 6 year note is about 2 years too long, but if you couldn't afford the higher payment and needed a car you did what you had to do. For that money ($13K) plus a bit more you could have bought a new Focus or Cruze, though.
If you're happy with the car then don't 2nd guess yourself. The mileage is low.
You screwed yourself over with that interest rate. Historically inflation is around 3% so you want to try and keep it below that. If you can't save enough money to pay for that particular car in cash, you probably shouldn't be buying it to begin with. There are many cars out there with 0% interest and would end up around $19,000. Otherwise, it's an ok deal.
Yes, 19K for a G6 with 50K miles is robbery.. Why did it go up from 12.7K to 19? Interest and a warranty? Most warrants through third parties are generally 800-1500 depending on the coverage and deductible..Do you have a clause in your state where you can return it before XX amount of days?
I'm financing a 2006 G6 Pontiac, 50 millages. The initial price was $12,777 and it went up to $19,000 with sales tax and 3 year warranty. 5.9 Interest rate, $ 275 per month, 6 year plan.
Did I get an ok deal or did I get screwed over?
Thanks
Your numbers aren't adding up. Did you put money down? If you financed $19,000 for 72 months at 5.9% your payment would be around $314, not $275. You either had to put money down or you are quoting the total dollars including interest payments. If you put no money down and have a $275 payment, then your financed amount is closer to $16,500 with the $19,000+ being the total including interest.
Using the $16,500 number...
$16,500 - $12,777 = $3,723
Out of that, around $800 is going for taxes, figure another $150 in title/registration and maybe $250 in doc fees (guessing worst case). That takes $1,200 off and leaves us at $2,523. That amount seems about right if you added a 3 year bumper-to-bumper warranty. If it's not a bumper-to-bumper then it doesn't sound right for just a powertrain.
I don't think you got "screwed" it sounds like a pretty straight forward deal. The warranty is something which you could of negotiated the cost on. Even the GM warranty usually carries a hefty markup, for instance, dealer cost on a $2,500 warranty is usually around $1,300 or so and they could sell it to you for that. Not knowing any other details about the car itself, I have to assume that the price paid for the car was reasonable. If the mileage was in the 50k range and it was a relatively loaded GT or GTP then that price sounds right for dealer retail.
If I was advising you on the purchase, I probably would have told you to skip the warranty, unless you can get it negotiated well down. If it wasn't an actual GM warranty, then don't buy it at all no matter what the price. Outside of that, it looks like an average deal.
Maybe. You may not have needed the extra warranty because I think GM warranted that model to 100K engine and drive train.
GM powetrain is for 5 years and 100k miles from the date of in-service. The car the OP bought was out of warranty based on time and was most likely not certified either do to the age. Hence, the cost of adding the warranty, which based on the price I figured looks like it was a GM bumper-to-bumper. That's not a bad warranty at all, but only really worth it, if you get the price negotiated down.
I think that they said to return the warranty money back, if I don't use it....
If it's a GM warranty that you purchased through the dealer, aka GMPP (GM Protection Plan) you can cancel the warranty within 60 days and receive a full refund as long as you made no claims. After the 60 day period, they will refund you a prorated amount, again assuming you have not made any claims.
Thanks, I figured what if the hard top starts leaking and needs replacement? it would cost me a lot of $$. That's why I went for the warranty. But what am I going to do after the warranty expires?
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