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QUICK! Need car buying advice RIGHT NOW

momofoliviamomofolivia
in Working Moms

DH is negitoating a used car deal.  They are offering us lower payments with a 66 or 72 month lease.  I've always heard these aren't good.  We were hoping for no more than 60 months.

WDYT?

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Re: QUICK! Need car buying advice RIGHT NOW

  • RoxyLynnRoxyLynn member
    Is it lower PAYMENTS or a lower total purchase price?
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  • momofoliviamomofolivia
    lower payments
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  • Luckystar2Luckystar2 member

    Its lower payments because they are making you pay longer.  You'll pay more in the long run because of the added interest.

    You should negotiate the total price not just the payments.  I would certainly not do anything over 60 months.  I know a lot of people prefer to do less than that.  I did 60 months with my car but I bought when rates were really low.  If you can't afford the payments for it based on 60 months than its probably too expensive.

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  • TheMalleysTheMalleys
    They can arbitarily lower the payments by spreading them out over a longer period of time. You could still end up paying more in the purchase price at the end. I would be negotiating the purchase price, not payments.
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  • momofoliviamomofolivia

    they have pretty much gone as low as they can ont he purchase price.  we just have a monthly payment number in our head on what we want to pay.  we most liekly won't even go with the dealership on our loan. 

    i just hadn't relly heard of 72 month payments.

    thanks!

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  • jennie13jennie13
    will you keep a used car for 6 years?  Do you really want to be paying that much more in interest?    IMO, if you need a 6 year loan to make the payments, you can't afford the car.  
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  • blessedinthewestblessedinthewest member

    I would look up the car on edmunds and kelley blue book and make sure they are giving you a fair price for the car.  If they are giving you a fair price and you can't afford a 60 month loan I dont think you should buy the car.  All a longer loan does is make you end up paying more in interest.  Do you really want to be paying for a used car for 6+ years?  The car may not even been in good working condition in 6 years?

     

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