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Re: Is this a good deal? Need help fast.
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Posted by Allan (more from Allan) on Mon, 6 Nov 2006 19:18:19 Share Post by Email
In Reply to: Is this a good deal? Need help fast., donna, Mon, 6 Nov 2006 13:38:04
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Using 6.25 as the prevailing market rate for a 60 month loan on a new car, I calculated your payment would be $593.20 to finace $30,500 over 60 months.

A 0% loan on $34,500 equates to a $575/month payment. The present value of the difference ($23.20) at 6.25% is $925.49. Meaning, you could buy another $925 dollars in options at the 0% and have the same payment you'd get by taking the cash rebates and financing at the prevailing market rate.

For 48 months, your payment would be $719.79 (again using 6.25% as prevailing market rate). The 0% payment on the higher purchase price would yeild a monthly payment of $718.75. The savings related to the lower interest rate would be negligable -in which case I'd advise you to purchase at the lower price and finance at market rates. That way, you'll start out with less debt, and more equity -making it easier to trade or sell your car during the payment term.

Hope that helps with your decision.
-Allan

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