Hot Wheelz

By Rob Chirpich

My Finances

Salary: $120000


Yearly/Monthly

Housing: $42000/$3500

Taxes: $30000/$2500

Transport: $18000/$1500

Food: $18000/$1500

Savings: $6000/$500

Medical: $3600/$300

Misc: $2400/$200

Car: $12000/$1000


What I can afford:


3 year loan: $33990.68

4 year loan: $44509.02

5 year loan: $54633.11


Car I am getting: 2014 Acura TSX

Link to car: http://www.kbb.com/acura/tsx/2014-acura-tsx/base-style/?vehicleid=392759&intent=buy-new&category=sedan


My car costs: $30815


Monthly Payments

3 years monthly payments: $906.37

4 years monthly payments: $692.33

5 years monthly payments: $564.03


What I chose to do:


I chose a 3 year loan plan and I will be paying (906.37)(12*3)=$32629,32 over the course of the loan. I chose this option because I want to pay off the car as soon as I can.


Bonus:


The $4000 rebate with 3.75% interest is better because you save a total of $33.08 compared to 0% interest on a 5 year loan. The 5 year loan will cost you $408.60 a month for 5 years while the rebate costs $375.52 a month.

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