You might be in a "sweet spot" where you could buy a new car and actually lower your monthly payments. Car buyers are benefitting from a confluence of two factors: Falling interest rates and rising used-car values. Add to this the fact that dealers are looking for vehicles for their certified pre-owned programs (CPO) and some buyers might be able to move up to new cars a without denting their budgets.
Let's look at an example: Say you have a 2007 Toyota Camry LE that you bought for $20,000 and financed at 7.4 percent, which was a typical interest rate three years ago. Your payments would be $444 per month. If you traded in your 2007 Camry at a Toyota dealership, you would get about $10,400. You could then buy a new Camry LE for about $21,000, finance it at zero percent, and bring your payment down to $197.
Read More Read More
Read More
No comments:
Post a Comment