Think you are buried under your car debt? It might help change your perspective if you see some of the world’s most expensive cars – and how much they would cost if you chose to finance them. Would you pay thousands in interest just for the privilege to own one?
Bugatti Veyron Super Sport
This luxury sports car costs nearly $2.6 million at the time of purchase, but if you chose to finance it for five years at an APR of 10%, you’d pay an additional $55,242. That would make your total purchase closer to $3.3 million.
The chauffeur’s compartment can remain fully closed while the rear can be opened like a convertible, but is it worth $1.4 million? Finance it for five years at 10% APR and you will wind up with a total cost of $1.8 million total.
Ferrari SA Aperta
This exclusive Ferrari V12 has a price tag of $520 thousand at the dealership. But over five years at 10% APR, you’ll actually end up spending $662 thousand total.
Audi A8L Sedan
A performance luxury sedan, the Audi A8L has a more reasonable asking price than the vehicles listed above – a mere $84 thousand. But add in an APR of 10% and a five year loan, and you’ll be paying closer to $107 thousand for your ride.
This versatile truck has the lowest price tag in this comparison, at $46 thousand. But finance it at 10% APR for the next five years, and you will pay closer to $59 thousand total.
Curious about the difference between a Bugatti and a Chevrolet, if they are financed at different APRs?
Consider this: if you finance a $2.6 million Bugatti for five years, you will pay an additional $343,000 at 5%, $525,000 at 7.5%, and $714,000 at 10%. For your Avalanche, if you pay $46,000 with a five year loan, you will pay an additional $6,084 at 5%, $9,034 at 7.5%, and $12,641 at 10% APR.
So the next time you are worried that your car is too expensive or that you are paying too much in interest – you might want to remember these luxury cars and remember that it could be much worse!
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