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When Buying A New Car, Many Consumers Are In Doubt Between Paying In Full, Financing, Or Joining A Consortium. Each Option Has Advantages And Costs That Can Significantly Impact The Pocket In The Long Term.
When Buying A New Car, Many Brazilians Face A Difficult Decision: Pay In Full, Finance, Or Choose A Consortium.
To Understand Which Alternative Weighs Less On The Pocket, We Simulated Two Common Modalities For A Car Priced At R$ 80 Thousand With A 30% Down Payment — That Is, R$ 24 Thousand — And The Remainder Financed Over 60 Months, Equivalent To Five Years.
Financing: High Cost With High Interest
In Financing, The Monthly Installments Amounted To R$ 1,551.25. At The End Of The Contract, The Buyer Will Have Spent R$ 93,075 Just In Installments, Not Counting The Down Payment.
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This Represents An Extra Cost Of R$ 37 Thousand Compared To The Original Price Of The Car.
Therefore, Even With The Possibility Of Taking The Car Home Immediately, Financing Turns Out To Be The Most Expensive Option In The Long Run.
It Is Important To Remember That This Type Of Operation Involves Charging Compound Interest, Which Accelerates The Growth Of The Debt Over Time.
Consortium: Cheaper, But Requires Patience
In The Consortium, The Simulated Monthly Installments Were R$ 1,136.87. The Total Amount Paid At The End Of The 60 Months Would Be R$ 68,212.20 — Almost R$ 25 Thousand Less Than In Financing.
However, This Modality Does Not Offer The Car Immediately. The Buyer Needs To Be Contemplated By A Draw Or Place A High Bid To Anticipate The Purchase.
The Average Annual Rate Used In The Calculation Was 3.5% Plus The IPCA, The Official Inflation Index. Although There Is No Charge Of Actual Interest, The Administration Cost And Monetary Adjustment Ultimately Impact The Final Value.
In Full: Savings And Immediate Delivery
Buying In Full Is Still The Most Economical Option, Provided The Buyer Has The Money Available.
A Renault Kwid, For Example, Costs Around R$ 80 Thousand Without The Need To Pay Extra Fees Or Interest. Additionally, The Buyer Has Greater Negotiating Power And Can Secure Discounts.
In The End, Those Looking For Savings Should Consider The Consortium. But If The Priority Is Immediate Access To The Car, One Must Be Prepared To Pay Heavily For Financing.
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