No reason paying MSRP in todays market, specially for a Camry ICE.
As others have mentioned, this seems like a poor financial decision considering credit score, negative equity, poor deal, etc.
New cars take a massive depreciation hit, used one may be better idea to minimizing the negative equity scenario
Sounds like your desire is getting in the way of making good financial decisions. The car with the lowest cost of ownership is usually the one you already have. Use your down payment money to refinance your Acura at a better rate without adding significant term to the loan. Build your credit and revisit this purchase when you can get a better rate and negative equity isnât part of the equation.
Probably stop buying cars until you figure out what it actually costs. Finance deals are the least complicated, and you canât even calculate what youâre on the hook for.
And this is a problem that will be solved with a V6 Camry?
Also the fill up cost is a product of fuel cost per gallon and tank size. A car with a smaller tank size will bring this down, but what you should car about is your MPG which you can easily track by zeroâing out the trip odometer each time you fill up and do the calculation each time you fill.
Our math class in High School should literally told the child how to calculate these loans using google sheet/excel itâs F simple and you will realize how much you got ripped off!
And
Who TF need this when you have CarPlay standard?
For a 610 credit score you donât deserve this
maybe fix your credit score before buy any cars?
o i donât deserve a 5.5% interest rate?
Big red flag that youâre just going off emotionally driven decisions here.
Dealer is clearly taking advantage of that and playing you like a fiddle.
My Acura runs on 93 Octane so yes in my eyes. Acura says 17.2 for Fuel tank size and i have not even gotten close to that which is weird. Camry has 15.8Gallons and requires 87 Octane
Well it can be, but in some circumstances itâs actually kind of normal. I once got rear ended at low-ish speed and they had to do some frame straightening at the body shop once they had the rear bumper off. You wouldnât have known it by looking at the car (bumper in particular).
Itâs just so case dependent. But a dealer can surely convince you itâs going to drastically affect your trade in value. Funny how itâs no longer a big deal when they go to sell it to the next guy however.
Trade in value was the issue lol. Last year ACURA dealer offered 21,500 or 22.5 something like that. Few weeks ago i went to Lexus dealership to look at at a Toyota TRD and they offered 14k LOL.
This Dealership is offering me $18,500 so having the damage is effecting me
They are offering you more for your Acura, but selling you the Camry at MSRP.
@Jarrod1811 - You donât have to answer that question, but it might help us understand your decision.
I am no financial planner, but buying a new car in this current market and financing it at a considerably higher rates vs a couple of years ago is not the smartest move for someone with a credit score in the low 600s.
How is paying 9% on the Acura better than 5.5% on a new Camry?
You can always refinance your current loan.
I tried recently believe it or not and the credit union offered me 12% so its worse.
I think 5.5% on a new 2023 Camry from Toyota Financial services is okay
How many more months do you have on the loan for the Acura?
What credit union? Why not take 5 minutes to read over the post I linked. There are few MA credit unions on the list. FWIW, some of the rates might have gone up, but if you plan to refinance try and get a loan for not more than 36 months. It will help you pay down your negative equity faster.
Good luck with your purchase. I have no other advice for you.
EDIT: This credit union in MA is offering 4.49% financing. Thatâs even better than what Toyota Financial is offering. To be a member, you need to live, work or go to school in Middlesex or Worcester County.
Or it just gives them an excuse to lowball you. Honestly I would keep the car and just aggressive pay down the loan if you canât refi lower.
You are obsessing over the interest rate and ignoring the fact youâre taking on $20k additional debt for a new car that will depreciate significantly as soon as you drive off the lot.
You can take the APR from Toyota and finance something like a Corolla LE.
Lower price
Lower payment
Lower gas bills
No 2023 Camry should be $40k. Dealer sees your hardon and plays you like a fiddle. Heâs not looking out for you.
Only person who can look out for you is you.
