i recently bought my 04 RX8 for 18500, and after it was all said and done it cost me about 22k.. thats including the money i lost from my trade it. I was only able to get a 10% interest loan becuase of my not so great credit. I have heard from a few people that they do not think that hte earlier production RX8s are going to have a very high retail value becuase of the prolems that some of them are having, which worries me because if i decide to sell my car in a few years, I dont want to be too much in the hole. anyways, thats enough rambling from me.. my question is: Would it be better for me to put any extra money I have towards my loan to pay it off quicker, or if I decide to sell it in a few years, then hopefully I will be able to break even on the loan, OR should I just put any extra money I have in a savings account and then I would have some money to fall back on incase I were to lose alot of money on the loan.. i hope that makes sense!

I do love my car, and definitely do not plan to get rid of it anytime soon, I am just trying to figure out what is the best way to handle my money so I will be better off when the time comes to get rid of my car.
thanks a lot!

 

Pay off the loan quicker. Although some failsafe investments such as savings accounts are running at 4% and some cds at 6%, you'd be hardpressed to beat 10%. (Unless you want to hit up mutual funds or stocks but it is not guaranteed then youh have taxes to worry about). If you put the money towards the loan payments, you shouldn't be upside down when you decide to sell it. From what I've been reading and seeing, the 8 holds its value very well.

Other than that, I'd say just enjoy the car for now!

 

Thanks for the response.

 

kicking in an extra $25-$50 a month ( round up to next $100 ) Helped me payoff both of my last two cars almost a year early, that extra $25 a month on my truck saved me 8 months of payments, and about $1400 in interest.