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#419248 - 07/03/08 01:47 PM
Re: Getting near the 'Hurting' point (price of gas
[Re: On Holiday]
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Vice Admiral
Registered: 08/29/03
Posts: 291
Loc: TN, Boat on Center Hill Lake
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I view an Acura forum on which one of the participants is the used car manager for an Acura dealer. He posted the following:
Today's amusing deal, not at my store tho...friend of mine who is the General Sales Manager at a Toyota store mentioned this. To be fair, they even asked the customer if they were sure they wanted to do this...
Customer has a 2 year old Expedition XLT, 24k miles, leather, moonroof, nice shape, worth about $12k wholesale right now as it does have Nav + RES.
Customer owes, get this, $30,000 or so on it.
Customer decides that they NEED a Prius. Customer wants to go from 15mpg to 40mpg. Customer drives 1k miles per month. At $5/Gallon that means 15mpg is a gas bill of $330 a month versus $125/mo with the Prius.
So they will save $205/mo by buying a Prius, IF GAS WAS $5 A GALLON (It isn't, it's about $3.90 where they are).
Since new Priuses are on the "Wait 6 months to pay $1k+ over sticker" they pay $26,995 and buy an 07 with 26k miles on it.
The Prius only has a retail Value of $23k per NADA (Granted they are doing more than that at auction right now) so the Bank will only loan about $29k on the Prius.
Customer writes a home equity check for the $18k negative equity and finances the Prius.
So, they were paying $500 or so a month to lease the Expedition, now they are paying over $550/mo to buy the Prius. On top of that, they are on, if I heard correctly, a 15 year HELOC at 6.75%. That's $159.28 FOR FIFTEEN YEARS assuming I heard correctly.
So their $500 payment becomes $709.28+ to save $205/mo on gasoline.
_________________________
2000 Hurricane Sundeck 217
2005 Acura MDX
2006 Volvo S80
2000 Chevy Silverado 2500
1974 Mercedes 450 SL
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#419254 - 07/03/08 02:05 PM
Re: Getting near the 'Hurting' point (price of gas
[Re: wasjr]
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Admiral
Registered: 01/19/03
Posts: 2212
Loc: Indianapolis
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I view an Acura forum on which one of the participants is the used car manager for an Acura dealer. He posted the following:
Today's amusing deal, not at my store tho...friend of mine who is the General Sales Manager at a Toyota store mentioned this. To be fair, they even asked the customer if they were sure they wanted to do this...
Customer has a 2 year old Expedition XLT, 24k miles, leather, moonroof, nice shape, worth about $12k wholesale right now as it does have Nav + RES.
Customer owes, get this, $30,000 or so on it.
Customer decides that they NEED a Prius. Customer wants to go from 15mpg to 40mpg. Customer drives 1k miles per month. At $5/Gallon that means 15mpg is a gas bill of $330 a month versus $125/mo with the Prius.
So they will save $205/mo by buying a Prius, IF GAS WAS $5 A GALLON (It isn't, it's about $3.90 where they are).
Since new Priuses are on the "Wait 6 months to pay $1k+ over sticker" they pay $26,995 and buy an 07 with 26k miles on it.
The Prius only has a retail Value of $23k per NADA (Granted they are doing more than that at auction right now) so the Bank will only loan about $29k on the Prius.
Customer writes a home equity check for the $18k negative equity and finances the Prius.
So, they were paying $500 or so a month to lease the Expedition, now they are paying over $550/mo to buy the Prius. On top of that, they are on, if I heard correctly, a 15 year HELOC at 6.75%. That's $159.28 FOR FIFTEEN YEARS assuming I heard correctly.
So their $500 payment becomes $709.28+ to save $205/mo on gasoline. My gosh are people really that stupid?
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