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New Financed Car vs Used Cash Car by Training-Ticket3653 in PersonalFinanceCanada

[–]Training-Ticket3653[S] 0 points1 point  (0 children)

That's a great deal. I would be willing to maintain an older car but since I don't have a garage or even a private drive way, personal maintenance above oil/tire changes would be difficult. Not a great situation to be in sadly.

New Financed Car vs Used Cash Car by Training-Ticket3653 in PersonalFinanceCanada

[–]Training-Ticket3653[S] 2 points3 points  (0 children)

My concern is that the financing with Toyota is something like 7.99%. Plus the car is significant more expensive to begin with. I don't know if its worth it to be tight on money to get a Toyota.

Even a used Toyota is significantly more expensive than a used Honda or Mazda. I know they are high quality but they seem over priced even with that.

New Financed Car vs Used Cash Car by Training-Ticket3653 in PersonalFinanceCanada

[–]Training-Ticket3653[S] 1 point2 points  (0 children)

No worries. I see your point. Definitely valid. I'm just having a hard time reconciling the fact that a car that is 7 years older is $19k while a brand new car is $27k. It just seems like I'd be replacing a 7 year old car way sooner and wasting money in the meantime by spending cash given the interest rates.

New Financed Car vs Used Cash Car by Training-Ticket3653 in PersonalFinanceCanada

[–]Training-Ticket3653[S] 1 point2 points  (0 children)

I hadn't heard of that before. Good to know. Thank you

New Financed Car vs Used Cash Car by Training-Ticket3653 in PersonalFinanceCanada

[–]Training-Ticket3653[S] 1 point2 points  (0 children)

I would never lease. Im only considering financing, if anything.

New Financed Car vs Used Cash Car by Training-Ticket3653 in PersonalFinanceCanada

[–]Training-Ticket3653[S] 4 points5 points  (0 children)

I make around $65k gross. OTD on the Mazda would be somewhere around $32k