a lot of good insight... thanks guys
That 1st dealership (the one with the '07 Speed) came back to me today with a 5.5% rate for 60 months so I guess I have to be pleased with that. I can pick the car up as early as Friday and be done.
The thought of getting the new MS3 still looms.
I may be guilty of over-thinking this a bit.
If it was clear cut which was the better 'deal' that would be one thing. But they both seem so damn good... it's sort of clouding my judgement.
That said, if you go on the premise that I'd secure a 72 month loan on the '09 and a 60 month loan on the '07... that 12 month difference roughly equates to $4k (which is roughly the difference between the price of the 2 cars)
It would almost be like buying the '07 back in '07 with a 72 month loan... and letting someone else drive it (and make the payments) for a year. Now here I am... a year later and I'm ready to take over at $335/month for 60 months.
Conversely, in buying the '09 I wouldn't have a phantom driver/payer... it's all me from the start and I'd be paying $370/month for 72 months.
You can probably see where I'm going with this. All things being equal, the '07 has the lower payment. Not by a lot but... enough. Based on that logic and that logic alone, that seems to be the better 'deal'. Over the course of the respective loans, it looks like I'd be paying nearly double in interest charges with the '09 as I would with the '07. ($335 x 60 = $20,100 - $17,481 = $2619 VS $370 x 72 = $26640 - $22,167 = $4473) For a mere 12 extra months I'm paying and extra $1854 over the principal. So I'm now leaning towards the '07. It's the color I wanted... but admitedly, the interior of the '09 is more to my liking. I like what they did with the piano black treatment... and I also prefer the seats on the '09 more. But hey... Im not gonna nitpick here. I think I've made my decision.
That 1st dealership (the one with the '07 Speed) came back to me today with a 5.5% rate for 60 months so I guess I have to be pleased with that. I can pick the car up as early as Friday and be done.
The thought of getting the new MS3 still looms.
I may be guilty of over-thinking this a bit.
If it was clear cut which was the better 'deal' that would be one thing. But they both seem so damn good... it's sort of clouding my judgement.
That said, if you go on the premise that I'd secure a 72 month loan on the '09 and a 60 month loan on the '07... that 12 month difference roughly equates to $4k (which is roughly the difference between the price of the 2 cars)
It would almost be like buying the '07 back in '07 with a 72 month loan... and letting someone else drive it (and make the payments) for a year. Now here I am... a year later and I'm ready to take over at $335/month for 60 months.
Conversely, in buying the '09 I wouldn't have a phantom driver/payer... it's all me from the start and I'd be paying $370/month for 72 months.
You can probably see where I'm going with this. All things being equal, the '07 has the lower payment. Not by a lot but... enough. Based on that logic and that logic alone, that seems to be the better 'deal'. Over the course of the respective loans, it looks like I'd be paying nearly double in interest charges with the '09 as I would with the '07. ($335 x 60 = $20,100 - $17,481 = $2619 VS $370 x 72 = $26640 - $22,167 = $4473) For a mere 12 extra months I'm paying and extra $1854 over the principal. So I'm now leaning towards the '07. It's the color I wanted... but admitedly, the interior of the '09 is more to my liking. I like what they did with the piano black treatment... and I also prefer the seats on the '09 more. But hey... Im not gonna nitpick here. I think I've made my decision.
