Watch the car you buy.
If you need to buy a new car it’s a good idea to look at how much money you are spending.
A $20,000 financed over 5 years at 9% is $415 a month. If you buy a $25,000 car and finance it for the same 60 months at 9% the payment goes up over $100 to $518 a month. I found cars in this price range on the GM website. If you look at the big boys, Cadillacs, the savings can get very impressive.
The Cadillac STS-V is $79,000. Financed for 5 years at 9% is a $1,639.91 monthly payment. If you buy a more affordable Cadillac, a Cadillac DTS, the MSRP is $42,590 the monthly payment is $884.10 using the same terms.
This is a great web site: http://www.defenselink.mil/mapsite/carpay.html
Many savings gurus scoff and huff at the idea of buying a new car, pontificating “No no, buy a used car with only a few miles on it.” I can only reply, I’m surprised my wife stayed married to me with the thousands and thousands of dollars I invested (no, WASTED) on repairs to used cars.
Most Americans don’t ponder which Cadillac to buy so let’s use the lower end example. A savings of $103 a month is $1,236 a year.
If you need to buy a new car it’s a good idea to look at how much money you are spending.
A $20,000 financed over 5 years at 9% is $415 a month. If you buy a $25,000 car and finance it for the same 60 months at 9% the payment goes up over $100 to $518 a month. I found cars in this price range on the GM website. If you look at the big boys, Cadillacs, the savings can get very impressive.
The Cadillac STS-V is $79,000. Financed for 5 years at 9% is a $1,639.91 monthly payment. If you buy a more affordable Cadillac, a Cadillac DTS, the MSRP is $42,590 the monthly payment is $884.10 using the same terms.
This is a great web site: http://www.defenselink.mil/mapsite/carpay.html
Many savings gurus scoff and huff at the idea of buying a new car, pontificating “No no, buy a used car with only a few miles on it.” I can only reply, I’m surprised my wife stayed married to me with the thousands and thousands of dollars I invested (no, WASTED) on repairs to used cars.
Most Americans don’t ponder which Cadillac to buy so let’s use the lower end example. A savings of $103 a month is $1,236 a year.
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