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You're adding debt by buying the new car
You're not saving anything
Just going by your statement and going on a 5 year/60 month loan (I'm not including the downpayment)
$600x60=36,000 over life of loan
$600x18=10,800 what you already paid
$600x42=25,200 balance on loan
$535x60=32,100 your new balance given you walk in with nothing down
32,100-25,200=6,900 added to loan
You're simply adding to your debt by taking a new car. What you already paid is money down the drain you have no added value right now because you're not getting any credit for it( no trade in value) they are simpky taking it off your hands as if theire doing you a favor. You need to go off owed balance on current loan and future balance on new loan.
Thinking 0% and $65 a month as saving is foolish. Go by the a mount if debt you are incurring and for how long
A set of hubcaps are what $40? I'm sure you can get a seatbelt from a auto recycler for less than $100. Personally I think you're gonna lose out. And I feel that whatever verbal "deal" you and the salesman have will fall apart in the sales managers office,
NO dealer is going to make a sale where they lose money. I don't care how nice they are.
if you keep on swapping your loan for another every couple yrs, you're no better than LEASING your prius! In fact you're probably worse off since leases are often supported by the automaker, meaning the monthly on a $50k BMW 3-series is the exact same as your $30k Prius hatchback.
You're adding debt by buying the new car
You're not saving anything
Just going by your statement and going on a 5 year/60 month loan (I'm not including the downpayment)
$600x60=36,000 over life of loan
$600x18=10,800 what you already paid
$600x42=25,200 balance on loan
$535x60=32,100 your new balance given you walk in with nothing down
32,100-25,200=6,900 added to loan
You're simply adding to your debt by taking a new car. What you already paid is money down the drain you have no added value right now because you're not getting any credit for it( no trade in value) they are simpky taking it off your hands as if theire doing you a favor. You need to go off owed balance on current loan and future balance on new loan.
Thinking 0% and $65 a month as saving is foolish. Go by the a mount if debt you are incurring and for how long
A set of hubcaps are what $40? I'm sure you can get a seatbelt from a auto recycler for less than $100. Personally I think you're gonna lose out. And I feel that whatever verbal "deal" you and the salesman have will fall apart in the sales managers office,
NO dealer is going to make a sale where they lose money. I don't care how nice they are.
Thank you for doing the math! It just didn't feel right. I love my car, Im keeping it.
Thank you for doing the math! It just didn't feel right. I love my car, Im keeping it.
And just think not only are you adding the 6,900 you're also walking away from the 10,200 you already paid. You would recoup a percentage of the money spent at the future sale of the vehicle. Any of these we can put you in a new car for the same or less is just a sales gimmick. Take care
I have a 2013 V and the 2014 model is virtually identical, just a couple of minor differences like daytime running lights (effectively the same as if you just leave your 2013 headlights on all the time because they will auto-shut-off when you turn off the car).
I have a 2013 Prius v. It has 14000 miles on it. Its missing hubcaps (stupid thieves), needs a seat belt replaced (ugh dogs!) and has a few scratches and dings. But its fine.
The sales man who sold it to me called and offered a trade in, I went in and talked to him.
He offered the same exact car, packages, the protection plans, etc. in a 2014, but a different color (that I don't really like). Essentially no mileage.
0% interest (instead of our current 1.9%)
Our payments would be $65 a month less, and he will take our other car as is, so I wont have to fix the buckle.
The downside is that we have been paying on the car for a year and a half (I think), so that would start over.
He says he has a buyer for my car...which I am skeptical of, honestly. I wonder if he is just trying to sell us another car.
So would you trade it in?
The present value of that $65 over 5 years is:
4% loan $3540
5% loan $3444
7% loan $3282
This is what that savings is worth to you in terms of its present value.
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