Quote:
Originally Posted by MRCboicgy
Here's a bit a vague question for the car people (not just the salesmen mind you):
You can afford 350-400 bucks a month on a car over 60 months (72 is fine if you must). You plan on keeping this car for the long term
What do you buy? (lower payments is good too, assume no down payment and that you want an automatic)
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I think buying any car over 60 months is a bad idea, 5 years is a long time to be committing to a loan of something that is worth far less when you are done with it than when you started. Sure right now driving that 2009 off the lot for 400 bucks might seem like a steal, but how will you feel in 2014 when you are paying $400 a month to drive a car that is starting to break down in areas that are not covered by warranty anymore.
IMHO if you can't afford to finance it over 3 or less years the car is to expensive for you, especially in a possibly unstable job market.