[2ndCamaro79]

Originally Posted by Egon

Taking into account your excellent credit I think it’s safe to assume you will qualify for financing in the 2.5-3.5% range. This is a big loan tough I don’t know if you would be able to get anything lower than that unless you want to pay it off in 3 years or less. Here is how it will break down at 2.5% interest rate assuming you will be borrowing $64,000. 3 Year loan, monthly payment of $1,848, total interest over the course of the loan is $2,530. 4 Year loan, monthly payment of $1,403, total interest of $3,366. 5 Year loan, monthly payment of $1,137, total interest of $4,209. 6 Year loan, monthly payment of $959, total interest of $5,058.

Just from a quick glance around the interwebs this vehicle does seem to hold its value well but it is still very expensive. The gas mileage is 12-17 mpg and the insurance is likely to be significant, somewhere north of $120 even with an excellent driving record. (please check with your agent before making a decision to buy) Adding gas, (assume 15,000miles/year) insurance and monthly payment on a 6 year loan your cost per month is going to be something close to $1,400. If that, along with any other automobile expenses on other vehicles you own is less than 20% of your combined after tax take home income then I think it’s something you can handle. (that would be an after tax take home of nearly $7000/month) 20% is just a rule of thumb but I am sure you are a responsible adult and I am not trying to talk you out of anything just providing the facts for you. Hope this break down helps, let me know if anything is unclear.

Nope, you made it crystal clear (thank you)! I have worked hard to get where I am, and this purchase is going to take me in the wrong direction. Its one of those I can afford it, but I don't need it deals. I think I may look at certified used, or just try and keep my Denali on the road.