Car For Sale

He paid ( contract ) at least 8700 for the car, money came out of his pocket as described above.

Last I heard he was upside down on his 5 year loan that he's 3 years into.

Maybe I'm mistaken.

 

http://www.thisboardrocks.com/forum/showthread.php?t=104826&page=2&highlight=equity

 

Ok, I didn't know/remember that part. I just don't want to see the car get blamed. Driving a used car for 3 years with no real repairs and eating some depreciation on it isn't all that bad. Sure, his depreciation is worse than it would have been on a jap car, but the car itself wasn't the train wreck everyone was telling him it would be.

 

Nope, the car did quite well. 60k and only brakes and tires is really good stuff. Can't ask for better.

I wonder what int. rate he paid? Must've been enormous - just based on estmated payments remaining he owes about $4400......

Photo - is the Aspire free?

 

he'll end up trading it in when he buys the aspire...probably lucky to get $2500 for it.

 

I'd be willing to bet his interest is at least double mine

 

I have 0 interest in this car, so your's is probably more than mine.

 

The Aspire is free.

12% interest. I was lucky to get a loan with my credit. (insert smartass comment here)

The Cougar has been a great car. The KBB value of the car is $5800. I was hoping to get something bigger after selling my car, but I am going to wait a year and save some money by not having a car payment. Plus my son will start kindergarten in the fall and we won't have to pay $500/month on preschool. We have already established a high interest ING savings account with which we will continue to save more money. I only need a car to drive 3 miles to and from work. I could put off buying another car and get a motorcycle next spring and use the Aspire when the weather is bad. A 2 gallon tank of gas can last a couple weeks on the motorcycle. And the payments would only be $125/month.

Yeah, maybe the cougar was a mistake and not worth the money, if I were to keep it through the entire term of the loan. If I can find an illegal immigrant with no computer and lots of cash to put spinners and neons and lots of mexican garbage on the back window, I can unload the car for $5000.

Its also a great car for a first time driver. What kid wouldn't want to drive a car like this to school? I was driving a $500 Yugo when I was in school. That was the only car I made money with. I sold it for $800.

I did win $4 with the lottery today and I bought another ticket.... maybe it's a sign.

 

3x my interest. WW, we're talking used car, go to a bank and get a loan interest, not promo new car deal.

 

I wasn't referring to my interest rate for my car...just my level of interest in buying the Cougar.