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Registered
Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,917
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Quote:
Originally Posted by legion
Guy at work went and bought a brand new GT3 in 2005. He saved for 15 years, then paid cash for it (around $150k).
No car payments.
There's no way these people can get out from under this car without taking a big haircut. There's no way someone else is going to pay more than the car is worth to save them.
And a 7.5% rate for a car loan isn't bad--especially considering they probably took a hit of a couple of points because of the loan amount.
I'm guessing that they rolled over a loan on another underwater loan on another ridiculous car to get hosed this bad. My sis-in-law buys a new car every six months--just rolls over the old car loan into the new one. At six months, no car is worth more than the loan balance.
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Chris, ever sit down with the poor lady with a pad & a calculator? Not only the depreciation hit, but the interest paid?
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent."
-Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.)
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