5%? If you're paying that in interest on a car loan, you're nuts. You shouldn't finance period. Pay cash. Give the bank no extra money. But if you must finance, 1-2% max.
Already factored in insurance. $1000 q year for full coverage. And I dont speed so I dont gave to worry about getting pulled over =)Don't forget to add insurance cost which would be around $300 since you are from NJ.
If you are speeding and a cop pulls you over, can you get away just by showing your badge?
You're buying the wrong car.
Lol. I was gonna ask if you were.
You're paying $2k more for the car financing it that long. 2.74% on a $40K loan would be like $3K in interest.
I wouldn't exactly say moronic. Not all people have the ability to pay for something like this all up front in cash. In order to get the car you want at the time you want it you have to pay more for it, by way of interest. In my situation, I don't want to wait 5 years or longer to save up 60k to buy a gt350 in cash, hence paying a few thousand in interest to get what I want sooner, so i can enjoy it while im young. It really comes down to what are you willing to pay to get what you want when you want it. I definitely wouldn't consider someone moronic if they are willing to pay a bank to lend them money to buy something that they really want but don't have the cash to buy. That goes for any loan, including mortgages. Just my opinion.
Im curious to hear what proper, full insurance coverage will cost you per month. I had to learn the lesson the hard way when I was 22 and bought a relatively cheap, new SUV. I paid $400 a month for full coverage on my own policy.
Believe me I know. The car is in a different state so I would have to pay shipping and for an inspection. But I figured I could find someone on here that lives close to the dealer in TX to check it out for me. The car looks clean. Does not have a clean carfax but the issue is no big deal. Car has been sitting for 3 months, just SELL IT TO ME!
