Well i am car searching... and i ran into this 2007 chevy cobolt, 0 miles, brand new, silver, xm satalite radio, remote start up, 2 door,....which are nice but the apr is 4.6% for 36 months and after that it goes back to 8.9% for 6 years... the car is around 17, 000....car payments of $334. do you think its worth it?
2007-08-30 05:47:48 · 11 answers · asked by aliciab_209 1 in Cars & Transportation ➔ Buying & Selling
17,000 sounds a little pricey.
Also, 6 years is a long time to be paying for a car, particularly one which is going to depreciate in a hurry. You're going to feel terrible paying 330 bucks a month when that car is worth like 4 or 5000 dollars.
The Cobalt isn't a BAD car, but you can do better for 17,000 dollars. That kind of money will get you a good Civic or Corolla or Mazda 3. It'll ALMOST put you in an Impala.
It'll put you in a low-mileage Accord or Camry or Altima or Mazda 6 or Fusion. It'll put you in a fairly low-mileage BMW or Volvo for that matter.
I'd skip this one. If you want to buy domestic, in that class, the Focus is a better choice. If you want to buy Chevy, the Impala or Monte Carlo is a better choice. (Much bigger car, but the 4 cyl fuel economy is good, and they handle better and are likely to be more reliable)
2007-08-30 06:07:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Here's the facts.
First off, you don't give us enough info about the car to figure out if $17,000.00 is a good price. A 2 dr. Cobalt starts at around $13,000 but can go over $20,000 for the SS model with the supercharger.
Second, never use the interest rate and monthly payment to determine if the deal is a good one. A good deal is based on the price of the car, not the interest rate of the loan.
The car price and financing terms are two separate items to negotiate, never combine them when you negotiate a car deal. Get the best price, then start to talk financing.
I think you probably mis understood the terms. I doubt the terms are for 9 years. More than likely the loan starts with those $334.00 payments at 4.6% for a short period and then the interest almost doubles to 8.9% (which will increase the monthly payment by more than $50 a month) for the remainder of the 6 year loan.
Six years is way to long for a new car loan. Never go over 5 years for a new car unless your buying a Bentley of some other really expensive car.
Walk away from this "deal"
2007-08-30 06:31:03 · answer #2 · answered by mccoyblues 7 · 1⤊ 0⤋
$334 a month for 9 years for a car that costs 17,000 is way to much. They are making a ton on interest. I would never finance a car for more than 4 or 5 years. By taking along loan, you go upside down quickly. That is you will quickly reach a point when the balance on your loan is more than the value of the car. That's not a good place to be. i'd wait until you can buy a car with a shorter term loan.
2007-08-30 06:00:47 · answer #3 · answered by Jay P 7 · 1⤊ 0⤋
Depends on your credit. If you have good credit, then you are paying too much (interest rate) for that car.
In addition, $17,000 sounds high for a Cobalt with just those options. You are still entitled to the cash-back discounts, even if you are doing a smart buy, so keep that in mind.
With good credit (700 or higher), you should be able to buy a $20,000 car for about $334/month for 6 years.
2007-08-30 07:10:31 · answer #4 · answered by Stupid Flanders 7 · 0⤊ 0⤋
NO that is 9 years of interest. You will pay double for the car and will not be able to sell it for atlest 7 years because you will be upside down in the loan.
2007-08-30 05:56:35 · answer #5 · answered by mybuttstinks2001 5 · 1⤊ 0⤋
What you may desire to ask your self is; what's this going to value you in the tip? you're finding at a $2400 restore for a first rate vehicle with only eighty,000 and relativly extra moderen style. after it is finished it is going to in all probability be great and pushed without concern for a whilst till you're finding extra to be incorrect. whether you offered it as is, you may get at maximum $2000 for the motor vehicle. so in case you're taking the 2400 and 2000 you have 4400 to spend on a clean used vehicle. A $4400 vehicle isn't the superb in the international. you're finding at procuring a older style, ninety 8 or older, with greater mileage. as that stands, you're finding at issues even quicker lower back with your new used vehicle, and hence going to could desire to spend extra funds fixing that, given which you will in no way purchase a used vehicle with no need to restoration something. So, i could say restoration the motor vehicle on your 2400, and be carried out with money. it is the superb ingredient, not extra money. so, counting on what your month-to-month fee grew to become into, you may desire to nonetheless be saving extra funds by using repairing it. ask your self how lots have you ever stored because of the fact the money have been finished, does it outweigh what the maintenance would be? merely what i think of could desire to be carried out.
2016-12-12 14:31:15 · answer #6 · answered by ? 4 · 0⤊ 0⤋
You should might as well buy the Cobalt SS which is SuperCharged for only 3-4K more, it has a body kit, its quicker and better investment in the long run.
2007-08-30 06:14:11 · answer #7 · answered by guitrprod1 2 · 1⤊ 0⤋
Better question is can you to take a hit on a new car depreciation? You'll be better buying 2-3y old Honda.
2007-08-30 05:54:53 · answer #8 · answered by gmfeds 2 · 1⤊ 1⤋
$17,000 is way too much for the smallest car at Chevy.
2007-08-30 05:53:40 · answer #9 · answered by robbie-5675 3 · 1⤊ 1⤋
i would find something used and more dependable like a honda or toyota.
2007-08-30 05:51:39 · answer #10 · answered by fsto1 1 · 1⤊ 1⤋