On a loan or mortgage of $18,000.00, with an interest rate of 8% for 5 years, your monthly payment is $364.98. At the end of your term, you will have paid $18,000.00 in principal and $3,898.51 in interest for a total payment of $21,898.51:
A 2008 Scion xD purchased this time last year would be on payment 12, meaning they still owe 15.2k on the loan. Perfect retail on that car is 14.1k. That is assuming about 1k down on a typical person's credit. This loan is actually pretty good. Most people that are really upside down on a loan are the people that picked up an 18k 2008 xD last October and owe 16.8k on a car that retails for 14.1. Funny how buying at the beginning or the end of a year can even change how updside down you'd be on a loan. Nobody cares if it was an early 2008 car or a late 2008. It's still a 2008.
I researched an xA and the loan on those will catch up sometime in the 3rd year of 5 thanks to low depreciation on ugly cars.
IMHO You shouldn't buy a new car unless you plan to drive it for at least 10 years/200,000 miles, otherwise you're just spending too much. You should never be trying to sell a car that you still owe payments on.
I would definitely consider buying one, provided they kept the cost and complexity down.
See, I'd never buy a kia because something that cheap but with the full complexity of a modern car has to be bad, and is going to be a hassle to fix. Something that is dead simple- like little more than a road-legal go-kart hatch back, is brilliant, because anyone can fix it, size up what condition it's in, ect... It's also nice to have a dirt cheap platform to work off of, seeing as how completely custom built cars have issues with registration and such. With a nano, you modify it like crazy, it's still the same nano with the same registration number and everything, so it reduces RMV time.
Now personally I'm hoping these things will come on the market in the US soon, because due to thier "throw away" car status and simplicity, I'd love to pick one of these up used and cheap when I'm out of school, fix it up, upgrade it (not to be a stupid tuner, just because some of the parts aren't actually rated for what the car can do, and because I'm gonna cut a door in the back of that thing), ect. This is the perfect car for someone who is handy and broke.
Also...speaking as a 19 year old with a vertically challenged girlfriend, you could have sex in one of these if the girl is small enough. But that makes it an even better car for teenagers, because the parents can't think of how anyone could have sex in it, but the kid can because we generally don't have arthritis, and it's still cheap and slow, but the kid will think because it's cheap and slow they can do burn-out drag race starts (or attempt to) all the time- and the best part is even if they are shifting at the redline they won't be going that fast, but they will still feel like F1 drivers.