zzdcar
Home
/
Reviews
/
Buying
/
This Insane Loan Term On A Used Porsche Shows That Even Rich People Can Be Dumb At Math
This Insane Loan Term On A Used Porsche Shows That Even Rich People Can Be Dumb At Math-July 2024
2024-02-19 EST 22:09:50

It’s easy to get on your high horse and look down on people who have found themselves in a tough financial spot because they didn’t do the math before they bought their car, or because they need a car so badly they had to take on a rough deal. But this loan term on a six-figurereveals that money and experience do not equal financial savvy.

A reader sent me a tip on this . The asking price is $104,750, which is market appropriate for this rare car given the miles and equipment.

What struck me about this ad was the advertised payment of $829 per month for a loan term of 144 months. Imagine taking a car loan out for 12 years!

But that isn’t all—the fine print says that $829 payment assumes a down payment of 20 percent, and this does not include any tax and fees. That means that if a buyer where to put 20 percent down ($20,950) and financed this car for $829 per month over a 12-year term, they would have made car payments totaling $119,376 and spent a total of $140,326.

Again, that is before any tax and fees are applied. By signing up for this super long term a buyer would have spent 33 percent more on this car.

I wanted to get some clarification on these loan terms and I spoke with a woman named Elizabeth from the dealership. She said those terms were primarily for advertising purposes and were just “estimates.” But it still happens, and with these kinds of terms.

I asked her if a lot of their customers took out loans like this. She said, “They were one of their most popular products, along with other loan products that cater to international buyers that don’t have a social security number and/or an established credit history in the U.S.”

Having worked with several clients that bought high-end/performance cars that either paid cash or used substantial down payments in order to take out much more reasonable loan terms, I was shocked that these long loans were so popular.

But these super-long loans illustrate the point that all kinds of people one may argue even foolishly, to get the car they desire.

Comments
Welcome to zzdcar comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Buying
Buying This Toyota Prius Through Carvana Was Easier Than Any Dealership, But There's A Catch
Buying This Toyota Prius Through Carvana Was Easier Than Any Dealership, But There's A Catch
Buying a used car through a dealership can be a major headache and that’s not even considering this awful car market we’re in. That’s why my fiancée and I were pleasantly surprised by just how easy it was to buy her next car . It was easier than buying...
Jul 8, 2026
A Kia Dealer Wants Nearly $50,000 For A K5
A Kia Dealer Wants Nearly $50,000 For A K5
When Kia the K5 GT a year or so ago, the brand had the gall to put it up against the BMW 330i with an . The K5 won, beating the BMW in every metric from handling to acceleration tests. While that’s impressive, I don’t think the brand wanted...
Jul 8, 2026
This 400 WHP, $6,000 Volkswagen GTI Will Be The Best 5 Seconds Of Your Life
This 400 WHP, $6,000 Volkswagen GTI Will Be The Best 5 Seconds Of Your Life
Buried on the pages of is what’s probably one of the cheapest cars to have a wheel horsepower listed in its description. has a bigger turbo and over 400 horses. Driving it will probably be the best five seconds of your life, right before the car finds a way...
Jul 8, 2026
2022 Volkswagen ID.5: This Is It
2022 Volkswagen ID.5: This Is It
Coupe crossovers: they’re so hot right now. Buyers just can’t seem to get enough of their compromised cargo space and poor rear visibility. But while the body style may make little sense on ICE vehicles, EVs can actually see a range benefit from the sloped-roof design. At least, that...
Jul 8, 2026
At $10,000, Is This 1995 Acura Integra An Indispensable Deal?
At $10,000, Is This 1995 Acura Integra An Indispensable Deal?
While not a GS-R or other alpha-dog model, today’s Integra still appears to be a fine example of Acura’s littlest car and comes with a five-speed stick to boot. Could that all make it worth the seller’s asking? So interestingly, the comments and the voting on yesterday’s trended in...
Jul 8, 2026
The 2022 Honda Civic Si May Have Lost Its Low-Price Advantage
The 2022 Honda Civic Si May Have Lost Its Low-Price Advantage
The Honda Civic Si has never been the spec-sheet king of the entry-level enthusiast cars. It’s traditionally down on power from the Subaru WRX and Volkswagen Golf GTI, but makes up for that with its low pricing. In its latest incarnation, though, the Civic has its biggest power gap...
Jul 8, 2026
Copyright 2023-2026 - www.zzdcar.com All Rights Reserved