Somebody good with math..
Date: Sun, 11/19/2006 - 16:56
Negotiated price $24500
Sales tax 8.25%
60 months
no trade
$1500 down payment
7.19% interest rate
How much will I have paid for this vehicle at the end of 5 years?
Thanks a bunch
I figured under 32k. I may've missed a step, but I think I'm pre
I figured under 32k. I may've missed a step, but I think I'm pretty close...
I am not really sure if this is right, but I came up with $30,03
I am not really sure if this is right, but I came up with $30,035.98...If I am wrong, maybe someone will correct me..Oh yea, that is not including your $1,500.00 down payment. After that, I think it will be $31,835.98
Okay thats a good number, so I pay at the end of 5 years say 32K
Okay thats a good number, so I pay at the end of 5 years say 32K for a 25K vehicle, now with depreciation on a Honda after 5 years would that be considered a good investment?
You're cars value greatly depreciates once you drive it off the
You're cars value greatly depreciates once you drive it off the lot.
I've been told it depreciates by 35% at least once you drive off
I've been told it depreciates by 35% at least once you drive off in it.
There are a lot of decent vehicles out there for well under 20,0
There are a lot of decent vehicles out there for well under 20,000. Nothing worse than a big car payment!
Ashley I have read some of your posts in the past about being in
Ashley I have read some of your posts in the past about being in debt with payday loans. Do you really feel you are financially stable to finance a vehicle with that price sticker?
If you feel that you are in a financial state that you can handl
If you feel that you are in a financial state that you can handle it, go for it.
OMG No! I am not financing a Honda. I have in the past (actuall
OMG No! I am not financing a Honda. I have in the past (actually had one repoed because I couldn't afford it) These calculations will be part of my blog entry for tomorrow, so check back
Quote:You're cars value greatly depreciates once you drive it of
Quote:
You're cars value greatly depreciates once you drive it off the lot. |
True, but she is buying a Honda. Honda always has a high resale value. Main reason is she can easily get over 200k miles on that car. I had a 91 Honda Accord. I can't tell you exactly how many miles I had when it broke on me because the speedometer cable was weird, but I guess close to 400k. And I don't have it because the front axel broke. It still started every morning to that point and didn't burn any oil. And it never had the engine or the transmission rebuilt.
Needless to say, we just bought a 2002 CRV for my wife. Only 52k miles on it when we bought it 6 months ago. It will far outlive the loan period.
what would it cost?
To the best of my figuring and a friend of mine who is auto resell...after the 1500 down it should cost approx 32957.00. And as far as the depreciation value he told me that a 5yr old honda brought back in for trade in would get about 7500 to 9000 depending on if the vehicle was still in good shape as far as body damage, engine wear, modifications etc.