Car payment/leasing?
#26
Out Of Control!!
Thats my main concern since the 05 c230 kompressor i drive now only have 45k miles compare to the 03 c32 at 85k miles. I also just had the front brakes done so as far as i know the 05 c230 kompressor doesnt have any problems right now. Im worried that if i go ahead with this and trade the kompressor in for the c32 that i might have more problems later down the road since the c32 is older. Does these cars have a lot of issues as they aged (c32)?
#27
Super Moderator
don't do it dude. i would kill for a c32 or c55 and almost bought one like two years ago. i am so happy i didn't. i would have a car payment and higher insurance for a little faster car. yes i know it is way faster but the area i drive i would not be able to really ever notice it. (traffic all the way to work and home every day) My father had an 02 c32 amg and he had to end up getting rid of it because of a few issues that the dealer was taking way to long to fix but that was back in 03. I was driving my car last night and was like wow i love my car plenty of power great ride extremely reliable what more could i ask for.
#28
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2003 S210 3.8L Brabus wagon
The only thing you should mortgage is your home, not your future.
Rule of thumb: Mortgage investments that can deliver an ROI. Pay cash for all else that will depreciate. Makes no sense to pay a premium, in terms of interest charged, for a depreciating asset.
The swap makes no sense if you take out the emotional component. look at it from that perspective and bank the difference or better still invest it in an business of your own that will develop a passive stream of income and secure your future. Just my .02
Rule of thumb: Mortgage investments that can deliver an ROI. Pay cash for all else that will depreciate. Makes no sense to pay a premium, in terms of interest charged, for a depreciating asset.
The swap makes no sense if you take out the emotional component. look at it from that perspective and bank the difference or better still invest it in an business of your own that will develop a passive stream of income and secure your future. Just my .02
![thumbs](https://mbworld.org/forums/images/smilies/thumbsup.gif)
Last edited by ejsheltra; 08-04-2010 at 01:18 PM.
#29
The only thing you should mortgage is your home, not your future.
Rule of thumb: Mortgage investments that can deliver an ROI. Pay cash for all else that will depreciate. Makes no sense to pay a premium, in terms of interest charged, for a depreciating asset.
The swap makes no sense if you take out the emotional component. look at it from that perspective and bank the difference or better still invest it in an business of your own that will develop a passive stream of income and secure your future. Just my .02![thumbs](https://mbworld.org/forums/images/smilies/thumbsup.gif)
Rule of thumb: Mortgage investments that can deliver an ROI. Pay cash for all else that will depreciate. Makes no sense to pay a premium, in terms of interest charged, for a depreciating asset.
The swap makes no sense if you take out the emotional component. look at it from that perspective and bank the difference or better still invest it in an business of your own that will develop a passive stream of income and secure your future. Just my .02
![thumbs](https://mbworld.org/forums/images/smilies/thumbsup.gif)
But philosophy aside, your advice doesn't hold water. I walked into the MB dealership with $30k sitting in money market specifically to buy a car. I walked out with $29k still in money market and an '06 280. Why? Becuase MB financial financed it at 1.9%. I took the money I already had and put it into insured, tax-free municipal bonds paying 6%. Even with the extra finance charges I come out ahead after only one year of ownership. I'll net thousands more doing it my way and insured munis are among the safest investments in the world.
Another example... suppose (like me) you live in a suburban city that doesn't have public transportation. I drive 10 miles to work each way, 200 days a year. I frequently meet clients at their businesses. I NEED a car. Now if the only way I could have purchased a reliable car (not necessarily an MB) was through financing, would I have been better off giving up the job and staying home? Is it worth giving up a decent salary just to avoid that dreaded interest? Even a paltry salary of, say, $10k will have made WAY more than you paid in finance charges over the usable life of the car.
The bottom line is that it's not just about the interest and the value of the asset. It's about what that asset can generate.
#30
Out Of Control!!
If you both were right, we'd all be driving a Yaris. You cannot remove the emotional component of a car purchase, not matter how you try to rationalize it.
Don't let it completely override common sense, but do accept that a car purchase is not a completely logical purchase on its face. I stil wouldn't do the swap that the OP is thinking of, though.
Don't let it completely override common sense, but do accept that a car purchase is not a completely logical purchase on its face. I stil wouldn't do the swap that the OP is thinking of, though.
#31
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2005 c230 KOMPRESSOR
I pretty much understand how the process is now, thanks for everyone who reply, i guess its not really worth it to trade my car for the c32. I'll be keeping it and see how it goes. Thanks guys!!
#32
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'05 C230
But philosophy aside, your advice doesn't hold water. I walked into the MB dealership with $30k sitting in money market specifically to buy a car. I walked out with $29k still in money market and an '06 280. Why? Becuase MB financial financed it at 1.9%. I took the money I already had and put it into insured, tax-free municipal bonds paying 6%. Even with the extra finance charges I come out ahead after only one year of ownership. I'll net thousands more doing it my way and insured munis are among the safest investments in the world.
Back to the OP. I'd stick with your current car. You also have to take into consideration that the c32 is a fun car, so like an M3, it probably was also used and abused like the fun car it is.