Brag or Beat: Just bought a 2007 Yaris

[Duke]

[ QUOTE ]
Hey guids, the missing money is because I had to get automatic transmission. That was quite a bit. Also I didn't change the payments, I just reread the papers and found out they were different then I first said.

[/ QUOTE ]

OK, you probably should have just learned to drive a stick. Automatics break, too, and a clutch is an order of magnitude cheaper than an automatic transmission to replace.

My biggest regret ever involved not paying cash for a car. I hate the concept of payments, and would -only- make them if there was some ridiculously low interest rate that allowed me to make more in a CD or something. If I didn't have 100% of the purchase price at my disposal, I'd never even consider buying it. Never ever. I'd buy a cheap motorcycle until I had it.

But that's just me, and I not only hate car payments, but also hate every single monthly installment plan that companies love to stick us with. That's just me, and to each their own.

Do you like the car? If you do, then great. I hope you didn't get jacked on the interest rate too badly, and hope that you plan on driving the thing into the ground. That'll get your money's worth, at least. Cars are just something that a lot of people waste a bunch of money that they don't have on, and they end up getting married to a crappy job or whatever just to make those payments. I think that's the side that most of the negative responses are seeing, but they're choosing a pretty poor way of getting their point across.

[kevstreet]

Brag. Congratulations OP, enjoy your new ride.

[FakePlasticTrees]

Thanks, intrest was 7.9%, and I do plan on driving this thing to death.

[Scotty.]

OK, I really don't remember how to do this properly and don't feel like looking it up, but it doesn't seem OP got such a bad deal when figuring for the time value of money. Assume 8% interest rate seems reasonable.

FV = 12000(1.08)^5 = $17631.94

OP, if you really want to know if you got ripped off, and by how much, just post a pic of your payment details, and someone can do a present value calculation for both options.

Edit: I see where I went way wrong. 8% is the interest rate OP is being charged, not what he would earn on money he invested. Either way though, I wouldn't mind seeing the real numbers.

[Osprey]

Death is like 14 years or 200,000 miles for that car, probably.
I drive a 1993 Infiniti G20- pretty low mileage. little crap that goes wrong every few months, but I spent about $1100 maintaining it last year, which is like 3-4 payments or 1/5th of a decent downpayment. I'm driving it until it dies...

[Truja]

Automatic transmission?? sucks
$300 monthly for 5 years?? SUCKS

[Paul B.]

bump

[xxThe_Lebowskixx]

thats one fugly car.

[olliejen]

i say its a brag. good for you man, don't listen to the haters.

[Zoelef]

[ QUOTE ]
Just looked at bill, and I overstated the $ per month, its @ 275$ per. Regardless, I am glad of the purchase because a car is vital for me and my earned money would be going towards stupid [censored] instead of this worthwhile item right now.

[/ QUOTE ]

Your car is economical, but the loan is not. Please pay it off ASAP as 10%+ interest sucks and your credit will improve as a result.