New Octavia ....when? How Much?

[GTR27]

That's not far off a rs TDI wagon..... Take roughly 5-8% off the Skoda listed driveway price and that's roughly what you will pay.

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[mercury10]

Ive calculated the 2.8% rate is worth about $9000 over the life of the loan though.
So factoring that into it aswell.

[GTR27]

Ive calculated the 2.8% rate is worth about $9000 over the life of the loan though.
So factoring that into it aswell.

You must be getting a crap rate from a bank if it's that much. Over 5 yrs difference between 8% and 2.8% is 4.5k on a 40k loan. 6-7% is doable on a car loan.... So not a huge difference. I do agree that the 2.8% is a pretty good offer though. If only it was available on all models

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[mercury10]

I actually worked it out at a 7% rate and factored an extra 2k for buying the rs.
U have done ur calcs wrong.
Theres 2k difference in interest paid in just the first year,on ur figures.

[mercury10]

That 2k compounds into the next year and so on.
Definately not only 4k difference after 5 years.

[GTR27]

That was done directly on a bank sites calculator, taking total interest paid in each loan, just changing the interest rate. The longer you take the loan, the more the interest stacks up. You calculating on 5yrs?

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EDIT: here's a link where you can type loan amt, repayment freq, interest rate term etc. It shows how much interest you pay for each loan https://www.moneysmart.gov.au/tools-...oan-calculator

On that, 40K at 2.8%, no fees (so effectively 2.8% comparison) total payments over 5 yrs is $42876 - at 7% (comparison) it's $47434 a difference of $4558

And no doubt thats a big difference

EDIT2: Are you calculating it like a mortgage? (where interest is re-calculated at a set time) Car loans are normally fixed payments - so the interest payable is calculated at the start and you have a fixed amount to pay (unless early termination) - all mine have been that way anyway. That might explain the different figures

[Dzl_Dubba]

Stage 2 = 344hp and 490nm. Not bad

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[Antiplastix]

Like I stated in another thread, watch out for that 2.8% offer. VW want $750 to set the loan up, the dealer gets a $300 + cut, there are fees to pay out early. I declined and used my own money, although I went in with the inclination of using theirs.

[mercury10]

its a comparison rate.Doesnt that mean all fees included?

[Antiplastix]

Yes, all account fees etc. Not set up costs, break fees as far as I could work out.