Quote:
Originally Posted by CYANiDE
Yea, the first 2-3 years are the biggest depreciation hit - and like mentioned above - that car will depreciate faster than you can pay down the principle. You need to run all the numbers - getting out of that payment may actually cost you more in the long run than if you kept it for another year or two (maybe).
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Yeah I figured I'd take a hit. Price was around $80k and dealers list used ones similar around $73k. And of course they make money always on both ends of a deal. I am catching up as I didn't take out a 6-7 year loan. Goes against the grain to do a loan for that long on an item I doubt I will still own so on a 5 year loan it IS getting paid down now faster than depreciation. Maybe I need to just live with it for 2 more years and see if it's worth trading.