Quote:
Originally Posted by Machiavelli
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Let's say I buy a used $2007 Mazda 3 for $18,000. I know right now that I only want to keep the car for 3 years. Let's say that I get a 6% car loan to pay all of it in cash. So the full cost of the car over 3 years will be around $21,300. In three years I then sell the car for $16,000. Total losses = $5,300. That's it. Nothing else to talk about. I have no car but I've only lost $5,300....
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i dont have time at the moment to give ou a full response, but I take issue with either the original purchase price of the rate you think you can get after 3 years.
i dont know the new value of a Mazda 3 BUT if it is 18k, there is no way you get 16k for it after 3 years.
why wouldnt the person offering you 16, just go and buy a new one if its only a few k more?
EDIT: i see now you said USED 2007. either way, a car will depreciate far more than 2k in 3 years.