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Discussion Starter · #1 · (Edited)
Well I've been a Colorado owner since 05 and after 67,800 miles on it, I got bored and needed to get out of the truck because of the low resale on it. So I tried to get rid of it for a IS350, Acura TL, Infiniti G35, but no one wanted to w/o money down. So I go back to my chevy dealer, and drove the Silverado and liked it, so after 2 days, 3 vists, and about 5 hours of negotiating I was able to walk out with the truck. Here is where I'm worried, I get to the finance guy and he starts saying they dont know about the rate being low and it might come back and he can assure it if i got the warranty so he could have something to sell to the bank and so forth, turns out he wanted to jump from what i took 5 hours to get which wasn't easy, which is a payment of 646.00 for 72months w/ a 6.9% through GMAC to a payment of 683.00!!! and then he said you can cancel the warranty, but i'm like yea but i'll be stuck w/ a payment of 683.00 and he's like pretty much, I'm like uhh no thanks. Now this is taking into consideration I got a 08 Ext Cab 2LT, which I have about 7000 in negative equity, so he says the bank wont like that and will ask for money down and so forth, so I told him try it and if not then you can keep the truck. So for now it's mine, im hoping i keep it. If i do i'll post pics of the truck:
 

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This is a prime example why I got my loan in order before I went to the dealership. ;-)

1) How much are you going to pay for the truck? Set that number, not the monthly payment.

2) Get the interest rate if you're going to finace it.

3) That's a set number. It is what it is. The longer you go out the more you'll pay for it in the long run.
 

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I had my eyes opened to the "MILLION DOLLAR CAR PAYMENT" a few years ago. As much as I love new cars, I value what else I can do with my money so I've been paying cash for my cars ever since.

So if you want to retire with some dignity (read $$$) then you might want to keep that Colorado and dress it up with the car payment you are planning to adopt.

From: associatedcontent
The Million Dollar Car Payment
The NADA estimates the average car payment in the United States is around $400 a month over five years. The average American will own five or six cars over a thirty-year period after paying one off and financing another (many don't even pay one off, they simply roll the balance into the next purchase). That's about $144,000 in car payments over a thirty-year period. That doesn't [sound] too expensive, does it? After all, we are talking about thirty years here.

Compounding Interest is our Friend
The real opportunity cost of this $144,000 in car payments is found by calculating how much money we could have accumulated over the same thirty-year period by investing this $400 a month in savings. Instead of financing a new car and making payments, let's assume you bought a used car for cash and put that $400 a month into a retirement savings account comprised of growth stock mutual funds averaging a 12% return per year. If you stuck to this plan from age 30 to age 60 you would have $1,002,556 in your retirement nest egg. Those cars look a lot more expensive now, don't they?
 

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I'm in agreement on that, not to dump on the original poster (lol) but that's the majority view of car buyers in the US today. Cash buyers are fewer and far between ... mostly becuase we're not a nation of savers anymore and marketing folks (like me) try to get you to spend it all before you even get it. I paid cash for my Cavalier, but I had to finance my TB becuase I didn't have any cash.

Maybe we should make a Dave Ramsey Thread on here. If enough people post to it, I'll call into the show . ;-) :sign0018:
 

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Careful ..... if you drink the DR cool aid you'll have to pay off the TB or sell it and buy used.
 

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They way I view vehicles may be different. I don't care what the payment is if you can afford it, go for it. I love vehicles. They are a neccesity to me. I'll pay my truck note before I get a chance to eat dinner. This is my first new truck and i'm paying 490/month plus a nice little bit in insurance. I my pay scale at 21 its not that cheap. But I would pay that and more for a truck I love to drive. I deff. dont have the years under my belt like some of you guys who have been there, done that but if you want something bad enough make it happend. Congrats on the truck and I hope everything works out.
 

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Discussion Starter · #7 ·
well i take the payment into consideration to see if i can fit it into my expenses, but i also take the term into play, i was on a trade it so 72 was practically a given since i had no money down.

APR = 6.99
Term = 72 Months
Payment = 646.XX, Rounded 650.00
If I keep it and make the minimum then it will be around 46,6XX.XX over the 6 year period. I'm averaging about 3 years on my vehicles, so who knows what will happen, but i think this one will be paid off, I'm 22 and looking to get a house in the near future and possibly propose so I can't play around with trades and trades...
 
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