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Old 01-23-2013, 02:07 PM   #51
Kabigon
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Uhhh why does it matter to you guys what he's paying monthly...
The OP said that he got a good deal so it's not unusual for people to want to know more details.

Can you imagine that other people may possibly be considering a similar move?
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Old 01-23-2013, 02:35 PM   #52
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The OP said that he got a good deal so it's not unusual for people to want to know more details.

Can you imagine that other people may possibly be considering a similar move?
Yes I can imagine.

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Originally Posted by suss6052 View Post
So yeah that's pretty much insane to me.

I was reasonable, and saved money until I could afford to buy the car, if not outright in cash but for a reasonable payment over a short period of time ( less than or equal to four years) as opposed to people stretching things out to 72 or 80 months these days.
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I can't see the benefit of only primarily paying the interest for five years to make the payments appear reasonable. Its a larger risk in the end, but a smaller up front risk.

By being responsible and saving to pay more upfront my car payment is less than $170/ month for an SEL.
But these comments drift from curiosity to borderline ridicule and a little on the smug side.

Anyway, awesome ST op! You drive it yet??
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Old 01-23-2013, 03:00 PM   #53
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But these comments drift from curiosity to borderline ridicule and a little on the smug side.

Anyway, awesome ST op! You drive it yet??
There was no ridicule intended, and if the O.P. is comfortable with the terms of the deal than that's great and they went from a comfortable car to one with more power but most of the same utility.

I was merely curious since they said it was such a great deal, however looking at the math itself it sounded like it was good for the dealer more than for the O.P. is all.

The lowest price for a fully loaded ST3 on a/z plan is around $27,128, so 28,825 + tax left a lot of room on the table for them to manuver money around from the front end of the deal to the back end with the financing.

The trade in might have been worth around 15k, if they owed 21k still that means they rolled 6k into the new loan, so that would mean in order to hide this it would take removing more than $1000 off the sticker price, so I'm not sure how that part worked. I guess that's why it pays to be friends with the owner of the Dealership.

I love the ST, but not enough to trade in a new or nearly new car yet.

I do hope the O.P. will enjoy the car in good health as it can be a bit of a hot hatch rocket ship.
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Old 01-23-2013, 03:10 PM   #54
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Originally Posted by suss6052 View Post
I was reasonable, and saved money until I could afford to buy the car, if not outright in cash but for a reasonable payment over a short period of time ( less than or equal to four years) as opposed to people stretching things out to 72 or 80 months these days.
The reason it makes more sense to stretch payments out "these days" is low interest rates. Just a few years ago rates were what around 5%? Financing $20k for 48 mos. @ 5% you'd pay a total of $2,100 in interest. Financing the same $20k today for 60 mos. @ 2% you'd pay a total of only $1,240 in interest. If you decide to sell before 60 mos. then of course you'll owe more at the time having increased the payback term, but that may be worth the reduction in payment from $460 to $295 for most folks.
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Old 01-23-2013, 03:55 PM   #55
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The reason it makes more sense to stretch payments out "these days" is low interest rates. Just a few years ago rates were what around 5%? Financing $20k for 48 mos. @ 5% you'd pay a total of $2,100 in interest. Financing the same $20k today for 60 mos. @ 2% you'd pay a total of only $1,240 in interest. If you decide to sell before 60 mos. then of course you'll owe more at the time having increased the payback term, but that may be worth the reduction in payment from $460 to $295 for most folks.
The other simpler way of reducing the car payment is to either pay in cash, put down a larger deposit initial payment (although that also requires having the money on hand/ in the bank) and go with the shorter loan terms.

The longer the loan term the greater the risk of being upside down in terms of owing more than the vehicle is worth.

Either way as long as one is aware of the risks vs the rewards that's entirely up to them as long as they make their payments it doesn't affect or bother me in any way.
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Old 01-23-2013, 05:58 PM   #56
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Either way as long as one is aware of the risks vs the rewards that's entirely up to them as long as they make their payments it doesn't affect or bother me in any way.
Whew, that's a relief.
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Old 01-23-2013, 06:16 PM   #57
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We're turning this into "Finance Fanatics."

My Focus is financed at 0% interest. When shopping for cars, I had originally assumed I would get something used, 4-5 years old. Around where I live, though, a lot of the cars to be found that fit this profile would be at least 8 or 9k $CDN, but typically more, and usually with at least 100,000 km. They also were not typically something I'd want to drive. Moreover, the larger, reputable used car dealers in my region seemed to all charge 8-10% finance interest, and I didn't have the savings to buy a car outright. I could have gone for a bank loan, but the more I thought about it, I figured if I was going to lock into paying for a car for several years, it may as well be new, only driven by me, and with a full warranty. It's hard to argue with 0% interest, too.

Whatever choice is made for payment, something different fits everyone's life. I'm young without a family, and I really wanted a car I would love. Plus, I have student loans that are appreciably larger than what I owe on my car, and they DO increase with interest, so they are my priority to pay off.

It doesn't hurt to talk through crap like this, though. This car is my first car not bought outright, so I was new to things like financing and leasing. Talked it through quite a bit with friends and family before I pulled the trigger on the deal.
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Old 01-23-2013, 06:57 PM   #58
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Originally Posted by suss6052 View Post
There was no ridicule intended, and if the O.P. is comfortable with the terms of the deal than that's great and they went from a comfortable car to one with more power but most of the same utility.

I was merely curious since they said it was such a great deal, however looking at the math itself it sounded like it was good for the dealer more than for the O.P. is all.

The lowest price for a fully loaded ST3 on a/z plan is around $27,128, so 28,825 + tax left a lot of room on the table for them to manuver money around from the front end of the deal to the back end with the financing.

The trade in might have been worth around 15k, if they owed 21k still that means they rolled 6k into the new loan, so that would mean in order to hide this it would take removing more than $1000 off the sticker price, so I'm not sure how that part worked. I guess that's why it pays to be friends with the owner of the Dealership.

I love the ST, but not enough to trade in a new or nearly new car yet.

I do hope the O.P. will enjoy the car in good health as it can be a bit of a hot hatch rocket ship.
I don't understand how you are putting these number together in your head. I work in finance (loan manager at a credit union) and I would never make a deal that would cost me that much money. The dealership PAID my loan for the Ti IN FULL. About $21k. I didnt roll a penny over to the new loan. The sticker price on the ST was $29,825. They took $1000 off the MSRP (which they said no dealer is giving any off the MSRP of ST's because they are selling for sticker). Where did I lose money??
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Old 01-23-2013, 07:00 PM   #59
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Either way as long as one is aware of the risks vs the rewards that's entirely up to them as long as they make their payments it doesn't affect or bother me in any way.


So is this guy to busy Hoonin' to let us know how much he's liking the car?!?! I'd love to own one of these
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Old 01-23-2013, 07:02 PM   #60
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Did you choose your winter tires (and possibly new wheels) yet?
I actually am not even planning on buying any for it. I drove the Ti with the summer tire package in a huge snow storm and did fine. The amount of time I spend driving in the snow isnt worth spending $1000 on tires...
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