Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Went shopping for a Honda and the rates on new SUV's are over 6%. Gone are the days of 0% or even 3%. Also went bank-shopping to see where new auto rates were and they are over 5%. Who's buying new cars with interest rates that are higher than cars?
They are generally very high right now - I can't see buying a new car at 5% when you can buy 2-3 year old 50% depreciated cars for 6% and have half the principal to pay down for no real difference in interest.
But you're also looking at Honda - one of two companies (Hyundai being the other one) that are fairing well these days. If you look at other manufacturers you will see better financing deals, and you will see a lot of deals this summer when gas prices are high again. If you're looking to buy, July-August will be a good time as all the unsold 09 cars will need to be moved for incoming 10 stock.
Depends on the company you are shopping. GM has been offering 0% for instance, plus in some instances rebates too. Not that everyone would consider them, but it is a much better deal than 6% too.
Who cares about the interest rates? Don't buy what you can't afford.
Forget about the interest rates, when it comes to cars, you should only buy what you can afford to pay with cash. If you go thru life with constant car payments, one after another, you will have a difficult time financially. Cars are way too expensive to buy new. Used is the only way to go. I purchased a car 9 years ago for a fourth of its retail value. It was 5 years old at the time and over 100K miles on the thing. I'm still driving it today. Yes, my repair costs may be higher than the average person, but since I saved well over $20,000 on the car, there's no way that I've spent close to that amount in repairs. It is still a comfortable drive with AC and all the bells and whistles. When it comes time to replace it, I'll do the same thing all over again.
It really depends on your credit many times. Honda has been having 09.9% on 3 years to 1.9% for some time. I would look for themn to do so again soon as end of year approaches;but CR has to be good. That is the "well qualified buyer" in all teh commercials. Used car interest is always highe than new especailly when incentives are given.0% or 0.9% are not worth paying cash when its lower than even a savings account is my view.Strange thing is I am seeing 3000 off MSRP for new genII Prius at dealers which were going at MSRP not long ago.
Forget about the interest rates, when it comes to cars, you should only buy what you can afford to pay with cash. If you go thru life with constant car payments, one after another, you will have a difficult time financially. Cars are way too expensive to buy new. Used is the only way to go. I purchased a car 9 years ago for a fourth of its retail value. It was 5 years old at the time and over 100K miles on the thing. I'm still driving it today. Yes, my repair costs may be higher than the average person, but since I saved well over $20,000 on the car, there's no way that I've spent close to that amount in repairs. It is still a comfortable drive with AC and all the bells and whistles. When it comes time to replace it, I'll do the same thing all over again.
Who says he cannot pay cash? Buying a car with 0% financing and letting your cash remain in some form of interest bearing, liquid status can be a good move too. Not only does it allow you to make money on your cash, but also leaves you the cash for emergency purposes instead of tieing it up.
Of course, buying used and avoiding depreciation is also a terrific way to go.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Who cares about the interest rates? Don't buy what you can't afford.
