No no Nick. No fair only telling part of the story. I guess the payment amount is relative to how many months you want to keep doing it, and how much you coughed up upfront, before you started making your 335.00 monthly payment.
I looked before this reply.
You must've had God on your side the day you bought your car.
Even in
today's mkt, a low mileage 2011 Premium GT still commands over 20k. That's, for a car that has the commensurate " low mileage" for its age ( around 30,000 questionable miles ( as in, you don't know how hard that horse was ridden before it got its wash, and shine,.....then presented for sale)).
Without adding one single percent of interest, let's do a little math then, shall we?
20,000\60 = 333.00
So then, what you're telling me is that you bought a 1 year old, low miles GT for 20k?
Now let's get even more real.
Even though you got a " new car" interest rate, there's still gotta be a number there. Let's say 6%
Now you must've had God, his son Jesus, Mary, and Joespeh all in your corner, cause in order for you to have a 335.00 monthly pymt, spread out over 60 months, that means that you managed to find a low miles, one year old GT for 17,300.00
WHAT!!!
The fact of the matter is this sir. When I threw out the 550.00 number, I was talking about the real world monthly pymt on 30000, calculated at new car loan interest rates ( around 3%) drug out for 60 long assed months.
Even at that "
pie in the sky" scenario, you're still gonna have to get a whole bunch of lucky to buy a one, or two year old S 550 for less than 35k.
And then you get to add how much extra dollars the 3% adds to the 35k after the last pymt was made.........2734.00. At 6%, ( which is more than likely the best you'd get on a used car loan) add 5600.00 to that instead.
That's $ 40590.00 for a 35000.00 car.
Now,...how many red cars, and g monsters can I have for actual dollars invested
For 40,000?
Hmmm,...
....let me think about that....
...Both of them.