Quote:
Originally Posted by Kyflier
People think 0% is the greatest thing since sliced bread, you have to look at the whole package.
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If you finance for the maximum amount for the maximum term, it sometimes makes sense as you stated so well.
I believe in substantial down payments and short term loans on items that depreciate. 3 years is the longest I've ever financed a new vehicle. If I couldn't afford the loan payments then maybe I shouldn't be buying the vehicle.
I was upside down in a car one time (figuratively and literally). Ask me how much depreciation you have on a 4 month old 1979 Caprice Classic Landau after it's been totalled (forced off highway - end over end)...
I never wanted to owe money on something after my insurance settlement check again.
This philosophy is what helped me in the purchase of our current daily driver when we purchased it new. Took the LARGE rebate in lieu of the 0% financing, $2200 in GM credit card cash, the cash from the sale of our last new car and a steep dealer discount on their last remaining '06 Torrent in March of '07 and the ultimate amount due was low enough to just write a check.