Originally Posted by Buehler445
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.
Yeah, and since it's $300 a month, I'm going to be paying off $400 anyways, to pay it off a little faster. Plus, if all things goes well without any issues until 2014 tax return, I plan on using that refund to pay a good chunk of the car payment as well.
Of course, we can't predict the future, but at least we can try to prepare for it as the best we can.