View Single Post
Old 02-26-2014, 09:55 PM   #27
2nd Gear Member
Distinct's Avatar
Join Date: Oct 2013
Location: Toronto
Posts: 196
Originally Posted by bro2boss007 View Post
I was researching the interest rates with TD and they told me that if I bought a 2008, the interest rate would be 11.5 and on the other hand, the 2009 would only be 6.5. The monthly payment, if I paid nothing down comes up to $834 for the 2009. I have decided that I am going to save up and put some decent chunk of money down. Considering that I'm just starting to save, that might take me 6 months to get to like $8000 or may be a little over that. Let's see. How would you guys go about this?

Buy a car for $7000 at that time and owe nothing and spend the $1000 to fix and maintain it or keep it as a reserve fund. The car should be fun and not become a huge debt in your life. Imagine paying for repairs on a 2008/9 that you are making monthly payments on with huge interest and you just put down $8000. I wouldn't be happy no matter what vehicle it was.
Distinct is offline   Reply With Quote