Last year I bought the first car ever on financing (before that I always had my cash-paid ancient car). The Mitsubishi Galant GTZ is an incredible car… but the interest rate was WAY too high, and that particular car requires premium gasoline. It is possible to use regular occasionally, but it does require high-test gas. In these times that isn’t so good a combination, so it was time for a new car – or at least a different car with a lower interest rate, better mileage, and a 4-cylinder engine that would be happy with regular gas.
And….. I found it! I have the first actual new car in my life and while the payments are higher, the interest rate is considerably lower and I think that in the long term I have a much better car. It isn’t as sporty – and frankly – I found I really do NOT like leather seats. They look great, but are never comfortable.
So bye bye Mitsubishi Galant GTZ, Hello Mitsubishi Lancer ES (hmmm, there seems to be a developing pattern here 🙂 God willing, I hope this will turn out to have been a good move. The payment is higher than I would like, but I think that over the long term I will actually spend less due to the lower interest. Also, next spring I fully intend on refinancing to get a lower interest rate. We shall see how it develops.
I’ve never had a NEW car before, so right now I am having fun 🙂
Here’s Looking At Ya! (isn’t that a cool front end?)
The Mitsubushi Lancer seems to be their competition with the Toyota Corolla, at least it seems to be. It is a good car and I am quite happy with it. Considering that not-small car payment due every month now – it is a GOOD thing that I like the car 🙂 Very smooth 5-speed and it is geared nicely.
Here is a better look at the car.