Quote:
Originally Posted by xxyion
Its still being offered. Im using this payment method. Your credit doesnt have to be that high. As long as its over 720 you can qualify for the special financing. Of course interest goes up the lower your credit is. I got mine for 1.9%
I did the math and it just makes sense for me. I only plan on keeping this car between 3-5 years. The 3 year mark is when the amount owed on the car breaks even with how much a used car is worth at that point. Granted the m2C hasnt been out that long, howeveer i was comparing numbers as an average between the M3 and the OG M2.
Originally, i was going to be paying 1250$ a month with 7k down. However with the special financing i am paying just under 900$ a month with 7k down. Im hoping that this car will retain its value almost as good as the OG M2 and be worth about 30k in 3 years. Even if its not, by 5 years i will then owe about 18k as my balloon payment. An equivalent M2/M3 with 60k miles is still about 25-30k depending on area, so i'd come out ahead in that aspect. While this car is my daily driver, I only drive on weekends due to the pandemic. So i fully expect to be at around 48k miles or less in 5 years which should up my value.
I think the balloon option is a good option if you dont plan on keeping the car and hope to break even in a few years to move onto something else. But if you are going to keep the car, then just finance the whole thing. You'll save yourself more money that way.
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It's an interesting concept that I can see being appealing for the reasons you listed. I appreciate all the feedback.