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Congrats! Always good to pay the least amount for insurance. Another trick my home owner's insurance broker taught me: If you can afford to, bump up the quality of your insurance a little at a time and before long, you will have the best auto insurance with the lowest premiums.(also the smallest deductibles) We did this over a 2 1/2 yr period & when we wanted the X3 & leased because of the much smaller payment, it really didn't affect our insurance payments.
@meeklo062704 wrote:I'm getting ready to buy another car in the next few months. The car I'm looking at will be $25,000-$30,000. My fako is in the 630-645 range according to the free score sites over the last few months. It will be going up as my wife and I have acquired a couple credit cards each, then added each other as authorized users, and I'll be paying off my medical connections within the next 6 months. My plan was to get the car on a long term contract for the lower payment, then refi after 12-18 months when my score is in a more desirable range.
I've been seeing some great lease deals lately, with really low payments. Most are sceptical about leases, but I plan on having the car for a long time, so buying it up at the end will be an easy decision. So it gives me exactly what I wanted. Very low payment, with better credit when the time to buy comes, but in a brand new car instead of used.
Does this seem to be sound logic? My only concern at this point is qualification. I'm hoping auto enhanced will help as I paid off a car in August with 36 never late payments. Also I have 3 years on a job that gives a free apartment, so my debt to income is pretty good. How tight are dealers with leases on new cars?
So you are getting a new EVO for $25000-$30000 dollars? According to Edmunds the base model with no options stickers over $35000, and the TMV is $35000, with an invoice over $33000. While the car may well hold it's value better than most, usually in the short term (2-3 years) you are still stuck with a ton of depreciation. The Pontiac G8's are a good example of this for a recent enthusiast car that was discontinued. After 5 years they have held their value very well, but they certainly don't go for anywhere near what they originally cost. Be sure you get an actual insurance quote with a real VIN number before you start banking on cheap insurance costs as well. Be sure you go into this purchase very well informed and with a realistic picture of purchase costs, insurance costs and depreciation.