Cash for clunkers worked like this — (Sticker MSRP + markup + options + fees + taxes - $4,500 = Price you paid).
Financing 100% of the price of a car at anything other than 0% means you are under water after the first year. Most people put nothing down when buying a car — just ’sign and drive’ for whatever you can qualify for and believe the dealer has your interest at heart like with real estate agents. The average new car depreciates 10%- 20% in first year. A 60 month car loan won’t exactly ‘build equity’. Being in the Auto Industry, I can tell you we are having the worst September in our history. [more...]
Date: 2009-09-29 15:46:41
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