where are you coming from? new cars here are significantly cheaper than Canada, the UK and Egypt. I would say they are probably cheaper here than anywhere in western europe too.
i bought a mazda 3 for about 17K USD (drive away). it would have been closer to 21-23K in Canada, before taxes, which would add at least another 3K.
where you get screwed here is financing. they calculate the interest on loans here in a way that i have never seen in canada (and which is probably illegal back home). they will tell you that they are charging you something relatively reasonable like 6 or 7%. BUT - they use the initial balance of your loan to calculate your interest payable over the full course of the loan (as opposed to correctly calculating your interest payable on the outstanding principle of your loan, which declines with each payment). the end result is that a 6-7% loan is actually 10-11% if you are taking a 4 year loan.
it's dirty and deceiptful IMHO, but all banks here do it.
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"Even a stopped clock gives the right time twice a day." Withnail & I
hi topoo,
where are you coming from? new cars here are significantly cheaper than Canada, the UK and Egypt. I would say they are probably cheaper here than anywhere in western europe too.
i bought a mazda 3 for about 17K USD (drive away). it would have been closer to 21-23K in Canada, before taxes, which would add at least another 3K.
where you get screwed here is financing. they calculate the interest on loans here in a way that i have never seen in canada (and which is probably illegal back home). they will tell you that they are charging you something relatively reasonable like 6 or 7%. BUT - they use the initial balance of your loan to calculate your interest payable over the full course of the loan (as opposed to correctly calculating your interest payable on the outstanding principle of your loan, which declines with each payment). the end result is that a 6-7% loan is actually 10-11% if you are taking a 4 year loan.
it's dirty and deceiptful IMHO, but all banks here do it.
___________________________________________
"Even a stopped clock gives the right time twice a day." Withnail & I