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Originally Posted by PFUNK
Considering your post, this is kind of an ironic thing to say, wouldn't you agree?
Uh no. I researched my car quite well and am arguably only upside-down by the expected depreciated amount, which is only because I didnt pay a down-payment (afterall why bother, pay 4k up front of pay 4k now, same difference minus a few hundred dollars in interest spread out over 60 months).
I didnt get hustled into this purchase, I hustled myself into it. I can afford the car just fine,
I simply prefer not to since it is a waste of my own money. The same reason I dont wipe my ass with $100 bills. I just dont like knowing my money is going down the drain this badly since I am actually rather good with finances. I just got hooked on the feeling of having a cool car and felt the payments were worth my emotional high. I've matured a little since then and realized a car is nothing more than a handy machine to get you from point A to point B, and the 30 minutes per day I spend in it arent worth thousands of dollars for the next 5 years.
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Of course the dealer is there to skin you, and aren't going to give anyone near full value on their car.....and why would they?
I'm not asking full value for the car, I just didnt realize their profit margin had to be like 30% per transaction to stay in business. I figured money is money and they'd take 2k over nothing.
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They can do all this because, as you will soon find out when you list your car privately, not a lot of people have $30K cash sitting around and are looking to buy a Ford Mustang....much less even be able to qualify for a bank loan for a used $30,000 sports vehicle.
Nobody has 30k cash laying around. Everybody gets car loans unless they are buying a car under 10k. And if a used vehicle can be appraised for 30k then a bank will give you 30k.
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Either way, best of luck...I still say your better off with a nice car under warranty, but I have no idea how cashed strapped you really are at the same time. I'd probably just figure out a way to make more money or cut back on something else to make it work.
I'm only cash strapped to the point that I cant take a trip to the bahamas or vegas as often as I'd like, or that I can buy other toys in greater quantity rather than my single toy which is a car. The car still works and as you said is under warranty. Eventually it'll be mine, and the value of it is irrelevant so long as I continue to pay for it.
Anyway thanks for all the BBV style non-advice from everyone probably in worse financial status than me. The original question was if there was any merit to getting a LEASE since that offers a unique scenario to quickly cut down on costs and ditch the loan entirely. But I imagine nobody here knows dick about finance in the first place hence all the ******ed replies.