ZX3TUNR,Mar 26 2006, 10:41 PM Wrote:Note that I didnt put down any money on the Civic.
Any who more pics. There sorta crappy since I had to take them with the cell phone. HIDs soon and then Im still deciding on rims. Debating if I want 18s or 19s.
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shoot.. expensive cosmetic modifications on a vehicle you owe lots of money on still.. and you are thinking of trading it in for a 2007 model year Si version... man... :unsure:
and the thread was so promising when you were talking about giving up a vehicle to get a cash cushion etc etc..
I got my cash cushion now with the cheaper monthly payments and now that my other loans are paid off. It just happened much sooner then I thought LOL witch was the next day LOL.
Loan is taken out for 5 years then my final buy out is 8500 witch they refinance for another 2 years. I will probably just get a newer car by then.
ZX3TUNR,Mar 26 2006, 06:39 PM Wrote:Loan is taken out for 5 years then my final buy out is 8500 witch they refinance for another 2 years. I will probably just get a newer car by then.
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Then it's not really a loan, it's basically a lease. I think Honda calls it their "Future Value Finance Program". Only difference, the car is in your name. But unlike a lease, at the end, you can't walk away, you have to sell the car; you still owe $8500 to pay off the loan. If a 6 year old Civic is worth only $6000, you still owe $2500. I HOPE the contract you got offered a guaranteed full price buy-back!
So...
$23,000-$8500 = $14,500 of your car is paid off AFTER 5 YEARS!!
Again, $350/mo x 12mo x 5 years = $21,000
FV=P(1+r)^n
21,000=14500(1+r)^5
r = annual interest rate = 7.7% !!!
If they were "nice" enough to give you the same rate,
FV=8500(1+.077)^2= $9860
In the end you paid $21,000+$9860 = nearly $31,000 for a $23,000 car.
By the way, if you refinanced that remaining $8500 ($9860), your monthly payments increase to $410 a month for a 6 year old car.
And you thought Ford was giving you a ride?
congrats jason on the new car purcahse. As for the civic hat0rz.. they probaly just say that cus they mean ricers suck, but if you look at a civic, its actually a really nice car. A lot of my friends drive all kinds of civics, the most popular model being the 89-01 hatchback style. Theyre nice cars, theyve dressed up the looks and performancve really nicely in the newer generations too, i wish I could say that about the Focus, im affraid I cant. Bottom line is. Nice Car, Congrats, and Enjoy it.
darkpuppet,Mar 26 2006, 11:11 AM Wrote:1 ) Men don't buy cars that say hello to them unless it's K.I.T.T
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Y'know, I
know the Civic is the better car, but it isn't nearly indestructible and last I checked its top speed wasn't 300MPH either :P
NefCanuck
(
Yes, I'm a Knight Rider fanboy, sue me :D)
Jay,
I'm sorry if you take my posts for trying to rain on your parade, I don't mean to. I sincerely hope you enjoy your new ride.
OAC_S
OAC_Sparky,Mar 26 2006, 08:30 PM Wrote:ZX3TUNR,Mar 26 2006, 06:39 PM Wrote:Loan is taken out for 5 years then my final buy out is 8500 witch they refinance for another 2 years. I will probably just get a newer car by then.
[right][snapback]177075[/snapback][/right]
Then it's not really a loan, it's basically a lease. I think Honda calls it their "Future Value Finance Program". Only difference, the car is in your name. But unlike a lease, at the end, you can't walk away, you have to sell the car; you still owe $8500 to pay off the loan. If a 6 year old Civic is worth only $6000, you still owe $2500. I HOPE the contract you got offered a guaranteed full price buy-back!
So...
$23,000-$8500 = $14,500 of your car is paid off AFTER 5 YEARS!!
Again, $350/mo x 12mo x 5 years = $21,000
FV=P(1+r)^n
21,000=14500(1+r)^5
r = annual interest rate = 7.7% !!!
If they were "nice" enough to give you the same rate,
FV=8500(1+.077)^2= $9860
In the end you paid $21,000+$9860 = nearly $31,000 for a $23,000 car.
By the way, if you refinanced that remaining $8500 ($9860), your monthly payments increase to $410 a month for a 6 year old car.
And you thought Ford was giving you a ride?
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Woah,
pwned :lol:
And I thought we had turned a corner and you were finally going to get money smart.
A better deal???? For who. Honda.
The car looks nice. But enjoy the 7 years paying for it.
OAC_Sparky,Mar 26 2006, 04:30 PM Wrote:Mathematically if you work backwards you paid approximately $24,500 for your 2005 Focus. The rest was interest.
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Yep that's about right. I went and pulled my sales papers
Cash price of car 23735.73
gst 1660.19
pst 1660.19
___________________________
total cash price 27056.11
-Down payment 1000.00
-Discount 2500.00
------------------------------------
Balance of Price 23556.11
Reg fee 21.00
Seaboard Insur. 1891.69
------------------------------
Balance for rate calc 25468.70
Times sales charge 1248.70
APR 1.9%
-------------------------------------
Total 26717.40
Edit > Ohh and the 1.9% apr was thru ford credit not a bank no cosigner my credit wasn't good enuff for lower interest but I'm glad I got it no co-signer.
Phantom,Mar 26 2006, 11:17 PM Wrote:Yep that's about right. I went and pulled my sales papers
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I had guessed at the insurance amount (didn't know what type you were referring to), the figure I guessed was actually lower than $1900. What was it for? Like life/sickness/employment insurance against the loan?
Just curious. Personally I usually waive those secondary insurances, I keep a personal policy high enough to cover my debtload.
Ya but when you factor in how much money I've spent on gas going to the mechanic it kinda evens out.
More importantly Congrats Jay. You're gonna love that car. No matter how many people put down Hondas they're still amazing cars with incredible reliability which is more than I can say about my 7 recalls, 38 trips to the dealer Ford Focus. The focus is a great car to drive, but only when you're actually driving it!
Hey Jay, you're not the only one coming out of a focus this year. Details will follow in June!
Some of you guys worry about money way to much. Its only money.
Kid, you got lots to learn.
ZX3TUNR,Mar 27 2006, 02:29 AM Wrote:Some of you guys worry about money way to much. Its only money.
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dear lord. i can say alot of bad things here because thankfully you can no longer ban anyone.
but i wont waste my breath
ZX3TUNR,Mar 27 2006, 03:29 AM Wrote:Some of you guys worry about money way to much. Its only money.
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oh boy.
ZX3TUNR,Mar 27 2006, 02:29 AM Wrote:Some of you guys worry about money way to much. Its only money.
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that's what I thought too... and I'm nearly 30 with zero equity realizing I
could be driving an $80,000 car had I been smarter when I was 23.
sure I've had a lot of fun, but man, I could be having so much more fun now!
but regardless, congrats on the new car, I hope it treats you well. Considering you're on a first name basis with it, I'm sure it will.
Congrats jay! Hope you enjoy the new wheels!
The focus is out...and my 1st kill of the year is an 06 Si. The look on dudes face when pulling up beside him, matching speed, waving, then peeling off leaving 8 cars behind was sweet. :D :P
Flofocus,Mar 27 2006, 10:21 AM Wrote:Congrats jay! Hope you enjoy the new wheels!
The focus is out...and my 1st kill of the year is an 06 Si. The look on dudes face when pulling up beside him, matching speed, waving, then peeling off leaving 8 cars behind was sweet. :D :P
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Honduh pwned.
And the poor kid probably thought his car was the quickest thing goin' too. I'm sure he's at home picking up the pieces wondering "what went wrong" Or he's telling his buddies he mopped the floor with you.
You guys are funny and shouldnt worry about me. I got lots of money to spend and nice parents.