If takes good care of it and doesn't put a lot of miles on it he shouldn't be upside down too long.

 

I am a car freak many times i get shafted a bit....But in the end the fun is on the road

 

55 cars in nine years would qualify in my book. ...just kidding.

 

Last September I paid $19k cash for a 2005 Alabaster Coupe w/cedar interior w/6400 miles.
Absolutely flawless in all respects, it was a trade-in on a new car at a Toyota dealership.

If I had waited a couple of months more, and it was still available, I feel that I could have bought it for a few grand less. That's up here in the Northeast where they don't sell this type of car, at this time of the year.

But, that being said, I love the car, and plan on keeping it for many years, so WGAS how much I dropped on it, I enjoy driving it.

If you can see your way clear to pay off your loan early, it won't sting so much in the long run. Enjoy the ride, they are all around beatiful cars.

Cheers
Paul

PS: I didn't want a roadster, I didn't want a 6 speed, and I didn't want an SRT6.

 

Re-finance to a shorter loan ASAP. Shop for a bank or a credit union to do so.

Boy, I missed the 75 mo. financing when I originally read the post.

Any auto loan over 60-months will have a higher interest rate. In fact my credit union has a rate of. 7.99% for used auto loans between 61 and 84 months. So I guess the 8.85% rate isn't that crazy.

Its the 75 months that is costing you in more ways than one.

- The interest rates are higher.
- You will be upside down for at least 5 years. Perhaps longer if the Crossfire is traded in at a wholesale value.

 

Heck, I know I paid too much for my 04 coupe last September, but I love the car, and for what I could find locally, it was in great shape and competitively priced. The dealer was pleasent to deal with, and I got the power train warranty transfered.

Just enjoy it knowing you are driving something unique that you don't see in the road too often.

 

The value of the car is what the market is willing to pay. The Crossfire line is unappreciated and with so many coming off lease, the prices are low. There were only ~70k made, and of those only 3k SRT6s. If you enjoy the car, if it was in excellent shape, and you intend to keep it for a long time - then you got a fair deal.

As far as the loan, the only benefit of a 75 mo loan is to keep payments low. If you pay extra every month it goes away quicker and you pay less interest. Just don't expect to "flip that car" and make a profit.

By comparison, this weekend I purchased a 2005 SRT6 coupe with 8200 miles and 18 months left on the mfr warranty for $21k. KBB said it was worth about $30k. I did discover some body damage by the drive door handle due to an attempted break in, and factored that into my offer. It also has an aftermarket radio (boo) so I'm looking for an OEM radio. I tried to get it for a thousand less, but the dealer already was selling to me at a loss. The sales guy told me that another customer offered $600 more a couple hours after I closed the deal.

 

8.85%, for 75 months, on a used car, is by no means a bad deal.
Assuming the note doesn't have any prepayment penalty, you can always pay extra each month and reduce the actual cost of the loan.
On the other hand, it is much more intelligent not to take on monthly payments higher than one can really afford.
The bank will let you pay more any month; but, not less.

 

sounds like you paid the market pricing. I just bought my 06 Ltd coupe for a similar price. I still own a 87 Fiero GT coupe. Enjoy your new ride!

 

I am enjoying it. I also plan to pay it off early. That extra tax check at the first of each new year will help.

I have two Fieros, both '88s. One 4 Cyl Coupe and a V6 Formula. I hope to restore both in the future with help from The Fiero Store.

Thanks for all the feed back. As for my interest rate it was the best I could hope for with my credit. Not that it is bad, but after a divorce it was not the best either. The loan is a simple interest loan so I can pay it off at any time with no penalty.

 

Dollar for dollar Crossfire’s are a great deal. It’s a Mercedes. If you change the oil on a regular bases and takes care of it. You will have a car that wills last 250,000 miles. Injoy your new Crossfire.

 

Good luck with the Fieros. I would sure like to own an 88 Formula V6 with manual transmission. The club I belong to NIFE (Nrthern Illinois Fiero Enthusiasts) has a lot of knowledgable people) You may want to join.

 

Be glad you didn't pay near or sticker price like some people did ;]

 

I am very glad I didn't pay sticker for it. I am also glad I bought it. The Crossfire is a very fun car to drive.

 

You paid about 1/2 as much as me in July of 03 but I've had twice as much fun as you!

It's all realitive and really doesn't matter in the end.

 

I see you have an SRT6. I thought they only made the SRT6 in '05. Looks like you have one with a lower build number than my '06 that is an '07?

 

I actually have an 04 coupe and a 05 SRT6.

I drive the SRT daily.

 

15K mi. for $19K. That's way too much. I saw several in Ohio in December for 20K even, previously untitled, with 20 to 80 miles on them (brand new, yr. '06). Also in Dec. in PA an auto Limited with went 8K miles for 15K even (Chrysler Dealer). It was an '05. Super clean Carfax. The year doesn't matter much, five yars from now the market price will be solely determined on the mileage, all other things being equal. There is a lot of impulse buying of these cars, a lot of them go back on the market in a hurry. Private sellers are in a fantasy state currently, eventually I guess end up selling to Carmax or trade and take a hit there. I use the rule of thumb that each 10,000mi. reduces the price by about $1K but it's weighted, the first 10K mi is a lot more valuable than the 10K between 70 and 80. I my book the first 10K mi is worth about $2K, the second 1.3-1.4K and so on. The $3K on the Lincoln may have been a tad too high, but not by much. There is a steady demand for good condition "cheap" cars.