... in one year. Ouch! I thought I was getting a good deal: I paid Edmunds TMV and got 0% for 48 mos on a 2002.5. Today they say my car is only worth only $10K for trade-in. Well - I guess I'm going to have to keep it, at least until I'm even on the loan. Just had to vent...
$6k depreciation ...
- Thread starter asterix
- Start date
keyserscott
Member
Welcome to the 10K trade in club! They tried to screw me over on the value too. I said, oh well, I shouldn't be trading it in anyways since i'm upside down. I just figured i'd save up for boost.
Total Price of the Protege5: $21,700
Down payment: $7,000
Loan APR: 2.9% for 5 years
Loan Owed: $11,500
Value of Car: $10,000:mad:
Down payment: $7,000
Loan APR: 2.9% for 5 years
Loan Owed: $11,500
Value of Car: $10,000:mad:
StreetPreacher
Member
- :
- 2002 Protege5
You've got to stop looking at the value of the car in dollars and cents. I paid $18,000 (and still paying) for a great car, I don't care what it's 'worth' now. To me it's invaluable!
-Sp
-Sp
I don't buy new cars anymore. I bought my 02' P5 2 weeks ago for $10,400. It has a factory wheel upgrade and sun-roof. Mint condition except for 1 door ding on the passenger rear.
New, this same car new would have cost me around $14,900 and would have been worth about $12K the minute it rolled off the lot. Next year, it would be worth well under $10k with the new Mazda3 out. After that first hit, depreciation is nearly linear. I try to buy stuff 1-2yrs old with low miles. The only thing this car needed was the front rotors machined and the ECU cold start re-flash (haven't done that yet, but it dose sound like a diesel at idle in the morning).
New, this same car new would have cost me around $14,900 and would have been worth about $12K the minute it rolled off the lot. Next year, it would be worth well under $10k with the new Mazda3 out. After that first hit, depreciation is nearly linear. I try to buy stuff 1-2yrs old with low miles. The only thing this car needed was the front rotors machined and the ECU cold start re-flash (haven't done that yet, but it dose sound like a diesel at idle in the morning).
That was in July 2002. Thats including tax and title plus Lo-Jack. Also it came with 6 disc changer with tape. Side ABS, Moonroof with deflector, rear bumper guard, mats, cargo mat, cargo net, and the rubber trunk liner.prote5 said:
SnowSerpent said:
And yours came with leather seats.
Thinking about how much the P5 depreciates is depressing. I just started my 4 years of lease payments then there's the buyout if I choose to do that. My lease rate is 5.2% which means $3600.00 CAD interest. Then on the buyout there is14.5% sales tax...now that's depressing!
Well this was my first NEW car, and I've got a touch of "buyer regret". Bottom line - if you get new, buy something you know is gonna fill your need for 7-8 years or so. If I had to do it again I'd get a wagon just a bit bigger. Sheit - how was I to know that the wifey was gonna get preggers one month after I bought it?? It take some people years...
When you buy a car, do you get it to drive, or for the investment..
There aren't many car's out there for investing in.. Even Rolls Royces have depriciation..
Cars are money pits. So enjoy the car, keep it well, and it will last you a while.
BTW, leasing is the biggest scam, you loose more on a lease then you do on buying/finance..
Leaseing also costs you extra on insurance (I know here in Ontario it does for sure..)
Enjoy the drive..
There aren't many car's out there for investing in.. Even Rolls Royces have depriciation..
Cars are money pits. So enjoy the car, keep it well, and it will last you a while.
BTW, leasing is the biggest scam, you loose more on a lease then you do on buying/finance..
Leaseing also costs you extra on insurance (I know here in Ontario it does for sure..)
Enjoy the drive..
EXA4DRIVER
Member
- :
- 04 Suzuka Blue S2000
Remember guys, most auto loans don't have a pre-pay penalty. So when you trade in your car, you are not paying for the months left of interest, just the principle 
Go to Edmunds and do the cost calculation. It gives the service cost, finance cost and resale value broken down by year.
I'm over 40 and this was my first new car. The warranty and the price mean even after depreciation it's still a pretty good deal. Here in california used cars are going to be more trouble since the emissions test puts your car on a treadmill(much tougher test). With anew car I get a 5 year reprieve.
My last car was a 91 escort GT and lost a cylinder at 270,000. The rabbit before that had 220,000 when I donated it. So try not to get hung up on getting the new new thing and enjoy what you buy. All the research and test drives got me this car and the biggest regret is that they now give a $750 bigger rebate then 3 months ago. But that's life.
I'm over 40 and this was my first new car. The warranty and the price mean even after depreciation it's still a pretty good deal. Here in california used cars are going to be more trouble since the emissions test puts your car on a treadmill(much tougher test). With anew car I get a 5 year reprieve.
My last car was a 91 escort GT and lost a cylinder at 270,000. The rabbit before that had 220,000 when I donated it. So try not to get hung up on getting the new new thing and enjoy what you buy. All the research and test drives got me this car and the biggest regret is that they now give a $750 bigger rebate then 3 months ago. But that's life.
EXA4DRIVER said:Remember guys, most auto loans don't have a pre-pay penalty. So when you trade in your car, you are not paying for the months left of interest, just the principle
Not always. Some car loans you pay the interest for the entire length of the loan before even paying for the car. If you have a loan like this and you trade in your car soon after buying it then you get *****.
Yeah Dermen is right. Ever look at an amortization (sp?) table? You pay mostly interest with your first several payments. If you make a year of payments, then payoff your loan, you're doing just what the bastards want. Don't give 'em the pleasure. 'Course if you get 0%, it doesn't matter.
