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Old 01-25-2012, 07:05 PM   #1
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Pros Cons 2010 SES(L) or 2012 hatch?

So my aunt traded in her 2010 SE(something) for a hatch and somehow lowered her payments.... so my dad wants my mom to do the same. ours is black with chrome mirrors and grille and such and leather interior with sony premium sound and heated seats and pretty much everything. So does this sound reasonable to trade the car in and get lower payments and a brand new car? How are the 2012 Hatchbacks? Any pros and cons?
If my mom could do this I would want her to, I love hatchbacks, which is why i bought a zx3. thanks guys


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Old 01-25-2012, 07:10 PM   #2
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I'm not a genius, but I'm guessing that your aunt had a high interest short(ish) term loan on her car and she traded it in on a new one and the new loan has low or 0% interest along with a down payment and the trade-in value of a 2010, this would mean less money on a lower interest loan. That's the only way I can think that the payments would go down. However, chance are your insurance is going to go up since its a new car. So, I doubt you will really be saving too much.

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Old 01-25-2012, 08:28 PM   #3
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It depends on the financing and cost of the car. If she only owed a couple of years on the 2010 and traded it in for a 2012 that would restart her financing, adding a couple years eft on the payments. But it would also lower the monthly payment.

It can be done in a few ways, it depends on a lot of factors. Insurance won't up too much.
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Old 01-25-2012, 10:36 PM   #4
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It's possible the dealer wanted the 2 year old car for their used lot, there are shortages of 2-5 year old good used cars.
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Old 01-26-2012, 12:46 AM   #5
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Monthly payments mean nothing. It is the total cost, interest paid which means a lot.

Like a credit card: making the minimum payment allowed over the maximum time will leave you paying $5,000 for a $2,000 line of credit. (and that is only if you never use the card again) twice a year missed payments and late fees can boost that total payments to $8,000 easy.

So all that really matters is the rate, the length and the total costs.
"Monthly payment' is for folks who can't add. (sorry to be so blunt, but it is for suckers..)

My Focus loan is 48 mo at 3.9% so I am paying $80 a month interest on that loan for starters.
Nearly every dollar I pay off 'extra' at the start of the loan, will save me a dollar in interest at the end.
I definitely plan on paying it off in 36 months.

For a person who never plans ahead, thinks of today only, and lives paycheck to paycheck... They may be happy with the deal of a new car with lower payments, and not be bothered to look at any of the terms of the contract.
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Old 01-26-2012, 01:05 AM   #6
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Quote:
Originally Posted by Elizabeth View Post
Monthly payments mean nothing. It is the total cost, interest paid which means a lot.

Like a credit card: making the minimum payment allowed over the maximum time will leave you paying $5,000 for a $2,000 line of credit. (and that is only if you never use the card again) twice a year missed payments and late fees can boost that total payments to $8,000 easy.

So all that really matters is the rate, the length and the total costs.
"Monthly payment' is for folks who can't add. (sorry to be so blunt, but it is for suckers..)

My Focus loan is 48 mo at 3.9% so I am paying $80 a month interest on that loan for starters.
Nearly every dollar I pay off 'extra' at the start of the loan, will save me a dollar in interest at the end.
I definitely plan on paying it off in 36 months.

For a person who never plans ahead, thinks of today only, and lives paycheck to paycheck... They may be happy with the deal of a new car with lower payments, and not be bothered to look at any of the terms of the contract.
Maybe people with a large savings account and a steady job can afford to do these things. Not everyone can.

I have a high interest rate stretched out for 66 months, they gave me a large discount because of that, but it's all I could afford and I was able to do it on my own. My next car maybe I'll be able to plan it out a bit better, but this time I really had no choice.

Unfortunately for people like me with constant student loan payments, but in dire need of reliable transportation (my previous car was totaled, but I drive and volunteer a lot and that will lead to a job), monthly payments are the MOST important thing.
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