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Hi all

I am most likely buying a 2011 Passion Cabrio with only 17k miles on Friday. I wanted to ask you guys, especially those of you that have had your smart for several years and racked up some miles, would you shy away from financing the above mentioned car on a 60 mo loan? I'm trying to keep my payments down but I've never done a loan of that length on a used car, tho the miles are low and the year is recent.

Thanks for your thoughts!

Jeff
 

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I't probably OK. It depends on how much you drive. If you are putting on 25K miles a year or something then you will probably, or at least potentially, have some expenses with your payments. I'd do the 60 months, and then try and pay a little extra here and there to get it paid off in 4 years if you can. Also, money is pretty cheap, so be careful you don't pay too much in interest. With a new car, like the Honda I bought, I only paid .9% interest and that worked out to $200 interest over the life of the loan; my buddy went down to the same place a couple weeks later and got 0%! You MAY could get a new one for about the same money considering the interest (that's why you should make sure you are getting a REALLY good deal!)
 

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Thanks! I expect around 10-12k miles a year, possibly less. Mostly city driving. And I don't have a commute.
 

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Someone (member Houstonsmart :D) gave me a piece of advice: to look for a used Fortwo with warranty -- and only to buy a used Fortwo with warranty.

2012 and 2013 models came with a four year /50Kwarranty. Any car for sale that has, say a CARFAX, you can figure out the IN SERVICE DATE and then figure out how much warranty is remaining.

Right now, low model 2012 an 2013 Fortwo's can be had for very low money.

I was able to get a 2013 Passion Coupe with two and half years of warranty left and under 5K miles, comfort pack, optional panel color, optional alloys and extra dash guages for just over $10K. Seriously.

I found the car on Cars.com and vetted it via Carfax -- making sure it was not a vehicle loaner or a lease vehicle. This isn't failsafe, but I bought mine from a Mercedes/Smart dealer (Pittsburgh) and felt that added an element of credibility to the deal. They were great.

I say all this, because I really had a very positive outcome when I went to buy my smart -- and hope you do too.

Good luck and report back!
 

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I agree with Jwight on long term financing of a used car.

Remember, in a few years you will still have a high monthly payment, and when the car starts to break down you will be hit with out of sight MB dealer repair costs, you will rue the day you bought it.

If you must buy a Smart and finance long term, the best way to go is to buy new and get the factory warranty.

This is the last year for the "Old Smart" (451) and MB dealers will be having some real blow out sales. Shop wisely, and keep in mind only MB (Smart) dealers have the Star Machine. A2Jack
 

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Hi all

I am most likely buying a 2011 Passion Cabrio with only 17k miles on Friday. I wanted to ask you guys, especially those of you that have had your smart for several years and racked up some miles, would you shy away from financing the above mentioned car on a 60 mo loan? I'm trying to keep my payments down but I've never done a loan of that length on a used car, tho the miles are low and the year is recent.

Thanks for your thoughts!

Jeff
Buy a 2012 or 2013...those years will still be within the 4year/50,000 mile warranty period...remember Smart's are serviced at Mercedes dealerships...and thus...repair costs performed out of warranty could be potentially expensive!

Absolutely do not finance a used vehicle for 60 months...this would be a very poor financial decision...with a 60 month loan...your loan balance will always be substantially more than the trade-in value for the life of the loan...the car dealer term is "upside down"...Google it...not a pleasant situation!


My best guess...you will never own a pre-owned Smart for more than 3 years...it's a niche vehicle...and not suited to all types of driving...not all will agree with me on this point...but I've owned 3 different Smart's...and have a fairly good idea with regards to the Smart's design limitation when used as everyday transportation!
 

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Buy a 2012 or 2013...those years will still be within the 4year/50,000 mile warranty period...

Absolutely do not finance a used vehicle for 60 months...
Others have posted some sage advice here.

Currently driving our low mileage 6 year old smart and although we love our smart, knowing the "value" we might get as a NICHE trade or outright sale could not imagine making a 60 month FINANCIAL commitment to a previously owned smart - might become the longest 5 years of your life!

You haven't mentioned your location relative to a "local" MB STAR diagnostic computer (smart Center) but based on the experience of others, that could be a deal breaker?
 

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Depending on your financial situation, a lease may not be a bad option either.

You benefit from lower payments, a warranty, better credit rating, and if you don't like the car at lease end, you can give it back with no fuss, no hassle.

And if you like the car, you can finance the car at lease end and keep it.

This is the exact thing I did. I took on a two year lease on a brand new smart, then just two weeks ago I financed it! Altogether between the lease and the financing, my "cost" to buy this car is about $18,000...and its sticker price was $16,200...

ONE HUGE WARNING ABOUT LEASES (commands all caps):
Watch your mileage. If you go excessively over, you'll be charged up the wall in mileage fees.
 

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Nobody can tell you what you should do. They can only tell you what they would do. Whether you should finance the car for any particular term will depend on the cost of the borrowed money. If you can finance $10,000 for 60 months and get a payment of $175 the money is not costing you much.

The issue with financing for a long term is not the car but your financial status. If you are the type that lives from paycheck-to-paycheck and wish to get rid of the car for some reason in two years because something else catches your eye you may find yourself upside-down in the car and have a greater payoff than the car will bring in a sale or trade. Multiple variables involved.
 

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ONE HUGE WARNING ABOUT LEASES (commands all caps): Watch your mileage. If you go excessively over, you'll be charged up the wall in mileage fees.
Caveat emptor, such fees are NOT (commands all caps) the fault of the lease or the lessor but rather the lessee for blindly agreeing to a multi month financial deal with many conditions ALL of which favor the lessor . . .
 

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Caveat emptor, such fees are NOT (commands all caps) the fault of the lease or the lessor but rather the lessee for blindly agreeing to a multi month financial deal with many conditions ALL of which favor the lessor . . .
Of course MB DNA! I noted the dangers of over-mileage before signing the dotted line. :)

However, many people don't. Many people ignore the little tidbit that you'll be charged x dollars per extra mile you travel over the lease limit.

Countless of times I've read on other car forums threads with titles saying: "I went x miles over my limit, what do I do?"

When really, all they had to do was fully read their paperwork and understand what they were getting into.
 

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I cannot recomend a used 2011, i bought my 2011 with 9k miles, 5 months later @ 23k it is having issues w/o a proper warranty. Personally I would buy one of the newer ones with a longer warranty, the price shouldnt be too much more.
 

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I cannot recomend a used 2011, i bought my 2011 with 9k miles, 5 months later @ 23k it is having issues w/o a proper warranty. Personally I would buy one of the newer ones with a longer warranty, the price shouldnt be too much more.
You really never know when unexpected mechanical issues arise...that's the beauty of a factory warranty...it's there if an expensive problem pops up...the repair costs are covered...offers great peace of mind...especially when hourly rates to repair vehicles can easily top $100!

My best advice...don't leave home without one!!

:D




 
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