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Sprinsteen fanatic
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Discussion Starter #1
I wanted to get some feedback on the 'best' way to pay for my incoming 2016 CGTS, and also some of the options available to me regarding my 2013 911S. As background noise, I am gainfully employed, have a good salary, however, went through a divorce and short sale that really impacted my credit. I think that's important to know because if I decide to look for financing on the incoming GTS, I'm guessing it will be in the 7-8% APR range.

  • I recently ordered a 2016 CGTS. Total cost is somewhere around $90 (excluding tax). I've already put $5000 down (dealer wanted a big deposit for PTS car).
  • Dealer offered me $75k for my 2013 911S. I owe $80K on the loan. Interest alone on this loan is about ~$400 month. I decided to hang on to the 911 at least until the end of the summer, so I know the value of the trade will decrease (but so will the balance).
Anyway, some of the hypotheticals running around my head:

Here are my options (for 911).
  • Pay off the 911 now. I realize that if I paid it off ($80K) today, I am probably only going to get ~$70K for it when I trade it in at end of summer, but that will save me between $800 and $1000 in interest.
  • Pay off a portion of the 911 loan, at least to make the trade equal to the loan. That said, I don't know if sending in an extra $5000 will save me much interest over the next 2-3 months.
Here are my options (for GTS):
  • Part of me is leaning towards buying the CGTS outright when it arrives, partly because I am not sure what kind of loan I could get due to the recent issues with my house/credit, but also it would be nice to not have a big car payment.
  • At some point I think I would like to buy another (smaller) house. Buying the CGTS outright (or paying off the 911 in its entirety) would eat up a lot of the cash I've saved over the last year, so am not sure if I should hold some of it back, and maybe try and get a loan for 1/2 the cost of the CGTS.
Just curious what others might do in this situation.


62 Posts
If you're considering paying cash for the new car ask your dealer to show you a one-pay lease. It's a prepaid lease with no payments over 3 years and then you can decide exactly what you want to do (buy it out, finance the rest, etc). Has the advantage of rebuilding credit without having to make payments.

Shop your 911 to Carmax or find a local car buying service for quick appraisals to see if they can offer more than the dealer, but you need to factor in the tax savings if they do tax credit in your state
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