Thread: Home and Auto Bought a new car
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Old 02-10-2013, 10:30 AM   #31
Buehler445 Buehler445 is online now
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Join Date: Apr 2007
Location: Scott City KS
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Originally Posted by Coach View Post
This is true and I have considered that route. The problem that I am having was, my old car was still worth a lot of value, (trade-in) and I also checked the increase of insurance and what not.

Basically, it's around the neighborhood of $300 a month, so it's not too terribly bad. I also made sure that I still have enough revenue after all the bills are paid off (including the car payment), and I'm still sitting pretty good.
Good on you buddy. It's a pretty sweet looking car.

I'm not trying to tell you how to handle your business, but I don't amortize the loans for more than 3 years on vehicles. I did it one time, and if I hadn't put so much down it would have been really easy to get upside down on it. And at that point it is kind of a vicious cycle, if you try to trade. Newer cars just lose too much value in 5 years.

JMO. Some guys set it up longer and pay extra principle. That's fine, I just don't ever get around to it, and the rates are much more favorable (right now) in the 3 year notes, that it wasn't worth it.

The other thing is that the interest rates are so low, that on my wifes car (no trade in) I didn't put much down and kept the money. It was going to cost us like $200 to keep our $6,000. My payments are pretty high, but if I've got the cash to use if I need it for the car or something else.
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