Some advice...
5th Gear Member
Joined: Jun 2007
Posts: 2,112
From: NC
RE: Some advice...
ORIGINAL: BicketyBam
If you finance the the entire purchase price, there is no such thing. It would have to be a 1 year term!
ORIGINAL: 94Blk5.0
I am no $$$ advisor being 19, but if i were you I would:
1) Sell the Fusion privately before it drops any more in value. It loses 60% of it value in the first 4 year, I think.Also be carfule with those long-term loans, where the value of the car drop faster than you pay it off.Then buy a Mach from a private party.
I am no $$$ advisor being 19, but if i were you I would:
1) Sell the Fusion privately before it drops any more in value. It loses 60% of it value in the first 4 year, I think.Also be carfule with those long-term loans, where the value of the car drop faster than you pay it off.Then buy a Mach from a private party.
I was just thinking of those long-azz loans where the monthly payments are relatively low, and with the depreciation of new cars, the value drops faster than the you pay for it.
5th Gear Member
Joined: Apr 2005
Posts: 3,584
From: CT
RE: Some advice...
ORIGINAL: 94Blk5.0
What do you mean?
I was just thinking of those long-azz loans where the monthly payments are relatively low, and with the depreciation of new cars, the value drops faster than the you pay for it.
ORIGINAL: BicketyBam
If you finance the the entire purchase price, there is no such thing. It would have to be a 1 year term!
ORIGINAL: 94Blk5.0
I am no $$$ advisor being 19, but if i were you I would:
1) Sell the Fusion privately before it drops any more in value. It loses 60% of it value in the first 4 year, I think.Also be carfule with those long-term loans, where the value of the car drop faster than you pay it off.Then buy a Mach from a private party.
I am no $$$ advisor being 19, but if i were you I would:
1) Sell the Fusion privately before it drops any more in value. It loses 60% of it value in the first 4 year, I think.Also be carfule with those long-term loans, where the value of the car drop faster than you pay it off.Then buy a Mach from a private party.
I was just thinking of those long-azz loans where the monthly payments are relatively low, and with the depreciation of new cars, the value drops faster than the you pay for it.
1st, you have a $785 per month payment. Here is the payoff at several differnt points in time:
6 months: $22,667
9 months: $20,476
12 months: 18,268
18 months: $13,805
So even with a 3 year loan, and a low interest rate, you are upside down in the car for a year. It only gets worse with a 4 or 5 year loan and a higher interest rate.
Almost every car I have ever financed has been for 5 years. And I am always upside down in them for quite a while. I just keep them until they are paid off
Thread Starter
6th Gear Member
Joined: Dec 2005
Posts: 5,893
From: Florida
RE: Some advice...
Thank you for all the responses...
I have thought of all of them, which is why I haven't done it. The KBB on my car is only at a high 15 right now... is it better to be upsidown in a Mach 1, or in a Fusion when it'll be the same amount of money??
According to KBB... Fusion is worth around 15,900 and i owe technically 23k (with ext. warranty)... vs, trading it straight for the Mach... and it being worth around the same, with the same exact payoff on it...
There are relativly no unmolested Mach's out there with low milage for under 20k (that i've found even close to tampa, fl)... closest one had 12k on the clock and they were looking for 20xxx for the Mach 1... the only other one i found worth checking out is a 04' Azure blue one with 52k on the clock for 15k.. which is a private party, so I would also have to pay approx 1300 in taxes for registration, which I would be avoiding with the dealer... I am going to go to CarMax.. if they can give me a good price for the car, I will sell it to them, but that's only going to be 17k tops anyways, I think..
FWIW... I do not want a LS1, the Trans-Am's are nice, but they're just as expensive for older higher milage cars... talk about being upsidown!!! lol
I have thought of all of them, which is why I haven't done it. The KBB on my car is only at a high 15 right now... is it better to be upsidown in a Mach 1, or in a Fusion when it'll be the same amount of money??
According to KBB... Fusion is worth around 15,900 and i owe technically 23k (with ext. warranty)... vs, trading it straight for the Mach... and it being worth around the same, with the same exact payoff on it...
There are relativly no unmolested Mach's out there with low milage for under 20k (that i've found even close to tampa, fl)... closest one had 12k on the clock and they were looking for 20xxx for the Mach 1... the only other one i found worth checking out is a 04' Azure blue one with 52k on the clock for 15k.. which is a private party, so I would also have to pay approx 1300 in taxes for registration, which I would be avoiding with the dealer... I am going to go to CarMax.. if they can give me a good price for the car, I will sell it to them, but that's only going to be 17k tops anyways, I think..
FWIW... I do not want a LS1, the Trans-Am's are nice, but they're just as expensive for older higher milage cars... talk about being upsidown!!! lol
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