Hot Wheelz
By Rob Chirpich
My Finances
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.