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    Thread: In 2019, More than half of all auto loans in Canada are 84 month or longer terms

    1. Member
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      07-25-2019 07:32 PM #126
      Quote Originally Posted by Mike! View Post
      Jack Strawman at work...
      Right? I guess I should be kicking myself for getting $2,500 off, a near 0% interest rate and 62% residual on the "undesirable" 2017 Golf R because it was being cleared out to make room for 2018s.

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    3. Member
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      07-25-2019 08:13 PM #127
      Quote Originally Posted by unhappymeal View Post
      Right? I guess I should be kicking myself for getting $2,500 off, a near 0% interest rate and 62% residual on the "undesirable" 2017 Golf R because it was being cleared out to make room for 2018s.
      Easy fellas. Simply saying that there is plenty involved in a car acquisition so no need to go nuts making conclusions on the financing terms.

    4. Member MGQ's Avatar
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      07-25-2019 09:55 PM #128
      Quote Originally Posted by JackStraw79 View Post
      Depreciation can cost a lot, and high depreciation usually goes hand and hand with old models, undesirable models, and highly discounted/subsidized loan models. Not to mention you may have to drive around in an inferior product every day.
      I didn’t end up doing it, but I sure was tempted when Chrysler was giving away last gen Avengers/200s with the pentastar V6
      "somebody's giving me a whole lotta money to do what I think I want to"

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      07-25-2019 10:27 PM #129
      Quote Originally Posted by MGQ View Post
      I didn’t end up doing it, but I sure was tempted when Chrysler was giving away last gen Avengers/200s with the pentastar V6
      Me too

      I was looking at them when I bought the G. Would have saved me $5K on the purchase and $10K in heartbreak

    6. Member Elite_Deforce's Avatar
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      07-25-2019 10:30 PM #130
      Quote Originally Posted by Egz View Post
      I'm a chronic vehicle trader that I am trying to break (use to trade every 2 year), so I'm curious what is considered long term? Is is years, miles, or both? And how much?
      I guess it is subjective, but if we are talking years, I would say 5 years is about average, but 8-10 years can still potentially not count, especially if you have low miles. My Mustang is 8.5 years, but I only have like 50k miles on it. Is it long-term? Sure, adding to the fact that I am planning on keeping it forever. But I have many many years to go before I consider it legit "long-term". If I sold it tomorrow, it would be medium term in my view. Maybe the years have just gone by fast for me.

      Our RX-7 was bought new and we are going on 34 years of collective ownership (next year). My parents XC90 was also purchased new in 2004. It's not uncommon to see people putzing around in their 15-20 year old cars that they simply maintained and kept driving.

      But, 3-5 years? I would consider that downright short-term. Like, what would be "short term" if not that? 1 year?
      Quote Originally Posted by Sonderwunsch View Post
      People have been complaining about modern BMWs lacking steering feel so they are adding torque steer.
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      I don't trust the judgment of anyone who likes black wheels.
      Quote Originally Posted by BRealistic View Post
      I find it ironic that long time Euro brand fans would assume long term reliability issues would destroy any love of a unique product.

    7. Member madrussian's Avatar
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      07-26-2019 10:13 AM #131
      Quote Originally Posted by JackStraw79 View Post
      The thread includes people arguing the financial sense for or against taking lengthy loans. I am contending that the interest paid can be a small part of the complete financial picture of owning the car and people are in a bunch of different situations, so it's funny when people proudly share the terms of their subsidized loan like it means something. Like "I may have taken a 7 year loan, but I'm not one of those people."

      Buying the wrong car and/or the wrong price at 0% interest can still be a crap decision. Buying the right car at the right price at 3% can be a great decision.

      Does that make sense to you, or is the interest rate the only thing worth considering, so everyone should keep telling us the terms of their subsidized loans? It's not a big deal, I just think if you are going to talk about the financial aspects of car ownership, people should think about the whole picture. Depreciation can cost a lot, and high depreciation usually goes hand and hand with old models, undesirable models, and highly discounted/subsidized loan models. Not to mention you may have to drive around in an inferior product every day.
      does it make sense to you that you're in a thread talking about auto loan lengths and terms including finance rate?

      this isnt an average cost of ownership by strawman metrics thread.

      you're generalizing and doing a very poor job of it at that.

      Quote Originally Posted by unhappymeal View Post
      Right? I guess I should be kicking myself for getting $2,500 off, a near 0% interest rate and 62% residual on the "undesirable" 2017 Golf R because it was being cleared out to make room for 2018s.
      yes, because dont you understand you were not the cheapest golf r sold in the world?

      did you account for the mpg in your "desirability" rating?

    8. Member GTI_CH's Avatar
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      07-26-2019 12:11 PM #132
      Quote Originally Posted by [email protected] View Post
      This definitely is not true unless we're talking specifically about premium brands.
      Exactly. And I'm sure most high end leases are for businesses anyways. Makes sense to lease when you have your own business (sure it would make more financial sense to buy a 20k golf...)

    9. Geriatric Member ValveCoverGasket's Avatar
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      07-26-2019 12:19 PM #133
      Quote Originally Posted by madrussian View Post
      at the end of the day, remember... yolo kids. the forum doesnt thrive on pics of your hsa balance or 401k performance, but rather pics of your 2nd and 3rd cars, projects and poor financial decisions. so please continue to make those.
      this

      TFL isnt the reason i come in here every day.

    10. 08-07-2019 05:36 AM #134
      Quote Originally Posted by Cabin Pics View Post
      What if I'm buying a CPO Dodge Dart?
      Quote Originally Posted by seanmcd72
      You are like the new Nightshift1983 of this forum dude. Just keep your fingers off the keyboard unless you have something valuable to say

    11. 08-07-2019 05:50 AM #135
      Quote Originally Posted by JackStraw79 View Post
      The thread includes people arguing the financial sense for or against taking lengthy loans. I am contending that the interest paid can be a small part of the complete financial picture of owning the car and people are in a bunch of different situations, so it's funny when people proudly share the terms of their subsidized loan like it means something. Like "I may have taken a 7 year loan, but I'm not one of those people."

      Buying the wrong car and/or the wrong price at 0% interest can still be a crap decision. Buying the right car at the right price at 3% can be a great decision.

      Does that make sense to you, or is the interest rate the only thing worth considering, so everyone should keep telling us the terms of their subsidized loans? It's not a big deal, I just think if you are going to talk about the financial aspects of car ownership, people should think about the whole picture. Depreciation can cost a lot, and high depreciation usually goes hand and hand with old models, undesirable models, and highly discounted/subsidized loan models. Not to mention you may have to drive around in an inferior product every day.
      This same discussion comes up when cable companies try to talk you out of dumping TV service. "But your internet service price will GO UP! You don't want THAT! No no, you want your internet price to STAY DOWN, so just go ahead and keep that $120 TV package so your internet price won't go up $10." And then you see this concept being pushed in the press as they present news stories aimed at getting people not to cut the cord, and then you see people on web forums just like this spreading the same nonsense--"YOUR INTERNET PRICE WILL GO UP!" they yell, hair all on fire, as they defend their choice to keep TV despite the double digit percentage price increases every 6 months...

      Even more relevant: the diesel discussion. "BUT I GET 48 MILES PER GALLON!" they yell. "AND YOU GET ONLY 30! DIESELS ARE INHERENTLY BETTER! SO THERE!" They're so focused on the magical liquid number calculation, they completely ignore that gas is two bucks a gallon while diesel is $3.39. Fuel cost per mile? That's a big picture calculation, which would burn out their circuits if they even stopped to consider that it exists. And never mind the premium up front cost to buy the diesel model vs the gasoline model...

      Americans--unable to see a big and comprehensive picture for over 200 years now.
      Quote Originally Posted by seanmcd72
      You are like the new Nightshift1983 of this forum dude. Just keep your fingers off the keyboard unless you have something valuable to say

    12. Member RENOG's Avatar
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      08-07-2019 08:56 AM #136
      Quote Originally Posted by 2.0_Mazda View Post
      Oh my. And I felt bad with my 48 month loan.

      If you can't afford the car, don't buy it.

      Ha!! but NOW you can, so buy it.

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