>be me
>finance used 2013 C250 Mercedes-Benz at dealer for $27k + 3k in junk (i find out later) @ 3.3%
>Have car for a year
>car depreciates $6k
>making $500/month payments
>Owe 24k on a 19k market value car
>Having second thoughts about this car
>Didn't know much about finance before purchase.
Do I wait til I pay off the loan at which my car will be worth 10k or sell it now and have 5k debt?
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He went to a (((dealer))). Should have just gotten an older Benz and paid 10K cash.
Yeah I did this, picked up a 2003 C32 AMG for $6k. Runs fine, maintenance is obviously higher than a basic car but not awful. 349 hp is pretty fun and I don't give a shit if it gets dinged up or crashes.
retards deserve to be scammed
The question can't be answered without knowing how much money you make, what your bills are, etc.
Financing a car is agreeing to pay a higher price if you can have it now. Whether or not this is a 'good' decision depends on what your cashflow is like and what sort of value you get from the car. Nobody can answer that for you. Being successful rarely means pinching pennies.
I pay 1k a month on my car and I could afford to pay more. I don't care about paying this much. I don't even feel it. My car obviously provides me a lot of value, else I wouldn't pay that kind of money for it. When it's finally paid off, It'll be worth half what I paid for it and then I'll buy something nicer. Maybe even a lambo
Lol dude and you picked the most high maintenance of the luxury sedans
Have you impressed anyone with your car at least
Would be a shame if you were to go to a ghetto neighborhood to volunteer at a soup kitchen and someone were to steal that car, user.
;)
> Maybe even a lambo
lol if you had that kind of money you wouldn't be financing a car in the first place. pleb
He absolutely would finance it with his holdings as collateral and get a super low interest rate, lower than his investment returns.
That's absurd. I finance a car because, although I might have 50k in liquid assets, those assets are appreciating at a much higher rate than the 3 points I pay on the auto note.
So I keep the assets as they are and use the dividends to pay for the car. Do you even finance bro?
Every investment I have has made me well over three points this year. Financing the car is the best strategic move.
at least you learned from your mistake op, some people never learn
Here's what I would do. If your credit is good, sell the car private sale so you can get the most for it (trade in at a dealership will just fuck you more) and get a loan from a credit union for to cover the difference and enough for a cheaper car. Once it's all paid off. Save up money and sell your car and buy an upgrade with cash. Car payments are fucking stupid and will prevent you from being wealthy.
Definitely impressed some people with it.
Girls for whatever reason like it the most.
I can afford a lot more than this car, but im just frugal. It provides a lot of value for sure, but it's getting old.
I've been thinking about something like this actually.
Definitely learned, but no guidance from family or research when buying a car hindered my ability to make a good decision.
I couldn't agree with you anymore that car payments are stupid. Good suggestion and I'll save it.
Assets and liabilitys my friend. Much to learn you have.
You are a fucking idiot bragging about an interest rate on a car. You think you got that interest rate for nothing? They jacked up the price of the car, moron. that's how it works. The customer focuses on one number and the dealer sleight of hand style jacks up the others.
Yeah but it was my bank who gave me that interest rate, not the dealership.
Cars aren't investments, OP. They are for transportation. Why do you think used cars are so fucking cheap?
Either way it goes, they still charged you more for the car for not financing with them at a higher rate. Car buying is a scam any way you put it. The trick is to get scammed the least possible. Look, there are 2 kinds of cars in this world. Honda Civics and Lamborghinis. If you can't afford a Lamborghini yet, get the Civic. Anything in between is just a really expensive Civic that screams "I'm in debt to my eyeballs". Even dumb millennial bitches you're desperately trying to impress have that one figured out.
I wish I was keen to this a year ago, now I'm stuck trying to figure out what I should do.
Why on Earth would you assume I financed through a dealership? Have you ever even financed a car bro?
Omg you're so stupid. You shop for a loan and you shop for a car and you don't do both at the same place you bicycle riding NEET
should have bought a bike, user
Not as stupid as you apparently. Go to a dealership tomorrow and negotiate over some car and give the impression you'll use their financing so be really aggressive about the price. Then at the last minute tell them you're paying cash. See how fast they back out. You think cuz you had outside financing, you got a good deal? HAHAHAHAHAHAHAHAHA. Then you woke up.
>Anything in between is just a really expensive Civic that screams "I'm in debt to my eyeballs".
I don't totally agree with you, but there's enough of a truth here. No one really cares you've got an Acura or some premium trim on your Infiniti or some "sporty" chinkmobile. And that can cost a lot to someone pretty poor off.
You're pretending to know a lot about buying cars yet everyone can see that fewer than fifteen minutes ago (here ), you hadn't even realized that people typically finance through their bank. I don't think you've ever financed anything. You're just reciting crap you've read off the Internet.
you're speaking ignorance right now and I'm not even going to bother arguing anymore with you.
t.used to do this for a living
Boy did you fuck up.
This guy is a bit eccentric but he's right.
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Sell it. Sell it quick.
yer relatively wealthy. sell it and buy something cash. never finance again. ez and sound
You used to sell cars for a living? Now what do you sell? Bullshit? You suck at it.
btw dont buy bottom of the line cars ever. you could snag a deal on a midline or top of the line used car cash. that shitbox is the yugo of mercedes