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|6th August 2009, 22:05||#16|
Senior - BHPian
Join Date: Jun 2008
Thanked: 54 Times
Ya ya thats correct. I was asking for calculation of EMI on the new purchase. But there is another angle to think. The EMI of $500 is for amount of 26000 and not 15000. So if you pay off this loan (by returning the car) and get another loan, ofcourse the time and number of EMIs will increase but you'll get $26000 for the same EMI amount. May be you can save your bike if you are possessive about it. If not then sell it and reduce either time or the EMI.
I think it would be a good transition:
1) You'll get a better brand
2) A different ride
3) Depreciation will be big but not as big as the lancer.
|6th August 2009, 22:45||#17|
Senior - BHPian
Join Date: May 2006
Location: Houston, Texas
Thanked: 9 Times
Right on, sir!
Thats what my thought process was. Why should I pay $500 for a car thats only worth $14k-15k, while I could be paying the same amount on a car that will hold its value for atleast 4-5yrs. Same EMI, new loan etc.
All the more, if its a pre-owned certified, I don't have to bother about major work being done on the car anytime soon. Will talk to a few dealerships and see what they offer.
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