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I normally finance my vehicles for 4/5 years, putting down between 7 and 10 thousand each time. My bank now offers a plan called "Payment Shaver Plan," which will allow me to own my vehicle, for payments about the same amount as a lease. For example - payments on my 00 528 are $843 montly, but they would have only been between $500 and $600 monthly had I chose the Payment Shaver Plan over traditional financing.
I plan to purchase a 2002 330 as soon as I am able to (early/late October???). Knowing myself, I will not keep the car any longer than 3 years (optimistically speaking - I normally don't keep cars that long, but I wanna keep the 330 for a while).
My question is, do you all think it would be more wise to do a traditional financing on the vehicle, or opt for the Payment Shaver Plan then sell the vehicle before my term ends? I DEFINTELY do not want to lease my vehicle, so that is out of the question. Also, I can afford the payments either way, but what do you guys think I should do?
Are any of you all purchasing a vehicle through a Payment Shaver Plan? If so, would you prefer it over a traditional financing plan? It seems I would have more equity in the vehicle if I did a traditional financing, but I would keep more money in my pocket while I am making payments (I could invest the money???) - I also only want to put $3 - 5 thousand down this time. I don't know all the pros/cons about this plan, so please help me out!
Thanx in advance,
SS
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